Spencer's Retail Ltd. (IN:SPENCERS)
:SPENCERS
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Spencer's Retail Ltd.
(SPENCERS)
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Rating:46Neutral
Price Target:
₹36.00
▼(-13.09% Downside)
Action:Reiterated
Date:05/23/26
The score is primarily constrained by very weak financial performance (ongoing losses, negative equity with high/rising debt, and a sharp FY2026 cash flow deterioration). Technicals provide only partial support via improved short-term momentum, while valuation remains challenged because losses make the P/E less informative and no dividend yield is available.
Positive Factors
Omnichannel & Category Diversity
A broad omnichannel grocery model selling both fresh and non-food daily-needs products provides structural demand resilience. Multiple fulfillment channels and diverse categories reduce dependence on any single segment, support stable basket spend, and enable cross-selling and supply-chain leverage over months.
Negative Factors
Negative equity & high leverage
Deeply negative shareholders' equity and rising debt create persistent financial vulnerability. Over months, creditor-heavy capitalization limits balance-sheet flexibility, raises refinancing risk, and constrains strategic choices like store investment or marketing unless losses are quickly curtailed or fresh capital is secured.
Read all positive and negative factors
Positive Factors
Negative Factors
Omnichannel & Category Diversity
A broad omnichannel grocery model selling both fresh and non-food daily-needs products provides structural demand resilience. Multiple fulfillment channels and diverse categories reduce dependence on any single segment, support stable basket spend, and enable cross-selling and supply-chain leverage over months.
Read all positive factors
Spencer's Retail Ltd. (SPENCERS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.38B
Dividend YieldN/A
Average Volume (3M)7.14K
Price to Earnings (P/E)―
Beta (1Y)1.90
Revenue Growth-9.78%
EPS Growth-1.22%
CountryIN
Employees3,312
SectorConsumer Cyclical
Sector Strength84
IndustryDepartment Stores
Share Statistics
EPS (TTM)-29.35
Shares Outstanding90,132,010
10 Day Avg. Volume4,598
30 Day Avg. Volume7,140
Financial Highlights & Ratios
PEG Ratio-0.74
Price to Book (P/B)-0.24
Price to Sales (P/S)0.12
P/FCF Ratio-0.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-10.61
Revenue Forecast (FY)₹26.73B
Spencer's Retail Ltd. Business Overview & Revenue Model
Company Description
Kolkata, India-based Spencer's Retail Limited, founded in 1863, is a key participant in India's organized retail sector. The company, along with its associated entities, is engaged in establishing, managing, investing in, and promoting retail busi...
How the Company Makes Money
Spencer’s primarily makes money by purchasing consumer goods and fresh food from manufacturers, brands, and suppliers, then selling them to end customers through its stores and online channels at a retail markup (net of promotions and taxes). Its ...
Spencer's Retail Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
15
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.63B | 18.00B | 19.95B | 23.45B | 24.53B | 23.00B |
| Gross Profit | 2.52B | 1.41B | 3.90B | 4.27B | 4.50B | 3.62B |
| EBITDA | 355.15M | -106.10M | 602.61M | 139.56M | 361.55M | 1.01B |
| Net Income | -2.65B | -2.49B | -2.46B | -2.66B | -2.10B | -1.21B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 13.96B | 13.10B | 16.96B | 16.29B | 15.65B |
| Cash, Cash Equivalents and Short-Term Investments | 257.81M | 514.49M | 284.58M | 314.58M | 333.78M | 388.58M |
| Total Debt | 0.00 | 19.19B | 15.71B | 16.22B | 13.41B | 10.69B |
| Total Liabilities | 6.62B | 23.09B | 19.71B | 21.12B | 17.80B | 15.03B |
| Stockholders Equity | -6.62B | -9.13B | -6.62B | -4.16B | -1.50B | 618.57M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -2.33B | 154.16M | -5.48M | 5.96M | 298.31M |
| Operating Cash Flow | 0.00 | -2.24B | 374.14M | 350.83M | 267.40M | 546.02M |
| Investing Cash Flow | 0.00 | -84.15M | -202.40M | 112.55M | -256.10M | -401.61M |
| Financing Cash Flow | 0.00 | 2.56B | -269.41M | -280.47M | -48.14M | -544.96M |
Spencer's Retail Ltd. Technical Analysis
Positive
41.42
Price Trends
35.84
Positive
34.23
Positive
41.53
Negative
Market Momentum
0.31
Negative
53.74
Neutral
82.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SPENCERS, the sentiment is Positive. The current price of 41.42 is above the 20-day moving average (MA) of 36.51, above the 50-day MA of 35.84, and below the 200-day MA of 41.53, indicating a neutral trend. The MACD of 0.31 indicates Negative momentum. The RSI at 53.74 is Neutral, neither overbought nor oversold. The STOCH value of 82.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SPENCERS.
Spencer's Retail Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹62.02B | 4.77 | ― | ― | 16.46% | 2726.00% | |
65 Neutral | ₹555.79B | 65.69 | ― | ― | 20.44% | 28.72% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | ₹39.41B | -108.51 | ― | ― | 8.98% | -431.59% | |
48 Neutral | ₹589.27M | 3.23 | ― | ― | 1.66% | -37.91% | |
46 Neutral | ₹3.38B | -1.36 | ― | ― | -9.78% | -1.22% |
* Consumer Cyclical Sector Average
IN:SPENCERS
Spencer's Retail Ltd.
37.55
-23.43
-38.42%
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Spencer's Retail Ltd. Corporate Events
Spencer’s Retail Publishes Postal Ballot E-Voting Results for Special Resolution
Mar 14, 2026
Spencer’s Retail Limited has disclosed the results of a special resolution conducted via postal ballot through remote e-voting, in compliance with Regulation 44 of SEBI’s Listing Obligations and Disclosure Requirements. The company has...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.