Aditya Birla Lifestyle Brands Limited — Q3 FY26
ABLBL delivered a strong Q3 FY26 with revenue of ₹2,343 crore (+10% YoY) and EBITDA of ₹431 crore (+21% YoY), with margin expanding 180 bps to 18.4%.
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.
58%Questions answered3Evaded / deflected12Questions audited
Answered
High priority
Why was 500 cr NCD issuance approved despite no fund raise commitment?
Asked by Vidisha Set, Ambit Capital
Management clearly stated the NCD issuance is for refinancing repaid debentures, not new fund raise.
Read the exchange
Question
in yesterday's filing it was mentioned that nearly 500 crores of NCD issuance was approved by the board. So can you please highlight as to what would be the utilization areas for this fund raise and by when are you looking to raise it?
Unnamed management (likely CFO)
the 500 cr debentures which we repaid recently in the month of January we intend to raise it to refinance the exist the debentures repaid there's no press bing
Partial answer
High priority
How should we view net debt reduction trajectory?
Asked by Vidisha Set, Ambit Capital
Management reaffirmed target but gave no specific annual reduction numbers.
no specific timelinequalifier 'closer to zero'
Read the exchange
Question
how should one be looking at the reduction in the net debt amount because I think in earlier calls you called out that every year the net debt would reduce substantially and by two three years it should be net cash.
Vishak (likely CEO or business head)
We still feel that over next three years which is what we had indicated the net debt will be closer to zero in this although that's not the only goal we're driving here.
Answered
High priority
What is the net store addition guidance for FY27?
Asked by Vidisha Set, Ambit Capital
Management provided specific numbers for current year and pipeline for next year.
Read the exchange
Question
on net basis what is the store edition of what could the store edition of lifestyle brands look like for FI27 any number or guidance that you'd like to call out?
Vishak
we should add another 90 plus net stores in the next quarter. So that would take the overall additions about 150 stores this year. We also have already built a pipeline for next year of 120 odd stores and that momentum should continue.
Answered
Medium priority
Is there divergence between primary and secondary sales growth?
Asked by Archa Menon, Morgan Stanley
Management directly addressed both parts: no restocking effect and no unusual divergence.
Read the exchange
Question
is there any divergence this quarter between the primary and secondary sales growth and is there any element of channel restocking after the GST related disruption in the second quarter?
Vishak
nothing unusual practices around season launches and build up towards season and end of season is what has broadly happened. They've had robust secondary sales across department stores which is what has led to an overall primary sales also being fairly healthy.
Partial answer
High priority
Will double-digit growth momentum sustain in Q4 and Q1?
Asked by Archa Menon, Morgan Stanley
Management expressed desire for steady double-digit growth but did not explicitly confirm near-term quarters.
no specific commitment to Q4/Q1reframed as aspiration
Read the exchange
Question
do you expect this double digit momentum to sustain in 4Q and 1Q?
Vishak
we want to be a steady double digit growth and eida 11 12% steady sorry the pre India margins so that is something which we should go on momentum
Evasive
Medium priority
What is the blended price impact of GST changes on lifestyle brands?
Asked by Samir Gupta, India Infoline
Management did not quantify the blended impact despite being asked for a number.
no specific numbervague 'small net negative'
Read the exchange
Question
there has been a GST cut for apparel below 2,500 and above 2,500 there has been an increase so just wanted to get a sense on what would be the blended price decrease for a consumer of lifestyle brand
Vishak
Overall it's a small net negative but not a significant one.
Answered
High priority
What drove the turnaround in innerwear segment growth?
Asked by Samir Gupta, India Infoline
Management provided specific drivers: retail like-for-like growth, inventory freshness, and distributor initiatives.
Read the exchange
Question
this quarter seen a double-digit growth and this is growth after many many quarters in this segment. Just wanted to get a sense on what has led to this turnaround
Vishak
lot of initiatives which have been on the business they are coming into function now. retail like to like have been north of 30% in this side of business.
Partial answer
High priority
Why is retail channel growth weaker than peers?
Asked by Dwanchu Bansal, MK Global
Management blamed wedding calendar but did not address the 9-month cumulative weakness raised by analyst.
attributed to calendar effectno direct comparison with peers
Read the exchange
Question
if we compare this growth with some of the other players that have reported so far it's a tad weaker. even the LTL that we have reported is running a tad weaker versus the other players. So what is leading to this weakness for our brands?
Vishak
Parts of business which have had a greater dependence on weddings, the evaporated after 5th December. So you see the impact of that.
Evasive
Medium priority
What caused the gross margin decline?
Asked by Ankit Kyia, Philip Capital
Management did not quantify the mix impact or explain the decline in lifestyle brands specifically.
no specific explanationattributed to mix without details
Read the exchange
Question
in the quarter we saw gross margins decline marginally. industry trend suggests that the discounting is actually reducing and you have also done that. So what is leading to this gross margin decline?
Dinda (likely CFO)
this is a composition of various business lines it's more in the range more or less business mix then any shift
Evasive
Medium priority
Can innerwear achieve mid-single-digit margins by FY28?
Asked by Ankit Kyia, Philip Capital
Management avoided giving a specific margin number despite being asked directly.
no margin target givenonly 'profitable year' vague
Read the exchange
Question
over 2 years if I have to see do you think you can have a mid-single-digit margins by fi28 in this business
Vishak
I hope is going to be a profitable year. I don't want to comment on what kind of profitability but I'm hopeful that FI28 will be a profitable year.
Answered
Medium priority
What is the capex split between lifestyle and emerging brands?
Asked by Rajiv Bharti, Noama
Management provided a clear percentage split for capex.
Read the exchange
Question
in terms of the capex number which you've highlighted the 330 cr can you split between your lifestyle brand and youth brand how does it stack?
Vishak
Probably 80% of that spend would be lifestyle brands, maybe a little more than 80%.
Partial answer
Medium priority
Are there demand pressures in urban IT-heavy markets?
Asked by Tjas Sha, Aendis Spark Institution Equities
Management avoided addressing the specific urban IT markets asked about.
did not directly answer about urban IT marketsfocused on small towns
Read the exchange
Question
are we seeing any demand pressure in urban IT heavy markets let's say Bangalore, Hyderabad, Pune.
Vishak
small town India has had a good run. our own same store growth pages in small town ITG would be about 13 14%. I can't point out any region specifically which has grown more or less.