Shoppers Stop financials and balance sheet

NSE: SHOPERSTOPBSE: 532638RetailingSmall Cap

₹339.15₹0.65 (0.19%)BSE ₹336.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹338.50.

52-week range of traded prices to 23 Oct 2026

₹275.95Low, 2 Mar 2026₹541.00High, 27 Oct 2025

Market cap: ₹3,738 Cr887th largest listed
P/E: Lossover the last 12 months
P/B: 13.2
Dividend yield: Nonein the last 12 months
ROE: −4.0%
ROE without one-offs: 2.7%
ROCE: 40.2%
Debt to equity: 1.03
Volume, NSE: 1,71,79627.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Shoppers Stop annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹5,043 Cr, year to Mar 2026A loss in the year to Mar 2026, −₹36 Cr

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 45.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,043
Materials and goods−3,035
Employee costs−458
Other expenses−807
Operating profit744
Depreciation−541
Other income+52
One-off items−19
Finance costs−289
Profit before tax−53
Tax+17
Net profit−36

What the company owns

Plant, investments and other assets₹4,092 Cr
Inventory₹2,100 Cr
Receivables₹87 Cr
Cash and bank₹13 Cr

What pays for it: net worth and liabilities

Other liabilities₹3,308 Cr
Owed to suppliers₹2,456 Cr
Net worth₹291 Cr
Borrowings₹236 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Shoppers Stop quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 16 Jun	Mar 2021Filed 22 May	Mar 2022Filed 29 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 30 Apr	Mar 2025Filed 6 Oct	Mar 2026Filed 5 May
Revenue from operations	4,910	3,697	3,578	3,464	1,749	2,519	4,022	4,317	4,628	5,043
	4,736	3,485	3,332	2,912	1,705	2,249	3,327	3,600	3,919	4,299
Materials and goods bought	3,189	2,268	2,078	2,007	1,076	1,506	2,328	2,544	2,727	3,035
Employee costs	–	–	330	335	265	273	352	393	425	458
Other expenses	–	–	924	571	364	471	646	662	767	807
Operating profit before depreciation	174	211	246	551	44	269	695	717	708	744
Operating margin	3.5%	5.7%	6.9%	15.9%	2.5%	10.7%	17.3%	16.6%	15.3%	14.8%
Materials, % of revenue	–	–	58.1%	57.9%	61.5%	59.8%	57.9%	58.9%	58.9%	60.2%
Employee costs, % of revenue	–	–	9.2%	9.7%	15.2%	10.8%	8.8%	9.1%	9.2%	9.1%
Other expenses, % of revenue	–	–	25.8%	16.5%	20.8%	18.7%	16.1%	15.3%	16.6%	16.0%
Depreciation and amortisation	151	115	141	450	392	355	382	437	494	541
Operating profit after depreciation	23	97	105	101	−348	−86	314	280	214	203
Other income	25	17	19	34	224	168	57	56	54	52
Finance costs	87	38	14	197	223	207	209	225	261	289
Profit before one-off items and tax	−39	75	110	−62	−347	−124	161	111	7	−34
One-off items	−13	216	0	−10	0	27	−2	−6	0	−19
Profit before tax	−52	291	110	−72	−347	−98	159	104	7	−53
	20	18	45	70	−80	−52	43	27	−4	−17
Current tax	21	33	57	25	−1	−21	0	0	−3	2
Deferred tax	−1	−15	−12	45	−78	−32	43	27	−1	−19
Share of profit of joint ventures and associates	−6	–	–	0	–	−2	–	–	–	–
Profit from discontinued businesses	–	–	0	–	–	–	–	–	–	–
Net profit	−78	214	65	−142	−267	−47	116	77	11	−36
Other comprehensive income	–	–	−48	−177	23	−1	0	−1	−1	1
Total comprehensive income	–	–	17	−319	−244	−48	116	76	10	−35
Net margin	−1.6%	5.8%	1.8%	−4.1%	−15.3%	−1.9%	2.9%	1.8%	0.2%	−0.7%
Net margin without joint ventures and associates	−1.5%	–	–	−4.1%	–	−1.8%	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 2 May	Mar 2020Filed 16 Jun	Mar 2021Filed 22 May	Mar 2022Filed 29 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 30 Apr	Mar 2025Filed 6 Oct	Mar 2026Filed 5 May	Sep 2026Half yearFiled 16 Oct
	915	67	120	76	206	301	321	291	282
Share capital	44	44	55	55	55	55	55	55	55
Reserves	871	23	65	21	151	246	266	236	227
	32	155	129	216	126	174	340	236	290
Repayable after a year	2	0	96	90	21	0	96	48	9
Repayable within a year	30	155	33	126	105	174	244	188	281
	1,558	1,936	1,657	1,939	2,400	2,676	3,009	3,192	3,439
Trade payables	1,277	1,534	1,152	1,442	1,829	1,970	2,267	2,456	2,628
Other financial liabilities	80	71	315	269	352	403	393	394	403
Other liabilities	161	165	0	93	110	129	103	135	125
Provisions	10	11	6	9	4	0	0	17	2
Tax owed	–	0	150	–	–	0	2	2	0
	3	2,078	1,796	1,767	1,998	2,317	2,764	2,808	2,831
Other financial liabilities	1	1	1,700	1,678	1,977	2,317	2,668	2,760	2,822
Provisions	0	0	0	0	0	0	0	0	0
Trade payables	–	2,077	0	–	–	0	0	0	0
Total assets	2,476	4,081	3,572	3,783	4,603	5,294	6,095	6,291	6,552
	1,067	2,406	2,232	2,288	2,683	3,121	3,535	3,580	3,699
Plant in use, after depreciation	545	506	422	379	413	504	540	521	–
Plant being built	31	10	3	14	30	17	5	4	–
Intangible assets	61	52	83	68	49	44	43	41	41
Goodwill	10	0	0	0	0	0	0	0	0
Intangible assets being developed	5	34	0	–	4	4	7	3	2
Investments	216	36	0	0	0	4	3	0	0
Loans given	0	0	0	4	4	0	0	0	0
Other financial assets	71	80	1,325	102	137	135	170	2,618	183
Deferred tax	32	264	342	374	331	305	312	330	336
Other assets	98	1,423	57	1,346	1,715	2,109	2,455	63	2,599
	1,409	1,674	1,341	1,495	1,921	2,173	2,560	2,711	2,853
Inventories	1,072	1,239	856	1,008	1,500	1,687	2,041	2,100	2,276
Trade receivables	47	34	31	32	29	82	65	87	118
Cash and cash equivalents	17	4	13	13	10	11	14	13	9
Other bank balances	0	0	29	20	21	6	0	0	0
Current investments	42	154	128	146	48	0	0	0	0
Loans given	0	0	0	13	0	4	0	0	0
Other financial assets	64	74	55	72	47	85	67	87	66
Other assets	165	169	229	193	265	298	372	425	384
Net debt	−28	−3	−41	37	47	157	326	223	281

