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Q2 FY27 Performance Highlights
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We aim to be the most loved premium shopping destination for aspirational Young Indian families Our Vision 2
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Contents 01 Market Outlook 02 Performance Update 03 Beauty Distribution 04 Financials 3
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CUSTOMER – Demand for quality, aspiration and experiences continues to drive premiumisation – Personalised shopping experience powered by AI and Loyalty program driving footfalls – In-Store experiences influencing fashion purchase decisions INDUSTRY – Domestic demand remained resilient even as the overall operating environment stayed volatile – Festive and Wedding season expected to accelerate demand further – Structural shift from unorganized to organized retail continues to drive long-term industry growth WAY FORWARD – Inflation, crude prices, interest rates and Rupee remain key variables for the consumption outlook – Tier II cities to drive incremental expansion, while metros remain key growth markets despite space constraints and elevated rentals – Developers expected to add ~51Mn+ sqft in 5 yrs with a focus on experiential shopping. Overall supply to reach ~143 Mn^ ^ Economic Times Market Outlook 4
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Contents 01 Market Outlook 02 Performance Update 03 Beauty Distribution 04 Financials 5
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SALES ̶ Consolidated Rs 1,618 Crs; +7% YoY ̶ Department format Rs 1,302 Crs, +4% YoY; +2% LFL (+7% Festive Adj. LFL) ̶ INTUNE Rs 72 Crs, +3% YoY (+6% Festive Adj. LFL) ̶ GSSBB Sales at Rs 168 Crs; +59% YoY; Momentum continues EXPANSION & RENOVATION ̶ Opened 4 Department, 2 Beauty Boutiques and 1 MAC SIS stores ̶ Renovated Department store at Rohini, Delhi ̶ Capex investment Rs 39 Crs PROFITABILITY AND WORKING CAPITAL ̶ Consolidated EBITDA Rs 43 Crs +56% YoY ̶ Consolidated PAT turns positive; Rs 6 Crs vs loss of Rs 7 Crs in LY ̶ Outright Inventory reduced by Rs 78 Crs YoY Q2 at a Glance 6 (Non GAAP) 6
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SALES ̶ Consolidated Rs 3,154 Crs; +8% YoY ̶ Department format Rs 2,544 Crs, +5% YoY; +4% LFL (+6% Festive Adj. LFL) ̶ INTUNE Rs 154 Crs, +12% YoY (+7% Festive Adj. LFL) ̶ GSSBB Sales at Rs 297 Crs; +56% YoY EXPANSION & RENOVATION ̶ Opened 17 stores ̶ 6 Department, 5 Beauty Boutiques, 2 INTUNE, 1 MAC and 3 MAC SIS stores ̶ Renovated Department store at Rohini, Delhi ̶ Capex investment Rs 83 Crs PROFITABILITY AND WORKING CAPITAL ̶ Consolidated EBITDA Rs 86 Crs +48% YoY ̶ Consolidated PAT turnaround; Rs 11 Crs vs loss of Rs 11 Crs in LY H1 at a Glance 7 (Non GAAP)
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Sustaining and growing “Brand Love” through our campaigns ̵ “Gifts Of Love” IP activated for Rakshabandhan and upcoming festive period ̵ “Denim Decode” celebrates creative self-expression through 2,000+ curated styles, with Levi’s as Official Fashion Partner ̵ “Lip Land” a dedicated beauty and lipstick experience featuring over 3,000 curated lip products ̵ These initiatives are driving consistent QoQ growth in Customer Entry; +8% (+1% LFL ) inspite of Festive shift APPARELSFOOTWEARWATCHES ̵ Curated Premium Assortment with New brands launches as below: 8 Q2 Strategic Initiatives BEAUTY Full Line Beauty Skin Care
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First Citizen • Accelerating enrolments with focused engagement and personalized outreach – Highest ever Black card enrolments @ 40K (+24%); Renewal rate 66% – Silver card enrolments 208K – First Citizen Club Fest 2026 – 2.3L repeat member shopped (20th Aug-6th Sep) • MAC exclusive Loyalty program- a key repeat purchase driver; Repeat Contribution at 67% Private Brand • Premiumisation on track in Private brand portfolio – FRATINI Girl now available at 95 stores – Bandeya premium range scaled to 60 stores, expanding its price range up to Rs 4,999 – Improved freshness and margin expansion supported by 26% reduction in inventory YoY 9 Q2 Strategic Initiatives Contd….
