Aditya Birla Fashion and Retail financials: balance sheet, profit and loss, cash flow

NSE: ABFRLBSE: 535755RetailingSmall Cap

Aditya Birla Fashion and Retail Limited · Formerly Pantaloons Fashion & Retail · Face value ₹10 · Listed Jul 2013

₹40.14₹0.30 (0.75%)BSE ₹40.22

Share price at the NSE close on 29 Oct 2026. Previous close ₹39.84.

29 Oct: open ₹39.79, high ₹40.46, low ₹39.37

52-week range of traded prices to 29 Oct 2026

₹39.12Low, 26 Oct 2026₹86.11High, 4 Nov 2025

Market cap: ₹4,899 Cr631st largest listed
P/E: Lossover the last 12 months
P/B: 0.84
Dividend yield: Nonein the last 12 months
ROE: −12.3%
ROCE: −8.8%
Debt to equity: 0.27
Volume, NSE: 26,38,73947.0% delivered

Aditya Birla Fashion and Retail's financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Aditya Birla Fashion and Retail annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 6 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 49.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company's revenue for that year, ₹5,609 Cr, differs from its quarters added, ₹11,364 Cr; the company reports the part of the business demerged on 22 May 2025 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue5,906
Materials and goods−2,802
Employee costs−798
Other expenses−1,576
Operating profit729
Depreciation−1,041
Other income+216
One-off items−30
Finance costs−334
Profit before tax−459
Tax+108
Net profit−351

What the company owns

Plant, investments and other assets₹11,464 Cr
Inventory₹1,932 Cr
Current investments₹696 Cr
Cash and bank₹448 Cr
Receivables₹167 Cr

What pays for it: net worth and liabilities

Net worth₹7,970 Cr
Other liabilities₹4,139 Cr
Owed to suppliers₹1,849 Cr
Borrowings₹748 Cr

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Aditya Birla Fashion and Retail quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026Filed 25 May	Jun 2026Twelve monthsFiled 8 Aug
Revenue from operations	6,633	7,181	8,118	8,743	5,181	7,824	11,737	12,351	5,609	5,906	6,071
	6,195	6,713	7,564	7,517	4,587	6,745	10,142	10,695	4,849	5,177	5,365
Materials and goods bought	3,009	3,390	3,925	4,206	2,538	3,656	5,409	5,748	2,642	2,802	2,887
Employee costs	–	–	913	1,058	824	1,043	1,338	1,366	748	798	842
Other expenses	–	–	2,726	2,253	1,225	2,045	3,395	3,582	1,459	1,576	1,636
Operating profit before depreciation	437	468	554	1,225	594	1,079	1,595	1,656	760	729	706
Operating margin	6.6%	6.5%	6.8%	14.0%	11.5%	13.8%	13.6%	13.4%	13.5%	12.4%	11.6%
Materials, % of revenue	–	–	48.4%	48.1%	49.0%	46.7%	46.1%	46.5%	47.1%	47.4%	47.6%
Employee costs, % of revenue	–	–	11.2%	12.1%	15.9%	13.3%	11.4%	11.1%	13.3%	13.5%	13.9%
Other expenses, % of revenue	–	–	33.6%	25.8%	23.6%	26.1%	28.9%	29.0%	26.0%	26.7%	26.9%
Depreciation and amortisation	242	281	282	877	945	947	1,114	1,364	924	1,041	1,065
Operating profit after depreciation	195	188	272	349	−351	133	480	292	−164	−312	−359
Other income	38	33	65	65	73	94	110	214	198	216	191
Finance costs	180	172	187	423	498	340	424	741	447	334	347
Profit before one-off items and tax	54	49	149	−9	−776	−113	166	−235	−413	−429	−515
One-off items	–	–	0	0	0	0	0	0	0	−30	−30
Profit before tax	54	49	149	−9	−776	−113	166	−235	−413	−459	−545
	–	−69	−172	136	−127	−33	34	−57	−109	−108	−147
Current tax	–	–	22	0	0	0	−2	0	0	0	0
Deferred tax	–	–	−194	136	−127	−33	36	−57	−109	−108	−147
Profit from discontinued businesses	–	–	–	–	–	–	–	–	177	–	–
Net profit	54	118	321	−145	−650	−81	133	−178	−128	−351	−398
Other comprehensive income	–	–	−1	5	2	3	2	−1	−2	9	10
Total comprehensive income	–	–	320	−140	−648	−78	134	−179	−129	−342	−388
Net margin	0.8%	1.6%	4.0%	−1.7%	−12.5%	−1.0%	1.1%	−1.4%	–	−6.0%	−6.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026Filed 25 May
	1,429	1,086	2,685	2,882	3,787	5,049	8,298	7,970
Share capital	773	774	915	938	949	1,015	1,220	1,221
Reserves	655	312	1,770	1,944	2,838	4,034	7,078	6,750
	1,198	2,363	802	1,207	2,030	3,708	758	748
Repayable after a year	724	855	802	757	1,415	2,342	744	745
Repayable within a year	474	1,508	0	450	615	1,366	14	3
	4,180	5,677	4,114	5,599	6,543	7,304	2,901	3,163
Trade payables	2,399	2,273	2,334	3,336	3,663	3,563	1,839	1,849
Other financial liabilities	1,135	1,706	1,615	1,221	1,499	1,553	816	1,069
Other liabilities	84	102	80	496	641	637	161	165
Provisions	87	88	85	96	127	186	70	77
	1,013	2,926	2,964	3,120	5,143	6,499	3,083	3,573
Other financial liabilities	81	1,962	2,061	2,261	3,614	4,097	2,277	2,739
Other liabilities	92	12	11	12	20	22	3	2
Provisions	115	97	89	90	94	37	59	86
Total assets	6,621	9,689	9,763	11,601	15,473	18,852	14,281	14,706
	3,252	5,538	6,090	6,584	9,036	11,709	9,349	10,113
Plant in use, after depreciation	636	2,813	2,601	2,848	3,843	4,207	2,691	3,406
Plant being built	22	40	35	61	89	127	150	32
Intangible assets	60	56	45	44	543	606	1,504	1,427
Goodwill	1,860	1,860	1,860	1,860	1,860	1,860	1,995	1,995
Intangible assets being developed	0	4	0	0	57	0	0	0
Investments	4	170	690	835	1,401	3,437	2,327	2,399
Loans given	3	3	3	4	1	0	0	0
Other financial assets	272	299	450	473	824	1,026	548	595
Deferred tax	263	195	321	353	317	374	104	208
Other assets	131	98	87	107	102	72	32	52
	3,369	4,151	3,672	5,017	6,438	7,142	4,932	4,594
Inventories	1,921	2,349	1,743	2,729	3,764	3,626	1,776	1,932
Trade receivables	787	840	722	754	835	880	148	167
Cash and cash equivalents	57	265	164	108	642	304	734	48
Other bank balances	0	0	0	0	1	0	0	400
Current investments	0	0	300	537	150	824	1,439	696
Loans given	5	7	6	7	26	265	216	470
Other financial assets	214	298	354	169	857	238	105	127
Other assets	384	391	383	712	163	1,007	513	755
Net debt	1,141	2,098	338	562	1,237	2,580	−1,415	−396

