Revenue from operations marginally rose 0.71% year on year (YoY) to Rs 1,320.85 crore in Q3 FY26.
The company posted a GAAP EBITDA of Rs 234 crore in Q3 FY26, down from Rs 262 crore in Q3 FY25. Non-GAAP EBITDA for the December 2025 quarter stood at Rs 70 crore, reflecting a 36% YoY decline. The GAAP gross margin came in at 39.4% in Q3 FY26, slightly lower than the 40.7% recorded in Q3 FY25.
The average transaction value (ATV) and average selling price (ASP) both rose 7% year-on-year in Q3 FY26.
During the quarter, premium brands contributed 69% of total sales, up 6% year-on-year, with like-for-like (LFL) growth also at 6%.
In Q3 FY26, core business sales stood at Rs 1,516 crore, remaining flat year-on-year. Beauty segment sales rose 14% to Rs 395 crore, while INTUNE sales grew 22% to Rs 77 crore.
Shoppers Stop’s First Citizen loyalty program remained a key driver of sales, contributing 84% of total revenue during the quarter. The member base expanded to 13.3 million, supported by strong enrollments across tiers and a record addition of Premium Black Card members. The Black Card segment’s contribution rose to 21% of total sales, reflecting higher engagement from premium customers.
The Beauty category sustained strong performance, led by growth in fragrances and continued expansion of global luxury brands. During the quarter, the company launched eight Estée Lauder Brands SIS stores and strengthened customer engagement through initiatives such as makeovers, masterclasses, and curated beauty events. The Beauty Distribution business scaled further, delivering 58% year-on-year growth.
The Private Brands portfolio delivered steady performance, aided by focused product launches. FRATINI Girls, a new apparel line for young girls, received a positive initial response across eight stores, with plans to expand to 60 stores.
The INTUNE value fashion format grew year-on-year, though performance was impacted by subdued discretionary demand. The company continues to strengthen the format through targeted investments in existing stores while maintaining disciplined capital allocation.
During Q3 FY26, Shoppers Stop expanded its retail network with the opening of three department stores, three INTUNE stores, and one HomeStop store. Capital expenditure for the quarter stood at Rs 35 crore, taking year-to-date capex to Rs 89 crore. Working capital was reduced during the quarter, while net debt remained stable at Rs 90 crore.
Kavindra Mishra, Managing Director & CEO, Shoppers Stop Ltd, said, “Q3 was marked by external factors such as festive calendar shifts and uneven consumption trends, which weighed on overall sales. However, we continued to make steady progress on our strategic priorities. Premium brands grew on a like-for-like basis and now account for 69% of our total sales, reinforcing the direction of our portfolio shift.
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The re-launch of our Juhu store as one of India’s most premium experiential retail destinations reflects our long-term commitment to differentiated customer experiences. Categories such as Beauty, Handbags and Watches continue to scale well, and our Beauty Distribution business has delivered strong year-on-year growth.
While discretionary demand remained subdued for INTUNE, we are taking a calibrated approach to strengthening the format through focused investments and measured expansion. As macro conditions improve, we believe our investments in premium offerings, personalization and omnichannel capabilities position us well for sustainable growth.”
Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands.