Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Oct - Newspaper advertisement regarding the dispatch of Postal ballot notice.
Source: Bse
Aditya Birla Fashion and Retail Limited (ABFRL)
Large CapConsumer stocks · Large cap · NSE
Aditya Birla Fashion and Retail Limited (ABFRL) is a diversified Indian fashion retailer operating across Masstige & Value, Ethnic, Luxury, and Digital-First brands. The company focuses on expanding its retail footprint and enhancing its omni-channel presence, catering to evolving consumer demands across various segments.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:34 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -11.6% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ABFRLD candles · FIT view-30.2%Latest close ₹43.15 on 2026-10-19
Bar
-3.7%
RSI
32
MACD hist
0.16
52W pos
0%
2026-10-19O ₹44.83H ₹44.87L ₹42.94C ₹43.15Vol 20.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ABFRLNifty Consumer DurablesNifty 500
- ABFRL
- -24.7%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -19.1 pp
Chart stats
19 Oct 2026- From 52W high
- -49.9%
- 52W range position
- 0%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.49x
- Avg traded value
- ₹18.5 Cr
- 20D price channel
- ₹42.9 - ₹50.6
₹86.1
₹42.9 - ₹86.1
₹1.5
Latest completed session
20-session average
33.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED19
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad12
Revenue +10.7% · PAT NDF YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 12/100margin compression · Rev +11% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,026 Cr | +10.7% | +1.8% |
| EBITDA | ₹111 Cr | +4.7% | -41.0% |
| Operating margin | 5.0% | -100 bps | -400 bps |
| PAT | ₹-249 Cr | NDF | NDF |
| PAT margin | -12.3% | +49 bps | -405 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.94
- EV/EBITDA
- 5.73
- Market Cap
- 5472.00Cr
Profitability
- ROE
- -13.60%
- ROCE
- -3.76%
- ROA
- -4.86%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- -6.00%
- Revenue 3Y
- -13.00%
- EPS 3Y
- -18.00%
Balance Sheet
- Debt/Equity
- 1.06
- Interest Coverage
- 1.23×
- Altman Z
- 1.38
- Book Value
- 47.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 161.00 Cr
- EPS TTM
- -6.39
Shareholding
- Promoter Hold
- 46.61%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,026+1.8% vs prev
Net Profit
₹ CrLatest: -249-51.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 32. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~13.1% over last month) — short-term momentum negative.
- RSI(14) at 32 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation7/30
Growth4/25
Quality0/20
Balance Sheet2/15
Cash Flow4/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
19
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
19/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 4/10 to the score.
- Valuation contributes 7/30 to the score.
- Growth contributes 4/25 to the score.
Main drags
- Altman Z is 1.4, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
—
PB
0.9
EV/EBITDA
5.7
ROE
-13.6%
ROCE
-3.8%
FCF Yield
—
Debt/Equity
1.1
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
19
Previous: 19
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
19
19
19
19
19
19
19
19
19
19
19
19
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
4.8
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SAPPHIRE
Large
Sapphire Foods India Limited
Retail
match 75
30
2616.0
-1.0%
-6447%
OVERVALUED
TRENT
Large
Trent Limited
Retail
match 73
57
86.3
27.7%
-156%
FAIR VALUE
YASHO
Small
Yasho Industries Limited
Retail
match 71
23
84.7
5.8%
-655%
OVERVALUED
STYLAMIND
Small
Stylam Industries Limited
Retail
match 69
49
33.2
19.9%
+1%
FAIR VALUE
VIPIND
Micro
VIP Industries Limited
Retail
match 69
16
—
-92.4%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T07:11:57.034Z
Management commentary snapshot
ABFRL reports strong Q4FY26 with 16% revenue growth and 29% normalized EBITDA growth YoY, driven by Pantaloons' 19% growth and improved operating margins across segments. FY26 saw 11% revenue and 23% normalized EBITDA growth, with significant store expansion.
While Q4FY26 shows robust top-line and normalized EBITDA growth, the full-year Pantaloons revenue growth of 4% is modest. Ethnic business profitability improved significantly, but TMRW still incurs cash losses despite strong revenue growth. Sustained margin expansion and profitable scaling of newer ventures are key to thesis validation.
Current business mix
Pantaloons Category Mix (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Non-Apps11.0%
Women’s Western21.0%
Men35.0%
Women’s Ethnic16.0%
Kids17.0%
Growth engines
Pantaloons Strategic Shift
Strategic shift in consumer proposition driving business momentum for Pantaloons, focusing on superior product and elevated store experience.
Ethnic Portfolio Expansion
Scaling platform spanning well-known premium and designer-led brands, with 80+ new stores added this fiscal and 14% overall growth in FY26.
TMRW Digital-First Brands
Consistent high growth momentum, with portfolio growing 45% YoY in Q4FY26, led by new category extensions and marketing campaigns.
