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NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Aditya Birla Lifestyle Brands Limited
NSE: ABLBLConsumer CyclicalApparel Retail
- Last close
- ₹70.65
- Day change
- −₹2.14 (−2.94%)vs
- Market cap
- ₹8,833 crIndian rupees
- Research updated
- 1 report
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About Aditya Birla Lifestyle Brands
Aditya Birla Lifestyle Brands Limited is a prominent Indian apparel and lifestyle company specializing in premium western wear. As part of the Aditya Birla Group, it was established following a demerger from Aditya Birla Fashion and Retail Limited in 2025, consolidating flagship brands such as Louis Philippe, Van Heusen, Allen Solly, Peter England, and Simon Carter under one roof. The company also manages youth-focused labels like American Eagle, the Van Heusen innerwear line, and the sportswear brand Reebok. With operating revenues of approximately ₹7,830 crore and a nationwide retail footprint exceeding 4.7 million square feet, Aditya Birla Lifestyle Brands Limited operates more than 3,300 exclusive brand stores and maintains a broad presence across multi-brand outlets and shop-in-shop formats throughout India. It emphasizes an asset-light model, with a significant portion of its stores run by franchisees. The company plays a key role in shaping India’s modern fashion landscape, catering to both premium and aspirational segments, and is aligned with sustainability and technology-driven retail practices.
- Sector
- Consumer Cyclical
- Industry
- Apparel Retail
- Listing
- NSE: ABLBL
- Chief executive
- Mr. Vishak Kumar
- Employees
- 20,789
- Headquarters
- Bengaluru, India
- ISIN
- INE14LE01019
- Website
- ablbl.in
Public research · Report of
Business model & financial foundation
ABLBL (NSE: ABLBL), Branded apparel and lifestyle retail: revenue of ₹8,396 crore in FY26 (+7.2% on FY25), an EBITDA margin of 17.0%, net profit of ₹171.1 crore and net debt of ₹725.8 crore.
- Revenue, FY26 (₹ crore)
- 8,396
- consolidated
- Revenue growth, FY26
- +7.2%
- on FY25
- EBITDA margin, FY26
- 17.0%
- EBITDA (Company EBITDA includes other income before exceptional) / revenue
- Net profit, FY26 (₹ crore)
- 171.1
- to owners
- Return on equity, FY26
- 12.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 725.8
- Net debt excluding lease liabilities
- Market capitalisation (₹ crore)
- 10,009
- at the close of 17 Oct 2026
Company profile
ABLBL owns or licenses Louis Philippe, Van Heusen, Allen Solly, Peter England, Reebok and American Eagle, alongside Van Heusen Innerwear. It distributes through exclusive stores, wholesale and online channels, with manufacturing partly in house. Mature lifestyle brands fund emerging sportswear, youth and innerwear expansion. FY24 predecessor-business carve-out is management-reclassified; FY25 and FY26 are separate company consolidated accounts.
