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PERFORMANCE HIGHLIGHTS
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Our Vision We aim to be the most loved premium shopping destination for aspirational Young Indian families 2 BRS Downtown Ludhiana
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3 Introducing India’s most premium Beauty and Fashion Experiential Store Relaunched Shoppers Stop, Juhu Click on the image for an immersive store experience Relaunched on 14th Jan 2026
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BEAUTY LOUNGE PERSONAL SHOPPERS LOUNGE TRAVEL HOUSE HEAR YOUR FRAGRANCE COME ALIVE Glimpses of Our Premium, Exquisitely curated store experience at Juhu store 4
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5 Contents 03 BEAUTY DISTRIBUTION 04 FINANCIALS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES
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6 Market Outlook Customer – Overall consumer demand remained soft with intermittent spikes, in contrast to the steadier trends observed in Q1 and Q2 – Post-Diwali uncertainty continued to weigh on consumer sentiment, resulting in ongoing demand softness Industry – Elevated pollution levels in Northern India reduced consumer mobility and discretionary spending, impacting demand – The expected GST-led demand uptick was temporary and lacked follow-through Way Forward – Strong response in premium categories highlights a clear bifurcation in consumer spending behavior – Lower inflation levels are expected to gradually improve consumer outlook and support demand recovery over time
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7 Contents 03 BEAUTY DISTRIBUTION 04 FINANCIALS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES New launch
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8 Financial Highlights – Customer Entry: 2nd consecutive quarter of growth, +5% LFL – Retail expansion on track – 3 Department stores, 3 INTUNE and 1 HomeStop opened during the quarter – Planning to open 5 Department stores, 3 INTUNE and 2 Beauty Stores in Q4 – Present trends indicate store size of 35K sq ft and above – Super Premium Store Juhu was relaunched on Jan 14, 2026 – Leaner Balance Sheet – Inventory Reduced by Rs 73 Crs (vs Dec’24) – Overall working capital reduction by Rs 160 Crs (vs Dec’24) – Net Debt sustained at Rs 90 Crs (Flat vs Dec’24)
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9 Q3 Strategic initiatives to drive Core First Citizen ̵ Black card enrolments (including renewals) +39% ̵ Customer Engagement & Personalization: leveraging data analytics to target affluent segments with tailored offers, events, and premium membership tiers ̵ 37 Black Card events across 28 cities engaging 1750+ members Private Brand – Curated premium lines under Bandeya and Kashish with exclusivity as the core appeal – FRATINI Girl- New line of apparels for young girls Sustaining and growing “Brand Love” ̵ Our “India Weds with Shoppers Stop” started in November 2025, resulted in sales of Rs 104Crs (1.6x vs LY) ̵ Curated Premium Assortment with new offerings as given below: JEWELLERY WATCHES EYEWEAR APPARELS
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Customer entry +5% LFL Watches+12% Handbags +13% Beauty +14% ASP +7% ATV +7% Sales +6% Premiumization First Citizen Club Repeat @69% 13.3M+ Personal Shoppers Highest quarterly enrolments (inc. renewals) Contribution Contribution Contribution Sales +17% Operational KPIs Top Categories Q3 Highlights – Core Business ATV +8% +38K Black card members 10
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11 Core Business – Financial Update Particulars Q3 YTD Rs. Crs FY26 FY25 Gr% FY26 FY25 Gr% Sales 1,516 1,521 Flat 4,128 4,001 3% Opex 437 415 5% 1,259 1,219 3% EBITDA 90 119 -24% 176 169 4% PBT 55 77 -29% 69 50 38% Labour code/ESOP* 18 2 21 8 PBT (Adj.) 37 75 48 42 – Sales remained flat due to inconsistent demand and pollution in Northern India, underscoring the vulnerability of consumption to environmental disruptions – Higher expenses reflect strategic investments in marketing, customer acquisition, and omni-channel technology build-out * Includes Impact of New Labour Codes: Rs 16.6 Crs employee benefit liability (Gratuity and Leave encashment) recognized in Q3 and 9M FY26 basis IND AS 19
