Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹197 Cr.
Stock P/E
-0.8
P/B
-0.2
Current Price
₹21.9
Book Value
₹ -108
Face Value
5
52W High
₹54.2
52W Low
₹ 21.3
Dividend Yield
0%

Spencer's Retail Overview

Business

Spencer's Retail Ltd. operates as a multi-format retailer primarily in India. Its core business involves selling a wide range of products directly to consumers through a network of physical stores, encompassing hypermarkets and supermarkets. The product categories typically include groceries (fresh produce, packaged foods), apparel, general merchandise, home essentials, electronics, and personal care items. The company makes money through the direct sale of these products, aiming for inventory turnover and maintaining healthy margins across its diverse offerings.

Revenue Mix

While specific revenue contributions are not available, Spencer's primary business segments generally revolve around its product categories:

Food & Grocery: This is typically the largest segment for most multi-format retailers, including fresh fruits & vegetables, dairy, staples, and packaged foods.

General Merchandise: Includes home appliances, kitchenware, home decor, toys, and other non-food items.

Apparel: Clothing for men, women, and children.

Given the nature of its stores, Food & Grocery is likely the dominant revenue driver.

Industry

Spencer's operates in the highly competitive and rapidly evolving Indian retail industry. This sector is characterized by a significant presence of unorganized retail alongside a growing number of organized players. Spencer's is positioned as one of the organized multi-format retailers, competing with large domestic players like Reliance Retail, DMart (Avenue Supermarts), More Retail, and BigBazaar (Future Retail), as well as e-commerce giants like Amazon and Flipkart, which are increasingly expanding into grocery and general merchandise. The industry is fragmented but consolidating, with organized retail gaining market share.

MOAT

Spencer's operates in an industry where durable competitive advantages are challenging to build and sustain. Potential advantages may include:

Brand Recognition: Being an established name in certain regions can foster customer trust and repeat visits.

Scale (Procurement): Over time, growing scale can lead to better procurement terms from suppliers, enabling competitive pricing.

Store Network & Proximity: A well-located and extensive store network in urban and semi-urban areas offers convenience, which can be a draw for customers.

However, these advantages are often shared or replicable by competitors, making sustained differentiation difficult in a price-sensitive market.

Growth Drivers

Rising Disposable Incomes & Urbanization: Growing middle class and increasing disposable incomes in India drive consumption across categories.

Shift to Organized Retail: Consumers are gradually moving from traditional unorganized stores to modern retail formats due to better product assortment, quality, and shopping experience.

Store Expansion: Opening new stores in underserved or high-growth areas.

Private Label Penetration: Increasing sales of higher-margin private label brands across categories.

E-commerce Integration: Leveraging online channels (click & collect, home delivery) to complement physical stores and expand reach.

Risks

Intense Competition: Fierce competition from other organized retailers, e-commerce players, and traditional unorganized stores can pressure margins and market share.

Supply Chain & Inventory Management: Inefficient supply chain or poor inventory management can lead to stockouts, wastage (especially for fresh produce), or markdowns.

Economic Slowdown: A downturn in the economy or inflationary pressures can reduce consumer discretionary spending, impacting sales.

High Operating Costs: Rental costs for prime locations, labor costs, and utility expenses can significantly impact profitability.

Rapidly Changing Consumer Preferences: The need to constantly adapt product offerings and store experiences to evolving customer tastes.

Management & Ownership

Spencer's Retail Ltd. is part of the RP-Sanjiv Goenka Group, a prominent Indian conglomerate. The promoter group (RP-Sanjiv Goenka Group) holds a significant ownership stake, indicating strong promoter involvement in the company's strategic direction and operations. Management quality, like in many promoter-led organizations, is typically driven by the group's overall vision and execution capabilities, with a focus on long-term growth objectives within the retail sector.

