SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Spencers Retail Ltd (SPENCERS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542337 NSE: SPENCERS Retailing | Small Cap | Spencers Retail Share Price

₹36.01 0.78 (2.21%)

As on 04-Jun'26 16:59

Spencers Retail Ltd (SPENCERS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542337 NSE: SPENCERS Retailing | Small Cap | Spencers Retail Share Price

₹36.01 0.78 (2.21%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹325 Cr.
Current Price
₹36
52-Week Low / High
₹24 / 67
TTM EPS
₹-27.7
TTM Sales
₹1,800 Cr.
Book Value per Share
₹-101.1
P/E Ratio
0.00
Industry PE
70.6
Price to Book (P/B)
-0.36
Higher than its 5-year historical median
Price to Sales (P/S)
0.18
Lower than its 5-year historical median
EV/EBITDA
99.68
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
-28.28%
Underperforms industry median
Return on Assets (ROA)
-16.39%
Operating Profit Margin
-2.2%
Net Profit Margin
-12.35%
Gross Profit Margin
-4.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-14.92%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
58.81%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-956 Cr.
Equity
₹45.1 Cr.
Face Value
₹5
All Time Low / High
₹24.29 / 227.45

Spencers Retail stock performance

Key Ratios
mw4me loader

Check Before You Invest

Valuation

Somewhat Overvalued

Price Trend

Semi Strong
Q.1 Is Spencers Retail Ltd a good quality company?
Spencers Retail Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Spencers Retail Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Spencers Retail Ltd vs industry peers?
Spencers Retail Ltd revenue CAGR is -5.48%, compared to the industry median CAGR of 0.00%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Spencers Retail Ltd?
Promoters hold 58.81% of the Spencers Retail Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Spencers Retail Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -13.19% based on the current price.

10 Year X-Ray :

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.
Spencers Retail Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 0%0%-1.9%2.1%-9.7%-16.1%-5.8%-23.5%-33.5%-28.3%-
Value Creation
Index
NANA-1.1-0.9-1.7-2.2-1.4NANANA-

Growth Parameters

Sales 001,0432,1872,6452,4282,3002,4532,3451,9951,800
Sales YoY Gr.-NANA109.7%20.9%-8.2%-5.3%6.7%-4.4%-14.9%-
Adj EPS 000-0-17.4-19.7-13.6-23.3-29.7-28-27.7
YoY Gr.-NANANANANANANANANA-
BVPS (₹) 00068.234.120.76.8-16.7-46.2-73.5-101.1
Adj Net
Profit
00-14.5-0.2-140-178-122-210-268-252-249
Cash Flow from Ops. 00-47.8-12.9114-2.454.626.735.137.4-
Debt/CF from Ops. 00-0-0.11.7-105.16.620.320.924.8-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA-5.5%-4.6%-14.9%
Adj EPS NANANANA
BVPSNA-216.6%-320.7%NA
Share Price - -13.9% -16.3% -42.1%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
00-2.7-0-34.1-77.2-98.5474.794.546.831.7
Op. Profit
Mgn %
00-0.40.42.20.30.7-0.8-0.4-2.2-0.6
Net Profit
Mgn %
00-1.4-0-5.3-7.3-5.3-8.6-11.4-12.6-13.9
Debt to
Equity
00000.71.45.9-3.6-1.8-1.4-
Working Cap
Days
0007153585953565731
Cash Conv.
Cycle
000-8-9-11-10-11-15-25-93

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,0432,1872,6452,4282,3002,4532,3451,995
Operating Expenses + 1,0472,1782,5872,4202,2842,4742,3602,051
Manufacturing Costs3680104959611011299
Material Costs8371,7232,0791,9321,8231,9601,8721,605
Employee Cost 76148191193189199201160
Other Costs 98228213199176205175187
Operating Profit -4957815-21-15-55
Operating Profit Margin (%) -0.4%0.4%2.2%0.3%0.7%-0.9%-0.6%-2.8%
Other Income + 9283253855729116
Exceptional Items 00000000
Interest 47829197115148164
Depreciation 1525138134126132132143
Profit Before Tax -144-131-164-122-211-267-247
Tax 02-0-0-0-0-0-0
Profit After Tax -142-131-164-121-210-266-246
PAT Margin (%) -1.4%0.1%-4.9%-6.8%-5.3%-8.6%-11.4%-12.4%
Adjusted EPS (₹)0.00.3-16.3-18.2-13.5-23.3-29.5-27.3
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%

