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Aditya Birla Fashion and Retail Margin Trend — Quarter by Quarter

Aditya Birla Fashion and Retail's EBITDA margin moved from 11.0% in Q1 FY24 to 15.6% in Q3 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2615.6%+70 bps
Q2 FY265.9%-30 bps
Q4 FY2517.2%—
Q3 FY2515.9%+140 bps
Q2 FY2511.2%—
Q1 FY2511.8%—
Q4 FY2411.1%+300 bps
Q3 FY2414.5%+150 bps
Q2 FY2411.4%—
Q1 FY2411.0%—

What management said about ebitda margin

G

Q3 FY26 · TMRW breakeven by FY29

TMRW is expected to achieve breakeven on a pre-Ind AS basis by FY2029, with current losses at 12-15% of revenue.

G

Q3 FY26 · Ex-TMRW pre-Ind AS profit next year

ABFRL excluding TMRW is expected to report full-year pre-Ind AS profit from FY27 onwards, as loss-making businesses turn around.

G

Q2 FY26 · Pantaloons segment margin target of 15-17%

Management reiterated that Pantaloons segment EBITDA margin should be in the range of 15-17%, though near-term marketing spend may cause fluctuations.

G

Q1 FY26 · Ethnic business EBITDA margin target north of 20%

Management expects portfolio-level post-index EBITDA margins to exceed 20% as TCNS turns around and Tasva scales.

G

Q1 FY26 · TMRW EBITDA break-even by FY29

TMRW targets EBITDA break-even by FY2029, with offline expansion improving gross margins by ~1000 bps.

G

Q1 FY26 · Pantaloons margin improvement of 300-500 bps

Management sees potential for 300-500 bps margin improvement in Pantaloons through better product mix and store productivity.

G

Q4 FY25 · ABFRL targets 3x revenue and 2x margin expansion over 5 years

Management expects to triple revenue and double EBITDA margins from current levels by FY2030, driven by scaling ethnic wear, value retail, and digital-first brands.

G

Q4 FY25 · Pantaloons margin expansion of 300bps over next 2 years

Pantaloons format expected to improve EBITDA margins by at least 300 basis points from current levels, driven by gross margin expansion and operating leverage.

G

Q4 FY25 · TCNS portfolio to turn pre-Ind AS EBITDA positive by FY2027

TCNS, currently loss-making, is expected to achieve pre-Ind AS EBITDA profitability by FY2027, with significant EBITDA improvement in FY2026.

G

Q2 FY25 · TCNS to break even by Q3FY25

TCNS business is on track to become profitable in Q3FY25, with improving product quality and margins.

G

Q1 FY25 · TCNS to turn EBITDA positive in H2 FY25

Management expects TCNS to become profitable in the second half of FY25 as inventory corrections are largely complete.

G

Q3 FY24 · TMRW not profitable for at least next three years

TMRW is not expected to turn profitable in the next three years due to its accumulation model and cost structure.