Spencers Retail Ltd(SPENCERS)

NSE: SPENCERSBSE: 542337

₹ 14.76-9.67%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 133 crWebsite: www.spencersretail.comUpdated: 24 Oct 2026

About

Spencers Retail, part of the RP-Sanjiv Goenka Group, is a multi-format retailer selling food, FMCG, fashion, general merchandise, personal care, home essentials and electronics. It operates Spencer's stores focused on Eastern India and Uttar Pradesh, the premium Natures Basket chain in key metropolitan markets, and the JIFFY quick-commerce platform. Consolidated revenue was 1800.0 (Rs Cr) in FY26.^[1][2]

Business formats

Spencer's standalone revenue was ₹379.5 Cr in Q4 FY26 vs ₹351.1 Cr in Q4 FY25 (+8.1% YoY), its first growth in many quarters.^[3]
Spencer's revenue grew 18% YoY and 8% QoQ in Q1 FY27, with offline up 14%.^[4]
Natures Basket revenue was ₹59 Cr in Q1 FY27 vs ₹69 Cr in Q1 FY26 (-13.5% YoY); FY26 revenue was ₹272.2 Cr vs ₹293.6 Cr in FY25.^[4][3]
Online business JIFFY (under ORIPL) reached ₹200 Cr in FY26, up 37% YoY.^[3]

Products and brands

Natures Basket private labels include L'Exclusif, Healthy Alternatives and Nature's.^[1]
Spencer's paid membership (₹500/year, launched July 2025) moved to a 3-tier structure in Q1 FY27, adding higher tiers with more free online deliveries and higher cashback.^[4][3]
Natures Basket's Elysium paid membership had ~9,000 members in FY26, up from 6,500 in Q2 FY26.^[3][5]

Store network

Spencer's had 89 stores and Natures Basket 31 stores in Q1 FY27; Spencer's had 90 stores in Q2 FY26 vs 98 in Q2 FY25.^[4][5]
The group had a 121-store, 8.91 lakh sq ft footprint in Q3 FY26.^[6]
49 stores were exited in H2 FY25 as the company left regions in the North and South.^[3]
Spencer's core markets are Eastern India and Uttar Pradesh; Natures Basket serves premium consumers in key metropolitan markets.^[1]

Key operating numbers

Spencer's sales per sq ft was ₹1,850 in Q1 FY27, a level usually seen only in festive quarters; it was ~₹1,700/month in FY26 vs ~₹1,400/month in FY25.^[4][3]
Spencer's same-store sales growth was ~4% in H2 FY26.^[3]
Spencer's gross margin was 18.2% in Q1 FY27 (-92 bps YoY); it was 19.0% in FY26 (+96 bps YoY).^[4][3]
Natures Basket gross margin was 27.4% in Q1 FY27 (-80 bps YoY) and 26.8% in FY26 (-88 bps YoY).^[4][3]
Consolidated gross margin was 20.5% in FY26, up 92 bps YoY.^[3]
Management said about 70% of Q1 FY27 growth came from a higher number of bills rather than pricing.^[4]

Online and omni-channel

JIFFY fulfilled 26 lakh+ orders with ₹197 crore of online GMV in FY26, with a 25.23% app conversion rate.^[1]
JIFFY GMV was ₹59 Cr in Q1 FY27, up 46.8% YoY; average basket value was ₹780+ and repeat rate 67%.^[4]
JIFFY contribution per order was +₹18 in Q1 FY27 vs -₹18 in Q1 FY26.^[4]
JIFFY uses existing stores plus a dedicated dark store, and operates in Kolkata, Durgapur, Siliguri, Howrah, Haldia, Purulia, Kharagpur, Varanasi, Lucknow and Gorakhpur.^[1]
Out-of-store sales (e-commerce plus phone delivery) were 16-17% of Spencer's revenue in Q3 FY26, against a 20% target.^[6]

Customers and membership

Spencer's membership had 125,000+ members in Q1 FY27 (~25% of active monthly customers), contributing about one-third of monthly sales, up from ~100,000 at FY26 end.^[4][3]
Members' retention is 2x that of non-members and their average monthly spend is 3x, as of Q1 FY27.^[4]
JIFFY reported a customer satisfaction (NPS) score of 90% in FY26 and NPS of 85+ in Q1 FY27.^[1][4]

Plans

Spencer's store expansion is deferred to FY28, with only calibrated relocations and small cluster additions in FY27.^[4]
Natures Basket plans no new stores in FY27; limited capex is for store refurbishments.^[4]
Target is 200,000 Spencer's members shopping at least 5 times a month by FY27, and Spencer's sales per sq ft of ₹2,000/month in the festive quarter.^[4]
Management guided JIFFY growth of ~25% in FY27, and mid-to-high single-digit growth for Spencer's offline.^[4]
An equity raise or recapitalisation is to be evaluated once EBITDA breakeven is shown; no amount or structure was disclosed (Q4 FY26 call).^[3]

Recent developments

Natures Basket appointed Lakshman as CEO, a retail operator with prior experience at Future Group, More and MedPlus (announced on the Q4 FY26 call).^[3]
Natures Basket began a reset in Q1 FY27 focused on inventory availability, fresh categories and range rationalisation.^[4]
A specialist supply chain consultancy was engaged in Q2 FY26 to improve range efficiency and inventory turns.^[5]

Market Cap

₹133 Cr

High / Low

₹54 / 15

Stock P/E

-0.5

Price / Book

-0.1

Book Value

₹-101

EPS

₹-27.7

No. of Shares

9.01 Cr

ROCE

-9.0%

OPM

-4.4%

Sales

₹1,800 Cr

Net Profit

₹-249 Cr

Promoter holding

58.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials