Spencer's Retail Limited has informed the Exchange about Investor Presentation
SRL:SEC:SE:2025-26/47
November 10, 2025
National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/1, G-Block Bandra-Kurla Complex Bandra (East), Mumbai – 400 051 (Symbol: SPENCERS)
Dear Sir/Madam,
BSE Limited Phiroze Jeejeebhoy Tower Dalal Street Mumbai – 400 001 (Scrip Code: 542337)
Sub: Investor Update for the quarter ended September 30, 2025
Pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, please find annexed herewith a copy of the Investor updates dated November 10, 2025 for the quarter ended on September 30, 2025.
This information www.spencersretail.com.
is also available on
the website of
the Company at
You are requested to kindly take the abovementioned information on record and oblige.
Thanking you.
Yours faithfully, For Spencer’s Retail Limited
Navin Kumar Rathi Company Secretary & Compliance Officer
Encl: As above
Spencer's Retail Limited Regd. Office: Duncan House, 31, Netaji Subhas Road, Kolkata-700 001 Corp. Office: RPSG House, 2/4 Judges Court Road, Kolkata-700 027 Tel: +91 33 2487 1091 Web: www.spencersretail.com CIN: L74999WB2017PLC219355
Q2 FY 26 Results Presentation 10th November 2025
Nov-25
| RP-Sanjiv Goenka Group Presentation
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Key Consolidated performance highlights Q2
• Q2 Sales at Rs445 Crs vs Rs416 Crs in Q1, (7% QoQ growth) but decline vs Q2 LY (Rs518 Crs) wherein store footprint at
Spencer’s was wider.
•
Top line growth of 9% (QoQ) at Spencer’s, driven by Online. Margin expansion offset by higher investment in marketing & lower other income resulting in reduced EBITDA
• Online +53% driven by higher number of orders/ customers/frequency
• Margins at 19.6% vs 19.1% in Q1 CY & Q2 LY margins of 15.4%
•
Increase in overall expenses to Rs64 crs vs Rs60 crs in Q1 CY& Rs110 crsin Q2 LY
• Q2 EBITDA at Rs13 crs (3.4% of Sales) vs Rs15 Crs, (4.2% of Sales) in Q1 CY & Rs18 crs (4.0% of sales) in Q2 LY,
• Natures Basket maintained same sales (QoQ) with marginal reduction in margin offset by controlled expenses
•
Sales at Rs68 Crs vs Rs69 Crs in Q1 CY and Rs75 Crs in Q2 LY
• Margins at 27.6% vs 28.2% Q1 CY & 28.0% in Q2 LY
•
•
Expenses were at Rs20 crs. vs Rs22 crs. in Q1 CY
Financial EBITDA of Rs (-)0.6 crs vs Rs 0.8 crs in Q1 CY and Rs 0 crs in Q2 LY
• Q2 EBITDA at consolidated level down by 109 bps QoQ @ Rs 0 crs vs, 5 cr Q1 CY
• Q2 PBT at consolidated level Rs (-)64 crs. vs Rs (-)62 crs. in Q1 CY and Rs (-)87 crs. in Q2 LY
Nov-25
| RP-Sanjiv Goenka Group Presentation
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Consolidated Financial Parameters Q2 FY26
Quarter 2
Quarter 2
7 % QoQ Growth
YoY not like for like given store closures in Q2 LY
Margin Improvement on lower sales base
*
EBITDA neutral, lower than Q1 CY due to lower Other Income
Nov-25
| RP-Sanjiv Goenka Group Presentation
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Gross Sales per sqft calculated on monthly Basis
17.3%20.8%21.0%Gross Margin (%)Q2FY25Q1FY26Q2FY26123515231626Gross Sales per Sq ft (₹) Q2FY25Q1FY26Q2FY2616 5 0.2 EBITDA (₹ Cr)Q2FY25Q1FY26Q2FY26518 416 445 Revenue from Operation (₹ Cr)Q2FY25Q1FY26Q2FY26 QoQ Sales and Margin improvement @ Consolidated level
7% QoQ growth
