Spencer's Retail Limited announced its investor update for the quarter and nine months ended December 31, 2025. The company reported consolidated revenue from operations of ₹502.9 crore for Q3 FY26, marking a 13.0% increase quarter-on-quarter (QoQ) from ₹445.1 crore in Q2 FY26, but a 2.7% decrease year-on-year (YoY) from ₹517.0 crore in Q3 FY25. This YoY decline was attributed to the festive season being split between September and October. Consolidated EBITDA stood at ₹8.0 crore for Q3 FY26, a significant increase from ₹0.2 crore in Q2 FY26, but down from ₹15.0 crore in Q3 FY25. The company noted that net of a one-time expense of ₹4 crore on account of the new Labour Code, EBITDA would be flat compared to Q3 FY25. Consolidated Profit Before Tax (PBT) was ₹-58.4 crore, compared to ₹-64.0 crore in Q2 FY26 and ₹-47.4 crore in Q3 FY25. For Spencer's Retail standalone operations, revenue from operations was ₹421 crore in Q3 FY26, up 11.8% QoQ from ₹376.3 crore in Q2 FY26, and down 2.4% YoY from ₹431.0 crore in Q3 FY25. Gross margins improved to 20.0% from 19.6% in Q2 FY26 and 19.7% in Q3 FY25. Standalone EBITDA was ₹15.4 crore, a QoQ increase from ₹12.7 crore, but lower than ₹17.5 crore in Q3 FY25. The company highlighted that net of exceptional costs due to the new labour code, there was an EBITDA improvement compared to the previous year. Natures Basket Limited (NBL) reported Q3 FY26 revenue of ₹81 crore, up 19% QoQ from ₹68 crore in Q2 FY26, but down 6% YoY from ₹86 crore in Q3 FY25. Margins at NBL decreased by 170 bps to 25.9% from 27.6% in Q2 FY26 and 28.9% in Q3 FY25. EBITDA for NBL improved QoQ to ₹1.2 crore from ₹-0.6 crore in Q2 FY26, and also improved YoY from ₹0.4 crore in Q3 FY25. The company also highlighted various business and marketing initiatives during the quarter, including festive campaigns, store anniversary events, new app launches, and collaborations.
