1. Opening Hook
Fresh off a festive season where shoppers blamed rains, roads, planets, and maybe even their exes for not buying enough clothes, ABFRL walked into Q2FY26 with swagger — and a ₹295 crore loss. But fear not, management insists this is just “seasonality,” not “seriously-ality.”
Between launching a 90,000 sq. ft. luxury temple with Galeries Lafayette and a Gen Z brand named OWND! (because vowels are optional now), ABFRL seems determined to prove it can do everything, everywhere, all at once.
Stick around — because the real plot twist lands when they explain why Pantaloons looks premium but margins look anaemic. This gets much more fun.
2. At a Glance
- Revenue – ₹1,982 Cr, up 13% – Management says it’s pure growth. Excel sheets deny involvement.
- EBITDA – up 7% – The sidekick arrived but refused to sprint.
- EBITDA margin – 5.9%, down 30 bps – Blame marketing, brand building, and possibly astrology.
- PAT – ₹295 Cr loss – Profits said “BRB,” never came back.
- Ethnic L2L – 20%+ – Weddings never disappoint. Bank accounts do.
- Pantaloons L2L – 7% – Footfalls up. Rains said “not so fast.”
- OWND! revenue – up 43% – Gen Z buying fast fashion faster than we can spell it.
- Cash – ₹2,150 Cr – But approx ₹600 Cr evaporated. Management: “Chill, H2 fixes everything.”
3. Management’s Key Commentary
Quote: “Demand environment remained cautious across categories.”
(Translation: Customers browsed, touched, tried… but didn’t buy.)
Quote: “Early onset of Pujo helped boost footfalls.”
(Translation: Thank you, Bengal, for saving the quarter — until rains destroyed everything.) ☔😏)
Quote: “Pantaloons profitability is higher at store level.”
(Translation: Headquarters burned the money on marketing instead.)
Quote: “OWND! is gaining strong traction with Gen
Z.”
(Translation: Teenagers love it. Their parents paying the bills… less so.)
Quote: “Ethnic business saw a 200 bps EBITDA margin expansion.”
(Translation: Weddings remain India’s favourite stimulus package.)
Quote: “TCNS margin improved by nearly 900 bps.”
(Translation: We finally fixed the problem child — mostly.)
Quote: “Luxury margins look choppy because Galeries Lafayette expenses started.”
(Translation: Store not open. Costs very open. Earnings not happy.) 😬)
4. Numbers Decoded
+-------------------------------+-------------------+
| Metric | Q2FY26 |
+-------------------------------+-------------------+
| Revenue | ₹1,982 Cr |
| Revenue Growth | 13% YoY |
| EBITDA | ₹117 Cr (approx) |
| EBITDA Margin | 5.9% |
| PAT | -₹295 Cr |
| Pantaloons Revenue | ₹1,142 Cr |
| Pantaloons L2L | 7% |
| Ethnic Revenue | ₹505 Cr |
| Ethnic L2L | 20%+ |
| OWND! Revenue Growth | 43% YoY |
| Stores Added (Q2) | 30+ total |
| Consolidated Cash | ₹2,150 Cr |
+-------------------------------+-------------------+
Side note: Tasva continues its cosmic journey of high growth + high losses. Ethnic revenues in H2 will be 70% of the year — aka the “Shaadi Ka Season Saves Us” model.
