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Consumer Cyclical · Luxury Goods
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Research updated
Aditya Birla Fashion and Retail Ltd.
NSE: ABFRLConsumer CyclicalApparel Manufacturing
- Last close
- ₹38.78
- Day change
- −₹1.36 (−3.39%)vs
- Market cap
- ₹5,455 crIndian rupees
- Research updated
- 1 report
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About Aditya Birla Fashion and Retail
Aditya Birla Fashion and Retail Ltd. is a leading player in the Indian fashion and apparel industry, encompassing both retail and wholesale business operations. It serves a diverse market with a spectrum of fashion products ranging from casual and formal wear to ethnic clothing. The company operates well-known brands like Louis Philippe, Van Heusen, Allen Solly, and Peter England, which are staples in the men's clothing segment, alongside Pantaloons, a popular multi-brand fashion retail chain catering to a broader demographic. Aditya Birla Fashion and Retail Ltd. focuses on offering stylish, quality products paired with a robust retail presence across metros and tier II and III cities in India. Its significance in the market stems from a strategic blend of in-house and external brands, enabling diverse consumer engagement and positioning it as a significant contributor to the evolving fashion landscape in India. By leveraging both physical and digital channels, the company continuously adapts to trends, sustaining its influence and appeal in the competitive retail sector.
- Sector
- Consumer Cyclical
- Industry
- Apparel Manufacturing
- Listing
- NSE: ABFRL
- Next results
- Chief executive
- Ms. Sangeeta Tanwani
- Employees
- 14,725
- Headquarters
- Mumbai, India
- ISIN
- INE647O01011
- Website
- abfrl.com
Public research · Report of
Business model & financial foundation
ABFRL (NSE: ABFRL), Apparel retail and fashion brands: revenue of ₹8,177 crore in FY26 (+11.2% on FY25), an EBITDA margin of 8.4%, net profit of ₹-775.9 crore and net debt of ₹149.0 crore.
- Revenue, FY26 (₹ crore)
- 8,177
- consolidated
- Revenue growth, FY26
- +11.2%
- on FY25
- EBITDA margin, FY26
- 8.4%
- EBITDA (Operating EBITDA excluding other income and associates) / revenue
- Net profit, FY26 (₹ crore)
- -775.9
- to owners
- Return on equity, FY26
- -11.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 149.0
- Company net debt including bank and liquid investments
- Market capitalisation (₹ crore)
- 6,052
- at the close of 18 Oct 2026
Company profile
ABFRL owns Pantaloons and OWND value/masstige formats, an ethnic portfolio including TCNS, Tasva and designer brands, TMRW digital-first brands and luxury retail. Madura Fashion & Lifestyle moved into separately listed ABLBL in May 2025. Remaining ABFRL combines established store cash generation with substantial incubation losses and lease-funded expansion.
| Item | Value |
|---|---|
| Legal name | Aditya Birla Fashion and Retail Limited |
| Exchange and ticker | NSE: ABFRL; BSE: 535755 |
| ISIN | INE647O01011 |
| Sector | Consumer Cyclical |
| Industry | Apparel retail and fashion brands |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP |
| Market capitalisation | ₹6,052 crore (18 Oct 2026) |
| Shares outstanding | 121.69 crore shares (FY26) |
| Price | ₹44.83 (close, 18 Oct 2026) |
| 52-week range | ₹43.05 - ₹86.11 (to 18 Oct 2026) |
| Website | https://www.abfrl.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jaypore E-Commerce Private Limited | 100% | Premium artisanal ethnic apparel |
| Indivinity Clothing Retail Private Limited | 89.29% | Tasva menswear |
| Finesse International Design Private Limited | 65.5% | Shantnu & Nikhil designer portfolio |
| Sabyasachi Calcutta LLP | 51% | Designer luxury ethnic brand |
| House of Masaba Lifestyle Private Limited | 61.81% | Designer fashion and lifestyle |
| Aditya Birla Digital Fashion Ventures Limited | n.d. | TMRW digital-first brands; external CCPS complicate fully diluted economics |
TCNS was amalgamated into the listed company. Wrogn is equity-accounted; digital subsidiary equity percentages do not capture CCPS dilution. Madura/ABLBL excluded.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 46.61% | 46.61% | 46.61% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 18.36% | 15.53% | 12.87% | |
| Domestic institutions | 7.90% | 6.62% | 5.69% | |
