Shoppers Stop Limited (₹4,672 Cr market cap) is a diversified retailer in Consumer Discretionary, operating physical stores with consistent operational margins of 14-16%. Net profitability swings dramatically between ₹16 Cr profit and -₹23 Cr loss, indicating below-the-line cost issues.
Net profit swings ₹16 to -₹23 Cr despite stable 14-16% OPM; fixed/below-line costs offsetting operational efficiency
ROE -11.79%, PE unavailable (unprofitable), stock down 17.43% YoY
D/E 0.81 amplifies downside; 6 of 8 quarters loss-making, only Dec 2025 profitable (₹12-16 Cr)
Verify below-line cost drivers (finance, inventory, occupancy) disrupting 14-16% OPM
Generated analysis · source review pending
Stable 14-16% OPM signals operational discipline; if below-line costs controlled, margin scales to ₹1.1-1.4 Cr quarterly revenue
Revenue stable ₹1.1-1.4 Cr/quarter (no decline) shows customer retention; verify expansion/e-commerce/mix opportunities
Dec 2025 profitability (₹12-16 Cr) came after losses; verify if seasonal/sustainable—if repeatable, ₹16+ Cr quarter achievable
Generated analysis · source review pending
2,528 historical price candles were omitted because the exchange source has not been verified.
Structured signal from quality, growth, valuation and momentum.
₹ crore, by fiscal year
% of revenue, by fiscal year
Comparable companies from the narrowest available industry classification.
Reported profit and loss, balance sheet, cash flow and growth history.
Annual operating, return, leverage and working-capital ratios.
Current futures and options contracts with compact option-chain pages.
Mutual-fund schemes that disclosed a holding in the company.
Annual reports, exchange filings, offer documents, ratings and earnings-call material.
Upcoming dates and the company’s corporate-action history.
Latest exchange announcements, filings and downloadable documents.
Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 42.1% | 38.5% | 40.2% | 42.1% | 41.1% | 41.1% | 39.8% |
| EBITDA margin % | 15.9% | 2.5% | 10.7% | 17.3% | 16.6% | 15.3% | 14.8% |
| EBIT margin % | 2.9% | -19.9% | -3.4% | 7.8% | 6.5% | 4.6% | 4% |
| PAT margin % | -4.1% | -15.3% | -1.9% | 2.9% | 1.8% | 0.2% | -0.7% |
| Working capital | |||||||
| Receivable days | — | 6 | 5 | 3 | 7 | 5 | 6 |
| Inventory days | — | 290 | 244 | 235 | 242 | 273 | 253 |
| Payable days | — | 391 | 349 | 287 | 283 | 303 | 295 |
| NWC days | — | -94 | -101 | -49 | -34 | -25 | -37 |
| Leverage | |||||||
| Current ratio | — | 0.8 | 0.77 | 0.8 | 0.81 | 0.85 | 0.85 |
| Debt to EBITDA | — | 4.21 | 0.8 | 0.18 | 0.24 | 0.48 | 0.32 |
| Debt to equity | — | 1.55 | 2.84 | 0.61 | 0.58 | 1.06 | 0.81 |
| Interest coverage | 0.7 | -0.6 | 0.4 | 1.8 | 1.5 | 1 | 0.9 |
| Asset turnover | — | 0.5 | 0.67 | 0.87 | 0.82 | 0.76 | 0.8 |
| Return ratios | |||||||
| Return on assets % | — | -7.6% | -1.2% | 2.5% | 1.5% | 0.2% | -0.6% |
| Return on capital employed % | — | -6.5% | 4.4% | 18.3% | 13.9% | 9.4% | 8.3% |
| Return on equity % | — | -223.1% | -61.9% | 56.3% | 25.6% | 3.4% | -12.4% |
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.
Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.
Documents link to external sources (exchange filings, company investor pages).
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 65.55% | 65.55% | 65.54% | 65.58% | 65.57% | 65.55% | 65.52% | 65.52% | 65.53% | 65.7% | 66.06% | 66.06% | |
| 6.78% | 6.85% | 7.43% | 7.43% | 7.08% | 3.32% | 3.13% | 3.09% | 2.93% | 2.79% | 2.05% | 1.91% | |
| 21.56% | 21.97% | 22.17% | 22.21% | 22.67% | 25.32% | 25.52% | 25.49% | 25.57% | 25.44% | 25.44% | 25.7% | |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 6.11% | 5.63% | 4.86% | 4.78% | 4.68% | 5.81% | 5.83% | 5.9% | 5.97% | 6.07% | 6.45% | 6.33% | |
| No. of shareholders | — | — | — | — | — | — | — | — | 28,601 | 28,046 | 27,006 | 26,432 |
Promoter holding up 0.51 percentage points since Sep 2023.
