Spencer's Retail earnings calls.

Spencer's Retail delivered a mixed Q3 FY26 with solid sequential recovery but challenging year-on-year comparison. Spencer's standalone achieved 20% gross marginCurrent 20% gross margin. Reported change: +40bps QoQ / +30bps YoY. (up 40bps QoQ and 30bps YoY) with EBITDA AIDA of ₹15 crore, while consolidated AIDA was ₹8 crore versus ₹15 crore in Q3 last year (impacted by ₹53 crore lower other income). Online grew 27% YoY to ₹54 croreCurrent reported value: 27% YoY to ₹54 crore. No comparable prior figure is available in the source record. on Jify platform with first-time positive unit economics (₹6 contribution per order). The membership program launched in July 2025 shows promising traction with 70,000+ membersCurrent 70,000+ members. Reported change: +30,000 added in 5 months. accounting for 25% of sales, though this represents only ~10-11% of active customers. Nature's Basket (₹81 crore revenue) saw 300bps margin compression due to supplier negotiations. Management guided for mid-single-digit growth in Q4 and operational EBITDA break-even in two quarters. Key risks include intense quick commerce competition, margin pressure at Nature's Basket, and limited capital for growth investment.