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Pantaloons like-for-like growth remains elusive
View Risks →Aditya Birla Fashion and Retail Limited — Q1 FY26
ABFRL reported a steady Q1 FY26 with revenue of ₹1,831 crore (+9% YoY) and EBITDA of ₹169 crore (+38% YoY), driven by strong performance in ethnic wear (+25% YoY) and the Tomorrow portfolio (+38% YoY).
bullish
high
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ABFRL reported a steady Q1 FY26 with revenue of ₹1,831 crore (+9% YoY) and EBITDA of ₹169 crore (+38% YoY), driven by strong performance in ethnic wear (+25% YoY) and the Tomorrow portfolio (+38% YoY). The ethnic business saw a sharp margin expansion of 600 bps YoY, turning EBITDA positive. Newer businesses now contribute 44% of revenue (vs 37% last year). Management highlighted a cautious broader market but expects festive season demand to boost H2. Key risks include sustained weakness in Pantaloons' like-for-like growth and elevated losses in Tomorrow, which is targeting breakeven by FY29.
ABFRL ने वित्त वर्ष 2026 की पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई ₹1,831 करोड़ रही, जो पिछले साल से 9% ज़्यादा है। मुनाफा (EBITDA) ₹169 करोड़ रहा, जो 38% बढ़ा। यह वृद्धि एथनिक वियर (25% ज़्यादा) और टुमॉरो पोर्टफोलियो (38% ज़्यादा) की वजह से हुई। एथनिक बिज़नेस का मुनाफा 600 बेसिस पॉइंट बढ़ा, यानी अब यह मुनाफे में आ गया है। नए कारोबार अब कुल कमाई का 44% हिस्सा हैं (पिछले साल 37% थे)। कंपनी ने कहा कि बाजार में सावधानी है, लेकिन त्योहारी सीज़न से दूसरी छमाही में मांग बढ़ेगी। जोखिम: पैंटालून की बिक्री कमज़ोर है और टुमॉरो को अभी घाटा हो रहा है, जो 2029 तक बराबर होने की उम्मीद है।
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Read Transcript →Quarter Snapshot
Ethnic business revenue growth
25%
+25% YoY
Ethnic segment revenue grew 25% YoY to ₹436 crore, driven by wedding season and strong brand performance.
Tomorrow portfolio revenue growth
38%
+38% YoY
Tomorrow portfolio grew 38% YoY, fueled by expanded product portfolio and D2C focus.
Newer businesses revenue share
44%
+7pp YoY
Contribution from newer businesses (ethnic, Tomorrow) increased from 37% to 44% of total revenue.
Ethnic EBITDA margin expansion
600 bps
+600 bps YoY
Ethnic business EBITDA margin expanded by 600 bps YoY, turning positive this quarter vs loss last year.
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Guidance and risk preview
Management expects ethnic portfolio to sustain ~20% revenue growth and achieve post-India EBITDA margins above 20% in steady state.
Pantaloons has not delivered consistent same-store sales growth, a key concern raised by analysts.
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