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 22 May	Mar 2022Filed 29 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 30 Apr	Mar 2025Filed 6 Oct	Mar 2026Filed 5 May	Sep 2026Half yearFiled 16 Oct
	−3	383	543	561	549	838	327
	−16	362	549	556	555	836	332
	−62	80	−185	−172	−168	85	−54
Receivables	3	−9	−5	−54	18	−22	−32
Inventories	383	−158	−492	−187	−355	−59	−175
Payables	−384	288	418	154	271	220	143
Other working capital	−64	−41	−106	−86	−102	−55	9
Tax paid	13	21	−5	5	−6	1	−4
Capital spending	84	108	146	176	182	139	78
Free cash flow	−87	275	397	385	366	699	249
	−24	−102	−29	−111	−169	−129	−77
Plant and property sold	1	1	1	3	3	4	1
Interest received	1	8	3	1	0	2	0
	167	−270	−537	−479	−409	−675	−206
Borrowings raised	152	116	0	80	185	35	151
Borrowings repaid	−2	−59	−110	−63	−51	−104	−49
Interest paid	−222	−207	−209	−225	−16	−22	−9
Lease payments	0	−122	−221	−282	−529	−583	−299
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	296	2	3	0	3	0	0
Net change in cash	140	11	−23	−29	−29	34	44

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Shoppers Stop dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 16 Jun	Mar 2021Filed 22 May	Mar 2022Filed 29 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 30 Apr	Mar 2025Filed 6 Oct	Mar 2026Filed 5 May
Earnings per share	−₹4.46	–	₹7.38	−₹16.14	−₹28.38	−₹4.29	₹10.59	₹7.03	₹0.99	−₹3.28
Diluted earnings per share	−₹4.46	–	₹7.38	−₹16.14	−₹28.38	−₹4.29	₹10.51	₹7.00	₹0.99	−₹3.28
Dividend per share	₹0.75	₹0.75	₹0.75	–	–	–	–	–	–	–
Book value per share	–	–	₹103.96	₹7.57	₹10.95	₹6.93	₹18.79	₹27.41	₹29.18	₹26.43
Dividend payout	–	3.1%	10.2%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	−12.6%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	3,049	4,400	4,150	1,686	2,351	5,150	7,113	8,300	6,027	3,182

