Spencer's Retail Limited — Investor Meet, 21-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Spencer’s Retail reported FY25 consolidated revenues of Rs. 1,995 Cr, down 15% YoY due to exiting loss-making regions; like-for-like sales were stable. Operating expenses fell by Rs. 50 Cr, lifting EBITDA 4x to Rs. 60 Cr, with Q4 EBITDA breakeven versus a loss last year. Spencer’s turnover declined 17% to Rs. 1,700 Cr, posting 3.1% EBITDA margin driven by store closures and efficiency gains. Quick commerce platform Jiffy showed 58% user and 47% order growth, aiming to double revenue in FY26 and expand regionally. Natures Basket sales remained flat at Rs. 294 Cr, pressured by supply chain issues and slower store ramp-up; a new membership program and app relaunch target higher e-commerce share. FY26 plans include mid-single-digit sales growth and consolidated EBITDA breakeven, while managing net debt near Rs. 860 Cr and pursuing cautious, profitable growth without aggressive expansion or exits.