| Item | Value |
|---|---|
| Legal name | Aditya Birla Lifestyle Brands Limited |
| Exchange and ticker | NSE: ABLBL; BSE: 544403 |
| ISIN | INE14LE01019 |
| CIN | L46410MH2024PLC423195 |
| Sector | Consumer Cyclical |
| Industry | Branded apparel and lifestyle retail |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP (since FY25) |
| Market capitalisation | ₹10,009 crore (17 Oct 2026) |
| Shares outstanding | 121.61 crore shares (FY26) |
| Price | ₹72.72 (close, 17 Oct 2026) |
| 52-week range | ₹71.10 - ₹142.4 (to 17 Oct 2026) |
| Website | https://www.ablbl.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Aditya Birla Garments Limited | 100% | Apparel manufacturing and distribution |
Demerger from ABFRL appointed 1 April 2024; effective 1 May 2025. Includes ESOP trust; no associates or joint ventures.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 46.60% | 46.60% | 46.60% | 46.60% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 21.59% | 16.25% | 12.79% | 12.69% |
| Domestic institutions | 11.48% | 17.06% | 20.25% | 20.81% |
| of which mutual funds | 6.96% | 10.86% | 13.89% | 15.47% |
| Retail | 12.37% | 11.90% | 11.97% | 11.48% |
| Other | 7.96% | 8.20% | 8.40% | 8.41% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ABLBL owns/licenses western lifestyle brands Louis Philippe, Van Heusen, Allen Solly and Peter England plus Reebok, American Eagle and Van Heusen Innerwear; mature brands fund emerging formats. Exclusive stores, wholesale and online are distribution channels, with garment manufacturing subsidiary ABGL wholly owned. Franchise/COCO and variable/fixed occupancy mix matters to cash returns. Incorporated April2024, demerger appointed April2024, effective May2025 and listed June2025. FY24 management-reclassified revenue7786 and EBITDA1182 are same-business carveout, not complete audited company statements. FY25/FY26 separate consolidated accounts are the anchors.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Lifestyle Brands (LP, VH, AS, PE, Simon Carter; ABGL from Q2FY26 basis) | 7,154 | 85.2% | 1,401 | 98.0% |
| Emerging Business (American Eagle, Reebok, VH Innerwear; F21 exited) | 1,282 | 15.3% | 50.0 | 3.5% |
| Inter-segment elimination | -40.0 | -0.5% | -22.0 | -1.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Arvind Fashions (ARVINDFASN) | Closest licensed western brand portfolio and omnichannel distribution. |
| Raymond Lifestyle (RAYMONDLSL) | Premium menswear and distribution; textiles add manufacturing exposure. |
| Page Industries (PAGEIND) | Innerwear licensee and manufacturing benchmark; different margins and mix. |
| Trent (TRENT) | Store-led apparel growth comparator; value retail unlike ABLBL premium portfolio. |
| Shoppers Stop (SHOPERSTOP) | Department-store demand and occupancy economics comparator. |
| Vedant Fashions (MANYAVAR) | Franchise-led branded apparel comparator; ethnic wedding mix differs. |
| Aditya Birla Fashion and Retail (ABFRL) | Post-demerger sibling; value ethnic luxury exposure differs. |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 7,786 | 7,830 | 8,396 |
| Cost of revenue (vendor classification) * | 3,272 | 3,399 | |
| Other operating costs (vendor classification) * | 1,635 | 1,884 | |
| EBITDA (vendor classification) * | 1,346 | 1,418 | |
| Operating EBIT before other income and exceptional | 486.0 | 548.6 | |
| Finance costs including lease interest | n.a. | 382.0 | 364.4 |
| Profit before tax | n.a. | 83.4 | 220.2 |
| Total income tax expense | n.a. | 23.8 | 49.2 |
| Consolidated profit after tax | n.a. | 59.6 | 171.1 |
| Reported diluted EPS (₹) | n.a. | 0.49 | 1.41 |
| Cost of materials consumed | 1,010 | 1,078 | |
