Shoppers Stop Ltd (SHOPERSTOP) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 532638 | NSE: SHOPERSTOP | Retailing | Small Cap

Shoppers Stop Share Price

401.60 -4.85 -1.19%
as on 05-Dec'25 15:40

Shoppers Stop Ltd (SHOPERSTOP) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 532638 | NSE: SHOPERSTOP | Retailing | Small Cap

DeciZen - make an informed investing decision on Shoppers Stop

Based on:

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Shoppers Stop stock performance -

Key Ratios
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P/E Ratio (SA):
419.05
Market Cap:
4,475.5 Cr.
52-wk low:
402.3
52-wk high:
688

Is Shoppers Stop Ltd an attractive stock to invest in?

1. Is Shoppers Stop Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Shoppers Stop Ltd is a good quality company.

2. Is Shoppers Stop Ltd undervalued or overvalued?

The key valuation ratios of Shoppers Stop Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Shoppers Stop Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Shoppers Stop Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Shoppers Stop:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Shoppers Stop Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 10.3%6.2%7.7%15.6%23.1%-41.8%26.2%125.7%88.9%54%-
Value Creation
Index
-0.3-0.6-0.50.10.7-4.00.98.35.63.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3,3553,6483,5913,4813,3811,7252,4943,9984,2134,4364,603
Sales YoY Gr.-8.7%-1.6%-3.1%-2.9%-49%44.6%60.3%5.4%5.3%-
Adj EPS 2.7-2.21.38.5-15.2-25.2-7.910.86.70.61
YoY Gr.--182.6%NA563.3%-278.9%NANANA-37.6%-91.3%-
BVPS (₹) 88.386.3102.9105.514.716.58.82028.429.627.4
Adj Net
Profit
23.7-19.611.978.7-141-275-86.211874.16.511
Cash Flow from Ops. 1631563222035649.9389562616566-
Debt/CF from Ops. 3.63.70.30.20.215.20.50.20.20.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 3.2%5.6%21.2%5.3%
Adj EPS -15.6%NANA-91.3%
BVPS-11.4%15.1%50%4.2%
Share Price 0.6% 16.6% -16.7% -36.6%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
3.1-2.51.48.2-25.3-173.1-61.671.826.723.4
Op. Profit
Mgn %
6.866.68173.711.417.917.416.316.1
Net Profit
Mgn %
0.7-0.50.32.3-4.2-16-3.531.80.20.2
Debt to
Equity
0.80.80.100.90.820.50.40.80.2
Working Cap
Days
83765781124224186147164180100
Cash Conv.
Cycle
-3-1-17-29-64-151-55-45-58-45-21

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 21.16%

Debt to equity has declined versus last 3 years average to 0.80

Return on Equity has declined versus last 3 years average to 3.40%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at 6.71%

Latest Financials - Shoppers Stop Ltd.

Standalone Consolidated
TTM EPS (₹) 1 1.7
TTM Sales (₹ Cr.) 4,603 4,861
BVPS (₹.) 27.4 26.1
Reserves (₹ Cr.) 246 233
P/BV 14.86 15.56
PE 419.05 243.63
From the Market
52 Week Low / High (₹) 402.30 / 688.00
All Time Low / High (₹) 33.51 / 943.65
Market Cap (₹ Cr.) 4,476
Equity (₹ Cr.) 55.1
Face Value (₹) 5
Industry PE 81.2

Management X-Ray of Shoppers Stop:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *9.869.829.829.829.819.819.819.819.819.81
* Pledged shares as % of Promoter's holding (%)

Valuation of Shoppers Stop - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

