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GST transition impact on consumer demand
View Risks →Aditya Birla Lifestyle Brands Limited — Q2 FY26
ABLBL reported Q2 FY26 revenue of ₹3,238 crore, up 4% YoY, with EBITDA of ₹338 crore (margin 16.6%, +125bps YoY).
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ABLBL reported Q2 FY26 revenue of ₹3,238 crore, up 4% YoY, with EBITDA of ₹338 crore (margin 16.6%, +125bps YoY). PAT was ₹23 crore vs a loss of ₹59 crore last year (which included a ₹98 crore exceptional). Growth was driven by strong retail like-for-like (12% in lifestyle brands), but headline revenue was muted due to GST transition disruption, Forever 21 phase-out, and store renovation impact. Emerging businesses saw 11% LFL but overall segment revenue declined. Management expects double-digit medium-term growth as secondary sales translate to primary, and wedding season demand to be tested. Risk: consumer acceptance of GST-driven price increases, especially above ₹2,625 threshold, could dampen demand.
ABLBL ने वित्त वर्ष 2025-26 की दूसरी तिमाही में ₹3,238 करोड़ का कारोबार किया, जो पिछले साल से 4% ज़्यादा है। कंपनी ने ₹338 करोड़ का EBITDA कमाया (मुनाफ़ा मार्जिन 16.6%, पिछले साल से 1.25% बेहतर)। इस बार ₹23 करोड़ का शुद्ध लाभ हुआ, जबकि पिछले साल ₹59 करोड़ का घाटा था (उसमें ₹98 करोड़ का एक बार का खर्च शामिल था)। ग्रोथ लाइफस्टाइल ब्रांड्स की मजबूत बिक्री (12% बढ़ोतरी) से आई, लेकिन GST बदलाव, Forever 21 बंद होने और दुकानों के नवीनीकरण से कुल कारोबार पर असर पड़ा। नए कारोबार में 11% बढ़ोतरी हुई, लेकिन कुल सेगमेंट की बिक्री घटी। कंपनी को आने वाले समय में दोहरे अंकों में ग्रोथ की उम्मीद है, खासकर शादी के सीज़न में। लेकिन जोखिम यह है कि GST के कारण ₹2,625 से ऊपर के सामानों पर कीमत बढ़ने से ग्राहक कम खरीद सकते हैं।
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Retail Like-for-Like Growth (Lifestyle Brands)
12%
+12pp YoY
Retail LFL growth for lifestyle brands in Q2, reflecting consistent strong performance across all months.
Store Additions (Net)
75+
+75 stores QoQ
Added over 75 new stores in Q2, expanding total network to ~3,250 stores across 785+ cities.
Store Renovations
65
65 stores in Q2
Completed 65 store renovations in Q2, each taking 45-60 days, temporarily impacting retail revenue growth.
Small Town Like-for-Like Growth
Stronger than urban
Outperforming urban centers
Small town (tier 4) stores delivered stronger LFL growth than urban stores, indicating a recovery in rural demand.
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Management expects double-digit revenue growth for lifestyle brands in the medium term, driven by strong secondary sales and store expansion.
Price increases on products above ₹2,625 (from 5% to 18% GST) may dampen consumer demand, especially in wedding and formal wear segments.
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