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– Sales momentum sustained despite festive shift to Q3 10 Core Business Financial Update Particulars Q2 H1 Rs. Crs FY27 FY26 Gr% FY27 FY26 Gr% Sales 1,403 1,346 4% 2,747 2,612 5% EBITDA 49 46 7% 97 86 12% (Non GAAP) Department Format Q2 H1 Overall Growth 4% 5% LFL Festive Adj. 7% 6%
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Confidential OPERATIONAL KPIS PREMIUMISATION POWER CATEGORIES +1% Customer entry (LFL) +8% (Rs 5,527) Average transaction value +9% (Rs 1,903) Average selling price 73% Premium portfolio +10% Sales YoY 73% Contribution (+390 bps) 27% Personal shopper +13% Sales YoY 27% Contribution (+200 bps) Watches +24% Handbags +16% Fragrance +13% Sunglasses +8% Footwear +9% FIRST CITIZEN CLUB 14M+ Members 84% Contribution 68% Repeat rate Black Total 40K ;+24% Renewals +29% Enrolments Q2 Highlights – Core Business Silver Total 208K 11
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Sales * Rs 367 Crs +18% YoY Led by Fragrance +35% YoY ELCA portfolio growth continues, +4% LFL YoY Beauty Business Network Retail Count Department stores 119 EBOs (incl. SSBeauty) 73 Shop-in-shop 64 GSSBB Distribution network 31 Retailers with 614 POS 218 258 312 367 17% 19% 21% 23% Q2FY24 Q2FY25 Q2FY26 Q2FY27 Sales and Contribution %* – Added 1 MAC Shop in Shop store ― New Brands addition Private Brands – 10 SKUs launched (incl. miniature fragrances), Total 600+ SKUs across categories Social presence and Customer engagement 1.4M+ followers 526k+ subscribers Makeover 200K+ Masterclasses 500+ *Numbers are inclusive of GSSBB numbers 12 Beauty Inspiring through Expression , Engagement and Education
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13 New Ventures Performance Update Particulars Q2 H1 Rs. Crs FY27 FY26* Gr% FY27 FY26* Gr% Sales 72 74 -3% 154 144 7% EBITDA -15 -23 35% -26 -38 33% INTUNE – Q2 Festive adj. LFL sales growth of 6%, H1 Festive adj. LFL at 7% – KPI improvement sustained; Repeat Mix at 49% ; ABV +6% – Rs 1,299 price point witnessed encouraging traction – Inventory reduced by Rs 33 Crs YoY – Margin expansion driven by fresher inventory SSBeauty.in integrated into SS.com, enabling cost optimization and a seamless customer experience Reduction in losses YoY; Rs 8 Crs in Q2 and Rs 12 Crs in H1 Led by improvement in INTUNE productivity & integration of SSBeauty.in into SS.com *FY26 includes SSBeauty.in numbers (Non GAAP)
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14 New Store Launch, Key Campaigns & Collabs
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No. of Stores Additions Format Q1 Q2 As on Sep’26 Department 2 4 119 Beauty SSBeauty/Boutique 3 2 22 SSFragrance 2 Beauty EBOs 1 49 INTUNE 2 82 HomeStop 12 Airport 3 Total 8 6 289 Capex Investment in Q2 Rs 39 Crs and YTD Rs 83 Crs 15 Store Network Update 75 Cities 4.6 M sq ft area
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Area: 24,812 sqft 16 Sindhu Bhavan, Ahmedabad
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Area: 23,167 sqft 17 Mall 11, Jabalpur
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Area: 27,077 sqft 18 Bailey Square, Patna
