Aditya Birla Fashion And Retail Limited (ABFRL)

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Aditya Birla Fashion And Retail Limited (ABFRL) · mywealthgrid

About

Aditya Birla Fashion And Retail operates specialty retail in apparel and fashion, part of the Aditya Birla group. With ₹6,832 Cr market cap, it has reported consistent losses across all recent quarters (₹61–₹295 Cr) and negative ROE of −12.27%.

Face value: ₹10

Market cap

₹5,435 Cr

P/E

—

P/B

0.9×

Dividend yield

ROE

-12.3%

ROCE

-2.9%

Debt / equity

0.29

OPM

EPS (TTM)

₹-6.4

Book value

₹47.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Persistent net losses in all 8 recent quarters with no path to profitability visible; negative ROE of −12.27% destroys shareholder capital

Operating margin volatility from 3.12% to 14.76% OPM across similar-revenue quarters indicates operational inconsistency or unresolved structural headwinds

Institutional selling pressure: FII reduced from 15.52% to 12.88%, DII from 6.62% to 5.68% between Mar–Jun 2026; stock down 26.46% YoY

Verify cash-burn runway and funding model: sustained quarterly losses may require capital infusion, asset sales, or dilutive equity issuance

Generated analysis · source review pending

Growth drivers

Operating margins of 13–14% achieved in Q3 and Q4 (Dec 2025, Mar 2026) demonstrate capability; sustained 12%+ OPM at current ₹1.4–₹2.4 Cr quarterly revenue scale would restore profitability

Quarterly revenue variance of ₹1.4–₹2.4 Cr range; verify whether this reflects demand elasticity or operational/supply constraints—improvement possible if latter is addressed

Verify specialty retail and branded apparel growth in India, including premiumization trends and organized-sector consolidation, to assess sector tailwind potential for this player

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹44.5-3.7%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -12.1% (3-yr avg)
−Modest revenue growth of 9.3% a year over the last 5 years
−Weak interest coverage of -0.7×

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 19
Growth: 26
Valuation: 91

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8,788	5,249	8,136	12,418	13,996	7,355	8,177
COGS	4,224	2,563	3,720	5,552	6,267	3,177	3,467
Gross profit	4,564	2,686	4,416	6,866	7,729	4,178	4,710
	3,352	2,132	3,314	5,366	6,263	3,519	4,053
	1,212	554	1,102	1,500	1,465	659	657
OPM %	13.8%	10.6%	13.6%	12.1%	10.5%	9%	8%
Depreciation	885	963	997	1,227	1,655	1,166	1,339
Interest	425	503	351	472	877	567	516
	65	73	101	116	238	525	270
Profit before tax	-33	-838	-145	-82	-829	-550	-928
Tax	132	-102	-27	-23	-93	-94	-98
Tax %	401.7%	-12.1%	-18.3%	-27.9%	-11.2%	-17.1%	-10.6%
PAT	-165	-736	-118	-59	-736	-456	-830
PAT margin %	-1.9%	-14%	-1.5%	-0.5%	-5.3%	-6.2%	-10.2%
EPS (₹)	-2.1	-8.2	-1.2	-0.4	-6.5	-3.5	-6.4
EPS adjusted (₹)	-2.1	-7.4	-1.2	-0.4	-6.2	-3.1	-6.4
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	773	774	915	938	949	1,015	1,220	1,221
Reserves	655	294	1,729	1,835	2,395	3,019	5,592	4,619
Minority interest	—	20	32	15	3	687	1	424
	1,391	2,632	1,136	1,232	2,306	4,205	1,439	1,695
	3,801	6,046	6,448	8,386	11,390	13,485	8,388	9,800
Total equity & liabilities	6,621	9,766	10,261	12,407	17,041	22,411	16,640	17,757
	2,555	2,733	5,625	6,057	8,356	11,863	9,414	10,373
CWIP	22	44	38	103	146	171	181	88
Investments	11	20	420	686	260	988	1,753	1,244
	4,032	6,968	4,179	5,561	8,280	9,389	5,292	6,052
Total assets	6,621	9,766	10,261	12,407	17,041	22,411	16,640	17,757

