Spencers Retail Ltd
Incorporated in 2017, Spencer’s Retail Ltd develops, conducts, and promotes organized retail. It operates departmental and neighborhood stores under various formats across the country[1]
- Market Cap ₹ 408 Cr.
- Current Price ₹ 45.3
- High / Low ₹ 97.3 / 43.2
- Stock P/E
- Book Value ₹ -39.7
- Dividend Yield 0.00 %
- ROCE -6.75 %
- ROE %
- Face Value ₹ 5.00
Pros
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -6.45% over past five years.
- Earnings include an other income of Rs.22.6 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Services Retailing Diversified Retail
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 1,149 | 2,187 | 2,373 | 2,069 | 2,000 | 2,180 | 2,049 | 1,701 | 1,505 | |
| 1,148 | 2,173 | 2,294 | 2,069 | 1,981 | 2,175 | 2,065 | 1,723 | 1,473 | |
| Operating Profit | 0 | 14 | 79 | -0 | 18 | 5 | -16 | -22 | 32 |
| OPM % | 0% | 1% | 3% | -0% | 1% | 0% | -1% | -1% | 2% |
| 9 | 28 | 30 | 47 | 67 | 29 | 16 | 75 | 23 | |
| Interest | 4 | 7 | 61 | 69 | 76 | 91 | 119 | 132 | 128 |
| Depreciation | 15 | 25 | 105 | 106 | 94 | 97 | 93 | 106 | 59 |
| Profit before tax | -9 | 10 | -57 | -128 | -85 | -153 | -212 | -185 | -132 |
| Tax % | 0% | 18% | 0% | 0% | 0% | 0% | 0% | 0% | |
| -9 | 8 | -57 | -128 | -85 | -153 | -212 | -185 | -132 | |
| EPS in Rs | 0.88 | -6.33 | -14.19 | -9.38 | -17.00 | -23.50 | -20.50 | -14.67 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -6% |
| 3 Years: | -5% |
| TTM: | -23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 40% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | -10% |
| 3 Years: | -13% |
| 1 Year: | -46% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | % |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 45 | 45 | 45 | 45 | 45 | 45 |
| Reserves | 550 | 557 | 355 | 299 | 212 | 57 | -154 | -338 | -403 |
| 1 | 0 | 644 | 765 | 878 | 1,088 | 1,342 | 1,236 | 1,369 | |
| 331 | 365 | 379 | 341 | 362 | 363 | 413 | 332 | 298 | |
| Total Liabilities | 921 | 962 | 1,418 | 1,451 | 1,497 | 1,553 | 1,646 | 1,274 | 1,310 |
| 234 | 259 | 659 | 687 | 660 | 723 | 774 | 527 | 498 | |
| CWIP | 0 | 1 | 9 | 2 | 6 | 2 | 1 | 0 | 0 |
| Investments | 55 | 77 | 316 | 353 | 478 | 492 | 522 | 521 | 537 |
| 632 | 625 | 434 | 409 | 353 | 336 | 349 | 225 | 274 | |
| Total Assets | 921 | 962 | 1,418 | 1,451 | 1,497 | 1,553 | 1,646 | 1,274 | 1,310 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| -43 | -8 | 107 | -2 | 63 | 29 | 39 | 25 | |
| -236 | 16 | -64 | -47 | -98 | -35 | -40 | 2 | |
| 82 | -0 | -11 | 42 | -4 | 4 | 18 | -42 | |
| Net Cash Flow | -197 | 9 | 32 | -7 | -39 | -2 | 17 | -15 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 12 | 8 | 9 | 6 | 5 | 3 | 4 | 5 |
| Inventory Days | 109 | 57 | 45 | 52 | 52 | 47 | 49 | 36 |
| Days Payable | 122 | 66 | 60 | 60 | 66 | 62 | 75 | 70 |
| Cash Conversion Cycle | -1 | -1 | -6 | -3 | -10 | -11 | -22 | -28 |
| Working Capital Days | -1 | -2 | -31 | -45 | -62 | -75 | -99 | -133 |
| ROCE % | 3% | -0% | -6% | -1% | -5% | -8% | -7% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
17 Nov - Transcripts of the Q2FY26 Post Results Earnings Conference Call
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
11 Nov - Audio recording of Q2 and H1 earnings conference call for period ended Sep 30, 2025 (held Nov 11, 2025).
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
11 Nov - Newspaper Publication of the extract of Unaudited Financial Results for the quarter and half year ended on September 30, 2025
-
Announcement under Regulation 30 (LODR)-Investor Presentation
10 Nov - Investor update for the quarter ended September 30, 2025
-
Board Meeting Outcome for Outcome Of Board Meeting Held On November 10, 2025 - Quarter And Half Year Results
10 Nov - Unaudited Q2/H1 results (30 Sep 2025): H1 standalone loss Rs6,483.28L; consolidated loss Rs12,540.24L; large current-liability shortfalls.
Annual reports
Concalls
-
Nov 2025Transcript PPT REC
-
Aug 2025Transcript PPT REC
-
May 2025Transcript PPT
-
Jan 2025Transcript PPT
-
Nov 2024Transcript PPT
-
Aug 2024Transcript PPT
-
Jul 2024TranscriptNotesPPT
-
Jul 2024TranscriptNotesPPT
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Nov 2023TranscriptNotesPPT
-
Sep 2023TranscriptNotesPPT
-
Aug 2023TranscriptNotesPPT
-
May 2023TranscriptNotesPPT
-
Feb 2023TranscriptNotesPPT
-
Nov 2022TranscriptNotesPPT
-
Aug 2022TranscriptNotesPPT
-
Nov 2021TranscriptNotesPPT
-
Nov 2021TranscriptNotesPPT
-
Nov 2021TranscriptNotesPPT
-
Aug 2021TranscriptNotesPPT
-
Jul 2021TranscriptNotesPPT
-
Jun 2021TranscriptNotesPPT
-
Feb 2021TranscriptNotesPPT
-
Nov 2020TranscriptNotesPPT
-
Sep 2020Transcript PPT
-
Sep 2020TranscriptNotesPPT
-
Jun 2020TranscriptNotesPPT
-
Feb 2020TranscriptNotesPPT
-
Nov 2019TranscriptNotesPPT
-
Nov 2019TranscriptNotesPPT
-
May 2019TranscriptNotesPPT
-
Jan 2019TranscriptNotesPPT
Business Overview:[1]
SRL, part of the RP-Sanjiv Goenka Group, is a multi-format retailer offering a diverse range of products including FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electricals, and electronics. Its specialty sections include Spencer’s Gourmet, Patisserie, Wine & Liquor, Epicuisine, and L'exclusif for healthy alternatives. As of FY24, Spencer’s (including Nature's Basket) operates 167 stores [including 34 stores of NBL]. 9 stores were opened in FY24.[2]