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Area: 16,912 sqft 19 Jhansi
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Click on the image for the campaign clip Denim DecodeLip LandGifts of Love • Gifting Category generated Rs 48 Crs Sales (+25% YoY) • Guiness World RecordsTM title for the Longest Line of Lipsticks, bringing together beauty enthusiasts • Makeup Sales Rs 58 Crs (+4% YoY) • Denim Category Growth • Men’s +13% YoY; Women’s +17% YoY 20 Marketing Campaigns Gifts Of Love Denim Decode Click on the image for the campaign clip
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21 New Collabs A 3-tier co-branded credit card offering differentiated rewards, privileges and experiences Exclusive menswear collaboration, now across 53 stores Shoppers Stop × RBL Bank STOP × Peter England
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Contents 01 Market Outlook 02 Performance Update 03 Beauty Distribution 04 Financials 22 LID Brand activation
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SALES Rs 168 Cr + 59% YoY (Highest Quarterly Sales) NEW BOUTIQUES LAUNCHED CREED — Chanakyapuri, Delhi Shiseido — Mall of Asia, Bangalore NETWORK UPDATE 106 168 FY26 FY27 +59% 23 Beauty Distribution – Performance Update DISTRIBUTION 614 POS +42 in Q2 across 31 Retailers (+2 in Q2) BOUTIQUES 11 Boutiques in Prestige Malls 4 Armani · 3 NARS · 1 Prada 2 Shiseido · 1 CREED
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24 New Boutiques Shiseido, Mall of Asia Bangalore CREED, Chankyapuri Delhi
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25 Marketing Activations Global UTM launch Impressions: 22 Mn | Reach: 67 Mn 350+ HNIs | 100+ Influencer 110k + Customers engaged LID Brands: 360-degree Activation Shiseido Bangkok EventVersace Crystal Emerald Launch Versace Launch Versace Launch 7 Mall Animations 10+ Retailers activations across 400+ touchpoints Over 10Mn reach delivered Click on the image above for the campaign clip
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Contents 01 Market Outlook 02 Performance Update 03 Beauty Distribution 04 Financials 26
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Particulars Core Business New Ventures Total GSSBB Consolidated Rs Crs FY27 FY26 FY27 FY26* FY27 FY26 FY27 FY26 FY27 FY26 Sales 1,403 1,346 72 74 1,475 1,420 168 106 1,618 1,507 EBITDA 49 46 -15 -23 34 23 9 5 43 28 *FY26 numbers include SSBeauty.in – Consolidated Sales +7% YoY – Consolidated EBITDA at Rs 43 Crs, +56% YoY – New Ventures losses reduced by Rs 8 Crs led by improvement in INTUNE productivity and SSB.in integration into SS.com 27 Q2 Performance at a Glance (Non GAAP)
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– Consolidated Sales +8% YoY – Consolidated EBITDA at Rs 86 Crs, +48% YoY – New Ventures losses reduced by Rs 12 Crs led by improvement in INTUNE productivity and SSB.in integration into SS.com 28 H1 Performance at a Glance Particulars Core Business New Ventures Total GSSBB Consolidated Rs Crs FY27 FY26 FY27 FY26* FY27 FY26 FY27 FY26 FY27 FY26 Sales 2,747 2,612 154 144 2,901 2,756 297 190 3,154 2,908 EBITDA 97 86 -26 -38 71 48 15 10 86 58 *FY26 numbers include SSBeauty.in (Non GAAP)
