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Safari's Q2FY26 performance was in-line with expectations. Sales grew 17% YoY to Rs5.3bn, driven by strong volume growth (up 17% YoY), while realizations remained flat YoY signaling continued price competition. Gross margin expanded by 322bps YoY to 47.1%, aided by softening in polycarbonate prices and backward integration. EBITDA grew by 55% YoY to Rs740mn, with EBITDA margin expanding by 342bps YoY to 13.9%, supported higher gross margins. PAT increased by 58% YoY to Rs469mn, supported by lower finance cost (down 13% YoY). We expect revenue/EBITDA/PAT to grow at a CAGR of 14%/26%/29% over...
Go Fashion reported a broadly stable performance for Q2FY26 with an improved channel mix, supported by stronger LFS traction (26.8% vs. 23.5% YoY) and steady EBO momentum.
Go Fashion reported yet another muted quarter with revenue growth of 7%. A strong pickup in LFS (up 18% YoY) was offset by persistent weakness in same-store sales (-4%).
About the stock: Arvind Fashions Ltd. (AFL) is a multi-brand apparel company. The company operates high value global brands such as US Polo, Tommy Hilfiger, Arrow and Calvin Klein under license agreement while it has its own in-house leading denim brand Flying Machine. The company operates through 998 Retail...
Company is a direct-to-consumer company that designs and sells a wide range of eyewear products under company's own brands and subbrands. Company design its eyeglasses, both frames and lenses, supported by its 109-member design and merchandising team, as of June 30, 2025. Company offer products across a wide range of price points and age categories, catering to the requirements of an entire household. During the three months ended June 30, 2025 and the Financial Year 2025, company...
Its key strategies have been enhancement in customer engagement with innovative designs, expanding stores, and introducing products like "Phonic." They have also optimized operations via centralized...
Lenskart Solutions Ltd. (Lenskart) is a tech-driven & integrated eyewear company primarily selling prescription eyeglasses, sunglasses and other products such as contact lenses and eyewear accessories. The company sells its products in India (largest market) and has recently expanded into select international markets like Japan, Southeast Asia and the Middle East. Lenskart designs and sells a wide range of eyewear products under multiple owned in-house brands and sub-brands. As of Jun'25, the company operated a total of 2,806 stores (2,137 stores in India and 669...
A new journey towards profitable and high return growth path: AFL transformed its business into a profitable and efficient business model by rationalising its product portfolio to 5 marque brands, increased focus on scaling up direct-to-consumer sales and strengthening balance sheet by better working capital management and reduction in debt through improved cash flows in last five years. Change in business model aided the company to get back into high single to low double digit like-to-like growth (~6-11% in last three quarters); consistent improvement in the EBIDTA margins (260bps improvement over FY23-25) and strong improvement in the return...
Consumption Boost / Discretionary Spending Upside: Sai Silk (Kalamandir) is well positioned to benefit from the upcoming festival and wedding season, which is expected to drive strong demand for ethnic wear across its stores.
VIP's Q1FY26 performance was below our expectations on all fronts. Revenue declined 12% YoY to Rs5.6bn, due to 8% YoY drop in volumes and 4% YoY decrease in NSR. This is due to sudden drop in secondary sales in E-com and intense price competition. Gross margin expanded by 69bps YoY to 45.0%. Despite this, EBITDA margins contracted 330bps YoY to 4.4%, dragged by inventory provision of Rs 150mn for slow moving SL. Adj. net loss stood at Rs150mn. Management refrained from articulating a forward strategy, citing the ongoing promoter-level exchange control situation as a limiting factor during this transition phase. We cut our FY26...
Safari's Q1FY26 performance exceeded our expectations. Sales grew 17% YoY to Rs5.3bn, driven by strong volume growth (up 17% YoY), while realizations remained flat YoY - indicating easing price competition. As a result, gross margin expanded by 128bps YoY to 45.8% but declined 344bps QoQ on higher share of low margin products. EBITDA grew by 20% YoY to Rs793mn, with EBITDA margin expanding by 38bps YoY to 15.0%, supported by higher gross margins despite higher A&P spends (7% vs. 5.5% in Q1FY24). PAT increased by 14% YoY to Rs505mn. We expect revenue/EBITDA/PAT to grow at a CAGR of 14%/26%/29%...
SII IN reported better than expected results with revenue/EBITDA beat of 3.8%/8.3% respectively. After multiple quarters, volume growth was at par with value growth indicating price wars have stabilized. We expect irrational pricing environment to end soon amid change of guard at top-level within peer set. This is expected to bode well for SII IN as price support to e-com channel partners would come down and tangible benefits of margin expansion resulting from improving utilization at Jaipur would be visible. Additional margin kicker...
Go Fashion (India) Ltd (GOCOLORS) reported a muted start to FY26, with revenue growing modestly at 1% YoY, impacted by a 2% SSSG decline driven by weak footfalls, supply chain disruptions due to Bangladesh import restrictions, and a 13% YoY revenue drop in the LFS channel amid partner-related challenges.