| Purchases of stock-in-trade | 2,121 | 2,532 | |
| Changes in finished goods WIP and stock-in-trade | 140.4 | -209.9 | |
| Materials purchases and inventory change | 3,272 | 3,399 | |
| Employee benefits expense | 918.4 | 941.3 | |
| Rent expense separately reported | 764.7 | 753.8 | |
| Other expenses excluding separate rent | 1,683 | 1,957 | |
| Other operating expenses including rent | 2,448 | 2,711 | |
| Company EBITDA includes other income before exceptional | 1,182 | 1,269 | 1,429 |
| Other income | n.a. | 77.7 | 85.1 |
| Depreciation and amortisation expense | n.a. | 705.7 | 795.4 |
| Exceptional items signed gain or loss | n.a. | -98.3 | -49.0 |
| Profit before exceptional items and tax | 181.7 | 269.2 | |
| Current income tax | 0.00 | 22.2 | |
| Deferred tax expense in profit and loss | 23.8 | 27.0 | |
| Profit attributable to holding-company equity holders | n.a. | 59.6 | 171.1 |
| Non-controlling profit share | 0.00 | 0.00 | |
| Share of associate or JV profit | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity including FY25 share suspense | 1,277 | 1,412 | |
| Borrowings excluding leases | 952.2 | 833.7 | |
| Cash and cash equivalents | 53.1 | 91.0 | |
| Net trade receivables | 1,322 | 1,198 | |
| Inventories | 2,109 | 2,349 | |
| Trade payables including MSME | 2,121 | 2,288 | |
| Net PPE excludes ROU and intangibles | 638.5 | 768.4 | |
| Capital work in progress | 13.0 | 46.0 | |
| Total assets | 8,279 | 8,720 | |
| Aggregate amounts owed by related parties | 147.7 | 108.6 | |
| Aggregate amounts owed to related parties | 7.12 | 95.2 | |
| Provision for probable litigation outflows | 50.0 | 50.0 | |
| Non-current liability towards license rights | 518.1 | 570.5 | |
| Axis term loan non-current carrying amount | 76.4 | 80.9 | |
| Axis term loan current maturity | 24.6 | 33.2 | |
| NCD carrying amount net of charges | 499.3 | 499.5 | |
| Non-current borrowings | 77.4 | 581.0 | |
| Current borrowings including current maturities | 874.8 | 252.7 | |
| Current maturities of long-term borrowings | 525.3 | 33.8 | |
| Total lease liabilities | 1,980 | 2,184 | |
| Current lease liabilities | 463.4 | 628.4 | |
| Non-current lease liabilities | 1,517 | 1,556 | |
| Current investments held as liquidity | 117.2 | 16.3 | |
| Other bank deposits current | 0.59 | 0.55 | |
| Bank deposits remaining maturity over12 months | 1.42 | 2.29 | |
| Net debt excluding lease liabilities | n.a. | 781.4 | 725.8 |
| Net debt including lease liabilities | 2,762 | 2,911 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net operating cash flow after tax | n.a. | 1,144 | 1,219 |
| Free cash flow (vendor definition) * | 897.7 | 893.0 | |
| Cash purchases PPE and intangible assets | n.a. | 246.5 | 325.8 |
| Cash dividends paid | 0.00 | 0.00 | |
| Gross repayment non-current borrowings | 11.8 | 526.0 | |
| Proceeds from non-current borrowings | 37.2 | 537.3 | |
| Net repayment current borrowings | 478.7 | 129.8 | |
| Repayment of lease liabilities | 453.2 | 524.4 | |
| Interest on lease liabilities | 187.7 | 175.7 | |
| Interest paid excluding lease interest | 136.2 | 137.6 | |
| ESOP trust treasury shares not issuer buyback | 0.00 | 27.1 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Weighted-average diluted EPS denominator (crore shares) | n.a. | 122.03 | 121.61 |
| Year-end subscribed and paid-up equity shares | 0.01 | 122.05 | |
| Management rounded net debt excluding leases | 781.0 | 726.0 | |
| Capital contracts remaining net of advances | 42.4 | 74.9 | |
| CFO less fixed lease cash and cash capex | 256.7 | 192.9 | |
| Trade receivable days on annual revenue | 62 | 52 | |
| CFO before fixed lease financing / reported PAT | 19.2x | 7.13x | |