| Person | Deal | Shares | Value | Holding | Filed |
|---|---|---|---|---|---|
| Cape Trading LLPPromoter Group | PledgePledge Creation | 33,82,204 | ₹180.34 cr | 3.92% → 3.92% | 30 Aug 20257(2) |
| SANDEEP JABBALEmployees/Designated Employees | SellMarket Sale | 5,523 | ₹29.82 L |
| Date | Client | Type | Venue | Side | Quantity | Price | Value |
|---|---|---|---|---|---|---|---|
| 14 Jan 2026 | HDFC MUTUAL FUND | Bulk | BSE | Sell | 6,00,000 | ₹370.00 | ₹22.20 Cr |
| 14 Jan 2026 | HDFC MUTUAL FUND | Bulk | BSE | Buy | 6,00,000 | ₹370.00 | ₹22.20 Cr |
| 18 Dec 2024 | AMAZON.COM NV INVESTMENT HOLDINGS LLC | Bulk | NSE | Sell | 43,95,924 | ₹627.60 | ₹275.89 Cr |
| 18 Dec 2024 | AMAZON.COM NV INVESTMENT HOLDINGS LLC | Block | NSE | Sell | 43,95,924 | ₹627.60 | ₹275.89 Cr |
| 18 Dec 2024 | TATA MUTUAL FUND | Bulk | NSE | Buy | 19,12,050 | ₹627.60 | ₹120.00 Cr |
| 18 Dec 2024 | TATA MUTUAL FUND | Block | NSE | Buy | 19,12,050 | ₹627.60 | ₹120.00 Cr |
| 18 Dec 2024 | KOTAK MAHINDRA MUTUAL FUND | Block | NSE | Buy | 9,56,022 | ₹627.60 | ₹60.00 Cr |
| 18 Dec 2024 | KOTAK MAHINDRA MUTUAL FUND | Bulk | NSE | Buy | 9,56,022 | ₹627.60 | ₹60.00 Cr |
| 18 Dec 2024 | MORGAN STANLEY ASIA SINGAPORE PTE | Block | NSE | Buy | 6,37,351 | ₹627.60 | ₹40.00 Cr |
| 18 Dec 2024 | MORGAN STANLEY ASIA SINGAPORE PTE | Bulk | NSE | Buy | 6,37,351 | ₹627.60 | ₹40.00 Cr |
Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.
Current officeholders as filed with BSE. A person holding two offices is listed once per office.
| 21 Aug 20257(2) |
| Karunakaran MohanasundaramKey Managerial Personnel | BuyESOP | 1,558 | ₹7,790 | 0.00% → 0.00% | 16 Aug 20257(2) |
Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.
| Company | Mkt Cap | EV | Revenue | EBITDA | OPM | PAT | NPM | ROCE | ROE | WC Days |
|---|---|---|---|---|---|---|---|---|---|---|
| Vishal Mega Mart LimitedVMMVMM | ₹46,609 Cr | ₹46,609 Cr | ₹13,493 Cr | ₹1,969 Cr | 14.6% | ₹892 Cr | 6.5% | 15.7% | 12.1% | 17 |
| Electronics Mart India LimitedEMILEMIL | ₹7,850 Cr | ₹8,741 Cr | ₹7,863 Cr | ₹568 Cr | 6.1% | ₹206 Cr | 1.5% | 10.5% | 6.8% | 73 |
| V-Mart Retail LimitedVMARTVMART | ₹5,931 Cr | ₹6,032 Cr | ₹3,993 Cr | ₹548 Cr | 13.6% | ₹138 Cr | 3.3% | 16.2% | 14.1% | 73 |
| Shoppers Stop LimitedSHOPERSTOPSHOPERSTOP | ₹4,456 Cr | ₹4,692 Cr | ₹5,174 Cr | ₹760 Cr | 14.8% | ₹-35 Cr | -0.7% | 8.3% | -11.8% | -37 |
| Patel Retail LimitedPATELRMARTPATELRMART | ₹705 Cr | ₹828 Cr | ₹1,175 Cr | ₹76 Cr | 6.9% | ₹42 Cr | 3.7% | 15.8% | 10.7% | 128 |
| Spencer's Retail LimitedSPENCERSSPENCERS | ₹236 Cr | ₹1,471 Cr | ₹1,854 Cr | ₹4 Cr | -0.6% | ₹-248 Cr | -13.9% | -31.2% | — | -24 |
| Jay Ambe Supermarkets LtdCITYSQUARECITYSQUARE | ₹110 Cr | — | ₹72 Cr | ₹10 Cr | 14.5% | ₹5 Cr | 6.8% | — | — | — |
| Aditya Consumer Marketing LtdACMLACML | ₹51 Cr | — | ₹91 Cr | ₹-1 Cr | -1.2% | ₹-2 Cr | -2.3% | — | — | — |
| Jhs Svendgaard Retail Ventures LimitedRETAILRETAIL | ₹29 Cr | ₹30 Cr | ₹17 Cr | ₹-3 Cr | -14.3% | ₹-0 Cr | -2.4% | 2.6% | -1.2% | 29 |
| Shanti Guru Industries LtdSHANTIGURUSHANTIGURU | ₹11 Cr | ₹11 Cr | ₹0 Cr | ₹-1 Cr | -443.5% | ₹11 Cr | — | 67.2% | 58.2% | -683 |
| Future Consumer LimitedFCONSUMERFCONSUMER | — | — | ₹450 Cr | ₹-21 Cr | -1.9% | ₹-49 Cr | -10.3% | — | — | -46 |
| Future Lifestyle Fashions LimitedFLFLFLFL | — | — | ₹2,313 Cr | ₹-548 Cr | -19.2% | ₹-2,135 Cr | -85.1% | -126.7% | — | -160 |
