Shoppers Stop Share Price Slides After Sharp Profit Drop in Q3 FY26

Shoppers Stop share price came under strong selling pressure in early trade on Wednesday following the release of its December quarter (Q3 FY26) results after market hours on Tuesday. 

The stock fell as much as 12.38% to hit an intraday low of ₹319.30 on the NSE. Although it recovered part of the losses later, it was still trading lower at ₹341.45, down 6.31 per cent during the session.

Shoppers Stop Reports Nearly 70% Drop in Net Profit 

The sharp fall in the share price came after the retailer reported a steep 69.13 per cent decline in consolidated net profit for the December quarter. Net profit stood at ₹16.12 crore, compared with ₹52.23 crore in the same period last year. The company attributed the weak performance to a shift in the festive calendar and uneven consumption trends during the quarter.

Revenue from operations, however, showed marginal growth. It rose 2.63 per cent year-on-year to ₹1,415.82 crore in Q3 FY26, compared with ₹1,379.47 crore in the year-ago quarter. While revenues improved slightly, higher costs and softer demand weighed on profitability.

Impact of Demand Trends and Operating Costs

Total expenses for the quarter increased by 5.5% year-on-year to ₹1,402.39 crore. Rising costs further pressured margins, even as total income, including other income, rose 2.7% to ₹1,439.77 crore. 

Shoppers Stop highlighted that overall sales during the quarter remained flat. Factors such as changes in festival timings, uneven discretionary spending and elevated pollution levels in northern India affected consumer footfall and buying behaviour. These challenges limited the company’s ability to convert sales growth into stronger earnings.

Premium Segment Offers Some Support

Amid the broader slowdown, the company’s premium portfolio continued to perform relatively better. Premium brands accounted for 69 per cent of total sales and recorded a year-on-year growth of 6 per cent. In contrast, core business sales remained flat at ₹1,516 crore, reflecting subdued demand in the mass and mid-premium segments.

The focus on premiumisation has been a key part of Shoppers Stop’s strategy, aimed at improving product mix and attracting higher-spending customers over the long term.

Store Expansion Continues

Despite near-term challenges, Shoppers Stop continued to expand its physical presence during the quarter. In Q3 FY26, the company opened three department stores, three INTUNE stores and one HomeStop store, signalling its intent to invest in growth and strengthen its retail network.

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Conclusion

Shoppers Stop’s Q3 FY26 results highlight the pressure facing discretionary retail amid changing consumption patterns and rising costs. While the sharp drop in profit has weighed heavily on the stock, steady revenue growth, a strong premium portfolio and ongoing store expansion suggest the company remains focused on long-term positioning. Investor sentiment is likely to stay cautious in the near term as markets assess demand recovery and margin trends.

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