Spencers' margin slips 0.81 points as consolidated loss widens
Revenue fell 1.60% sequentially while interest rose 3.96%, leaving the retailer with a Rs 66.25 cr net loss.
Filed 05 Nov 2026, 19:14 IST · after market close · Spencers Retail Ltd (SPENCERS)
Key takeaways
- Consolidated net loss widened 9.59% sequentially to Rs 66.25 cr as operating profit fell 50.93%.
- Operating margin narrowed 0.81 percentage points to 0.80% because expenses declined less than revenue.
- Spencers' operating margin was 10.76 percentage points below the 11.56% median for 262 Consumer Discretionary peers.
Price around the results
Sequential sales dip leaves little operating profit
Spencers' consolidated revenue fell 1.60% sequentially to Rs 461.97 cr, while operating profit dropped 50.93% to Rs 3.71 cr. The result was a 0.81 percentage-point contraction in operating margin to 0.80%. Net loss widened 9.59% to Rs 66.25 cr, with EPS at negative Rs 7.35.
Costs and interest drove the deeper loss
Expenses declined 0.79% sequentially, less than the 1.60% fall in revenue, so costs grew relative to sales and compressed margin. Interest increased 3.96% to Rs 48.27 cr, adding to the pre-tax loss. Other income of Rs 1.90 cr represented -2.87% of pre-tax profit, while the 0.07% tax rate was unchanged and did not materially offset the loss.
Margin remains far below the sector comparison
Spencers' 0.80% operating margin was 10.76 percentage points below the 11.56% median among 262 Consumer Discretionary companies that had reported. The margin also declined for the second quarter in the available trend, from 1.61% in Q1FY27 to 0.80% in Q2FY27.
Results filed after market close
The consolidated results were filed after market close on 05 Nov 2026. No post-results stock reaction is covered here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹462 cr | ₹469 cr | -1.60% |
| Other income | ₹2 cr | ₹2 cr | +4.97% |
| Expenses | ₹458 cr | ₹462 cr | -0.79% |
| Operating profit | ₹4 cr | ₹8 cr | -50.93% |
| Operating margin (%) | 0.80% | 1.61% | — |
| Interest | ₹48 cr | ₹46 cr | +3.96% |
| Depreciation | ₹24 cr | ₹23 cr | +0.77% |
| Profit before tax | ₹-66 cr | ₹-60 cr | -9.60% |
| Tax | ₹-0 cr | ₹-0 cr | +0.00% |
| Net profit | ₹-66 cr | ₹-60 cr | -9.59% |
| EPS (₹) | ₹-7.35 | ₹-6.71 | -9.54% |
Operating margin of 0.80% compares with a Consumer Discretionary sector median of 11.56% across 262 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +0.21% | -1.80% |
Volume on the results session was 0.10× its 20-day average.
What to watch
- Whether operating margin recovers from 0.80% after the sequential decline of 0.81 percentage points.
- Whether interest growth eases from +3.96% sequentially from Rs 46.43 cr in Q1FY27.
- Whether revenue momentum improves from the -1.60% sequential change.