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026Filed 25 May
	−776	1,003	921	1,633	1,803	433
	−776	1,002	901	1,645	1,811	458
	–	82	−738	−103	−229	−252
Receivables	–	−162	−81	−51	−456	−24
Inventories	–	−986	−1,035	138	70	−156
Payables	–	1,222	330	−105	180	123
Other working capital	–	8	48	−85	−23	−196
Tax paid	–	1	21	−12	−8	−25
Capital spending	–	273	494	545	470	326
Free cash flow	−776	730	427	1,088	1,333	108
	–	−558	−643	−3,521	−1,455	−133
Plant and property sold	–	29	10	6	25	48
Companies bought	–	−145	−563	−2,126	−405	−68
Interest received	–	10	11	30	33	54
	–	−501	256	1,549	133	−986
Borrowings raised	–	399	997	2,018	500	0
Borrowings repaid	–	−310	−448	−340	−2,727	−11
Interest paid	–	−307	−486	−678	−373	−329
Lease payments	–	−532	−841	−885	−1,456	−677
Dividends paid	–	0	0	0	0	0
Shares bought back	–	0	12	4	7	8
Shares issued	–	248	–	1,431	4,183	0
Net change in cash	−776	−56	535	−339	481	−686

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2023: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Standalone, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026Filed 25 May
Earnings per share	₹0.69	₹1.52	₹4.15	−₹1.88	−₹7.95	−₹0.87	₹1.40	−₹1.84	−₹1.18	−₹2.89
Diluted earnings per share	₹0.69	₹1.52	₹4.15	−₹1.87	−₹7.95	−₹0.87	₹1.39	−₹1.84	−₹1.18	−₹2.89
Book value per share	–	–	₹18.47	₹14.03	₹28.62	₹30.72	₹39.91	₹49.74	₹68.00	₹65.30
Shareholder yield	–	–	–	–	–	−0.9%	–	−6.8%	−13.4%	0.1%
Market cap at the year end (₹ crore)	11,845	11,641	17,005	11,829	17,401	28,331	20,336	20,863	31,271	6,577