Valuation of Spencers Retail - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

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

Equity and Liabilities

Shareholders Fund + 50754827418662-151-416-662
Share Capital 040404545454545
Reserves 50750823414116-196-461-707
Debt +11171233324482650798
Long Term Debt118875127181282377
Short Term Debt0083158197301368421
Minority Interest00000000
Trade Payables280312374331333344385317
Others Liabilities 85537758098479541,077857
Total Liabilities 8739141,5941,5591,5651,6291,6961,310

Fixed Assets

Net Fixed Assets +2392631,0551,0531,0491,1321,211953
Gross Block3193661,2021,2451,2741,3851,7861,424
Accumulated Depreciation80104147191225254575471
CWIP 011038210
Investments 723243594945643
Inventories242270248267260265266170
Trade Receivables3745663027202518
Cash Equivalents 100220815818183626
Others Assets 24893109114110100101100
Total Assets 8739141,5941,5591,5651,6291,6961,310

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -48-13114-255273537
PBT -144-131-164-122-211-267-247
Adjustment 108213218166221257236
Changes in Working Capital -44-2140-521024246
Tax Paid 0-3-7-411522
Cash Flow From Investing Activity + -18922-7-18-40-2611-20
Capex -7-45-43-23-24-25-32-16
Net Investments -188472034-16-143-4
Others 620-16700000
Cash Flow From Financing Activity + 38-0-54-3-54-5-28-27
Net Proceeds from Shares 000770000
Net Proceeds from Borrowing 0020-116776125141
Interest Paid -0-0-81-91-96-115-147-165
Dividend Paid 00000000
Others 380621-2534-6-3
Net Cash Flow -199953-24-40-418-10

Financial Ratio

PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-2.780.45-31.82-71.23-98.08N/AN/AN/A
ROCE (%)-1.882.12-9.65-16.05-5.78N/AN/AN/A
Asset Turnover Ratio1.322.682.31.681.591.681.531.44
PAT to CFO Conversion(x)N/A-6.5N/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days11.806.2076.604.203.203.203.70
Inventory Days773932.8035.6038.9035.803836.80
Payable Days122.1062.8060.2066.6066.50637179.80

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Spencers Retail Ltd FAQs

The current trading price of Spencers Retail on 04-Jun-2026 16:59 is ₹36.01.

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 03-Jun-2026 the market cap of Spencers Retail stood at ₹324.6 Cr

The latest P/E ratio of Spencers Retail as of 03-Jun-2026 is 0.00.

The latest P/B ratio of Spencers Retail as of 03-Jun-2026 is -0.76.

The 52-week high of Spencers Retail is ₹67.45 and the 52-week low is ₹24.29.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Spencers Retail is ₹1,523 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Spencers Retail Ltd is a below average quality company.

The key valuation ratios of Spencers Retail Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Spencers Retail Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Spencers Retail Ltd

Since 1863, Spencer’s has been a part of the Indian retail landscape. At one time, the Spencer’s Empire stretched from Peshawar to Cochin, from Karachi to Chittagong, spanning the length and width of undivided India. Originally owned by a British gentleman - yes, there was a Mr. Spencer (John William Spencer, to be precise) - it acquired Indian ownership in the 1960s, and became part of the RPG Group in 1989.

In 1995, RPG Enterprises, the flagship company of the RPG Group, launched 'Foodworld' as a joint venture with Hong-Kong based Dairy Farm International. The joint venture, which operated supermarkets under thename 'Foodworld' and hypermarkets under the name 'Giant', was terminated in 2006. RPG retained 48 of the 93 stores it owned. These were re-furbished and their launch under the brand name, Spencer’s, kicked off a new phase in both the history of the Spencer’s brand, and retail in India.