Outlook

Spencer's Retail operates in a promising, yet challenging, sector. The Indian retail market offers substantial long-term growth potential driven by favorable demographics, rising incomes, and the ongoing shift from unorganized to organized retail. The company's established brand and existing store network provide a foundation to capture a share of this growth. However, the outlook is tempered by intense competition, particularly from well-capitalized domestic and international players expanding rapidly, and the increasing influence of e-commerce. Maintaining profitability will require efficient supply chain management, prudent store expansion, effective cost control, and a strong focus on enhancing the customer experience amidst a highly competitive and margin-sensitive environment.

Spencer's Retail Share Price

Live · BSE / NSE · Inception: 2017
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Spencer's Retail Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 547 548 518 517 412 416 445 503 436 469
Other Income 4 28 61 3 11 11 4 1 9 2
Total Income 551 576 579 520 423 427 449 504 445 471
Total Expenditure 559 547 563 505 423 423 449 496 443 462
Operating Profit -8 29 16 15 -0 5 0 8 2 9
Interest 41 43 40 41 41 40 41 43 45 46
Depreciation 32 30 64 22 27 26 23 23 23 23
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -81 -43 -87 -47 -68 -62 -64 -58 -66 -60
Provision for Tax -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Profit After Tax -81 -43 -87 -47 -68 -62 -64 -58 -66 -60
Adjustments -0 0 -0 0 -0 0 0 0 0 -0
Profit After Adjustments -81 -43 -87 -47 -68 -62 -64 -58 -66 -60
Adjusted Earnings Per Share -9 -4.8 -9.7 -5.3 -7.6 -6.8 -7.1 -6.5 -7.3 -6.7

Spencer's Retail Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1043 2187 2645 2428 2300 2453 2345 1995 1800 1853
Other Income 9 28 32 53 85 57 29 116 38 16
Total Income 1052 2215 2677 2481 2385 2510 2374 2111 1838 1869
Total Expenditure 1047 2178 2587 2420 2284 2474 2360 2051 1823 1850
Operating Profit 5 37 89 61 101 36 14 60 15 19
Interest 4 7 82 91 97 115 148 164 169 175
Depreciation 15 25 138 134 126 132 132 143 96 92
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -14 4 -131 -164 -122 -211 -267 -247 -250 -248
Provision for Tax 0 2 -0 -0 -0 -0 -0 -0 -0 0
Profit After Tax -14 2 -131 -164 -121 -210 -266 -246 -249 -248
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -14 2 -131 -164 -121 -210 -266 -246 -249 -248
Adjusted Earnings Per Share 0 0.3 -16.3 -18.2 -13.5 -23.3 -29.5 -27.3 -27.7 -27.6

Spencer's Retail Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 547 548 274 186 62 -150 -416 -662 -913
Minority's Interest 0 0 0 0 0 0 0 0 0
Borrowings 1 1 88 75 127 181 282 377 449
Other Non-Current Liabilities 8 8 595 636 658 740 854 618 648
Total Current Liabilities 317 356 638 662 719 859 975 977 1212
Total Liabilities 873 914 1594 1559 1565 1629 1696 1310 1396
Fixed Assets 239 263 1055 1053 1049 1132 1211 953 971
Other Non-Current Assets 228 79 110 118 155 134 111 105 109
Total Current Assets 407 572 429 388 361 364 374 252 316
Total Assets 873 914 1594 1559 1565 1629 1696 1310 1396

Spencer's Retail Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 0 19 28 81 57 17 13 31 22
Cash Flow from Operating Activities -48 -13 114 -2 55 27 35 37 -60
Cash Flow from Investing Activities -189 22 -7 -18 -40 -26 11 -20 -8
Cash Flow from Financing Activities 38 -0 -54 -3 -54 -5 -28 -27 92
Net Cash Inflow / Outflow -199 9 53 -24 -40 -4 18 -10 24
Closing Cash & Cash Equivalent 19 28 81 57 17 13 31 22 46