Ratios

Consolidated, years to March.Shoppers Stop PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 16 Jun	Mar 2021Filed 22 May	Mar 2022Filed 29 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 30 Apr	Mar 2025Filed 6 Oct	Mar 2026Filed 5 May
Revenue growth	7.2%	−24.7%	−3.2%	−3.2%	−49.5%	44.0%	59.7%	7.3%	7.2%	9.0%
Operating profit growth	−12.1%	21.4%	16.2%	124.5%	−92.0%	509.9%	158.2%	3.1%	−1.2%	5.0%
Net profit growth	–	–	−69.7%	–	–	–	–	−33.4%	−85.9%	–
Earnings per share growth	–	–	–	–	–	–	–	−33.6%	−85.9%	–
	–	–	7.1%	−28.9%	−286.7%	−48.0%	82.3%	30.4%	3.5%	−11.8%
	–	–	–	−36.0 pts	−257.8 pts	238.7 pts	130.3 pts	−51.8 pts	−26.9 pts	−15.3 pts
From the net margin	–	–	–	−23.1 pts	−78.9 pts	251.7 pts	122.3 pts	−31.2 pts	−26.4 pts	−14.1 pts
From asset turnover	–	–	–	4.3 pts	61.2 pts	−17.5 pts	29.7 pts	−4.6 pts	−0.3 pts	0.0 pts
From borrowing	–	–	–	−17.2 pts	−240.1 pts	4.4 pts	−21.7 pts	−16.0 pts	−0.2 pts	−1.1 pts
Return on capital employed	–	–	11.1%	45.5%	−140.1%	−29.3%	94.4%	59.0%	32.4%	38.6%
Cash conversion	–	–	–	–	–	–	468.4%	726.6%	5,036.9%	–
Interest cover	0.3	2.6	7.6	0.5	–	–	1.5	1.2	0.8	0.7
Debt to equity	–	–	0.04	2.33	1.08	2.84	0.61	0.58	1.06	0.81
Receivable days	–	–	5	4	6	5	3	7	5	6
Inventory days	–	–	188	225	290	244	235	242	273	253
Payable days	–	–	224	279	391	349	287	283	303	295
Cash conversion cycle, days	–	–	−31	−50	−94	−101	−49	−34	−25	−37
Working capital days	–	–	−18	−28	−95	−72	−41	−29	−17	−22
Asset turnover	–	–	1.45	1.06	0.46	0.68	0.96	0.87	0.81	0.81
Assets per rupee of net worth	–	–	2.71	6.68	41.06	37.59	29.74	19.50	18.29	20.23
Sales per rupee of plant	–	–	6.57	6.84	4.15	6.65	9.75	8.56	8.57	9.69
Capital spending to depreciation	–	–	–	–	0.21	0.30	0.38	0.40	0.37	0.26
Plant being built, % of plant in use	–	–	5.6%	2.0%	0.7%	3.7%	7.2%	3.4%	1.0%	0.7%

Interest cover is left blank for the years to Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −0.6%
Cash from operations against operating profit: 112.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	1.0%	23.6%	7.8%
Return on equity, average	–	11.3%	7.4%
Return on capital employed, average	–	39.0%	43.3%
Operating margin, average	10.9%	14.9%	15.6%
Net margin, average	−1.1%	0.5%	0.4%
Asset turnover, average	–	0.83	0.83
Cash conversion cycle, days, average	–	−49	−32
Interest cover, average	–	1.1	0.9
Debt to equity, average	–	1.18	0.82

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,874	1,947	838
Cash from investing	−540	−409	−129
Cash from financing	−2,370	−1,563	−675
Capital spending	751	497	139
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	8	3	0
Borrowings raised	416	300	35
Borrowings repaid	387	218	104

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	1	6	8	5	5	3
Altman Z-scorePublished threshold 1.1	–	1.70	−0.18	−0.72	−0.54	0.01	0.01	0.01	−0.08
Beneish M-scorePublished threshold −1.78	–	–	–	−2.51	−2.92	−2.76	−1.34	−3.09	−2.83
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−6.29	−8.92	−9.50	−7.53	−6.47	−12.03
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	10.17	8.10	37.42
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−24.69	39.82	−41.64	−66.32	172.72	−28.38	24.30
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	19.06	15.45	−22.24	−5.75	3.18	13.85	−8.42
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	0.38	2.36	−0.78	1.19	1.65	1.21	1.43
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.02	0.01	0.05	0.07	0.03	0.01	0.01
Effective tax ratePublished threshold 17.16 per cent	6.02	40.88	–	–	–	27.12	26.04	−55.35	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	24.02	21.12	−146.50	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
5 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A+Review, Re-affirm	Stable	60
5 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		23

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.