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Key Ratios of Shoppers Stop

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3,3553,6483,5913,4813,3811,7252,4943,9984,2134,436
Operating Expenses 3,1273,4303,3533,2042,8081,6612,2113,2833,4823,713
Manufacturing Costs502548559600264185243339327375
Material Costs2,0682,2872,2132,0271,9681,0651,5032,3272,4962,604
Employee Cost 246274301314322257269349382410
Other Costs 311321279263254153196268277325
Operating Profit 22821823827757364283715731722
Operating Profit Margin (%) 6.8%6.0%6.6%8.0%17.0%3.7%11.3%17.9%17.3%16.3%
Other Income 3030161834219166636153
Interest 80846337218231220233248282
Depreciation 98116112135439385352382436492
Exceptional Items -24-48-500-20-22-15-2-60
Profit Before Tax 56029124-71-355-1391621012
Tax 3320184570-80-524327-5
Profit After Tax 23-201279-141-275-87119747
PAT Margin (%) 0.7%-0.5%0.3%2.3%-4.2%-16.0%-3.5%3.0%1.8%0.2%
Adjusted EPS (₹)2.6-2.31.38.5-15.2-25.2-7.910.96.70.6
Dividend Payout Ratio (%)27%-31%57%8%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 77675895397713618196219313326
Share Capital 42424444445555555555
Reserves 7347179099339212641164258271
Minority Interest0000000000
Debt467413470124949041104238
Long Term Debt3232104000949021096
Short Term Debt144203801240020104142
Trade Payables3713304891,2541,4971,1401,4421,8261,9552,212
Others Liabilities 2933302542122,0451,7611,7812,1812,5632,870
Total Liabilities 1,9071,8311,7432,4433,8013,1753,4094,2674,9345,645

Fixed Assets

Gross Block7168139289912,6782,4022,6833,0983,3844,115
Accumulated Depreciation851772803968006919601,0018061,167
Net Fixed Assets 6316356485951,8781,7111,7232,0972,5782,948
CWIP 2817183544314342112
Investments 405408318294206128146735560
Inventories3863533281,0541,2248471,0081,4861,6151,920
Trade Receivables24364444353538307035
Cash Equivalents 5551714232251613
Others Assets 427378382405412410448521578658
Total Assets 1,9071,8311,7432,4433,8013,1753,4094,2674,9345,645

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 16315632220356410389562616566
PBT 80029124-71-355-1391621012
Adjustment 140207194138623410417572622711
Changes in Working Capital -14-27134-254-5790-168-112-141
Tax Paid -44-24-36-56-421221-45-5
Cash Flow From Investing Activity -164-8532-131-283-36-109-52-137-162
Capex -143-106-118-112-179-82-107-144-171-167
Net Investments 009-16-10358-29104636
Others -2121141-3-2-1226-12-29-1
Cash Flow From Financing Activity 2-110-270-59-423171-280-537-498-429
Net Proceeds from Shares 211811029923103
Net Proceeds from Borrowing 160-72-293-40-4015044-110-6399
Interest Paid -57-58-38-12-194-219-206-405-223-257
Dividend Paid -150-8-8-800000
Others -8820-1130-181-59-121-25-221-274
Net Cash Flow 0-398413-142145-1-27-18-26

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)2.97-2.61.368.16-25.32-173.96-62.6575.727.82.11
ROCE (%)10.316.247.7315.5823.12-41.8326.18125.788.953.97
Asset Turnover Ratio1.912.052.732.431.50.690.831.141.040.94
PAT to CFO Conversion(x)7.09N/A26.832.57N/AN/AN/A4.728.3280.86
Working Capital Days
Receivable Days2333355344
Inventory Days3735265089156124104118130
Payable Days625668157255452313256276292

Shoppers Stop Ltd Stock News

Shoppers Stop Ltd FAQs

The current trading price of Shoppers Stop on 05-Dec-2025 15:40 is ₹401.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of Shoppers Stop stood at ₹4,475.5.
The latest P/E ratio of Shoppers Stop as of 04-Dec-2025 is 419.1.
The latest P/B ratio of Shoppers Stop as of 04-Dec-2025 is 14.86.
The 52-week high of Shoppers Stop is ₹688.0 and the 52-week low is ₹402.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shoppers Stop is ₹4,603 ( Cr.) .