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12 Beauty Sales Rs 395 Crs grew by 14% Led by Fragrance +12% Beauty Business Network Offline Count Department stores 110 EBOs (incl. SSBeauty) 79 Shop-in-shop 62 Distribution network 27 Retailers with 545 POS Online Shoppersstop.com SSBeauty.in Inspiring Beauty through Expression, Engagement and Education Social presence – 1.3M+ Instagram followers; YouTube 311k+ subscribers Customer engagement – 11 Beauty Soirée events – 200k+ Makeovers and 440+ Master Classes – Enhanced customer engagement initiatives are expected to drive stronger online traffic and sustain digital growth 232 323 345 395 16% 21% 21% 23% Q3FY23 Q3FY24 Q3FY25 Q3FY26 Sales and Contribution % Expansion – Launched 8 Estee Lauder Brands SIS stores New Brands launched FRAGRANCE MAKEUP
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13 New Ventures - Performance Update INTUNE – Proactively refining and strengthening Value format to unlock future growth, despite softer demand – Directing resources towards enhancing performance and customer experience in existing stores – Maintaining disciplined investment approach by prioritizing the format while moderating new openings – Opened 3 stores in Q3; Expect to open further 3 in Q4; Total presence 81 stores across 37 cities SSBeauty.in – Sales grew 52% QoQ – Traffic growth 65% YoY, +15% QoQ – Increased investments in marketing and technology to strengthen reach and customer engagement Particulars Q3 YTD Rs. Crs FY26 FY25 Gr% FY26 FY25 Gr% Sales 83 64 29% 228 142 60% Opex 43 31 40% 123 72 72% EBITDA -20 -10 -59 -24 PBT -23 -11 -65 -25 Labour code/ESOP* 1 0 1 0 PBT (Adj.) -24 -11 -66 -25 * Includes Impact of New Labour Codes: Rs 0.9 Crs employee benefit liability (Gratuity and Leave encashment) recognized in Q3 and 9M FY26 basis IND AS 19
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14 New Store Launches And Marketing Highlights
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15 Downtown, Ludhiana
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16 Sainikpuri, Hyderabad
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17 Inorbit Mall, Hubbali
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18 HomeStop – RK Iconic, Rajkot
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19 Marketing Highlights Click on the images to watch the campaign clips Diwali GIFTS OF LOVE Campaign Views: 214M India Weds With Shoppers Stop
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20 Contents 03 BEAUTY DISTRIBUTION 04 FINANCIALS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES
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21 Beauty Distribution - Performance Update Sales Q3 Rs 122 Crs; +58% YoY YTD Rs 312 Crs; +85% YoY Network – 4 ARMANI, 2 NARS and 1 PRADA Boutique in prestige malls – Distribution network: 545 POS with 27 Retailers – Plan to open 1 NARS boutique in Q4 New Brands Launched Investment in Marketing to continue FRAGRANCE MAKEUP ARMANI - Brand Activation at Palladium Mumbai
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22 Contents 03 BEAUTY DISTRIBUTION 04 FINANCIALS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES
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23 Q3 Performance at a Glance Particulars Core Business New Ventures* Total Global Beauty Consolidated Rs Crs FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Sales 1,516 1,521 83 64 1,599 1,585 122 77 1,721 1,663 Opex 437 415 43 31 480 446 27 17 507 464 EBITDA 90 119 -20 -10 70 110 7 7 77 117 PBT 55 77 -23 -11 31 66 5 6 37 72 Labour code/ESOP** 18 2 1 0 19 2 0 0 19 2 PBT (Adj.) 37 75 -24 -11 12 64 5 6 17 70 *New Ventures Includes INTUNE and SSBeauty.in ** Includes Impact of New Labour Codes: Rs 17.7Cr (in Consolidated) employee benefit liability (Gratuity and Leave encashment) recognized in Q3 & 9M FY26 basis IND AS 19