Clarification sought from Shoppers Stop Ltd
General Updates - Media Release
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
| Date | Category | Subject | Filing |
|---|---|---|---|
| 28 Sept 2026, 1:03 pm | Company Update General | Volume Movement Letter Reference No: L/SURV/ONL/PV/SG/ 2026-2027 / 393 | |
| 28 Sept 2026, 12:18 pm | Company Update Clarification | Clarification sought from Shoppers Stop Ltd | — |
| 22 Sept 2026, 6:13 pm | Company Update General | General Updates - Media Release | |
| 22 Sept 2026, 2:48 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation | |
| 10 Sept 2026, 11:45 am | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation |
5 schemes · 4 fund houses
| Shares | ||||||
|---|---|---|---|---|---|---|
| SMALL CAP FUND | Tata Mutual Fund | 52.72 L | 202.38 | 1.55% | 4.789% | -0 |
| Portfolio of Kotak Small Cap Fund | Kotak Mahindra Mutual Fund | 42.81 L | 164.34 | 0.84% | 3.889% | -0 |
| Multi Cap FundNEW | Nippon India Mutual Fund | 41.1 L | 157.75 | 0.28% | 3.733% | — |
| Portfolio of Kotak ESG Exclusionary Strategy Fund | Kotak Mahindra Mutual Fund | 1.59 L | 6.12 | 0.83% | 0.145% | -0 |
| (Investment Manager for Motilal Oswal Mutual Fund) | Motilal Oswal Mutual Fund | 111 | 0 | 0.01% | 0% | -0 |
Consolidated figures · ₹ crore
| ₹ Cr | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| 3,464 | 1,749 | 2,519 | 4,022 | 4,317 | 4,628 | 5,043 | |
| COGS | 2,007 | 1,076 | 1,506 | 2,328 | 2,544 | 2,727 | 3,035 |
| Gross profit | 1,457 | 673 | 1,013 | 1,694 | 1,772 | 1,900 | 2,009 |
| 906 | 629 | 745 | 999 | 1,055 | 1,192 | 1,265 | |
| 551 | 44 | 268 | 695 | 717 | 708 | 744 | |
| OPM % | 15.9% | 2.5% | 10.6% | 17.3% | 16.6% | 15.3% | 14.8% |
| Depreciation | 450 | 392 | 355 | 382 | 437 | 494 | 541 |
| Interest | 197 | 223 | 207 | 209 | 225 | 261 | 289 |
| 25 | 224 | 195 | 55 | 49 | 54 | 33 | |
| Profit before tax | -72 | -347 | -99 | 159 | 104 | 7 | -53 |
| Tax | 70 | -80 | -52 | 43 | 27 | -4 | -17 |
| Tax % | 98.3% | -23% | -52.6% | 27.1% | 26% | -55.4% | -31.9% |
| -142 | -267 | -47 | 116 | 77 | 11 | -36 | |
| PAT margin % | -4.1% | -15.3% | -1.9% | 2.9% | 1.8% | 0.2% | -0.7% |
| EPS (₹) | -16.1 | -28.4 | -4.3 | 10.6 | 7 | 1 | -3.3 |
| EPS adjusted (₹) | -16.1 | -24.4 | -4.3 | 10.6 | 7 | 1 | -3.3 |
| 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 | 44 | 44 | 55 | 55 | 55 | 55 | 55 | 55 |
| Reserves | 871 | — | 65 | 21 | 151 | 246 | 266 | 236 |
| 32 | — | 186 | 216 | 126 | 174 | 340 | 236 | |
| 1,529 | — | 3,210 | 3,491 | 4,271 | 4,819 | 5,433 | 5,764 | |
| Total equity & liabilities | 2,476 | — | 3,516 | 3,783 | 4,603 | 5,294 | 6,095 | 6,291 |
| 605 | 559 | 504 | 1,723 | 461 | 548 | 582 | 562 | |
| CWIP | 31 | — | 3 | 14 | 30 | 17 | 5 | 4 |
| Investments | 258 | — | 128 | 146 | 48 | 4 | 3 | 0 |
| 1,582 | — | 2,881 | 1,899 | 4,064 | 4,725 | 5,503 | 5,725 | |
| Total assets | 2,476 | — | 3,516 | 3,783 | 4,603 | 5,294 | 6,095 | 6,291 |
| ₹ Cr | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| 576 | -3 | 383 | 543 | 561 | 549 | 838 | |
| -284 | -24 | -102 | -29 | -111 | -169 | -129 | |
| -433 | 167 | -270 | -537 | -479 | -409 | -675 | |
| Net cash flow | -141 | 140 | 11 | -23 | -29 | -29 | 34 |
| Free cash flow | 394 | -87 | 275 | 397 | 385 | 366 | 699 |
| CFO / Operating profit % | 104.5% | -6.7% | 142.1% | 78.2% | 78.3% | 77.4% | 112.6% |