ABLBL reported a modest 4% YoY revenue growth (vs. 11% for Arvind Fashion) in 2QFY26, as strong 12% LTL retail growth was offset by the adverse impact from recent store rationalization and GST-related transition on wholesale primary sales.

Vedant Fashion’s (VFL) 2Q performance was impacted by GST-linked dispatch disruptions, creating a ~6% delta between primary and secondary sales. However, the company has been struggling to revive growth sustainably, with its 1HFY26 revenue tracking 5% below 1HFY23 levels.

Aditya Birla Lifestyle Brands (ABLBL) will be listed on 23rd Jun’25. ABLBL was demerged from Aditya Birla Fashion and Retail (ABFRL) in May’25 and comprises four industry-leading lifestyle brands (Louis Philippe, Van Heusen, Allen Solly and Peter England) and emerging brands such as Van Heusen Innerwear, Reebok and American Eagle.

Vedant Fashions (VFL) reported a muted performance in 3QFY25, with YoY flat EBITDA and PAT (11-12% miss) due to weak SSSG (2.6%) and higher other expenses.

Vedant Fashions (VFL) delivered good quarter with revenue/PAT rising 23%/37% YoY (10%/21% beat) driven by strong SSS growth of 17% YoY, lower base (-12% YoY in 2QFY24), and a favorable shift in festive dates.

2QFY24 result was weak, impacted by higher base, shift in festivals to 3Q and lower number of wedding days due to Adhika-masa (18th July to 16th Aug – once in a 3-year event). As per dhrik-panchang, there were no wedding days in 2QFY24 vs 6 in 2QFY23.

Landmark Cars’ (LMC) Q1FY24 EBITDA margin at 6.4% was down 70bps QoQ (I-Sec estimate: 7.3%). Margin weakness was due to lower scale with new car volumes down 30% YoY/23% QoQ at ~3.8k, led by limited supplies from key OEMs on account of BS6 phase 2 transition.

Result was weak, impacted by significantly lower number of wedding days. Steep decline in SSSG (-22% YoY) compared to 22% higher retail area is concerning. This is the steepest decline in SSSG compared to other retail companies that have reported 1Q results so far.

We initiate coverage on Landmark Cars (LMC) with an ADD rating and DCF-based target price of Rs766, implying multiple of 18x FY25E earnings. We believe, LMC is a direct beneficiary of the ongoing car premiumisation in India, which has resulted in a rising proportion of UVs and 10%+ CAGR in car ASP during FY21-FY23.