Aditya Birla Fashion and Retail Limited (ABFRL) share price
₹52.97 on NSE as of 2026-09-04. +5.08% on the day. market cap ₹6,465 Cr. 52-week range ₹50.41 to ₹93.48. Consumer Services.
What the company does
ABFRL is a result of the consolidation/merger of the branded apparel business of the Aditya Birla Group. ABFRL has three divisions at present —Madura Fashion and Lifestyle (Madura), Pantaloons and the ethnic segment. Madura is the largest branded men’s wear player in India. It has three segments—Lifestyle Brands, Fast Fashion and Other Businesses. The Lifestyle Brands segment, which is the main business of Madura, houses India’s leading premium apparel brands like Louis Philippe, Van Heusen, Allen Solly and Peter England. The Fast Fashion segment comprises the Forever 21 (which was acquired in July 2016) and American Eagle brands. The Madura division also includes other fashion formats like The Collective, other mono brands, Van Heusen’s range of innerwear an d athleisure and the recently acquired Reebok business. The Pantaloons format operates in the lifestyle retail segment across varied categories like casual wear, ethnic wear, formal wear, party wear and sportswear for men, women and children. It is one of the leading value fashion retailers in India. The company has forayed into the premium and the luxury ethnic wear segment during the last three years. The premium segment journey began with Jaypore in 2019, which is an artisanal brand, and subsequent addition of Shantanu & Nikhil. In FY2021, the company expanded its luxury play with addition of Saby asachi and Tarun Tahil
Filed by ICRA, page 5.
Aditya Birla Fashion & Retail Q1 FY27: Revenue ₹2,026 Cr, 45+ New Stores, and an EBITDA Line That Went Backwards While Sales Went Up
At a glance
Revenue for the June 2026 quarter came in at ₹2,026 Cr, up 11% on ₹1,831 Cr a year earlier. EBITDA, per the company's own presentation, went the other way: ₹167 Cr against ₹169 Cr, with margin at 8.2% versus 9.3%. Management attributes the margin move to lower treasury income and continued investment in scaling newer businesses, and stated that excluding treasury income, EBITDA increased year on year — a sentence that has quietly done a lot of heavy lifting in Indian earnings calls since roughly forever.
Net loss was ₹249 Cr, against ₹234 Cr in the year-ago quarter. Management attributes the widening to higher Ind AS depreciation and finance costs associated with new store openings — which is the retail business model stated as arithmetic: open a store, book the lease, watch depreciation walk in the door before the customer does.
The network now stands at 1,286 stores across roughly 7.9 million square feet, with 45+ stores added in the quarter. Segment-wise, Pantaloons grew 10% to ₹1,204 Cr, Ethnic grew 4% to ₹454 Cr, TMRW grew 11% to ₹220 Cr, and Others grew 30% to ₹157 Cr. Management described the demand environment as "broadly stable," noted May was better and June softened ahead of the market-wide end-of-season sale, and said Adhik Maas impacted the peak wedding season — a quarter where the Hindu calendar itself gets a line in the segmental commentary.
FY26 closed with revenue of ₹8,176 Cr and a net loss of ₹830 Cr. The quarter's other moving parts sit in the filings.
Introduction
ABFRL exists because in 2015 the Aditya Birla Group took its branded apparel businesses — ABNL's Madura Fashion division plus subsidiaries Pantaloons Fashion and Retail and Madura Fashion & Lifestyle — and folded them into one entity. Pantaloons Fashion and Retail was subsequently renamed ABFRL, which is the corporate equivalent of the smaller sibling being handed the family surname and the family furniture on the same afternoon.
The parent is a US$48.3 billion multinational with over 120,000 employees across 34 countries and 42 nationalities, which is a scale at which the fashion business is a division rather than a destiny.
Then, in May 2025, the company did the opposite of 2015: it completed the demerger of the Madura Fashion & Lifestyle business into Aditya Birla Lifestyle Brands Limited, creating two separately listed entities. The ten-year arc, then, runs assemble-then-disassemble, and the P&L records it plainly — sales of ₹12,418 Cr in FY23 become ₹6,441 Cr in FY24, not because a business fell off a cliff but because a business left the building.
The consolidation habit did not end there, only miniaturised. In February 2026 the board approved the amalgamation of wholly owned subsidiaries Jaypore E-Commerce and TG Apparel & Decor into the company; the NCLT pronounced its order on July 2, 2026, with an appointed date of April 1, 2026 and an effective date of August 1, 2026. Per the auditor's note, comparatives for the June 2025 quarter and FY26 have been restated accordingly. In May 2026 the company paid ₹175 crore for 3.65 crore shares of Indivinity Clothing Retail, taking its stake to 89.29% from 85.54%. In August 2026, step-down subsidiary stake in Pratyaya E-Commerce went to 93.79%.
Meanwhile the org chart kept a busy diary: per the March 2026 disclosures, Suraj Bahirwani was appointed Pantaloons CEO-designate from April 1 and CEO from October 1, Marco Agnolin CEO of OWND! from April 6, and Nikhil Modha CFO-designate from April 1. Per the January 2026 disclosure, Anant Kumar Daga resigned as CEO–TCNS effective April 30, 2026, with Sooraj Bhat taking over as CEO–Ethnic Business and TCNS from May 1. Per the June 2026 disclosure, Sangeeta Tanwani stepped down on July 31, 2026 and became a non-executive director.
Business model
They sell clothes. The complication is that "clothes" here spans a ₹1,204 Cr department-store chain and a Sabyasachi lehenga, and the same holding company owns both.
**Pantaloons** is the engine: 399 stores across 5.8 Mn sq ft as of FY26, versus 405 stores across 5.7 Mn sq ft in FY25 — six fewer stores holding more floor, which is store optimisation stated in square feet. Category mix in Q1 FY27 ran Men 34%, Women's Western 22%, Kids 17%, Women's Ethnic 16%, Non-Apparel 11%. Ownership mix: own brands 64%, ABFRL + ABLBL brands 11%, others 25%. Per CRISIL, Pantaloons retails over 200 brands of which it owns or licenses over 27 — a department store that is also, quietly, a brand incubator with a landlord's business card.
**Ethnic** is the acquisition scrapbook: Jaypore, Tasva, and the TCNS stable of W, Aurelia, Wishful, Elleven and Folksong, plus designer partnerships with Tarun Tahiliani, Sabyasachi, Shantanu & Nikhil and House of Masaba. Per CRISIL, this was assembled through a 51% stake in Sabyasachi Calcutta LLP for ₹440.84 crore, 51% of Tarun Tahiliani's luxury couture business for ₹194.6 crore, and stakes in House of Masaba, Indivinity, TCNS and Goodview Fashion. The portfolio is described in the presentation as 2,200 Cr+ annual revenue across 670+ stores.
**Others** is where the fun is filed. OWND, a youth-focused value format aimed at Gen Z, now sits at 88 stores. The Collective is the multi-brand luxury platform carrying Ralph Lauren, Ted Baker and Fred Perry. Galeries Lafayette — the Paris department store — arrived in Mumbai via partnership. And **TMRW** is the digital-first brand house, which per CRISIL includes Bewakoof, plus a 35.3% associate stake in Wrogn built across three separate purchases at ₹125 crore, ₹75 crore and ₹6.57 crore.
Behind all of it: 10 factories, 3 sampling units and 9 warehouses. The full network as of FY26 was 1,273 stores — 478 mass and value retail, 685 ethnic, 60 TMRW, 50 luxury — meaning the ethnic wear operation alone runs more storefronts than the flagship department chain, at roughly a third of the segment revenue per store.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aditya Birla Fashion and Retail Limited.
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