Motilal Oswal's research report on Aditya Birla Fashion and Retail
Aditya Birla Fashion and Retail (ABFRL)’s 3QFY26 performance was a mixed bag. Ethnic & luxury retail delivered strong results, which were offset by the adverse impact of festive calendar shifts in Pantaloons. Pantaloons’ revenue dipped ~2% YoY, and margin contracted ~105bp YoY to 18.3% due to operating deleverage from the festive shift and OWND losses.
Outlook
We ascribe EV/sales multiples of 1x/0.9x/1.5x to ABFRL’s attributable stake in the premium ethnic/TMRW/Luxury Retail portfolio to arrive at our revised TP of INR75 (earlier INR80). Reiterate Neutral.
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