Spencer's Retail Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 0 0.3 -16.26 -18.18 -13.48 -23.34 -29.53 -27.33 -27.66
CEPS(Rs) 0 3.46 0.92 -3.29 0.48 -8.73 -14.83 -11.52 -17.05
DPS(Rs) 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 0 68.15 34.06 20.65 6.83 -16.74 -46.18 -73.45 -101.33
Core EBITDA Margin(%) -0.39 0.37 1.99 0.3 0.62 -0.78 -0.58 -2.57 -1.2
EBIT Margin(%) -0.9 0.49 -1.7 -2.76 -1.01 -3.57 -4.65 -3.81 -4.2
Pre Tax Margin(%) -1.23 0.17 -4.54 -6.21 -4.92 -7.88 -10.45 -11.41 -13.01
PAT Margin (%) -1.23 0.1 -4.54 -6.2 -4.9 -7.86 -10.44 -11.39 -13
Cash Profit Margin (%) 0.07 1.16 0.26 -1.12 0.17 -2.94 -5.24 -4.8 -8.01
ROA(%) -1.62 0.27 -10.43 -10.39 -7.77 -13.17 -16.01 -16.39 -18.43
ROE(%) -2.78 0.45 -31.82 -71.23 -98.08 0 0 0 0
ROCE(%) -1.88 2.12 -9.65 -16.05 -5.78 -23.49 -33.47 -28.28 -27.46
Receivable days 11.82 6.24 7.04 6.64 4.15 3.16 3.22 3.68 4.11
Inventory Days 77.04 38.99 32.79 35.61 38.86 35.8 37.97 36.79 33.68
Payable days 122.13 62.75 60.22 66.58 66.5 63.04 70.98 79.79 78.59
PER(x) 0 531.82 0 0 0 0 0 0 0
Price/Book(x) 0 2.32 2.15 3.42 11.79 -3.09 -1.98 -0.88 -0.24
Dividend Yield(%) 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) -0.1 0.48 0.27 0.34 0.46 0.4 0.65 0.74 0.78
EV/Core EBITDA(x) -21.77 28.46 7.87 13.59 10.6 27.39 108.86 24.56 92.89
Net Sales Growth(%) 0 109.73 20.92 -8.2 -5.29 6.65 -4.39 -14.92 -9.78
EBIT Growth(%) 0 212.65 -521.46 -48.65 65.72 -282.62 -24 30.56 2.14
PAT Growth(%) 0 116.95 -5562.07 -25.28 25.87 -73.22 -26.5 7.44 -1.21
EPS Growth(%) 0 0 -5560.54 -11.79 25.87 -73.22 -26.5 7.44 -1.21
Debt/Equity(x) 0 0 0.7 1.37 5.87 -3.59 -1.76 -1.4 -1.35
Current Ratio(x) 1.28 1.61 0.67 0.59 0.5 0.42 0.38 0.26 0.26
Quick Ratio(x) 0.52 0.85 0.28 0.18 0.14 0.12 0.11 0.08 0.11
Interest Cover(x) -2.72 1.56 -0.6 -0.8 -0.26 -0.83 -0.8 -0.5 -0.48
Total Debt/Mcap(x) 0 0 0.33 0.4 0.5 1.16 0.89 1.6 5.57

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -10% -10% -6% —
Operating Profit CAGR -75% -25% -24% —
PAT CAGR — — — —
Share Price CAGR -58% -31% -29% —
ROE Average 0% 0% -20% -23%
ROCE Average -27% -30% -24% -16%

Spencer's Retail Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 58.81 %
FII 6.48 %
DII (MF + Insurance) 1.97 %
Public (retail) 32.74 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 58.8158.8158.8158.8158.8158.8158.8158.8158.8158.81
FII 8.328.38.548.737.557.356.496.546.496.48
DII 2.022.022.022.032.022.022.022.022.021.97
Public 30.8530.8730.6330.4331.6231.8132.6732.6332.6832.74
Others 0000000000
Total 100100100100100100100100100100

Spencer's Retail Peer Comparison

Retailing Edit Columns

Spencer's Retail Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Spencer's Retail Pros & Cons

Pros

  • Stock is trading at -0.2 times its book value
  • Debtor days have improved from 79.79 to 78.59days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.
Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

whatsapp