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Particulars Non GAAP GAAP Rs in Crs FY27 FY26 Gr% FY27 FY26 Gr% Gross Revenue 1618 1507 7% 1523 1416 8% Net Revenue 1444 1331 8% 1366 1257 9% Other Income 28 24 18% 23 9 141% Total Revenue 1471 1355 9% 1389 1266 10% Margin 530 489 8% 533 489 9% Margin% 36.7% 36.7% Flat 39.0% 38.9% 10 Bps Operating Exp. 514 485 6% 337 318 6% EBITDA 43 28 56% 219 180 22% Depreciation 31 34 -9% 140 134 5% Finance Cost 5 6 -23% 75 73 3% PBT 7 -13 158% 4 -27 115% ESOPs 1 1 -46% 0 0 -154% PBT(Adj.) 7 -14 149% 4 -27 116% Tax 1 -7 116% 1 -7 116% PAT 6 -7 182% 3 -20 116% Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) 7 Lease Rent (Non-GAAP) -153 Finance costs 70 Depreciation on ROU Assets 103 Remeasurement of leases life -17 PBT (as per GAAP) 4 Turned PAT Positive to Rs 6 Crs vs Loss of Rs 7 Crs LY 29 Financials Q2 FY27 (CONSOLIDATED) Non GAAP - Sales +7% YoY; EBITDA +56% YoY
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Non GAAP - Sales +8% YoY; EBITDA +48% YoY 30 Financials H1 FY27 (CONSOLIDATED) Particulars Non GAAP GAAP Rs in Crs FY27 FY26 Gr% FY27 FY26 Gr% Gross Revenue 3154 2908 8% 2967 2726 9% Net Revenue 2817 2569 10% 2658 2418 10% Other Income 56 47 19% 28 20 45% Total Revenue 2873 2616 10% 2686 2437 10% Margin 1036 957 8% 1042 960 9% Margin% 36.8% 37.2% -50 Bps 39.2% 39.7% -50 Bps Operating Exp. 1005 945 6% 658 618 7% EBITDA 86 58 48% 412 361 14% Depreciation 67 67 0% 278 264 6% Finance Cost 10 11 -14% 148 146 2% PBT 9 -21 143% -15 -48 69% ESOPs 2 3 -42% 0 1 -154% PBT(Adj.) 7 -23 132% -14 -49 70% Tax -4 -12 70% -4 -12 70% PAT 11 -11 199% -11 -36 70% Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) 7 Lease Rent (Non-GAAP) -299 Finance costs 138 Depreciation on ROU Assets 200 Remeasurement of leases life -17 PBT (as per GAAP) -14 Turned PAT Positive to Rs 11 Crs vs Loss of Rs 11 Crs LY
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Particulars Non GAAP GAAP Rs in Crs FY27 FY26 Gr% FY27 FY26 Gr% Gross Revenue 1475 1420 4% 1382 1319 5% Net Revenue 1321 1258 5% 1227 1175 4% Other Income 28 24 18% 23 9 140% Total Revenue 1348 1282 5% 1250 1185 5% Margin 482 459 5% 489 461 6% Margin% 36.5% 36.5% Flat 39.8% 39.2% 60 Bps Operating Exp. 476 461 3% 304 297 2% EBITDA 34 23 51% 207 173 20% Depreciation 30 34 -11% 138 133 4% Finance Cost 3 5 -34% 73 71 2% PBT 1 -16 104% -3 -30 90% ESOPs 1 1 -46% 0 0 -154% PBT(Adj.) 0 -17 100% -3 -31 90% Tax -1 -8 90% -1 -8 90% PAT 1 -10 108% -2 -23 91% Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) 0 Lease Rent (Non-GAAP) -152 Finance costs 69 Depreciation on ROU Assets 103 Remeasurement of leases life -18 PBT (as per GAAP) -3 Non GAAP - Sales +4% YoY; EBITDA +51% YoY 31 Financials Q2 FY27 (STANDALONE) Turned PAT Positive vs Loss of Rs 10 Crs LY
