ABFRL
Aditya Birla Fashion and Retail share price & financials
- Price
- ₹57.85
- Market cap
- ₹6.9k Cr
- Sector
- Consumer Services
- Calls analysed
- 7
Aditya Birla Fashion and Retail Limited Q1 FY27
What went well
- Overall revenue grew 11% YoY to INR2,026 crores, demonstrating sustained double-digit growth momentum.
- Pantaloons segment delivered a solid quarter with 10% YoY revenue growth to INR1,204 crores and 4% like-to-like growth.
- Newer businesses, including TMRW and Tasva, continued strong scaling, with TMRW secondary sales up 16% YoY and Tasva growing 35% YoY.
What to watch
- EBITDA margin for the quarter stood at 8.2%, primarily reflecting lower treasury income and continued investment in scaling newer businesses.
- Reported net loss for the quarter increased to INR249 crores, compared to INR234 crores in the corresponding period last year, due to higher Ind AS depreciation and finance costs.
What Aditya Birla Fashion and Retail Limited does
Aditya Birla Fashion and Retail Limited (ABFRL) is a multi-format fashion and retail company operating across four portfolios: Pantaloons, a value/masstige fashion department-store chain that also runs the premium OWND format; a portfolio of ethnic-wear brands spanning apparel, beauty, accessories and jewelry (including Tasva and TCNS); a luxury retail business built around The Collective & Mono brands and the Galeries Lafayette department store; and TMRW, a house of digital-first fashion brands including WROGN. It earns revenue through owned and franchised physical retail stores as well as e-commerce and omni-channel sales across these formats. In March 2025 the company demerged its Madura Fashion and Lifestyle business into a separate listed entity, Aditya Birla Lifestyle Brands Limited, leaving ABFRL focused on the four portfolios above.
Segments
- Pantaloons Segment
- Ethnic Businesses
- TMRW
- Others
- Total retail footprint
- 7.9 million sq. ft. (Mar 2026)
- Pantaloons store network
- 399 stores, ~5.78 million sq. ft. (Mar 2026)
- Ethnic-wear stores
- 680+ stores across ethnic brands
- TMRW digital-first brand stores
- ~120 exclusive stores across brands
- Luxury retail (TCMB) stores
- 49 stores
- OWND premium-format stores
- 79 stores
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 5 delivered 0 missed 16 open- Demerger Completion delivered said Q3 FY25 Promised: set for completion within the next 2, 3 months Q1 FY27: No new information, promise achieved.
- Company-level Free Cash Flow delayed said Q4 FY26 Promised: aim to be FCF positive in FY '29 Q1 FY27: And by FY 2029 and '30, we expect the business to be FCF positive.
- Tasva Profitability delayed said Q1 FY26 Promised: FY '27 end is where we'll get to the breakeven in Tasva Q1 FY27: Management did not provide a new timeline but noted profitability will come at a revenue scale of INR 400-500 crores. The delayed target of FY28 remains the active guidance.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.6%, net profit down 6.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,761 | 2,201 | 1,719 | 1,831 | 1,982 +13% | 2,374 +8% | 1,990 +16% | 2,026 +11% |
| EBITDA | 77 | 293 | 199 | 106 | 62 −19% | 302 +3% | 188 −6% | 111 +5% |
| Net profit | -175 | -42 | -24 | -234 | -295 −69% | -137 −226% | -164 −583% | -249 −6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −43.2% 1Y
1Y: ₹88.82 on 10 Sept 2025 → ₹50.44. High ₹93.48 (22 Sept 2025), low ₹50.41 (3 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.6%
- 10 Aug
- Q4 FY26
- −3.7%
- 26 May
- Q3 FY26
- −2.9%
- 6 Feb
- Q2 FY26
- −7.2%
- 5 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 13.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹12.4k Cr | ₹12.2k Cr | ₹7.4k Cr | ₹8.2k Cr |
| Operating profit | ₹1.5k Cr | ₹1.2k Cr | ₹658 Cr | ₹658 Cr |
| Operating margin | 12.0% | 9.9% | 8.9% | 8.0% |
| Interest | ₹472 Cr | ₹792 Cr | ₹567 Cr | ₹515 Cr |
| Depreciation | ₹1.2k Cr | ₹1.5k Cr | ₹1.2k Cr | ₹1.3k Cr |
| Net profit | ₹-61 Cr | ₹-736 Cr | ₹-456 Cr | ₹-830 Cr |
| Net margin | -0.5% | -6.1% | -6.2% | -10.2% |
| Cash from operations | ₹636 Cr | ₹1.3k Cr | ₹1.7k Cr | ₹161 Cr |
| Free cash flow | ₹-35 Cr | ₹600 Cr | ₹1.1k Cr | ₹-295 Cr |
| ROCE | 5.0% | -4.0% | -3.0% | -4.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹915 Cr | ₹938 Cr | ₹949 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Reserves | ₹1.7k Cr | ₹1.8k Cr | ₹2.4k Cr | ₹3.0k Cr | ₹5.0k Cr | ₹4.6k Cr |
| Borrowings | ₹3.6k Cr | ₹4.1k Cr | ₹6.6k Cr | ₹9.5k Cr | ₹5.7k Cr | ₹6.2k Cr |
| Other liabilities | ₹3.8k Cr | ₹5.3k Cr | ₹6.9k Cr | ₹8.3k Cr | ₹5.7k Cr | ₹5.4k Cr |
| Total liabilities | ₹10.0k Cr | ₹12.2k Cr | ₹16.8k Cr | ₹21.8k Cr | ₹17.6k Cr | ₹17.4k Cr |
| Fixed assets | ₹5.6k Cr | ₹6.1k Cr | ₹8.4k Cr | ₹11.9k Cr | ₹9.6k Cr | ₹10.4k Cr |
| Capital work in progress | ₹38 Cr | ₹103 Cr | ₹204 Cr | ₹171 Cr | ₹271 Cr | ₹98 Cr |
| Investments | ₹418 Cr | ₹684 Cr | ₹267 Cr | ₹985 Cr | ₹1.6k Cr | ₹1.2k Cr |
| Other assets | ₹4.0k Cr | ₹5.3k Cr | ₹8.0k Cr | ₹8.8k Cr | ₹6.1k Cr | ₹5.7k Cr |
| Total assets | ₹10.0k Cr | ₹12.2k Cr | ₹16.8k Cr | ₹21.8k Cr | ₹17.6k Cr | ₹17.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +11.23 pp while DIIs trimmed −6.45 pp. The shareholder count shrank 6% to 3,68,478.
