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Spencer's Retail Ltd.
(SPENCERS)
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Rating:41Neutral
Price Target:
₹20.50
▼(-38.03% Downside)
Action:Reiterated
Date:10/30/26
The score is primarily weighed down by very weak financial performance (persistent losses, severe margin compression, negative equity with high debt, and sharply negative FY2026 operating/free cash flow). Technicals add further pressure as the stock trades below all key moving averages with negative MACD. Valuation provides limited offset because a negative P/E reflects ongoing losses and there is no indicated dividend yield.
Positive Factors
Essential-goods exposure
Exposure to grocery and everyday essentials gives Spencer’s participation in recurring consumer needs, while its broad assortment spans packaged, fresh, personal-care and household categories. That breadth can support repeat shopping and basket-building over the medium term.
Negative Factors
Persistent losses and margin pressure
Persistent losses and severe margin compression indicate that Spencer’s is not currently converting revenue into sustainable profits. The sharp gross-margin decline reduces resilience against operating costs and makes a durable earnings recovery more difficult without significant improvement in pricing or cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Essential-goods exposure
Exposure to grocery and everyday essentials gives Spencer’s participation in recurring consumer needs, while its broad assortment spans packaged, fresh, personal-care and household categories. That breadth can support repeat shopping and basket-building over the medium term.
Read all positive factors
Spencer's Retail Ltd. (SPENCERS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.94B
Dividend YieldN/A
Average Volume (3M)23.23K
Price to Earnings (P/E)―
Beta (1Y)2.18
Revenue Growth-0.49%
EPS Growth6.19%
CountryIN
Employees2,648
SectorGeneral
Sector StrengthN/A
IndustryDepartment Stores
Share Statistics
EPS (TTM)-27.55
Shares Outstanding90,132,010
10 Day Avg. Volume61,368
30 Day Avg. Volume23,230
Financial Highlights & Ratios
PEG Ratio-0.66
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 Retail Ltd. primarily makes money by selling consumer goods through its retail network, earning revenue from the margin between its procurement cost (from manufacturers, brands, and distributors) and the retail prices paid by customers. ...
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 | 18.54B | 18.00B | 19.95B | 23.45B | 24.53B | 23.00B |
| Gross Profit | 2.08B | 1.41B | 3.90B | 4.27B | 4.50B | 3.62B |
| EBITDA | 179.81M | 151.52M | 602.61M | 139.56M | -278.34M | 1.01B |
| Net Income | -2.48B | -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 | 514.49M | 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 | 9.13B | 23.09B | 19.71B | 21.12B | 17.80B | 15.03B |
| Stockholders Equity | -9.13B | -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
Negative
33.08
Price Trends
26.57
Negative
30.61
Negative
32.50
Negative
Market Momentum
-2.37
Negative
44.85
Neutral
68.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SPENCERS, the sentiment is Negative. The current price of 33.08 is above the 20-day moving average (MA) of 22.93, above the 50-day MA of 26.57, and above the 200-day MA of 32.50, indicating a bearish trend. The MACD of -2.37 indicates Negative momentum. The RSI at 44.85 is Neutral, neither overbought nor oversold. The STOCH value of 68.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SPENCERS.
Spencer's Retail Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹58.82B | 4.48 | ― | 0.13% | 19.09% | 104.43% | |
67 Neutral | ₹395.87B | 43.96 | ― | ― | 17.83% | 19.87% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹40.18B | -349.66 | ― | 0.16% | 8.68% | -161.79% | |
52 Neutral | ₹311.45M | 1.78 | ― | ― | 1.66% | -37.91% | |
41 Neutral | ₹1.94B | -0.78 | ― | ― | -0.49% | 6.19% |
* General Sector Average
IN:SPENCERS
Spencer's Retail Ltd.
21.57
-29.42
-57.70%
IN:FRETAIL
Future Retail Ltd.
―
―
―
IN:OSIAHYPER
Osia Hyper Retail Limited
1.76
-19.10
-91.56%
IN:SHOPERSTOP
Shoppers Stop Limited
364.60
-149.30
-29.05%
IN:VMART
V-Mart Retail Ltd
739.15
-88.79
-10.72%
IN:VMM
Vishal Mega Mart Ltd.
84.50
-60.15
-41.58%
Spencer's Retail Ltd. Corporate Events
Spencer’s Retail Reiterates SEBI-Mandated Notice on Dematerialisation Window
Oct 4, 2026
Spencer’s Retail has notified stock exchanges that it has again published newspaper advertisements regarding a special window for the transfer and dematerialisation of physical shares, in line with a Securities and Exchange Board of India ci...
Spencer’s Retail Completes AGM Notice Dispatch and Newspaper Publication
Aug 16, 2026
Spencer’s Retail Limited has notified stock exchanges that it has published a public notice in English and Bengali newspapers regarding its upcoming Ninth Annual General Meeting. The company has complied with disclosure norms by circulating ...
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.