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Pantaloons	4,560.49	-19.64	5,832.39	4,302.03	1,530.36	-1.28
Ethnic and Others	3,694.95	-398.84

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.9%	51.2%	54.3%	55.3%	55.2%	56.8%	57.6%
EBITDA margin %	13.8%	10.6%	13.6%	12.1%	10.5%	9%	8%
EBIT margin %	3.7%	-7.8%	1.3%	2.2%	-1.4%	-6.9%	-8.3%
PAT margin %	-1.9%	-14%	-1.5%	-0.5%	-5.3%	-6.2%	-10.2%
Working capital
Receivable days	35	42	34	26	33	19	18
Inventory days	205	263	287	277	262	282	298
Payable days	—	307	335	253	241	258	248
NWC days	—	-1	-13	50	55	43	68
Leverage
Current ratio	0.73	0.92	0.92	1.01	1.01	1.55	1.25
Debt to EBITDA	2.17	2.05	1.12	1.54	2.87	2.18	2.58
Debt to equity	2.46	0.43	0.44	0.69	1.04	0.21	0.29
Interest coverage	0.9	-0.7	0.6	0.8	0.1	-0.6	-0.7
Asset turnover	0.9	0.51	0.66	0.73	0.62	0.44	0.46
Return ratios
Return on assets %	-1.7%	-7.2%	-1%	-0.3%	-3.3%	-2.7%	-4.7%
Return on capital employed %	9.7%	-6.6%	3.2%	4.7%	0.4%	-2.4%	-2.9%
Return on equity %	-15.5%	-27.8%	-4.3%	-1.8%	-18.2%	-6.7%	-14.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.45%	55.45%	51.85%	51.97%	49.25%	49.24%	46.58%	46.57%	46.61%	46.61%	46.61%	46.61%
	14.02%	14.15%	19.5%	19.99%	19.69%	18.35%	22.19%	17.63%	18.63%	18.37%	15.52%	12.88%
	17.01%	16.99%	14.83%	14.45%	14.76%	14.57%	14.64%	12.14%	8.07%	7.89%	6.62%	5.68%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	13.02%	12.91%	13.35%	13.14%	15.88%	17.42%	16.23%	23.3%	26.34%	26.79%	30.94%	34.52%
No. of shareholders	—	—	—	—	—	—	—	—	3,91,980	3,76,993	3,69,727	3,68,478

Promoter holding down 8.84 percentage points since Sep 2023.

45 deals · 19 Sept 2022 – 20 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Jan 2026	FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND	Bulk	NSE	Sell	2,15,46,341	₹66.20	₹142.64 Cr
20 Jan 2026	SOCIETE GENERALE - ODI	Bulk	NSE	Buy	74,97,712	₹65.78	₹49.32 Cr
22 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,03,50,908	₹80.07	₹82.88 Cr
22 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,03,50,908	₹80.06	₹82.87 Cr
4 Jun 2025	FLIPKART INVESTMENTS PRIVATE LIMITED	Bulk	NSE	Sell	7,31,70,731	₹80.32	₹587.71 Cr
4 Jun 2025	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	1,94,36,447	₹80.31	₹156.09 Cr
4 Jun 2025	IRAGE BROKING SERVICES LLP	Bulk	BSE	Sell	1,91,71,207	₹80.48	₹154.29 Cr
4 Jun 2025	SHARE INDIA SECURITIES LIMITED	Bulk	NSE	Buy	1,08,29,299	₹79.83	₹86.45 Cr
4 Jun 2025	SHARE INDIA SECURITIES LIMITED	Bulk	NSE	Sell	1,03,40,797	₹79.21	₹81.91 Cr
4 Jun 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	88,43,090	₹77.94	₹68.92 Cr

