Spencer's Retail Limited (SPENCERS)

About

Spencer's Retail Limited operates diversified retail within Consumer Discretionary, with a ₹281.74 Cr market cap and stable quarterly revenue of ₹376–₹503 Cr. The company has faced consistent profitability challenges, reporting net losses across all recent quarters despite its revenue scale.

Founded: 1996
Face value: ₹5

Market cap

₹236 Cr

P/E

—

P/B

—

Dividend yield

0%

ROE

—

ROCE

-31.2%

Debt / equity

—

OPM

-0.6%

EPS (TTM)

₹-27.5

Book value

₹-101.3

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Net losses in every quarter from Sep 2025–Jun 2026 (₹33–₹65 Cr per quarter) despite ₹376–₹503 Cr quarterly revenue indicates structural cost/margin issues unresolved
Operating margins volatile (range -1.63% to +4.12%) and currently negative (OPM -0.59%), preventing earnings visibility and forcing non-earnings valuation (PE n/a)
Stock down 42.25% YoY with trading near 52-week low (₹31.27 vs ₹60.53 peak), signaling investor confidence erosion and potential refinancing or solvency risk
Diversified retail faces online competition and consumer discretionary spending pressure — verify whether Spencer's formats retain customer loyalty against e-commerce alternatives

Generated analysis · source review pending

Growth drivers

Operating margin recovery: current OPM of -0.59% retreated from recent highs of 4.12% (Jun 2026); returning to that level at ₹420–₹500 Cr quarterly revenue would generate sustained profitability
Revenue scale of ₹420–₹500 Cr per quarter is stable and established, providing platform for profitability once margins recover
Promoter holding constant at 58.81% (unchanged Mar–Jun 2026) — verify whether promoter plans recapitalization, restructuring, or other turnaround action
Consumer discretionary recovery if macroeconomic growth and employment conditions improve — verify outlook for Spencer's customer segments

Generated analysis · source review pending

1,893 historical price candles were omitted because the exchange source has not been verified.

₹26.2-4.2%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -96.8% (3-yr avg)
−Revenue shrank over the last 5 years (-5.8% a year)
−Weak interest coverage of -0.5×

Research score

Structured signal from quality, growth, valuation and momentum.

10/100

Business quality: 0
Growth: 30
Valuation: 0

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.

Screen this industry Compare top 5 side-by-side

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

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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 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,043	2,187	2,640	2,428	2,300	2,453	2,345	1,995	1,800
COGS	833	1,716	2,073	1,932	1,823	1,960	1,872	1,605	1,431
Gross profit	210	471	567	496	477	493	473	390	369
	—	430	510	488	453	489	484	434	379
	—	42	57	8	24	4	-12	-43	-11
OPM %	—	1.9%	2.2%	0.3%	1%	0.2%	-0.5%	-2.2%	-0.6%
Depreciation	15	25	138	134	126	132	132	143	96
Interest	4	7	82	91	97	115	148	164	169
	9	28	32	53	77	33	26	104	26
Profit before tax	-14	4	-131	-164	-122	-211	-267	-247	-250
Tax	—	—	-0	-0	-0	-0	-0	-0	-0
Tax %	—	—	-0.2%	-0.2%	-0.4%	-0.2%	-0.1%	-0.1%	-0.1%
	-14	2	-131	-164	-121	-210	-266	-246	-249
PAT margin %	-1.4%	0.1%	-5%	-6.8%	-5.3%	-8.6%	-11.4%	-12.4%	-13.9%
EPS (₹)	—	—	-16.4	-19	-13.5	-23.3	-29.5	-27.3	-27.7
EPS adjusted (₹)	-1.8	91.9	-16.4	-18.2	-13.5	-23.3	-29.5	-27.3	-27.7
Annual report	—	Annual report for Mar 2019	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 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	40	0	40	45	45	45	45	45	45
Reserves	507	508	—	141	17	-196	-461	-707	-958
Minority interest	—	40	—	—	—	—	—	—	—
	—	—	—	255	361	542	733	926	1,235
	326	365	—	1,118	1,143	1,238	1,379	1,045	1,074
Total equity & liabilities	873	914	—	1,559	1,565	1,629	1,696	1,310	1,396
	239	263	919	1,053	1,049	494	488	443	427
CWIP	0	1	—	3	8	2	1	0	0
Investments	17	13	—	35	94	732	779	553	579
	618	637	—	468	415	401	428	314	389
Total assets	873	914	—	1,559	1,565	1,629	1,696	1,310	1,396