Since inception Spencer’s has been a consumer-centric brand, constantly innovating, pioneering formats, evolving over time but always keeping consumer needs and satisfaction center-stage. Back in 1920, the company was the first grocery chain in India. In 1980, it became the first supermarket chain, and in 2001, it introduced India to the joys of hypermarket shopping.

What has remained unchanged for 150 years is the trust that the Spencer’s brand evokes. To the consumer, it carries the promise of innovation, quality, and service; the confidence that they will always be able to find a Spencer’s store at a convenient location; that it will have a pleasant ambience; and that it will offer a wide range of products at affordable prices.

Business area of the company

Spencer's Retail is a modern retailer providing a wide range of quality products to discerning young customers - well-travelled citizens of the world, looking out for authentic flavors and experiences in a fun-filled shopping environment. Its brand positioning -Makes Fine Living Affordable- embodies this approach, delighting shoppers with the best products and services that enable a fine living at reasonable prices while providing them with a warm, friendly and knowledgeable retail environment.

Spencer’s operates 2 distinct retail formats:

Convenience stores: These are neighborhood stores that cater to the daily and weekly top-up shopping needs of consumers. Ranging from 1,500 to 15,000 sq. ft. in size, they stock an assortment of fruits and vegetables, food and non-food FMCG products, staples and frozen foods. The larger of these stores, having a floor area of more than 10,000 sq.ft., usually also offer a selected range of baked goodies, frozen foods, personal and home care products, baby care essentials, basic wear and electrical equipment.

Hypermarkets: Spencer's hypermarkets are megastores that combine a supermarket with a department store. Ranging from 15,000 sq. ft to over 50,000 sq. ft. in size, they stock a wide and deep assortment of food, fashion, home and personal care, general merchandise, electrical and electronics, staples, frozen foods, and specialty sections, all under one roof.

Awards

  • 2001: Rabo india Finance, F&A award for the year 2001
  • 2004: Retail Asia Pacific, Best of the best, 2004
  • 2004: Retail Asia Pacific, Top retailer 2004
  • 2005: Retail Asia Pacific,Top retailer 2005
  • 2005: ICICI Bank retail excellence award 2005
  • 2006: “Turnaround Retailer of the Year”, 2006
  • 2007: India Retail Forum 'Most Evolved Retailer of the Year', India Retail Forum, 2007
  • 2008: Food Forum of India Coca Cola Golden Spoon “Most Admired Food & Grocery Retailer, Convenience and Express Formats”, 2008
  • 2009: Spencer's was awarded the first runners-up in the Visual Merchandizing Category at the In-store Asia, 2009.
  • 2010: SAP ACE Award For Customer Excellence, 2010
  • 2010: Ranked 47th Among Top 50 service Brands in India, 2010 in the Brand Equity – AC Nielson Brand Survey, 2010.
  • 2010: Ranked 3rd Among the Most Trusted Brands in Retail. 2010 in the Brand Equity – AC Nielson Brand Survey, 2010.
  • 2010: BEST PRACTICE AWARD, National FMCG meet, 2010
  • 2011: Images Excellence Award For Pioneering Retail in East at the “East India Retail Summit Awards, 2011
  • 2013: Ranked 2nd in India’s most respected companies in Retail in a study conducted by Business World in 2013.
  • 2013: Spencer’s Retail wins the Most Admired Hypermarket Retailer of the Year at Images Retail Awards 2013.
  • 2013: “Most Admired Retail Company of the Year (East India) at the East India Retail Summit 2013.
  • 2014: “Most Admired Food & Grocery Retailer of the Year Award for Largest Expansion, Highest Trading Density, & Same Store Sales Growth.”, 2014.
  • 2014: “Best VM & Retail Design in the category Hypermarkets ( >15,000 sq.ft)”, 2014
  • 2014: Spencer’s Retail wins Commendation Certificate for Strong Commitment to Excel in Food Safety for Quest Hyper, Kolkata by CII National Awards for Food Safety - 2014
  • 2016: Spencer's Retail has won Coca Cola Golden Spoon Awards as the Most Admired Food & Grocery Retailer of the Year for Merchandising, Marketing, Consumer Promotions & Customer Service at the India Food Forum 2016 held in Mumbai last evening.
You have 1 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×