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24 YTD Performance at a Glance Particulars Core Business New Ventures* Total Global Beauty Consolidated Rs Crs FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Sales 4,128 4,001 228 142 4,355 4,143 312 168 4,667 4,311 Opex 1,259 1,219 123 72 1,382 1,291 70 40 1,452 1,331 EBITDA 176 169 -59 -24 117 145 17 14 135 159 PBT 69 50 -65 -25 3 24 12 11 15 36 Labour code/ESOP** 21 8 1 0 22 8 0 0 22 8 PBT (Adj.) 48 42 -66 -25 -19 16 12 11 -7 28 *New Ventures Includes INTUNE and SSBeauty.in ** Includes Impact of New Labour Codes: Rs 17.7Cr (in Consolidated) employee benefit liability (Gratuity and Leave encashment) recognized in Q3 & 9M FY26 basis IND AS 19
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25 Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 1,599 1,585 1% 1,477 1,475 0% Net Revenue 1,420 1,399 1% 1,321 1,311 1% Other Income 26 30 -13% 24 22 7% Total Revenue 1,446 1,429 1% 1,345 1,334 1% Margin 524 526 0% 520 533 -2% Margin% 36.9% 37.6% -70 Bps 39.4% 40.7% -130 Bps Operating Exp. 480 446 8% 310 293 6% EBITDA 70 110 -36% 234 262 -11% Depreciation 34 40 -14% 131 129 1% Finance Cost 4 4 24% 70 65 9% PBT 31 66 -52% 32 68 -53% Statutory impact of new Labour Codes/ESOP* 19 2 15 PBT(Adj.) 12 64 17 68 Tax 3 19 3 19 PAT 10 45 14 49 Financials Q3 FY26 (STANDALONE) Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) 12 Lease Rent (Non-GAAP) -144 Finance costs 66 Depreciation on ROU Assets 92 Remeasurement of leases life -19 PBT (as per GAAP) 17 * Includes Impact of New Labour Codes: Rs 17.5 Cr employee benefit liability (Gratuity and Leave encashment) recognized in Q3 & 9M FY26 basis IND AS 19
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26 Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 4,355 4,143 5% 4,025 3,837 5% Net Revenue 3,861 3,659 6% 3,590 3,413 5% Other Income 73 68 7% 43 36 22% Total Revenue 3,933 3,727 6% 3,634 3,449 5% Margin 1,427 1,368 4% 1,429 1,379 4% Margin% 37.0% 37.4% -40 Bps 39.8% 40.4% -60 Bps Operating Exp. 1,382 1,291 7% 889 850 5% EBITDA 117 145 -19% 583 564 3% Depreciation 101 111 -10% 392 367 7% Finance Cost 14 10 42% 213 189 13% PBT 3 24 -22 8 Statutory impact of new Labour Codes/ESOP* 22 8 16 3 PBT(Adj.) -19 16 -38 5 Tax -11 2 -11 2 PAT -8 15 -27 4 Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) -19 Lease Rent (Non-GAAP) -428 Finance costs 199 Depreciation on ROU Assets 279 Remeasurement of leases life -31 Others 1 PBT (as per GAAP) -38 * Includes Impact of New Labour Codes: Rs 17.5 Cr employee benefit liability (Gratuity and Leave encashment) recognized in Q3 & 9M FY26 basis IND AS 19 Financials YTD FY26 (STANDALONE)
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27 Balance Sheet (Non-GAAP) (STANDALONE) Particulars (Rs in Crs) Dec’25 Mar’25 Net worth 811 815 Loan Fund^ 183 262 Total Liabilities 994 1,077 Fixed Assets + Lease Deposit 892 902 Investments* 185 60 Inventory** 2,047 1,921 Other Assets 633 583 Total Current Assets 2,565 2,400 Trade Creditors Goods** 2,232 1,901 Others 530 488 Total Current Liability 2,762 2,388 Net Current Assets -197 12 Total Assets 994 1,077 Previous years numbers are regrouped/rearranged wherever necessary Particulars Dec’25 Mar’25 ROR Inventory 1,502 1,253 ROR Creditors 2,009 1,662 * ** Investments Dec’25 Mar’25 In Subsidiary 110 60 In Mutual Fund 75 ^ Net Debt reduce by Rs 80Crs
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28 Cash Flow (STANDALONE) Particulars (Rs in Crs) Dec’25 Mar’25 Cash Profit from Operations (after tax) 117 182 Changes in Working Capital 207 -112 Cash generated from Operations 325 70 Fixed Assets -104 -199 Investment in Subsidiary -50 -1 Investment in Mutual Fund -75 0 Interest Expense -14 -13 Cash post Investing Activities 83 -143 Fund Loan/ (Loan Repayment) -80 137 Cash -3 5 Total -83 143
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29 Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 1,721 1,663 4% 1,590 1,555 2% Net Revenue 1,522 1,465 4% 1,416 1,379 3% Other Income 26 30 -13% 24 23 6% Total Revenue 1,548 1,495 4% 1,440 1,402 3% Margin 558 550 1% 554 558 -1% Margin% 36.7% 37.6% -90 Bps 39.1% 40.4% -140 Bps Operating Exp. 507 464 9% 336 312 8% EBITDA 77 117 -34% 242 268 -10% Depreciation 35 40 -13% 133 130 2% Finance Cost 5 4 32% 72 65 10% PBT 37 72 -49% 37 73 -49% Statutory impact of new Labour Codes/ESOP* 19 2 16 0 PBT(Adj.) 17 70 22 73 Tax 5 21 4 21 PAT 13 50 18 52 Financials Q3 FY26 (CONSOLIDATED) Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) 17 Lease Rent (Non-GAAP) -146 Finance costs 66 Depreciation on ROU Assets 93 Remeasurement of leases life -19 PBT (as per GAAP) 22 * Includes Impact of New Labour Codes: Rs 17.7 Cr employee benefit liability (Gratuity and Leave encashment) recognized in Q3 & 9M FY26 basis IND AS 19
