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Aditya Birla Fashion and Retail Margin Trend — Quarter by Quarter

Aditya Birla Fashion and Retail's EBITDA margin moved from 3.0% in Q2 FY26 to 11.5% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2611.5%—
Q3 FY2615.6%+70 bps
Q2 FY263.0%-30 bps

What management said about ebitda margin

G

Q4 FY26 · Tomorrow profitability target by FY29

Tomorrow portfolio expected to become profitable by FY29, with adequate cash of ₹800 crore to fund growth.

G

Q4 FY26 · TCNS breakeven by end of FY27

TCNS expected to break even on cash profit basis by end of FY27, with full-year profitability by FY28.

G

Q3 FY26 · Tomorrow breakeven by FY29

Tomorrow is expected to break even on a pre-Ind AS basis by FY29.

G

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

Management reiterated the full-year segment margin target of 15-17%, though near-term marketing investments may cause fluctuations.

G

Q1 FY26 · Ethnic business to grow ~20% with north of 20% EBITDA margin

Management expects ethnic portfolio to sustain ~20% revenue growth and achieve post-India EBITDA margins above 20% in steady state.

G

Q1 FY26 · Tasva to break even by FY27 end

Tasva, currently loss-making, is expected to reach breakeven by the end of FY27.

G

Q1 FY26 · Tomorrow to break even by FY29

Tomorrow portfolio is targeting EBITDA breakeven by FY29, with losses expected to reduce from H2 FY26.

G

Q1 FY26 · Pantaloons to add 300-500 bps margin improvement

Pantaloons segment has potential to improve EBITDA margins by 300-500 bps from current levels through network optimization and new identity rollout.