Speciality Retail industry

29 companies · ₹3.2 L cr · 17 with AI deep dives · Q2FY27 report

Store expansion carries growth as like-for-likes split, and a 3-10% input-cost wave hits H2 margins

Turning upmargin troughed at 13.6% and has risen for 7 quarters to 15.7%, on positive revenue growth

Revenue YoY: +18.6%
EBITDA margin: 15.7%; +90bps YoY
Price, 1 year: -29.6%; 20% of names up
P/E vs own 5y: -27.3%; 44.8x now

Exhibit 1The quarter in numbers

constant panel of 9 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	12,634 cr	11,285 cr	+12.0%	10,656 cr	+18.6%	12,850 cr	-1.7%
EBITDA margin	15.7%	16.0%	-30bps	14.8%	+90bps	18.3%	-260bps

Revenue

Jun 26: 12,634 cr

Exhibit 4Screen

P/E below the sub-industry median of 44.77x, 5y ROCE above its median of 13.42%, 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.

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Exhibit 5Coverage (25 of 29)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Trent Ltd	₹1.5 L cr	81.5x	39.3x	30.2%	18.3%	+17.8%	Unlock
Lenskart Solutions Ltd	₹1.1 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindInput-cost inflation of 3-10% builds into H2 FY27, driven by West Asia7 managements

Seven managements flagged rising costs for yarn, fabric, logistics or dyeing. ABLBL expects 3-4% between Q2 and Q3. V2 Retail expects garment costs to rise 4-5% from Q3. ABFRL…

ABLBL (Q1FY27): “For the second half of the year, and particularly between Q2 and Q3, we expect between 3%…”

mixed9 managements tailwind7 managements

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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AppendixThe other 4 companies

1-4

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Cell Point (India) Ltd	₹30 cr	-	9.9x	5.5%	2.8%	+11.6%	Unlock