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30 Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 4,667 4,311 8% 4,316 4,014 8% Net Revenue 4,124 3,802 8% 3,834 3,564 8% Other Income 73 68 7% 44 36 21% Total Revenue 4,197 3,870 8% 3,877 3,599 8% Margin 1,514 1,422 6% 1,513 1,435 5% Margin% 36.7% 37.4% -70 Bps 39.5% 40.3% -80 Bps Operating Exp. 1,452 1,331 9% 953 896 6% EBITDA 135 159 -16% 603 574 5% Depreciation 102 112 -9% 396 369 7% Finance Cost 17 11 49% 217 191 14% PBT 15 36 -10 15 Statutory impact of new Labour Codes/ESOP* 22 8 17 3 PBT(Adj.) -7 28 -27 12 Tax -8 3 -8 3 PAT 1 24 -19 8 Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) -7 Lease Rent (Non-GAAP) -431 Finance costs 200 Depreciation on ROU Assets 281 Remeasurement of leases life -31 PBT (as per GAAP) -27 Financials YTD FY26 (CONSOLIDATED) * Includes Impact of New Labour Codes: Rs 17.7 Cr employee benefit liability (Gratuity and Leave encashment) recognized in Q3 & 9M FY26 basis IND AS 19
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31 ANNEXURE
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32 13.3 M F I R S T C I T I Z E N S 2 1 . 4 K( 2 ) T A L E N T P O O L 14 M C U S T O M E R E N T R Y i n Q 3 800+ B R A N D S 4.4 M S Q U A R E F E E T A R E A 71 C I T I E S 11% Mix (1) P R I V A T E B R A N D S 23% Mix B E A U T Y 301 S t o r e s As on 31st Dec’25 (1) Excluding INTUNE ( 2 ) Includes Brand staff Inorbit Mall, Malad
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33New Brand additions highlighted in Orange Premiumization driving growth; Contribution @ 69%, +6% (LFL +6%)
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34 New Brand additions highlighted in Orange
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35 Store Network Update Area 4.4M sq.ft. City Presence 71 Cities Capex and Deposits Rs 35 Crs (Q3); Rs 89 Crs (YTD) As on Dec’25 Format As on Dec'25 Department 110 Beauty SSBeauty/Boutique 18 SSFragrance 2 Beauty 59 INTUNE 81 HomeStop 11 Airport 20 Total 301 Q3 : 3 Department, 3 INTUNE and 1 HomeStop Q4 Plan : 5 Department, 3 INTUNE, 2 SSBeauty/Boutique Inorbit Malad, Mumbai Additions
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36 Operational KPIs in Q3 4737 5047 5367 5739 FY23 FY24 FY25 FY26 ATV (Rs/-) +7% 1776 1819 1899 2040 FY23 FY24 FY25 FY26 ASP (Rs/-) +7% 2.7 2.8 2.8 2.8 0.0 FY23 FY24 FY25 FY26 Items per Txn. (Nos.) (Excluding Online and INTUNE)
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37 Disclaimer Certain statements in this release concerning our future growth prospects are forward-looking statements within the meaning of applicable securities laws and regulations, and which involve number of risks and uncertainties, beyond the Control of the company, that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to attract and retain highly skilled professionals, political instability, cost advantage, wage increases, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and General economic conditions affecting our industry. Shopper’s Stop Ltd. may, from time to time, make additional written and oral forward looking statements, including our reports to shareholders The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company. The Company also expects the media to have access to all or parts of this release and the management’s commentaries and opinions thereon, based on which the media may wish to comment and/or report on the same. Such comments and/or reporting maybe made only after taking due clearance and approval from the Company’s authorized personnel. The Company does not take any responsibility for any interpretations/ views/commentaries/reports which may be published or expressed by any media agency, without the prior authorization of the Company’s authorized personnel.