Speciality Retail industry
26 companies · ₹3.3 L cr · 12 with AI deep dives · Q1FY27 report
Revenue recovery broadens to 10 of 11 names, but 4-10% RM inflation building into H2 tests the margin upturn
- Revenue YoY
- +18.6%
- EBITDA margin
- 15.7%
- +90bps YoY
- Price, 1 year
- -20.6%
- 30% of names up
- P/E vs own 5y
- -17.3%
- 53.6x now
Exhibit 1The quarter in numbers
constant panel of 9 companies above ₹500 cr- Jun 26
- 12,634 cr
- Mar 26
- 11,285 cr
- QoQ
- +12.0%
- Jun 25
- 10,656 cr
- YoY
- +18.6%
- Peak
- 12,850 cr
- vs peak
- -1.7%
- Jun 26
- 15.7%
- Mar 26
- 16.0%
- QoQ
- -30bps
- Jun 25
- 14.8%
- YoY
- +90bps
- Peak
- 18.3%
- vs peak
- -260bps
Breadth: 91% of 11 companies grew revenue year on year (was 89% a quarter earlier) and 55% expanded margin (was 33%).
Exhibit 2What it costs
35.27x - 61.33x across the panel todayThe median name trades at 53.6x, -17.3% against this industry's own 5-year median of 64.8x, and -37.7% against its own peak of 86.0x.
Exhibit 3Structure
₹3.3 L crTrent Ltd is 46% of this industry by market cap. The top 5 are 90.5% and the top 10 are 98.4%.
Exhibit 4Screen
P/E below the sub-industry median of 53.59x, 5y ROCE above its median of 13.57%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 28)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹10,204 cr
- P/E
- 58.5x
- EV/EBITDA
- 8.0x
- ROCE
- 13.2%
- Margin
- 16.3%
- Rev YoY
- +11.1%
- Mcap
- ₹6,155 cr
- P/E
- -
- EV/EBITDA
- 8.5x
- ROCE
- -3.3%
- Margin
- 10.9%
- Rev YoY
- +10.6%
- Mcap
- ₹464 cr
- P/E
- 21.5x
- EV/EBITDA
- 16.7x
- ROCE
- 14.3%
- Margin
- 4.8%
- Rev YoY
- +70.4%
- Mcap
- ₹360 cr
- P/E
- 72.7x
- EV/EBITDA
- 18.5x
- ROCE
- 5.3%
- Margin
- 2.3%
- Rev YoY
- -78.7%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Fabric, yarn, logistics, and wage costs are rising 4-10% across the sector, driven by geopolitical conflict affecting energy and supply chains. V2Retail estimates 4-5% garment…
- V2RETAIL: “We'll start seeing that impact from the third quarter onwards, and it will be an increase…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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