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Particulars Non GAAP GAAP Rs in Crs FY27 FY26 Gr% FY27 FY26 Gr% Gross Revenue 2901 2756 5% 2677 2548 5% Net Revenue 2601 2441 7% 2412 2270 6% Other Income 56 47 19% 28 19 43% Total Revenue 2657 2487 7% 2440 2289 7% Margin 952 904 5% 964 909 6% Margin% 36.6% 37.0% -40 Bps 40.0% 40.0% -10 Bps Operating Exp. 937 902 4% 599 579 3% EBITDA 71 48 48% 393 350 12% Depreciation 66 66 -1% 274 261 5% Finance Cost 7 9 -23% 145 143 1% PBT -1 -27 95% -25 -54 53% ESOPs 2 3 -42% 0 1 -155% PBT(Adj.) -3 -30 90% -25 -55 55% Tax -6 -14 -54% -6 -14 -54% PAT 3 -16 121% -19 -41 55% Adjustment in Net Profit GAAP Adj. PBT (as per Non GAAP) -3 Lease Rent (Non-GAAP) -296 Finance costs 138 Depreciation on ROU Assets 200 Remeasurement of leases life -20 Others -1 PBT (as per GAAP) -25 Non GAAP - Sales +5% YoY; EBITDA +48% YoY 32 Financials H1 FY27 (STANDALONE) Turned PAT Positive Rs 3 Crs vs Loss of Rs 16 Crs LY
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Particulars (Rs in Crs) Sep’26 Sep’25 Mar’26 Net worth 810 793 805 Loan Fund# 177 263 154 Total Liabilities 987 1056 959 Fixed Assets + Lease Deposit 891 891 871 Investments* 130 100 110 Inventory^** 2052 1962 1911 Other Assets 619 617 595 Total Current Assets 2543 2469 2385 Trade Creditors Goods** 2177 2015 1993 Others 528 500 536 Total Current Liability 2704 2514 2529 Net Current Assets -161 -46 -144 Total Assets 987 1056 959 Previous years numbers are regrouped/rearranged wherever necessary Particulars Sep’26 Sep’25 Mar’26 ROR Inventory 1,538 1,370 1,397 ROR Creditors 1,997 1,750 1,850 * ** Investments Sep’26 Sep’25 Mar’26 In Subsidiary 130 100 110 # Net Debt reduced by Rs 82 Crs vs Sep’25 ^ Outright Inventory reduced by Rs 78 Crs YoY 33 Balance Sheet (Non-GAAP) (STANDALONE) Denim Decode On track to be Debt free by Q3 end
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Particulars (Rs in Crs) H1FY27 H1 FY26 FY26 Cash Profit from Operations (EBITDA) 71 47 146 Changes in Working Capital 9 64 155 Cash generated from Operations 80 112 301 Fixed Assets -83 -67 -124 Investment in Subsidiary -20 -40 -67 Interest Expense -7 -9 Cash post Investing Activities -30 -5 110 Funded by/(Utilised for) Loan/(Repayment of Loan) 25 1 -109 Cash 5 4 0 Total 30 5 -110 Previous years numbers are regrouped/rearranged wherever necessary 34 Cashflow (STANDALONE) SSBeauty Quest, Kolkata
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35 Annexure
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As on 30th Sep 2026 Business scale 289 S T O R E S 14 M F I R S T C I T I Z E N S 14.4 M C U S T O M E R E N T R Y in Q2 4.6 M S Q U A R E F E E T 800+ B R A N D S 75 C I T I E S 21.4 K T A L E N T P O O L Includes brand staff 17% P R I V A T E B R A N D S Apparels mix, excl. INTUNE 23% B E A U T Y M I X Surat 36
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MEN’ S A P P A R EL S W OMEN’ S A P P A R EL S W A T CHES B EA UT Y L EA T HER A CCESSOR I ES P R E M I U M B R A N D S Our Portfolio LIMITED EDITION New Brand additions highlighted in Yellow 37
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MA KEUP P R E M I U M B R A N D S Our Portfolio SKI NCA R E FR A GR A NCE 38
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4348 4729 5109 5527 FY24 FY25 FY26 FY27 ATV (Rs/-) +8% 1529 1640 1744 1903 FY24 FY25 FY26 FY27 ASP (Rs/-) +9% 2.8 2.9 2.9 2.9 0.0 FY24 FY25 FY26 FY27 Items per Txn. (Nos.) (Excluding Online and INTUNE) 39 Operational KPIs in Q2
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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. 40 Disclaimer