New Research Reports

V-Mart Retail’s (VMART) delivered 22% YoY revenue growth, on the back of 11% blended SSSG, partly boosted by the early festive season.

concepts. Its primary customer propositions include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive...

With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.

Trent’s revenue growth continued to decelerate in 2QFY26 (+17% YoY), as ~43% YoY area addition growth was offset by sharp ~17% YoY decline in revenue per square foot, indicating store-level sales cannibalization.

With a 7% upside from the CMP, we maintain our HOLD rating.

Aditya Birla Fashion and Retail (ABFRL) reported a weak 2Q as higher A&P spends (up 200bp YoY) and losses in TMRW led to a 14% decline in reported EBITDA (37% miss). Pre-Ind AS EBITDA for 1HFY26 declined ~12% YoY.

Shoppers Stop’s (SHOP) revenue growth accelerated to 10% YoY in 2QFY26 (vs. +6% YoY in 1Q), led by a 10-year high LFL of ~9.4% in departmental stores and ~70% YoY growth in INTUNE (driven primarily by store additions).

With a 15% upside from the CMP, we maintain a BUY rating on the stock

Dmart’s Q2FY26 results were in line and soft. Standalone Rev/GP/EBITDA/APAT came in at 15.4/15.9/11.3/5.1% YoY. We believe Rev was impacted by monsoons, store cannibalization, shift to Qcom and price deflation.

Capitalizing on India's Apparel Revolution Growth, Expansion, and Profitability Unleashed

We interacted with the management of Aditya Birla Fashion and Retail (ABFRL) to discuss the growth prospects and profitability outlook for the company’s various segments and other focus areas.

We recommend a BUY rating on the stock with a TP of Rs 845/share, implying an upside of 10% from the CMP.

Company is primarily engaged as a retail supermarket chain operating in tier-III cities and nearby suburban areas, with focus on value retail, offering food, non-food (FMCG), general merchandise and apparel catering to the needs of the entire family. Incorporated in Fiscal 2008, Company started its first store under the brand Patel's R Mart at Ambernath, Maharashtra and since, its operations are spread across the suburban area of Thane and Raigad district in Maharashtra. As...

With a 0% upside from the CMP, we maintain our HOLD rating.

Aditya Birla Fashion and Retail (ABFRL) delivered a better-thanexpected operational performance in 1QFY26, with revenue growth of 9% YoY (strong performance in Ethnics and TMRW) and EBITDA growth of 25% YoY (~22% beat,) driven by 16-24pp improvement in profitability for Ethnics and Luxury Retail.

IPO NOTE

Patel Retail Ltd. is a value-focused retail supermarket chain operating in tierIII cities and suburban areas of Maharashtra, primarily in Thane and Raigad districts. Since its inception in 2008 with the first store in Ambernath, the company has grown to 43 stores with a retail area of ~1.79 lakh sq. ft. as of May 31, 2025. It offers over 10,000 SKUs across 38 product categories, including food, FMCG, apparel, and general merchandise. To boost margins and brand visibility, it has launched private labels like Patel Fresh (pulses, instant mixes), Indian Chaska (spices, ghee, papad), Blue Nation (menswear), and Patel Essentials (home products), processed and packed at its Ambernath...

Trent Ltd is a leading Indian retail company that operates stores under the Westside, Zudio and Star Bazaar brands, specialising in apparel, footwear, accessories, toys, games and other lifestyle products....

Trent’s Q1FY26 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to low-single digits versus mid-single digits in Q4FY25.