| of which mutual funds | 5.44% | 5.61% | 4.95% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ABFRL is the retained listed fashion portfolio after MFL moved to ABLBL: appointed1Apr2024,effective1May2025,record22May2025,one ABLBL share for each ABFRL share. Continuing statutory histories use the issuer's demerger restatement, not a fixed-portfolio proforma. TCNS/Goodview and subsequent NCI acquisitions still change mix. Pantaloons including OWND supplies established store economics; ethnic comprises designer labels, Tasva, Jaypore and TCNS; TMRW consolidates controlled digital brands but not equity-accounted Wrogn; Others includes luxury/treasury.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Pantaloons segment (including OWND/Style Up) | 4,560 | 55.8% | 739.0 | 81.7% |
| Ethnic businesses | 2,227 | 27.2% | 242.0 | 26.8% |
| TMRW consolidated subsidiaries (ex Wrogn revenue) | 872.0 | 10.7% | -207.0 | -22.9% |
| Others (luxury and treasury; not pure luxury EBITDA) | 596.0 | 7.3% | 175.0 | 19.4% |
| Eliminations and management reconciliation | -79.0 | -1.0% | -45.0 | -5.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Trent (TRENT) | Zudio and Westside apparel/value retail competitor |
| V-Mart Retail (VMART) | Value apparel network and store economics |
| Shoppers Stop (SHOPERSTOP) | Department stores, luxury retail and lease exposure |
| Vedant Fashions (MANYAVAR) | Occasion-led ethnic wear and wedding demand |
| Go Fashion (India) (GOCOLORS) | Branded apparel retail productivity |
| Aditya Birla Lifestyle Brands (ABLBL) | Demerged mature brands comparator, not same growth-stage portfolio |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Statutory revenue from operations continuing | 6,441 | 7,355 | 8,177 |
| Products and services excluding other operating income | 6,385 | 7,309 | 8,140 |
| Materials consumed | 300.3 | 522.8 | 632.8 |
| Purchases stock-in-trade | 2,686 | 2,756 | 3,156 |
| Signed inventory change | 107.1 | -101.9 | -321.5 |
| Materials purchases and signed inventory change | 3,094 | 3,177 | 3,467 |
| Employee benefits expense | 1,006 | 1,142 | 1,271 |
| Separately stated statutory rent expense | 231.2 | 205.2 | 235.6 |
| Statutory other expenses excluding rent | 1,741 | 2,154 | 2,517 |
| Other expenses including rent | 1,972 | 2,359 | 2,753 |
| Operating EBITDA excluding other income and associates | 370.0 | 676.4 | 686.6 |
| Company EBITDA including other income and associates | 520.5 | 854.3 | 966.9 |
| Other income | 137.7 | 195.7 | 309.6 |
| Depreciation and amortisation including ROU | 1,017 | 1,166 | 1,339 |
| Operating EBIT excluding other income associates exceptional | -646.9 | -490.0 | -652.9 |
| Finance cost including lease interest | 551.7 | 567.4 | 515.7 |
| Exceptional signed gain positive charge negative | 0.00 | 161.2 | -39.9 |
| Signed share JV and associate profit loss | 12.8 | -17.9 | -29.4 |
| Continuing profit before tax | -1,048 | -718.4 | -928.1 |
| Continuing tax expense credit negative | -141.1 | -94.2 | -98.2 |
| Continuing PAT including NCI | -907.0 | -624.2 | -829.9 |
| Signed NCI continuing profit loss | -107.9 | -80.0 | -54.0 |
| Continuing PAT attributable to owners | -799.1 | -544.2 | -775.9 |
| Diluted EPS continuing operations (₹) | -8.29 | -5.12 | -6.38 |
| Continuing depreciation on right-of-use assets | 797.1 | 921.9 | |
| Continuing depreciation on property plant and equipment | 233.9 | 267.4 | |
| Continuing amortisation on intangible assets | 135.4 | 150.3 | |
| Continuing interest expense on lease liabilities | 297.3 | 353.0 | |
| Continuing interest expense on borrowings | 258.0 | 156.7 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity including NCI | n.r. | 6,813 | 6,263 |
| Borrowings excluding leases and supplier credit | n.r. | 1,439 | 1,695 |
| Current plus noncurrent leases | n.r. | 3,578 | 4,495 |
| Cash and cash equivalents | n.r. | 766.8 | 67.0 |
| Current investments | n.r. | 1,594 | 1,065 |
| Other bank balances | n.r. | 6.25 | 413.6 |
| Company net debt including bank and liquid investments | n.r. | -929.0 | 149.0 |
| Trade receivables | n.r. | 373.4 | 407.0 |
| Inventories | n.r. | 2,454 | 2,828 |
| Trade payables excluding supplier credit | n.r. | 2,133 | 2,353 |
| Separately classified supplier credit | n.r. | 109.5 | 131.7 |
| Net PPE excluding ROU intangibles and CWIP | n.r. | 836.0 | 1,112 |
| Capital work in progress | n.r. | 181.0 | 87.9 |
| Total assets post demerger | n.r. | 16,640 | 17,757 |
| Non-controlling interest equity | 1.12 | 423.8 | |