Luxury Retail Traction
Luxury grew 13% YoY in Q4FY26 and 15% YoY in FY26, with Galeries Lafayette seeing strong early traction and The Collective performing well.
Capacity and execution
Overall Store Additions
Added 70 new stores across businesses in Q4FY26 and 180+ new stores in FY26, resulting in ~120k sq.ft. net addition in Q4 and ~600k sq.ft. net added in FY26.
Pantaloons & OWND Expansion
16 new stores added across Pantaloons (4) and OWND (12) in Q4FY26. OWND is now available at 79 stores, with 34 new stores added in FY26.
Ethnic Brands Network Growth
Tasva added 30+ new stores in FY26 (now 94 stores). Jaypore added 15+ new stores in FY26 (now 44 stores). W opened 23 new stores in FY26, with 17 in H2.
Tailwinds
Shift to Organized Retail
Sustained positive momentum in un-organized to organized shift, particularly driving growth in Value Retail.
Omni-channel Adoption
Omni-channel is central to fashion retail, with D2C brands deepening offline presence and hyperlocal fulfilment gaining focus.
Headwinds
Seasonal Demand Impact
Low wedding dates in Q4FY26 compared to last year, with no wedding dates in January and clustered dates in Feb–Mar.
Geopolitical Factors
Geopolitical factors are emerging, posing a risk to input costs and consumer sentiment.
Risk radar
Input Costs & Consumer Sentiment
Geopolitical factors are emerging, which management identifies as a risk to input costs and consumer sentiment.
Wage Code Impact
The wage code impact resulted in an Rs. 11 Cr hit to PBT in Q4FY26 and Rs. 40 Cr in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The fashion retail business often experiences seasonal demand fluctuations. Comparing performance year-over-year provides a more accurate view of underlying business trends and growth, as presented in the document for both Q4 and FY26.
Sector KPIs management disclosed
Consolidated Revenue Growth
Q4FY26 revenue grew 16% YoY to Rs. 1990 Cr. FY26 revenue grew 11% YoY to Rs. 8177 Cr.
Normalized EBITDA Growth
Q4FY26 normalized EBITDA grew 29% YoY to Rs. 229 Cr. FY26 normalized EBITDA grew 23% YoY to Rs. 903 Cr.
Normalized EBITDA Margin
Q4FY26 normalized EBITDA margin expanded 120 bps YoY to 11.5%. FY26 normalized EBITDA margin expanded ~100 bps YoY to 11.0%.
Pantaloons LTL Growth
Pantaloons format retail LTL was 14% in Q4FY26 and 2% in FY26.
Management forward view
Premiumization Focus
Pantaloons is driving a premium brand experience through superior product and elevated store experience.
Profitable Ethnic Growth
Ethnic portfolio continued on its profitable growth trajectory, with EBITDA margin up 560 bps in FY26.
TMRW Unit Economics
Strengthening unit economics for TMRW via premiumization and disciplined execution, with cash losses reduced YoY by >50% in Q4.
Galeries Lafayette Ramp-up
Galeries Lafayette is seeing strong early traction, setting new benchmarks in luxury retail with curated in-store experiences.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pantaloons LTL Growth | 14% in Q4FY26, 2% in FY26 | Sustained double-digit LTL growth, indicating continued success of strategic shifts and premiumization efforts. |
| Ethnic Business EBITDA Margin | 13.9% in Q4FY26, 10.8% in FY26 | Further margin expansion, especially from TCNS and designer brands, to demonstrate profitable scaling. |
| TMRW Cash Losses | Reduced >50% YoY in Q4FY26 | Continued reduction in cash losses and progress towards profitability, validating the D2C engine's unit economics. |
| Overall E-commerce Growth | >30% YoY in Q4FY26, >20% YoY in FY26 | Maintenance of strong e-commerce growth and increasing share of revenue, indicating effective omni-channel strategy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 18th percentile within Consumer. Main check: balance sheet trust is weak at 21/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
114 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Consumer: 18th pctile, median 66 · Large: 9th pctile, median 73
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
21
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.38.
- ▸Debt/equity is 1.06.
- ▸Interest coverage is 1.2x.
- ▸ROCE is low at -3.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aditya Birla Fashion and Retail Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Sep - Newspaper advertisement for Special Window for re-lodgement of transfer requests of physical shares
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Aug - ABFRL approved Q1 FY27 results on August 8, 2026; revenue rose 11% to Rs 2,026 crore.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 15 Jun - Sangeeta Tanwani steps down July 31, 2026; becomes non-executive director, Suraj Bahirwani advances to CEO August 1, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jul - Newspaper Advertisement(s) regarding notice of Special Window for Re-Lodgement of transfer request of physical shares.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug - Newspaper advertisement regarding Unaudited Financial Results of the Company for the quarter ended June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 8 Aug - Monitoring reports for quarter ended June 30, 2026 show no deviation in rights and preferential issue proceeds.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.