| Inventory days on materials cost | 235 | 252 | |
| Payable days on materials cost | 237 | 246 | |
| Operating EBIT / total finance cost incl leases (x) | 1.27x | 1.51x | |
| Full hits / verifiable resolved guidance (%) | 69.2% | ||
| Remote GST allocation / equity (%) | 19.3% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,965 | 2,138 | 1,942 | 1,841 | 2,038 | 2,343 | 2,174 | 2,046 |
| Cost of revenue (vendor classification) * | 879.0 | 803.0 | 688.3 | 969.4 | 880.5 | 796.8 | ||
| EBITDA (vendor classification) * | 355.4 | 329.8 | 285.7 | 430.9 | 374.7 | 326.5 | ||
| EBIT * | 179.5 | 141.5 | 113.1 | 185.9 | 156.7 | 122.4 | ||
| Finance costs including lease interest | 108.8 | 96.4 | 89.4 | 85.0 | 97.8 | 95.4 | 86.3 | 83.3 |
| Reported profit before tax after exceptional items | -80.6 | 83.1 | 52.0 | 28.2 | 31.1 | 90.5 | 70.4 | 39.2 |
| Total current and deferred tax charge credit | -21.8 | 22.8 | 13.7 | 4.11 | 7.63 | 21.5 | 15.9 | 10.2 |
| Reported consolidated net profit after tax | -58.8 | 60.3 | 38.4 | 24.1 | 23.4 | 69.0 | 54.5 | 29.0 |
| Diluted EPS as reported not annualised (₹) | -0.58 | 0.59 | 0.31 | 0.20 | 0.19 | 0.56 | 0.45 | 0.24 |
| Employee benefits expense | 228.8 | 241.7 | 231.1 | 234.6 | 220.3 | 246.2 | 240.3 | 248.6 |
| Other income | 20.4 | 22.1 | 21.1 | 22.5 | 21.1 | 19.1 | 22.4 | 18.5 |
| Depreciation and amortisation expense | 174.8 | 175.9 | 188.4 | 172.5 | 209.0 | 203.7 | 210.3 | 204.1 |
| Exceptional items signed profit impact | -98.3 | 0.00 | 0.00 | 0.00 | 0.00 | -41.3 | -7.72 | 0.00 |
| Materials plus purchases plus inventory movement | 855.8 | 879.0 | 803.0 | 688.3 | 861.2 | 969.4 | 880.5 | 796.8 |
| Other operating expenses including rent | 599.3 | 684.5 | 599.3 | 654.6 | 639.7 | 715.8 | 701.1 | 692.2 |
| Company-definition EBITDA including other income | 301.4 | 355.4 | 329.8 | 285.7 | 337.9 | 430.9 | 374.7 | 326.5 |
| Noncontrolling share of PAT inferred nil | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates profit inferred nil | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners inferred from group scope | -58.8 | 60.3 | 38.4 | 24.1 | 23.4 | 69.0 | 54.5 | 29.0 |
Consolidated, as reported. 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 | 0.6% | 7.2% | |
| EBITDA margin | 15.2% | 16.2% | 17.0% |
| Net margin | 0.8% | 2.0% | |
| Return on equity | 4.7% | 12.7% | |
| Return on capital employed | 21.8% | 24.5% | |
| Return on assets | 0.7% | 2.0% | |
| Net debt (₹ crore) | 781.4 | 725.8 | |
| Net debt / EBITDA | 0.62x | 0.51x | |
| Interest cover | 1.27x | 1.51x | |
| Asset turnover | 0.95x | 0.99x | |
| Receivable days | 62 | 52 | |
| Inventory days (on revenue) | 98 | 102 | |
| Payable days (on revenue) | 99 | 99 | |
| Cash conversion | 19.2x | 7.13x | |
| Capex intensity | 3.1% | 3.9% | |
| Free cash flow (₹ crore) | 897.7 | 893.0 | |
| Dividend payout | 0.0% | 0.0% | |
| EPS, diluted (₹) | 0.49 | 1.41 | |
| Book value per share (₹) | 10.46 | 11.61 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA includes other income before exceptional) / 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): Net debt excluding lease liabilities; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA includes other income before exceptional).
- 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.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS).
- 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 17 Oct 2026); market data at the close of 17 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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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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