Shareholder yield is left blank for the year to Mar 2023: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Standalone, years to March.Aditya Birla Fashion and Retail PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026Filed 25 May
Revenue growth	9.5%	8.3%	13.0%	7.7%	−40.7%	51.0%	50.0%	5.2%	–	5.3%
Operating profit growth	10.3%	7.0%	18.3%	121.2%	−51.5%	81.6%	47.7%	3.8%	–	−4.0%
Net profit growth	–	120.2%	172.7%	–	–	–	–	–	–	–
Earnings per share growth	–	120.3%	173.0%	–	–	–	–	–	–	–
	–	–	22.5%	−11.5%	−34.5%	−2.9%	4.0%	−4.0%	−1.9%	−4.3%
	–	–	–	−34.0 pts	−22.9 pts	31.6 pts	6.9 pts	−8.0 pts	2.1 pts	−2.4 pts
From the net margin	–	–	–	−31.9 pts	−75.6 pts	31.6 pts	6.1 pts	−9.0 pts	–	–
From asset turnover	–	–	–	1.2 pts	43.9 pts	−1.1 pts	0.6 pts	0.9 pts	–	–
From borrowing	–	–	–	−3.3 pts	8.9 pts	1.0 pts	0.2 pts	0.2 pts	–	–
Return on capital employed	–	–	10.3%	10.1%	−10.1%	3.2%	8.3%	3.3%	−1.8%	−3.6%
Cash conversion	–	–	–	–	–	–	695.1%	–	–	–
Interest cover	1.1	1.1	1.4	0.8	–	0.4	1.1	0.4	–	–
Debt to equity	–	–	0.84	2.18	0.30	0.42	0.54	0.73	0.09	0.09
Receivable days	–	–	35	35	51	35	26	26	10	10
Inventory days	–	–	179	204	251	272	254	230	245	252
Payable days	–	–	223	197	336	333	247	226	254	241
Cash conversion cycle, days	–	–	−9	42	−34	−25	33	30	1	21
Working capital days	–	–	−18	−12	−64	−36	−9	2	−8	18
Asset turnover	–	–	1.23	1.07	0.53	0.73	0.87	0.72	0.34	0.41
Assets per rupee of net worth	–	–	4.63	6.49	5.16	3.84	4.06	3.88	2.48	1.78
Sales per rupee of plant	–	–	12.76	3.11	1.99	2.75	3.05	2.94	2.08	1.73
Capital spending to depreciation	–	–	–	–	–	0.29	0.44	0.40	0.51	0.31
Plant being built, % of plant in use	–	–	3.5%	1.4%	1.3%	2.1%	2.3%	3.0%	5.6%	0.9%

Interest cover is left blank for the years to Mar 2021, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2025: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: −2.4%
Cash from operations against operating profit: 59.4%

Measure	10 years	5 years	3 years
Return on equity, average	–	−1.8%	−3.4%
Return on capital employed, average	–	1.9%	−0.7%
Operating margin, average	11.2%	13.3%	13.1%
Net margin, average	−1.7%	−1.8%	−3.7%
Asset turnover, average	–	0.61	0.49
Cash conversion cycle, days, average	–	12	17
Debt to equity, average	–	0.37	0.31

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,793	3,869	433
Cash from investing	−6,310	−5,109	−133
Cash from financing	452	697	−986
Capital spending	2,109	1,341	326
Dividends paid	0	0	0
Shares bought back	31	19	8
Shares issued for cash	–	5,615	0
Borrowings raised	3,914	2,518	0
Borrowings repaid	3,837	3,079	11

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	2	–	–	–	–	–
Altman Z-scorePublished threshold 1.1	–	0.15	–	–	–	–	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−0.88	–	–	–	–	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	15.13	–	–	–	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	1.04	–	–	–	–	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.01	–	–	–	–	–	–
Effective tax ratePublished threshold 17.16 per cent	−140.54	−115.44	–	–	–	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
28 Oct 2026	India Ratings and Research Private Limited	Non-convertible debenturesLong-term scale	IND AA+Review, Re-affirm	Stable	750
21 Apr 2026	CRISIL Ratings Limited	Non Convertible Debentures	Crisil AA+Review, Re-affirm	Stable	750
21 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	218
21 Apr 2026	CRISIL Ratings Limited	Bank Facilities	WithdrawnReview, Other		937
21 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A1+Review, Re-affirm		135
21 Apr 2026	CRISIL Ratings Limited	Commercial Paper	Crisil A1+Review, Re-affirm		500
7 Apr 2026	ICRA Limited	Commercial Paper	[ICRA]A1+Review, Re-affirm		500
7 Apr 2026	ICRA Limited	Non Convertible Debentures	[ICRA]AA+Review, Re-affirm	Stable	750
5 Mar 2026	CRISIL Ratings Limited	Debt Securities (Other than Securitisation)Long-term scale	WithdrawnRating WithdrawnINE647O08115 Debt ISIN		500
29 Oct 2025	India Ratings and Research Private Limited	Commercial paper	WDReview, Other		2,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.