1. Opening Hook
Stanley just reminded the Street that in luxury, speed is overrated and patience is a feature, not a bug. While everyone else is chasing footfalls, Stanley is busy chasing “thousand working days” and pretending flat topline is a strategic pause.
Q2 FY26 wasn’t flashy on revenue, but margins strutted down the runway like they owned the place. EBITDA jumped, PAT inched up, and management spent most of the call calmly explaining why slow growth today magically becomes ₹1,000 crore tomorrow.
Between perfumes in leather bottles, 1-lakh sq ft stores, and Sri Lanka as the first international crush, this concall had everything except panic.
Read on—because the real story isn’t the quarter. It’s the audacity.
2. At a Glance
- Revenue up 2.3% – Growth tiptoed in, hoping nobody noticed.
- EBITDA margin up 550 bps – Cost discipline flexed harder than revenue ever did.
- PAT up 5.3% – Profits improved, modestly but smugly.
- Retail now ~70% of revenue – COCO stores officially stole the show.
- 73 stores operational – Expansion continues, slowly, stubbornly, deliberately.
3. Management’s Key Commentary
“We are India’s only fully integrated luxury furniture brand.”
(Translation: Please don’t compare us with IKEA ever again 😏)
“All our stores are profitable.”
(Translation: No loss-making experiments hiding in footnotes.)
“A new store achieves
50–60% potential in year one.”
(Translation: Patience is our growth strategy.)
“Our EBITDA improvement reflects operational excellence.”
(Translation: We finally fixed the plumbing 🛠️)
“Leather localization can reach 70–80%.”
(Translation: Italy taught us well, now India saves us money.)
“Perfumes are a lifestyle extension, not a distraction.”
(Translation: Don’t panic, this is not FMCG cosplay.)
“We will reach ₹1,000 crore in a thousand working days.”
(Translation: Long-term investors only, tourists need not apply.)
4. Numbers Decoded
Metric Q2 FY26 YoY Change
-------------------------------------------------
Revenue ₹105.4 Cr +2.3%
EBITDA Margin 23.5% +550 bps
PAT ₹6.0 Cr +5.3%
H1 Revenue ₹214.1 Cr +5.1%
H1 PAT ₹13.8 Cr +45.3%
- Revenue growth stayed polite; margins did the heavy lifting.
- PAT growth lagged EBITDA thanks to lease accounting and expansion costs.
- COCO-led operating leverage finally showing up where it matters.
5. Analyst Questions
- How do you measure performance if