- Promoters
- 46.6%
- FIIs
- 12.9%
- DIIs
- 5.7%
- Public
- 34.5%
- Others
- 0.3%
Since Jun 2025
- Public +11.23 pp
- DIIs −6.45 pp
- FIIs −4.76 pp
How it drifted, 12 quarters
Over this window the public went from 13.0% to 34.5% — +21.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.5%, FIIs 14.0%, DIIs 17.0%, Public 13.0%, Others 0.5%.Dec '23: Promoters 55.5%, FIIs 14.2%, DIIs 17.0%, Public 12.9%, Others 0.5%.Mar '24: Promoters 51.9%, FIIs 19.5%, DIIs 14.8%, Public 13.3%, Others 0.5%.Jun '24: Promoters 52.0%, FIIs 20.0%, DIIs 14.4%, Public 13.1%, Others 0.5%.Sep '24: Promoters 49.3%, FIIs 19.7%, DIIs 14.8%, Public 15.9%, Others 0.4%.Dec '24: Promoters 49.2%, FIIs 18.4%, DIIs 14.6%, Public 17.4%, Others 0.4%.Mar '25: Promoters 46.6%, FIIs 22.2%, DIIs 14.7%, Public 16.2%, Others 0.4%.Jun '25: Promoters 46.6%, FIIs 17.6%, DIIs 12.1%, Public 23.3%, Others 0.3%.Sep '25: Promoters 46.6%, FIIs 18.6%, DIIs 8.1%, Public 26.3%, Others 0.3%.Dec '25: Promoters 46.6%, FIIs 18.4%, DIIs 7.9%, Public 26.8%, Others 0.3%.Mar '26: Promoters 46.6%, FIIs 15.5%, DIIs 6.6%, Public 31.0%, Others 0.3%.Jun '26: Promoters 46.6%, FIIs 12.9%, DIIs 5.7%, Public 34.5%, Others 0.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sachin Bansal +0.25 pp 1.40% held
- Theleme India Master Fund Limited FPI fund +0.18 pp 3.19% held
- Bandhan Large & Mid Cap Fund Mutual fund +0.08 pp 1.77% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Aditya Birla Fashion and Retail Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Birla Group Holdings Private Limited | 17.40% | unchanged |
| Igh Holdings Private Limited | 11.18% | unchanged |
| Grasim Industries Ltd | 8.00% | unchanged |
| Pilani Investment and Industries | 5.67% | unchanged |
| Hindalco Industries Limited | 4.12% | unchanged |
| Caladium Investment Pte. Ltd. FPI fund | 3.29% | −1.65 pp |
| Theleme India Master Fund Limited FPI fund | 3.19% | +0.18 pp |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 2.00% | unchanged |
| Bandhan Large & Mid Cap Fund Mutual fund | 1.77% | +0.08 pp |
| Sachin Bansal | 1.40% | +0.25 pp |
| Hn Safal Infra Developers Private Limited | 1.16% | unchanged |
| Peanence Commercial Pvt Limited | 1.05% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ABFRL
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.17 L shares (+0.3%).
- Held by funds
- ₹32 Cr
- 6 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹23 Cr · 0.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹23 Cr | held | Jan '16 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹5 Cr | +0.11 L | Sep '25 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹2 Cr | +0.05 L | Oct '25 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +16,874 shares (+0.3%)
- Funds are sitting on
- -62%
- vs est. average cost
- Held by funds
- ₹32 Cr
- 6 schemes · ≈ 0.51% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹23 Cr · 0.0% of that fund
Shares held by these funds −89%
Aug '23 60.63 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Aditya Birla Fashion and Retail Limited
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