About Shoppers Stop Ltd

The foundation of Shoppers Stop was laid on October 27, 1991, by the K. Raheja Corp. group of companies. Being amongst India's biggest hospitality and real estate players, the Group crossed yet another milestone with its lifestyle venture. From inception, Shoppers Stop has progressed from being a single brand shop to becoming a Fashion & Lifestyle store for the family. Shoppers stop is a household name, known for its superior quality products, services and above all, for providing a complete shopping experience. With an immense amount of expertise and credibility, Shoppers stop has become the highest benchmark for the Indian retail industry. In fact, the company's continuing expansion plans aim to help Shoppers Stop meet the challenges of the retail industry in an even better manner than it does.

With an unparalleled assortment of the leading international and national brands in clothing for men, women, and kids; accessories, fragrances, cosmetics, footwear; home furnishing and decor products, its stores aim to provide shoppers a truly international shopping destination. Experienced, professional management; supported by world-class systems and practices; and a talented pool of associates with a shared passion for making every shopper visit a memorable one, has helped Shoppers Stop to grow from a single store in 1991 to the largest chain of Department Stores in India. Shoppers Stop is the only Indian member of the ‘Intercontinental Group of Departmental Stores’, which has the likes of Selfridges (United Kingdom), Karstadt (Germany), Marks & Spencer (UK), Matahari (Indonesia), Myers Grace Bros. (Australia) and Rustan's (Philippines) among its members.

Business area of the company

Shoppers Stop Limited is India’s pioneering retailer and considered the highest benchmark in modern retail. Its one-of-a-kind shopping assistance initiative, ‘Personal Shoppers’ is revolutionizing the way its customers shop, bringing more value, comfort and convenience to customer experiences. It is one of the largest departmental store chains in India. The company also operates formats like Crossword and Home Stop, which are into retailing of books and home decor, respectively.

Products

The company operates many department stores, home concept stores, luxury beauty stores. It has many brands like First Citizen, Homestop, Crossword, Estee Lauder, MAC, Clinique, BOBBI BROWN.

Awards

  • Most Trusted Retailer of the year -Popular Choice by ET Retail Awards 2014.
  • CSR Excellence Award by Bureaucracy Today 2017.
  • Great Place to Work 2018.
  • HR Initiative of the year Personal Shopper Program.
  • WINNER 2019 DEPARTMENT STORE AWARD.
  • Best Omnichannel Customer Experience Best Digital Customer Experience Strategy.
  • Shoppers Stop awarded by Titan for Outstanding Performance in FY19.
  • Shoppers Stop Bangalore Airport Store wins: Best Customer Choice in Retail .Best Performing Commercial for Mithas concept at Pinnacle Awards by BIAL.
  • Shoppers Stop wins most admired store in the Visual Merchandise Category at Viviana Mall Retail Excellence Awards.
  • Shoppers Stop awarded highest sales on weekend during EOSS by Alpha One Mall – Ahmedabad management in Anchor category.
  • Shoppers Stop won 6 awards at “Images Retail Awards 2019”.
  • Shoppers Stop won Gold for Best Customer Service program and Bronze for L&D team of the year.
  • Mother’s Day recycle saree campaign wins at Economic Times Brand Equity awards which had 650 entries across Industries.
  • SHOPPERS STOP Wins The Coveted 'MOST ADMIRED RETAIL COMPANY OF THE YEAR AWARD' at MAPIC India Retail Awards 2019.
  • DMA Asia ECHO Awards for two campaigns: ‘Its Our Time’ and ‘Kendall Kylie bags launch’ These will also qualify for Echo global awards in New York this year which is for entries across the world.
  • Shoppers Stop , Alpha 1, Vastrapur wins consumer choice award from Mall Management.
  • Shoppers Stop wins for the 4th Year in a row at the 13th ELSC Leadership Awards for ‘Best in Class Supply Chain Strategy and Design’.
  • Raipur store awarded as Best Anchor Store by Ambuja City Center Mall.
  • Certificate of Appreciation from Hyderabad Airport.
  • Best Loyalty Program in Large Format Retail.
  • ‘Company of the Year - Retail’ award from CNBC in collaboration with Chhattisgarh Government.