| Equity attributable to owners of the Company | 6,812 | 5,839 | |
| Current lease liabilities | 755.6 | 908.3 | |
| Noncurrent lease liabilities | 2,823 | 3,586 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Continuing net operating cash after cash tax | n.r. | 537.2 | 160.8 |
| Continuing gross cash capex positive outflow | n.r. | n.r. | 508.8 |
| Continuing cash lease principal positive outflow | n.r. | n.r. | 796.5 |
| Continuing cash lease interest positive outflow | n.r. | n.r. | 353.0 |
| Audited group CFO including discontinued operations | 1,341 | 1,681 | 160.8 |
| Audited group gross cash capex positive outflow | 747.0 | 634.8 | 508.8 |
| Audited group lease principal positive outflow | 995.5 | 1,130 | 796.5 |
| Audited group cash lease interest positive outflow | 433.4 | 485.0 | 353.0 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Weighted average diluted shares for EPS | 96.43 | 106.36 | 121.69 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Statutory revenue from operations continuing | 1,761 | 2,201 | 1,719 | 1,831 | 1,982 | 2,374 | 1,990 | 2,026 |
| Cost of materials consumed | 142.6 | 112.0 | 184.9 | 209.7 | 144.7 | 269.3 | 119.7 | 173.3 |
| Purchases of stock-in-trade | 962.1 | 606.5 | 742.5 | 449.9 | 1,095 | 723.5 | 887.1 | 614.9 |
| Signed inventory change | -293.8 | 231.7 | -294.3 | 121.7 | -405.4 | -15.1 | -133.3 | 90.8 |
| Materials purchases plus signed inventory change | 810.9 | 950.2 | 633.0 | 781.2 | 834.7 | 977.8 | 873.5 | 879.0 |
| Employee benefits expense | 290.1 | 317.9 | 282.2 | 303.1 | 330.5 | 341.7 | 295.3 | 345.9 |
| Separately stated statutory rent expense | 49.8 | 60.4 | 38.5 | 55.7 | 62.0 | 69.2 | 48.6 | 62.3 |
| Statutory other expenses excluding rent | 529.4 | 570.4 | 560.9 | 579.7 | 685.7 | 676.3 | 575.4 | 621.5 |
| Other expenses including rent | 579.3 | 630.8 | 599.3 | 635.4 | 747.7 | 745.4 | 624.0 | 683.8 |
| Operating EBITDA excluding other income associates | 80.3 | 301.7 | 204.9 | 111.7 | 68.8 | 308.7 | 197.4 | 116.9 |
| Company EBITDA including other income and associates | 108.3 | 327.7 | 295.4 | 169.5 | 116.3 | 369.6 | 311.5 | 166.6 |
| Other income | 31.2 | 34.9 | 95.9 | 63.5 | 54.5 | 68.0 | 123.5 | 56.0 |
| Depreciation amortisation including ROU | 286.2 | 296.4 | 314.6 | 315.6 | 325.2 | 349.5 | 349.2 | 349.7 |
| Operating EBIT excluding other income associates exceptional | -205.9 | 5.28 | -109.7 | -203.9 | -256.4 | -40.8 | -151.8 | -232.8 |
| Finance cost including lease interest | 141.2 | 150.7 | 143.4 | 113.4 | 124.2 | 132.5 | 145.7 | 137.1 |
| Exceptional signed gain positive charge negative | 161.2 | 0.00 | 0.00 | 0.00 | 0.00 | -28.5 | -11.4 | 0.00 |
| Signed share JV and associate profit loss | -3.23 | -8.94 | -5.40 | -5.75 | -7.03 | -7.10 | -9.47 | -6.39 |
| Continuing profit before tax | -158.0 | -119.4 | -162.6 | -259.5 | -333.1 | -140.9 | -194.8 | -320.3 |
| Continuing total tax expense credit negative | -41.8 | -16.7 | 8.07 | -25.8 | -38.0 | -3.55 | -30.9 | -71.5 |
| Continuing PAT including NCI | -116.2 | -102.7 | -170.6 | -233.7 | -295.1 | -137.3 | -163.8 | -248.7 |
| Signed NCI continuing profit loss | -28.8 | 8.95 | -6.68 | -21.8 | -31.8 | 14.9 | -15.4 | -33.5 |
| Continuing PAT attributable to owners | -87.4 | -111.6 | -164.0 | -212.0 | -263.3 | -152.2 | -148.4 | -215.2 |
| Diluted EPS continuing operations (₹) | -0.82 | -1.05 | -1.42 | -1.74 | -2.17 | -1.25 | -1.22 | -1.77 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 14.2% | 11.2% | |
| EBITDA margin | 5.7% | 9.2% | 8.4% |
| Net margin | -12.4% | -7.4% | -9.5% |
| Return on equity | -8.0% | -11.9% | |
| Return on capital employed | -5.9% | -8.1% | |
| Return on assets | -3.3% | -4.5% | |
| Net debt (₹ crore) | -929.0 | 149.0 | |
| Net debt / EBITDA | -1.37x | 0.22x | |
| Interest cover | -1.17x | -0.86x | -1.27x |
| Asset turnover | 0.44x | 0.48x | |
| Receivable days | 19 | 18 | |
| Inventory days (on revenue) | 122 | 126 | |
| Payable days (on revenue) | 106 | 105 | |
| Cash conversion | -0.99x | -0.21x | |
| Capex intensity | 6.2% | ||
| Free cash flow (₹ crore) | -348.1 | ||
| EPS, diluted (₹) | -8.29 | -5.12 | -6.38 |
| Book value per share (₹) | 64.06 | 51.47 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company net debt including bank and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS continuing operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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