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	21.6%	21.5%	20.4%	20.7%	20.1%	20.2%	19.6%	20.5%
EBITDA margin %	1.9%	2.2%	0.3%	1%	0.2%	-0.5%	-2.2%	-0.6%
EBIT margin %	0.7%	-3.1%	-5.2%	-4.4%	-5.2%	-6.1%	-9.3%	-5.9%
PAT margin %	0.1%	-5%	-6.8%	-5.3%	-8.6%	-11.4%	-12.4%	-13.9%
Working capital
Receivable days	7	—	4	4	3	4	3	5
Inventory days	57	—	51	52	49	52	39	47
Payable days	66	—	63	67	64	75	72	76
NWC days	-1	—	-8	-10	-12	-19	-30	-24
Leverage
Current ratio	1.61	—	0.59	0.5	0.42	0.38	0.26	0.26
Debt to EBITDA	—	—	32.1	15.09	151.68	—	—	—
Debt to equity	—	—	1.37	5.83	-3.6	-1.76	-1.4	-1.35
Interest coverage	6	-0.6	-0.8	-0.3	-0.8	-0.8	-0.5	-0.5
Asset turnover	2.39	—	1.56	1.47	1.51	1.38	1.52	1.29
Return ratios
Return on assets %	0.3%	—	-10.5%	-7.8%	-12.9%	-15.7%	-18.8%	-17.9%
Return on capital employed %	8%	—	-8.1%	-2.9%	-11.8%	-15.9%	-15.6%	-31.2%
Return on equity %	0.5%	—	-87.9%	-196.3%	139.8%	64%	37.2%	27.3%

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
	58.81%	58.81%	58.81%	58.81%	58.81%	58.81%	58.81%	58.81%	58.81%	58.81%	58.81%	58.81%
	8.46%	8.85%	9.39%	8.33%	8.31%	8.55%	8.75%	7.56%	7.37%	6.51%	6.55%	6.5%
	2.38%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	30.21%	30.2%	29.66%	30.72%	30.74%	30.5%	30.3%	31.49%	31.67%	32.53%	32.49%	32.54%
No. of shareholders	—	—	—	—	—	—	—	—	49,994	49,221	48,360	47,972

Promoter holding up 0 percentage points since Sep 2023.

20 deals · 16 Aug 2021 – 27 Aug 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,53,890	₹110.39	₹7.22 Cr
27 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,53,890	₹110.40	₹7.22 Cr
27 Aug 2024	PARTH INFIN BROKERS PVT LTD	Bulk	NSE	Sell	5,89,542	₹112.36	₹6.62 Cr
27 Aug 2024	PARTH INFIN BROKERS PVT LTD	Bulk	NSE	Buy	5,89,542	₹112.31	₹6.62 Cr
26 Mar 2024	K B G CONSULTANTS PVT LTD	Bulk	NSE	Sell	6,50,000	₹88.35	₹5.74 Cr
21 Mar 2024	SACHIN KASERA HUF	Bulk	NSE	Buy	5,00,000	₹91.45	₹4.57 Cr
21 Mar 2024	SVAN INVESTMENT ADVISORS	Bulk	NSE	Sell	5,00,000	₹91.45	₹4.57 Cr
8 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	11,86,921	₹112.22	₹13.32 Cr
8 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	11,86,921	₹112.26	₹13.32 Cr
8 Dec 2023	SANTOSH INDUSTRIES LTD	Bulk	NSE	Buy	8,00,000	₹107.32	₹8.59 Cr

1–10 of 20

1 / 2

Mr. Shashwat GoenkaNon-Executive - Non Independent Director-Chairperson related to Promoter
Ms. Rekha SethiNon-Executive - Independent Director
Mr. Pratip ChaudhuriNon-Executive - Independent Director
Mr. Utsav ParekhNon-Executive - Independent Director
Mr. Debanjan MandalNon-Executive - Independent Director
Mr. Anuj SinghExecutive Director-CEO-MD
Mr. Manjir BasuChief Financial Officer
Mr. Navin Kumar RathiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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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.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Spencer's Retail Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

30

Annual reports

8

Investor Presentation and earnings call

5

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

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 results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

11 Sept 2026, 8:11 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

11 Sept 2026, 8:07 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

18 Aug 2026, 2:04 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

16 Aug 2026, 6:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 9:41 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

14 Aug 2026, 7:28 pmAGM/EGM

Notice Calling The Ninth Annual General Meeting And The Annual Report For The FY 2025-26

AGM PDF

14 Aug 2026, 1:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

13 Aug 2026, 7:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
11 Sept 2026, 8:11 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
11 Sept 2026, 8:07 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-48	-13	114	-2	55	27	35	37	-60
	-189	22	-7	-18	-40	-26	11	-20	-8
	38	-0	-54	-3	-55	-5	-28	-27	92
Net cash flow	-199	9	53	-24	-40	-4	18	-10	24
Free cash flow	-48	-13	114	-25	30	1	-1	15	-69
CFO / Operating profit %	—	-30.8%	199%	-30.4%	228.3%	749%	—	—	—

Spencer's 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

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

1