Milestones

  • 1991: The foundation of shoppers stop was laid on October 27, 1991.
  • 1991: Opened first store at Andheri, a suburb in Mumbai, selling only Mens wear.
  • 1992: Ladies wear was introduced.
  • 1993: Added Children's & Non-apparel sections.
  • 1994: Loyalty Program titled First Citizen was launched.
  • 1995: Opened second store in Bangalore.
  • 1997: Launched co-branded credit card for loyalty members in association with HSBC. Shoppers Stop incorporated as a body corporate.
  • 1998: Opened third store in Hyderabad.
  • 1999: Implemented JDA Retail ERP (a global leader in retail ERP packages).Opened fourth & fifth stores in Jaipur & Delhi.
  • 2000: Opened sixth & seventh stores at Chennai & Chembur – Mumbai.Acquired Crossword – India's leading retail book chain.
  • 2001: Opened eight & ninth stores in Pune & Bandra.
  • 2002: Opened the tenth store in Kandivli – Mumbai In the Year 2002 launched co-branded credit card with Citibank named as First Citizen Citibank Credit Card.
  • 2003: Opened the eleventh, twelfth & thirteenth stores in Mulund – Mumbai, Gurgaon & Kolkata.
  • 2004: Opened fourteenth, fifteenth & sixteenth stores in Malad – Mumbai, Kolkata & Bangalore.
  • 2005: Company's Initial Public Offering (IPO) oversubscribed overall by 17.25 times. Crossword becomes a wholly owned subsidiary of the Company.
  • 2005: Opened seventeenth, eighteenth, nineteenth & twentieth stores in Pune, Juhu – Mumbai, Bangalore & Ghaziabad .Launched M.A.C & Homestop –home store.
  • 2006: Opened out twenty first (Mumbai) and twenty second store in Lucknow .Launched Mothercare in India and F & B outlets Brio & Desi Café. Bought 45% of Timezone India.
  • 2007: Gold Shield Award for excellence in Financial reporting for the year 2006 in the category of ‘Manufacturing & trading Enterprises’ by ICAI .Acquired 19% stake in Hypercity Retail (India) Ltd.
  • 2007: Signed a 50:50 Joint Venture with the Nuance Group for Airport Retailing .Signed an MOU with the Home Retail Group of UK to enter into a franchise arrangement for the Argos formats of catalogue & internet retailing.
  • 2008: Shoppers Stop repositioned and reinvented as a bridge to luxury brand with the unveiling of the new logo and tagline, ‘START SOMETHING NEW’.
  • 2008: Shoppers Stop was awarded the ‘Emerging market retailer of the Year’ at the World Retail congress in April 2008 . B.S Nagesh inducted into the World Retail Hall of Fame at the World Retail Congress in Barcelona.
  • 2009: Pioneered mascot licensing in the categories through exclusive tie-up for certain products with Vodafone for their popular brand mascot Zoozoo.
  • 2010: Expanded footprints to new cities like Bhopal, Amritsar and Aurangabad. Shoppers Stop also added stores in existing cities like Bengaluru, Mumbai and Hyderabad taking store tally to 36 stores .The Company upped its stake in Hypercity Retail (India) Limited to 51%.
  • 2011: Shoppers Stop operations expanded to 49 stores in 22 cities viz.  Ahmedabad, Aurangabad, Amritsar, Bangalore (5 stores), Mysore, Bhopal, Chennai (3 stores), Delhi (5 stores), Durgapur, Gurgaon, Ghaziabad, Hyderabad (4 stores), Indore, Jaipur (2 stores), Kolkata (3 stores), Latur, Lucknow, Mumbai (9 stores), Noida, Pune (4 stores), Siliguri and Vijayawada.
  • 2012: Shoppers Stop operations expanded to 55 stores in 24 cities viz.  Ahmedabad, Aurangabad, Amritsar, Bangalore (8 stores),  Bhopal, Chennai (3 stores), Coimbatore, Delhi (5 stores), Durgapur, Gurgaon (2), Ghaziabad, Hyderabad (4 stores), Indore, Jaipur (2 stores), Jalandhar,  Kolkata (3 stores), Latur, Lucknow, Mumbai (8 stores), Mysore, Noida, Pune (5 stores), Siliguri and Vijayawada.