QoQ & YoY improvement in margins and continued reduction in operating costs
Reduction in other income by 7Cr driving EBITDA by 5 Cr
PBT Losses at same level vs Q1 CY and significantly lower than Q2 LY
Nov-25
| RP-Sanjiv Goenka Group Presentation
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30-Sep-2530-Jun-2530-Sep-24Y-o-YQ-o-Q30-Sep-2530-Sep-24445 416 518 -14.1%7.0%Revenue from operations861 1,066 Expenses:352 329 428 Cost of Goods Sold681 864 93 87 90 4%8%Gross Margin180 202 21.0%20.8%17.3%370 bps17 bpsGross Margin %20.9%18.9%34 31 49 -32%7%Employee expenses65 94 63 62 85 -26%2%Other expenses125 152 4 11 61 -94%-67%Other income15 89 0 5 16 EBITDA5 46 0.1%1.1%3.1%-306 bps-109 bpsEBITDA %0.6%4.3%23 26 64 Depreciation50 94 41 40 40 Finance costs81 83 (64) (62) (87) PBT(126) (131) -14.3%-14.8%-16.8%250 bps49 bpsPBT %-14.6%-12.3%(0.1) (0.1) (0.1) Tax Expenses(0.1) (0.1) (64) (62) (87) PAT(125) (131) 0.2 0.2 0.2 Other Comprehensive Income0.4 0.4 (64) (61) (87) Total Comprehensive Income(125) (130) 3 months endedGrowthConsolidated (₹ Cr) 6 months ended Business Highlights
Nov-25
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Sales and Margin Improvement @ Spencer’s in Q2
Sales in ₹ Cr
Gross Margin %
Q-o-Q improvement by 50 bps
Q-o-Q growth of 9% Y-o-Y (not LFL) Impact of closed regions
Operating Exp ₹ Cr
EBITDA in ₹ Cr
Investment in Marketing has led to increase in operating costs
Marginal decline in EBITDA
Nov-25
| RP-Sanjiv Goenka Group Presentation
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18 15 13 Q2 LYQ1 CYQ2 CY110 60 64 Q2 LYQ1 CYQ2 CY443 346 376 Q2 LYQ1 CYQ2 CY15.4%19.1%19.6%Q2 LYQ1 CYQ2 CY Sales and Margin improvement @ Spencer’s in Q2
Revenue increase Q-o-Q by 9%
Good Margin Delivery
Costs continued to be tightly managed
Reduction in other income by 5Cr reducing EBITDA by 2 Cr
Significant Reduction in YTD PBT Losses (H1 CY vs H1 LY)
Nov-25
| RP-Sanjiv Goenka Group Presentation
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30-Sep-2530-Jun-2530-Sep-24Y-o-YQ-o-Q30-Sep-2530-Sep-24- 1 1 New Stores added1 2 90 90 98 Total Store count90 98 - 0.05 0.09 TA added (Lac sq.ft)0.05 0.22 7.73 7.73 9.17 TA exit (Lac sq.ft)7.73 9.17 376 346 443 -15.1%8.7%Revenue from operations722 919 303 280 375 -19%8%Cost of Goods Sold583 758 74 66 68 8%11%Gross Margin140 160 19.6%19.1%15.4%415 bps48 bpsGross Margin %19.3%17.5%23 21 38 -39%10%Employee expenses45 72 41 38 72 -43%6%Other expenses79 126 3 8 60 -95%-61%Other income11 63 13 15 18 EBITDA27 26 3.4%4.2%4.0%-66 bps-85 bpsEBITDA %3.8%2.8%14 14 55 Depreciation28 75 32 31 33 Finance costs64 68 (34) (31) (69) PBT(65) (117) -9.0%-9.0%-15.7%670 bps5 bpsPBT %-9.0%-12.8%- - - Tax Expenses- - (34) (31) (69) PAT(65) (117) 0.2 0.2 0.2 Other Comprehensive Income0.4 0.4 (33) (31) (69) Total Comprehensive Income(64) (117) 3 months endedGrowthSRL Standalone (₹ Cr) 6 months ended Business Highlights
Launch of Healthy Alternative Snacks- Generating 6-7 Lac Monthly Turnover
3 days mega event in Ahmedabad Anniversary with Standup comedy, and multi masterclasses- Ahemdabad NOB grown 20% month on month
Launched Elysium Days on Independence day for all Members and now we celebrate every month -3 days
Celebrated Friendship Weekend Edit on Friendship Weekend with multiple engagement experiences with customers
