| Results date | October 21, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,727.0 Cr (+18.7% YoY) |
| Previous quarter PAT | Rs. 258.8 Cr (+25.6% YoY) |
| Previous quarter EBITDA margin | Operating EBITDA margin 10.4% (pre-ESOP, pre-INDAS 116) |
| Market cap | Rs. 45,091.28 Cr |
| CMP | Rs. 96.25 |
The board will meet on October 21, 2026, to consider the Q2/H1 FY27 financial results. The trading window was shut from October 1 until 48 hours after the results are announced.
The Q2 FY27 earnings call is scheduled for October 21, 2026, at 4:00 PM IST, hosted by Founder MD & CEO Gunender Kapur and CFO Amit Gupta.
The central tension of this quarter is whether the inflation drag management expected to 'taper down in the subsequent quarters' actually faded — CPI instead accelerated through the quarter from 4.5% in July to 4.8% in August and 5.54% in September, with rural inflation at 6.08% and a 25 bps repo rate hike on October 7. Industry flow data moved the company's way on volumes: RAI pan-India retail sales growth accelerated from 8% in July to 10% in August, with apparel — 44.2% of revenue — growing 10-12% in both months, consistent with the ~10% near-term SSSG guide and the ~19-20% total sales-growth guidance. On costs, cotton yarn is up roughly 60% since early 2026 to about Rs. 400/kg, feeding into the fabric cost of the ~75% own-brand book, while Brent exited the quarter above $100/bbl versus $71.99 at pre-war levels on July 6, pressuring petroleum-derivative inputs behind general merchandise and FMCG — making the 'hold gross margin constant' guide the one most at risk after Q1's 28.7% print. The margin bridge also carries the ESOP expense step-up from the 4.68 crore option grant at Rs. 102.60 (August 21, 2026), incremental Labor Codes cost beyond the Rs. 8.4 Cr booked in 9M FY26, and 15%-every-3-years rental step-ups. The call is likely to centre on the SSSG print versus the ~10% guide, the customer-acquisition versus ticket-value split, and how management re-times the inflation taper.
Guidance scorecard: Where each stated guidance item stands heading into the Q2 print.
Strategic-initiative updates expected
Risk follow-ups
Metric watch
Management has said it does not anticipate SSSG normalizing to mid-single digits in the foreseeable future, citing the unorganized retail opportunity and the population not yet in the consumption class. Q1FY27 SSSG printed 10.0%, in line with the ~10% near-term guidance.
Management has retained guidance of 80-100 store additions for FY27, prioritizing profitable stores over what it called 'irrational targets' despite internal capacity of 110-115. FY26 delivered 105 gross additions, above the upper end of the 80-100 band.
The CEO said the 'most dominant reason was the fact that we were entering spring/summer', with Q4FY26 gross margin at 27.8% versus 28.3%. Gross margin recovered to 28.7% in Q1FY27.
Management quantified the Durga Puja/Chhath shift at 2.1% of SSSG between Q2 and Q3 FY26. The preponement moved sales from Q3FY26 into Q2FY26, distorting reported growth comparisons.
Yes — the near-term SSSG guidance of around 10% was met exactly in Q1FY27 at 10.0%. Total sales growth of +18.7% in Q1FY27 compares against the ~19-20% average open-ended guidance.