The call ran from 10:00 AM to 10:24 AM IST (25 min).

Key takeaways

Q2 revenue fell 3.5% to ₹474 Cr on the Big Billion Days shift, but margins and profit improved sharply (EBITDA margin 18.9%, PAT +27.3%). Management gave no quantified outlook for Q3 or H2.

Highlights
Revenue growth	Q2 revenue ₹474 Cr, down 3.5% YoY; festive timing shift.
Margins	Gross margin 45.4%; EBITDA margin 18.9%, up 204 bps.
Demand visibility	October demand 'back'; no quantified H2 demand outlook.
Management confidence	Balanced-optimistic; 'on track' but no numbers offered.

Growth

Revenue down 3.5% YoY; gross margin 45.4%, EBITDA +8.2%, PAT +27.3%. Profit growth is margin-led, not volume-led.

Outlook

No quantified guidance. Management 'hoping to have a bumper Q3'. H1 revenue ₹955 Cr, broadly stable.

Risks

Top-line decline; evasive on growth trajectory ('not running after particular number'); Diwali-shift lean period; e-commerce margin discipline.

Last quarter's promises, checked

Delivered

Aim: EBITDA margin up YoY → 18.9%, +204 bps YoY (= BEAT)

Partly delivered

Guided 150 stores by FYE → H1 adds 33+49=82 (~55%) (= PARTIAL)

Missed

Guided EBITDA margin stable ~20% → Q2 18.9%, down from Q1 20.4% (= MISS)
Guided growth 'same stride' (Q1 +3.7% YoY) → Q2 revenue -3.5% YoY (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 12 Nov 2026, 4:59 PM IST. Open it on ALFA Filings ›