Nov-25
| RP-Sanjiv Goenka Group Presentation
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Q-o-Q flat, Y-o-Y de growth @ NB in Q2
Sales in ₹ Cr
Gross Margin %
Q-o-Q neutral @ -1% Y-o-Y down by 9%
QoQ & YoY flat
Operating Exp ₹ Cr
EBITDA in ₹ Cr
Tight control on Operating Costs
QoQ EBIDTA declines
Nov-25
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75 69 68 Q2 LYQ1 CYQ2 CY28.0%28.2%27.6%Q2 LYQ1 CYQ2 CY22 22 20 Q2 LYQ1 CYQ2 CY0.0 0.8 (0.6)Q2 LYQ1 CYQ2 CY PBT Improvement @ NB in Q2
Flat Sales Q-o-Q, decline vs LY
Margin continues to be flat
QoQ EBITDA decline vs Q1 CY
Marginal Reduction in PBT/Losses vs Q1 CY
Nov-25
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30-Sep-2530-Jun-2530-Sep-24Y-o-YQ-o-Q30-Sep-2530-Sep-24- 1 - New Stores added1 - 31 31 33 Total Store count31 33 - 0.06 - TA added (Lac sq.ft)0.06 - 1.18 1.18 1.16 TA exit (Lac sq.ft)1.18 1.16 68 69 75 -9%-1%Revenue from operations137 147 49 49 54 -9%0%Cost of Goods Sold98 106 19 19 21 -11%-3%Gross Margin38 41 27.6%28.2%28.0%-42 bps-62 bpsGross Margin %27.9%27.8%8 8 9 -10%2%Employee expenses15 17 12 14 14 -9%-15%Other expenses27 27 1 4 1 -41%-79%Other income4 26 (0.6) 0.8 0.0 EBITDA0.2 23.2 -0.9%1.2%0.1%-92 bps-207 bpsEBITDA %0.2%15.7%9 12 9 Depreciation20 18 8 8 7 Finance costs16 14 (18) (19) (15) PBT(37) (9) -25.9%-27.7%-20.5%-533 bps185 bpsPBT %-26.8%-6.1%- - - Tax Expenses- - (18) (19) (15) PAT(37) (9) (0.0) (0.0) (0.0) Other Comprehensive Income(0.0) (0.0) (18) (19) (15) Total Comprehensive Income(37) (9) 3 months endedGrowthNBL Standalone (₹ Cr) 6 months ended Thank You
About Spencer’s Retail Limited: Spencer’s Retail Limited, part of RP-Sanjiv Goenka Group, is a multi-format retailer providing a wide range of quality products across categories such as FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electrical and electronics to its consumers. specialty sections such as Spencer’s Gourmet, Patisserie, Wine & Liquor and Epicuisine section are some of the key differentiators in our hypermarket stores and in Natures Basket Limited L’exclusif, healthy alternatives and Natures. The first ever hypermarket in India was launched by Spencer’s in Hyderabad in 2000. Today, Spencer’s (including Natures Basket) runs 121 stores with a total 8.91 Lacs Square Feet in over 23 cities in India. Spencer’s brand positioning – MAKES FINE LIVING affordable – embodies its philosophy of delighting shoppers with the best products and services that enable a fine living at reasonable prices, while providing them with a warm, friendly and educational retail environment. Value Market format is ‘maha bachat har din’ on your daily essentials household needs with best quality. Natures Basket Limited is a one shop destination for all multi cuisine cooking needs, healthy food including international food products. ORIPL is an E-commerce company 100% owned Subsidiary of Spencer’s Retail Limited. It is an OMNI Channel platform for Food, Grocery, Fresh, Apparel, General Merchandise and Liquor. Disclaimer: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Spencer’s Retail Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Nov-25
| RP-Sanjiv Goenka Group Presentation
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