1–10 of 45

1 / 5

Mr. Kumar Mangalam BirlaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Ashish DikshitExecutive Director-MD
Mr. Arun Kumar AdhikariNon-Executive - Independent Director
Mr. Nish BhutaniNon-Executive - Independent Director
Ms. Preeti VyasNon-Executive - Independent Director
Ms. Sangeeta TanwaniExecutive Director
Mr. Venkatesh MysoreNon-Executive - Independent Director
Mr. Sunirmal TalukdarNon-Executive - Independent Director
Mr. Yogesh ChaudharyNon-Executive - Independent Director
Mr. Aryaman Vikram BirlaNon-Executive - Non Independent Director
Ms. Ananyashree BirlaNon-Executive - Non Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.81%

of the company's equity

All mutual funds

4.95%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

25 schemes · 8 fund houses

		Shares
Multi Cap FundNEW	Nippon India Mutual Fund	44.62 L	23.25	0.04%	0.366%	—
Conglomerate Fund	ICICI Prudential Mutual Fund	15 L	7.82	0.96%	0.123%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	15 L	7.82	0.04%	0.123%	—
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	9.38 L	4.89	0.14%	0.077%	+11,470
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	4.77 L	2.48	0.14%	0.039%	+5,334
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.46 L	1.8	0.14%	0.028%	+3,138
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	2.1 L	1.1	0.14%	0.017%	+4,301
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	1.78 L	0.93	0.18%	0.015%	+88

1–8 of 25

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Intimation of Credit Rating23 Apr 2026

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results8 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

18 Sept 2026, 4:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

17 Sept 2026, 10:18 pmCompany Update

Aditya Birla Digital Fashion Ventures Limited ("ABDFVL"), A Wholly Owned Subsidiary Of The Company, Has Increased Its Stake In Its Subsidiary, Imperial Online Services Private Limited, Thereby Making It A Wholly Owned Subsidiary Of ABDFVL.

General PDF

17 Sept 2026, 2:05 pmCompany Update

Incorporation Of A Step-Down Subsidiary Of Aditya Birla Fashion And Retail Limited.

General PDF

25 Aug 2026, 5:58 pmCompany Update

Chairman''s Speech At The 19Th Annual General Meeting Of The Company.

General PDF

25 Aug 2026, 5:55 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

14 Aug 2026, 9:02 pmCompany Update

Shareholding Increase In Step-Down Subsidiary - Pratyaya E-Commerce Private Limited

General PDF

13 Aug 2026, 5:26 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

10 Aug 2026, 11:57 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
18 Sept 2026, 4:34 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Sept 2026, 10:18 pm	Company Update General	Aditya Birla Digital Fashion Ventures Limited ("ABDFVL"), A Wholly Owned Subsidiary Of The Company, Has Increased Its Stake In Its Subsidiary, Imperial Online Services Private Limited, Thereby Making It A Wholly Owned Subsidiary Of ABDFVL.

