Spencer's Retail LimitedRetailSPENCERS
Q1 FY27 concall · earnings callSpencer's Retail Limited
Spencer's Retail delivered strong consolidated sales growth of 13% year-on-year, with EBITDA more than doubling, driven by sustained store productivity gains and a successful membership program.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹469 Cr | 13% YoY, 8% QoQ | |
| Consolidated EBITDA | ₹9.4 Cr | ~100% YoY | |
| Spencer's Revenue Growth | 18% YoY | 8% QoQ | |
| Spencer's EBITDA | ₹18 Cr | — | |
| Nature Basket Revenue | ₹59 Cr | -13% YoY, 8% QoQ | |
| Sales per Square Foot (Spencer's) | Rs. 1,850 a square foot | — | |
| Online (Jiffy) Growth | 49% YoY | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹516.97 Cr-21% YoY-0.2% QoQ | ₹-47.34 CrLoss narrowed YoYLoss narrowed QoQ | ₹-5.25Loss/share narrowed YoYLoss/share narrowed QoQ |
| Q2 FY25 | ₹518.03 Cr-9.8% YoY-5.5% QoQ | ₹-87.18 CrLoss widened YoYLoss widened QoQ | ₹-9.67Loss/share widened YoYLoss/share widened QoQ |
| Q1 FY25 | ₹548.32 Cr— YoY+0.3% QoQ | ₹-43.43 Cr— YoYLoss narrowed QoQ | ₹-4.82— YoYLoss/share narrowed QoQ |
| Q4 FY24 | ₹546.79 Cr+0.6% YoY-16.4% QoQ | ₹-80.69 CrLoss widened YoYLoss widened QoQ | ₹-8.95Loss/share widened YoYLoss/share widened QoQ |
| Q3 FY24 | ₹654.01 Cr+2.4% YoY+13.9% QoQ | ₹-51.20 CrLoss narrowed YoYLoss narrowed QoQ | ₹-5.68Loss/share narrowed YoYLoss/share narrowed QoQ |
TL;DR
- Consolidated revenue grew 13% YoY to Rs. 469 crores.
- Consolidated EBITDA doubled to Rs. 9.4 crores (2% of sales).
- Spencer's business grew 18% YoY with store EBITDA reaching 4.4% of sales.
- Online business (Jiffy) grew 49% YoY with positive unit economics (Rs. 18 per order).
- Nature Basket sales declined 13% YoY, with a management reset underway.
- Membership program reached 125,000 members, contributing one-third of monthly sales.
Said on the call
“This is significant because it's not one-off. This is actually the second consecutive quarter where we've been able to deliver good growth versus the comparative of the previous year.”
From the Q&A
| Topic | What management said |
|---|---|
| Portfolio Growth Trajectory | Management expects online (Jiffy) to grow ~25% for the year, Spencer's offline mid-to-high single digits, and Nature's Basket to show early double-digit growth from Q3/Q4 after a reset. |
| Nature's Basket Turnaround KPIs | Key metrics are sales per square foot, rupee gross margin (not percentage), and cost control; no new store openings planned, focus is on refurbishment and improving online. |
| Store Expansion Plans | No major store additions planned for Spencer's or Nature's Basket in FY27; focus is on driving higher productivity from the existing footprint. |
| Growth Drivers | Spencer's growth was 70% driven by higher number of bills (NOBs) and 30% by higher average bill value (ABV); category mix remained stable, led by staples and FMCG food. |
| Nature's Basket Online Strategy | Tech for online platform is ready, but consumer acquisition will follow after fixing inventory and availability issues; partnership with quick-commerce players is not commercially viable. |
| Debt and Refinancing | Consolidated debt is Rs. 1,266 crores; the refinancing process has started and is expected to see progress in the current month. |
Guidance
- Aim to reach Rs. 2,000 sales per square foot for Spencer's in the festive quarter.
- Targeting to sustain growth momentum in FY27 with continued discipline on working capital and inventory.
- For Nature's Basket, expect early double-digit growth from Q3/Q4 FY27 after the reset.
- Online business (Jiffy) expected to deliver full-year cumulative growth rates steady at around 25%.
- No major store expansions planned for Spencer's or Nature's Basket in FY27.
Source
Summary written from the transcript filed by Spencer's Retail Limited for the call held on 13 Aug 2026; published 18 Aug 2026, 21:18 IST.
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