Aditya Birla Fashion and Retail Limited — Q4 FY26
ABFRL reported a strong Q4 FY26 with revenue of ₹1,990 crore, up 16% YoY, driven by broad-based momentum across channels.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
What drove Pantaloons' 17% revenue growth, including EOSS benefit?
Asked by Archaon, Morgan Stanley
Management explained drivers and provided normalized growth view.
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Question
My question was on the pantaloon format. If you could just help us understand what drove the 17% revenue growth. I understand there could be some benefit of the EOSS which moved into this quarter.
Sangita (management)
We had pushed our EOSS based on our new strategy... even if you keep the EOSS piece aside and normalize for that, our growths are very strong both in terms of L2L and total growth even for the period November to March.
Answered
Medium priority
What is Pantaloons' online revenue share and customer KPIs?
Asked by Archaon, Morgan Stanley
Provided specific percentage and key metric.
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Question
Could you help us with your online share of revenue for pantaloons currently and secondly, all these pulses that you spoke of, is that helping you in a higher customer walk-in or is it more conversion or ASP?
Sangita (management)
Online is about 3-4% of our business. The biggest KPI we feel good about is increase in our basket sizes.
Answered
High priority
What is the inflation level and price hike strategy for Pantaloons?
Asked by Archaon, Morgan Stanley
Provided inflation range and price hike plan.
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Question
What is the level of inflation that you are facing for pantaloons and for own, and what is the strategy around that? Should we be thinking of any margin impact?
Ashish (management)
We are experiencing something like 3 to 4% inflationary pressure as far as raw materials is concerned. To fully counter it, take price increases between 5 to 8% depending on the category. We are still evaluating.
Partial answer
High priority
How did March macro disruption impact demand and outlook for FY27?
Asked by Pages, Aendas Park Institution
Addressed near-term but declined full-year outlook.
no FY27 guidance given
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Question
This quarter was a slightly muddy quadrant... whether the last month has disrupted the flow materially or at all and then should we extrapolate the sentiment or revival that we have seen to FY27 as well.
Ashish (management)
There was a marginal impact in March which slowed down some momentum, but we have seen demand nearly normal for most part of April. FY27 on a full year basis is perhaps too much of a stretch.
Answered
High priority
What is the volume vs price/mix breakdown for Pantaloons growth?
Asked by Pages, Aendas Park Institution
Provided volume-driven growth and footfall trend.
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Question
What would be the break up of volume versus price premiumization mix on that and second, when do you think this will convert into increased footfall?
Sangita (management)
Our price increase through the year was negligible. In quarter 4, our pricing would have been marginally negative. So a large part of the growth has come from volume. We've already seen a step up in footfall towards second half of Q3 and Q4.
Partial answer
High priority
Should Pantaloons' mid-single-digit LTL guidance and store expansion be revisited?
Asked by Pages, Aendas Park Institution
Acknowledged possibility but did not formally revise guidance.
guidance not changeddeferred impact
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Question
Looking at the response we have got in terms of LTL, should we revisit our mid-single-digit LTL guidance and also should we revisit our store expansion plan?
Ashish (management)
I would be more inclined to go with your suggestion of slightly better and more rapid expansion. We won't change the guidance but we are looking to scale up a little faster.
Answered
High priority
How is the company's liquidity given cash consumed of ~1400 cr in FY26?
Asked by Khalima Mishra, COVID Security
Provided cash position and utilization details.
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Question
It seems like cash consumed in FY26 is of the order of 1400 crores. How are you viewing your liquidity situation considering per your earlier guidance the company becomes FCF positive only by FY29?
Jagdish (management)
We started the year with gross cash of 2,100 cr. In FY26 we consumed totaling to around 1,000 cr. We have roughly 1,150 cr cash available which is sufficient for next two years.
Answered
Medium priority
Does Pantaloons' 399 store count include Owned stores and what are store addition plans?
Asked by Khalima Mishra, COVID Security
Clarified store count and gave store addition guidance.
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Question
Does this 399 store count include stores of owned as well and how should we look at store addition plans going forward?
Sangita (management)
399 is just the number for pantaloons, it does not include the own number. The plan for this financial year is about 20-22 stores. As we get more confident, we will look to step up.
Answered
Medium priority
What are TCNS losses in FY26 and Tasva's progress and breakeven timeline?
Asked by Khalima Mishra, COVID Security
Provided loss percentage and breakeven timeline.
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Question
Could you highlight the losses which TCNS incurred in FY26 and what is the progress on Tasva, when do you expect Tasva to break even?
Ashish (management)
TCNS is just marginally negative 1% or 2%. Tasva continues in investment phase, profitability will take time. We have said FY28 and we still feel that's the right assessment.
Answered
High priority
Is Q4 Pantaloons growth just a shift from Q3 or sustainable?
Asked by Kov Jagani, GM Financial
Provided normalized growth figures.
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Question
If we add up Q3 and Q4 numbers and compare with last year H2 base, the growth is 6%. Would you say it's merely a shift of one quarter to other or are you seeing benefits seeping into Q1 as well?
Sangita (management)
Even if you normalize for the shift of EOSS, looking at November to March, our like-to-like growth is about 7% and total growth is 9%.
Answered
Medium priority
What is Pantaloons margin excluding Own and Own's losses?
Asked by Ankit Kadia, Philip Capital India
Provided Pantaloons margin range and explained Own impact.
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Question
If you have to take Own out, what could be the Pantaloons margins if I exclude Own? What are the losses in Own?
Ashish (management)
Pantaloons margin is between 18 to 18.5% for the year, slightly higher than last year. Own losses are causing the rest of the difference; business is still very small.
Partial answer
High priority
Why is Pantaloons store addition not accelerating despite strong LTL?
Asked by Samir Gupta, IFL Capital
Explained pipeline lag but did not revise store addition target.
guidance unchangeddeferred acceleration
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Question
If that is the case, then why are we still not accelerating the pace of store addition? I heard 20-22 store additions in FY27. Why is the confidence not showing in our store addition guidance?
Ashish (management)
It will be very knee-jerk reactions if we keep reacting to every quarter's responses. The store addition pipeline takes time to build. The guidance has not shifted but we are looking to scale up a little faster.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Pantaloons like-to-like growth Nov-Mar is about 7% | 7% | 16% | Understated vs filing |
| Pantaloons total growth Nov-Mar is 9% | 9% | 16% | Understated vs filing |
| Pantaloons margin for the year is 18-18.5% | 18.25% | 11.5% | Overstated vs filing |
| TCNS revenues are flat, marginally negative 1-2% | -1.5% | 16% | Understated vs filing |
| Tomorrow annual losses close to about 200 cr | ₹200 cr | ₹-164 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.