  • 2013: Shoppers Stop operations expanded to 65 stores in 29 cities viz.  Ahmedabad, Aurangabad, Amritsar, Bangalore (8 stores),  Bhopal, Chennai (4 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad, Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar,  Kolkata (3 stores), Latur, Lucknow, Thane, Mumbai (9 stores), Mysore, Noida, Pune (4 stores), Surat, Siliguri, Vijayawada and Raipur.
  • 2014: Shoppers Stop operations expanded to 73 stores in 33 cities viz.  Ahmedabad (2), Aurangabad, Amritsar, Bangalore (8 stores), Mangalore, Bhopal, Chennai (4 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana,  Kolkata (4 stores), Latur, Lucknow, Thane, Mumbai (9 stores), Mysore, Noida, Pune (5 stores), Surat, Siliguri, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2015: Shoppers Stop operations expanded to 76 stores in 36 cities viz.  Ahmedabad (2), Aurangabad, Amritsar, Bengaluru (9 stores), Mangalore(2), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (5 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana,  Kolkata (5 stores), Kolhapur, Latur, Lucknow, Thane, Mumbai (9 stores), Meerut, Mysore, Noida, Pune (5 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2016: Shoppers Stop operations expanded to 83 stores in 38 cities viz. Ahmedabad (2), Aurangabad, Amritsar, Bengaluru (11 stores), Mangalore(2), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (5 stores), Kolhapur, Goa, Latur, Lucknow, Thane, Mumbai (9 stores), Panvel, Meerut, Mysore, Noida (2), Pune (6 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2017: Shoppers Stop operations expanded to 83 stores in 38 cities viz. Ahmedabad (1), Aurangabad, Amritsar, Bengaluru (11 stores), Mangalore(12), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Guwahati, Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (5 stores), Kolhapur, Goa, Latur, Lucknow, Thane (2), Mumbai (9 stores), Panvel, Meerut, Mysore, Noida (2), Pune (4 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2018: Shoppers Stop operations expanded to 83 stores in 38 cities viz. Ahmedabad (2), Aurangabad, Amritsar, Bengaluru (11 stores), Mangalore(2), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (6 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (5 stores), Kolhapur, Goa, Latur, Lucknow, Thane (2), Mumbai (9 stores), Panvel, Meerut, Mysore, Noida (3), Pune (4 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, and Visakhapatnam.
  • 2019: Shoppers Stop operations expanded to 89 stores in 40 cities viz. Ahmedabad (1), Aurangabad, Nashik, Amritsar, Bengaluru (10 stores), Mangalore(1), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Guwahati, Durgapur, Gurgaon (2), Gurugram- Haryana, Ghaziabad (2), Hyderabad (6 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (6 stores), Kolhapur, Goa, Latur, Lucknow (2), Bhubaneshwar Thane (2), Mumbai (10 stores), Nashik, Panvel, Meerut, Mysore, Noida (3), Pune (5 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, and Visakhapatnam.
  • 2020: Shoppers Stop operations expanded to 90 stores in 42 cities viz. Ahmedabad (1), Aurangabad, Nashik, Amritsar, Bengaluru (9 stores), Mangalore(1), Bhopal, Chennai (2 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Guwahati, Durgapur, Gurgaon (2), Gurugram- Haryana, Ghaziabad (2), Hyderabad (6 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Calicut, Kolkata (6 stores), Kolhapur, Goa, Latur, Lucknow (3), Bhubaneshwar Thane (2), Mumbai (10 stores), Nashik, Panvel, Meerut, Mysore, Noida (3), Pune (5 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, and Visakhapatnam.
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