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.9%	51.2%	54.3%	55.3%	55.2%	56.8%	57.6%
EBITDA margin %	13.8%	10.6%	13.6%	12.1%	10.5%	9%	8%
EBIT margin %	3.7%	-7.8%	1.3%	2.2%	-1.4%	-6.9%	-8.3%
PAT margin %	-1.9%	-14%	-1.5%	-0.5%	-5.3%	-6.2%	-10.2%
Working capital
Receivable days	35	42	34	26	33	19	18
Inventory days	205	263	287	277	262	282	298
Payable days	—	307	335	253	241	258	248
NWC days	—	-1	-13	50	55	43	68
Leverage
Current ratio	0.73	0.92	0.92	1.01	1.01	1.55	1.25
Debt to EBITDA	2.17	2.05	1.12	1.54	2.87	2.18	2.58
Debt to equity	2.46	0.43	0.44	0.69	1.04	0.21	0.29
Interest coverage	0.9	-0.7	0.6	0.8	0.1	-0.6	-0.7
Asset turnover	0.9	0.51	0.66	0.73	0.62	0.44	0.46
Return ratios
Return on assets %	-1.7%	-7.2%	-1%	-0.3%	-3.3%	-2.7%	-4.7%
Return on capital employed %	9.7%	-6.6%	3.2%	4.7%	0.4%	-2.4%	-2.9%
Return on equity %	-15.5%	-27.8%	-4.3%	-1.8%	-18.2%	-6.7%	-14.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lenskart Solutions LimitedLENSKARTLENSKART	₹1,20,170 Cr	₹1,20,390 Cr	₹9,634 Cr	₹2,005 Cr	19.9%	₹655 Cr	5.7%	8.6%	6.7%	19
Vedant Fashions LimitedMANYAVARMANYAVAR	₹12,617 Cr	₹12,617 Cr	₹1,345 Cr	₹652 Cr	48.1%	₹403 Cr	30.3%	30.4%	27.6%	198
Aditya Birla Lifestyle Brands LimitedABLBLABLBL	₹9,085 Cr	₹9,919 Cr	₹8,601 Cr	₹1,389 Cr	16%	₹176 Cr	2%	15.6%	23.3%	59
Aditya Vision LimitedAVLAVL	₹7,388 Cr	₹7,719 Cr	₹2,924 Cr	₹263 Cr	8.5%	₹139 Cr	4.4%	23.7%	18.4%	104
V2 Retail LimitedV2RETAILV2RETAIL	₹7,343 Cr	₹7,597 Cr	₹3,432 Cr	₹508 Cr	14.9%	₹179 Cr	5.3%	22%	26%	116
Aditya Birla Fashion And Retail LimitedABFRLABFRL	₹5,435 Cr	₹7,129 Cr	₹8,371 Cr	₹675 Cr	8%	₹-779 Cr	-10.2%	-2.9%	-12.3%	68
Ss Retail LimitedSSRETAILSSRETAIL	₹5,315 Cr	—	₹2,351 Cr	₹125 Cr	5.3%	₹60 Cr	2.5%	28.7%	26.5%	—
Arvind Fashions LimitedARVINDFASNARVINDFASN	₹5,073 Cr	₹5,604 Cr	₹5,437 Cr	₹731 Cr	13.4%	₹120 Cr	3.5%	23%	12.9%	52
Purple Style Labs LimitedPERNIASPOPPERNIASPOP	₹4,363 Cr	₹4,734 Cr	₹558 Cr	₹21 Cr	3.8%	₹-285 Cr	-51.2%	-24.9%	-875.1%	131
Shankara Buildpro LimitedBUILDPROBUILDPRO	₹3,023 Cr	₹3,084 Cr	₹6,826 Cr	₹227 Cr	3.3%	₹128 Cr	1.9%	40%	23.4%	24
Baazar Style Retail LimitedSTYLEBAAZASTYLEBAAZA	₹2,803 Cr	₹3,151 Cr	₹1,950 Cr	₹279 Cr	14.4%	₹47 Cr	2.6%	9.5%	11%	86
Go Fashion (India) LimitedGOCOLORSGOCOLORS	₹1,551 Cr	₹1,551 Cr	₹838 Cr	₹229 Cr	28.3%	₹53 Cr	7.1%	11.5%	8.5%	334

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	528	662	1,104	951	636	1,341	1,644	161
	-277	-574	-855	-551	-387	-2,992	-1,612	-267
	-266	120	-269	-527	326	1,412	334	-594
Net cash flow	-15	208	-21	-128	574	-239	366	-700
Free cash flow	528	662	943	603	-45	594	1,009	-348
CFO / Operating profit %	—	54.6%	199%	86.2%	42.4%	91.5%	249.6%	24.5%

Aditya Birla Fashion And Retail Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

1

Announcements

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Return on equity

Add : Share in Profit/ (loss) of Equity Accounted Investees · revenue

Aditya Birla Fashion And Retail Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Add : Share in Profit/ (loss) of Equity Accounted Investees · revenue

1

1