ABFRL / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Aditya Birla Fashion and Retail · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY26 · 2025-07-23Back to quarter ↗

Questions audited

Answered directly

88%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Aditya Soman · CLSA

direct

EBITDA trajectory for ethnic business and steady state margin.

Our portfolio level of post-index EBITDA margins north of 20% is what we could look at as far as this business is concerned. We're not there yet.

Aditya Soman · CLSA

direct

Pantaloons store closure and future store count.

I think you hit the bottom end in terms of store closures. You are going to start to see net store additions as we go forward.

Archana Menon · Morgan Stanley

direct

Pantaloons marketing spend as % of revenue and future plans.

They have been in the range of 1.5% to 2% historically. We expect in a shorter term this percentage to marginally go up primarily because we feel we now have a new proposition.

Archana Menon · Morgan Stanley

direct

Pantaloons stores with new retail identity and refurbishment plans.

About 50% of our network is past the new identity that we're happy with. We'll pace the rollout of new retail identity and take it over a three to four-year period.

Kunal Shah · Jefferies

direct

Use of TMRW capital raise and allocation areas.

We're looking to raise close to or north of $100 million. It's for acceleration of growth of the businesses where the capital will go. Offline expansion is one part.

Kunal Shah · Jefferies

direct

TCNS like-to-like growth trajectory after April.

Yes. Every month is delivering good, strong, high double-digit like-to-like growth. That's a very assurance for us.

Gopal Nawandhar · SBI Life Insurance

direct

Timing of TCNS store network addition.

You might see perhaps the second half of this year, you might see 30-40 store addition. Next year onwards, we'll start expanding more rapidly.

Gopal Nawandhar · SBI Life Insurance

partial

TMRW profitability trajectory with fundraise and offline focus.

In the second half of the year, we will see that trajectory also beginning to change. Offline business allows us to increase gross margins by almost 1000 basis points.

Harsh Shah · Bandhan AMC

direct

Style Up store addition plans and revenue per square foot.

We look to add about 40 stores this year. Productivity has been varying between 20-25 to 35-40 sales per square feet per day.

Sameer Gupta · IIFL Capital

evasive

Performance metrics of Pantaloons stores with new identity.

I don't want to get into specific store level slices. The outcome is showing up in absolute numbers. The new stores are performing better than the old stores.

Sameer Gupta · IIFL Capital

direct

Rationale for TMRW capital raise despite net cash position.

We have been fairly consistent about our philosophy of capital allocation. We will get external investors and build a company which can have its own public market journey.

Jignanshu Gor · AllianceBernstein

direct

What Pantaloons is solving for with new retail identity.

The whole idea is to upgrade and attract customers to better quality products. It improves average sales, increases gross margin, lower markdowns.