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Spencers Retail Ltd (SPENCERS)

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

₹30.80 0.42 (1.38%)

As on 24-Aug'26 16:01

Spencers Retail Ltd (SPENCERS)

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

₹30.80 0.42 (1.38%)

As on 24-Aug'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹274 Cr.
Current Price
₹30.8
52-Week Low / High
₹24 / 63
TTM EPS
₹-27.5
TTM Sales
₹1,854 Cr.
Book Value per Share
₹-108
P/E Ratio
0.00
Industry PE
65.2
Price to Book (P/B)
-0.28
Higher than its 5-year historical median
Price to Sales (P/S)
0.15
Lower than its 5-year historical median
EV/EBITDA
73.74
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
-27.46%
Underperforms industry median
Return on Assets (ROA)
-18.43%
Operating Profit Margin
-0.8%
Net Profit Margin
-13.85%
Gross Profit Margin
-8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-9.78%
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
₹-1,019 Cr.
Equity
₹45.1 Cr.
Face Value
₹5
All Time Low / High
₹24.29 / 227.45

Spencers Retail stock performance

Key Ratios
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Check Before You Invest

Valuation

Undervalued

Price Trend

Weak
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 -5.81%, compared to the industry median CAGR of 0%, 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 -20.73% 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 0%-1.9%2.1%-9.7%-16.1%-5.8%-23.5%-33.5%-28.3%-27.5%-
Value Creation
Index
NA-1.1-0.9-1.7-2.2-1.4NANANANA-

Growth Parameters

Sales 01,0432,1872,6452,4282,3002,4532,3451,9951,8001,854
Sales YoY Gr.-NA109.7%20.9%-8.2%-5.3%6.7%-4.4%-14.9%-9.8%-
Adj EPS 00-0-17.4-19.7-13.6-23.3-29.7-28-27.8-27.5
YoY Gr.-NANANANANANANANANA-
BVPS (₹) 0068.234.120.76.8-16.7-46.2-73.5-101.3-108
Adj Net
Profit
0-14.5-0.2-140-178-122-210-268-252-250-248
Cash Flow from Ops. 0-47.8-12.9114-2.454.626.735.137.4-60.2-
Debt/CF from Ops. 0-0-0.11.7-105.16.620.320.924.8-20.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA-5.8%-9.8%-9.8%
Adj EPS NANANANA
BVPSNA-237.5%NANA
Share Price - -20.9% -19.8% -47.3%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
0-2.7-0-34.1-77.2-98.5474.794.546.831.826.3
Op. Profit
Mgn %
0-0.40.42.20.30.7-0.8-0.4-2.2-0.80.2
Net Profit
Mgn %
0-1.4-0-5.3-7.3-5.3-8.6-11.4-12.6-13.9-13.4
Debt to
Equity
0000.71.45.9-3.6-1.8-1.4-1.4-
Working Cap
Days
00715358595356576031
Cash Conv.
Cycle
00-8-9-11-10-11-15-25-24-93

Valuation of Spencers Retail - Consolidated

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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Analyst's Notes

data not found
No data found!

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 (%)

Financials

PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,0432,1872,6452,4282,3002,4532,3451,9951,800
Operating Expenses + 1,0472,1782,5872,4202,2842,4742,3602,0511,823
Manufacturing Costs368010495961101129986
Material Costs8371,7232,0791,9321,8231,9601,8721,6051,431
Employee Cost 76148191193189199201160132
Other Costs 98228213199176205175187174
Operating Profit -4957815-21-15-55-23
Operating Profit Margin (%) -0.4%0.4%2.2%0.3%0.7%-0.9%-0.6%-2.8%-1.3%
Other Income + 928325385572911638
Exceptional Items 000000000
Interest 47829197115148164169
Depreciation 152513813412613213214396
Profit Before Tax -144-131-164-122-211-267-247-250
Tax 02-0-0-0-0-0-0-0
Profit After Tax -142-131-164-121-210-266-246-249
PAT Margin (%) -1.4%0.1%-4.9%-6.8%-5.3%-8.6%-11.4%-12.4%-13.9%
Adjusted EPS (₹)0.00.3-16.3-18.2-13.5-23.3-29.5-27.3-27.7
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 50754827418662-151-416-662-913
Share Capital 04040454545454545
Reserves 50750823414116-196-461-707-958
Debt +111712333244826507981,028
Long Term Debt118875127181282377449
Short Term Debt0083158197301368421579
Minority Interest000000000
Trade Payables280312374331333344385317299
Others Liabilities 85537758098479541,077857982
Total Liabilities 8739141,5941,5591,5651,6291,6961,3101,396

Fixed Assets

Net Fixed Assets +2392631,0551,0531,0491,1321,211953971
Gross Block3193661,2021,2451,2741,3851,7861,4241,498
Accumulated Depreciation80104147191225254575471527
CWIP 0110382100
Investments 72324359494564336
Inventories242270248267260265266170184
Trade Receivables374566302720251825
Cash Equivalents 10022081581818362649
Others Assets 24893109114110100101100131
Total Assets 8739141,5941,5591,5651,6291,6961,3101,396
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + -48-13114-255273537-60
PBT -144-131-164-122-211-267-247-250
Adjustment 108213218166221257236240
Changes in Working Capital -44-2140-521024246-51
Tax Paid 0-3-7-4115221
Cash Flow From Investing Activity + -18922-7-18-40-2611-20-8
Capex -7-45-43-23-24-25-32-16-9
Net Investments -188472034-16-143-40
Others 620-167000000
Cash Flow From Financing Activity + 38-0-54-3-54-5-28-2792
Net Proceeds from Shares 0007700000
Net Proceeds from Borrowing 0020-116776125141145
Interest Paid -0-0-81-91-96-115-147-165-164
Dividend Paid 000000000
Others 380621-2534-6-3111
Net Cash Flow -199953-24-40-418-1024
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-2.780.45-31.82-71.23-98.08N/AN/AN/AN/A
ROCE (%)-1.882.12-9.65-16.05-5.78N/AN/AN/AN/A
Asset Turnover Ratio1.322.682.31.681.591.681.531.441.42
PAT to CFO Conversion(x)N/A-6.5N/AN/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days11.806.2076.604.203.203.203.704.10
Inventory Days773932.8035.6038.9035.803836.8033.70
Payable Days122.1062.8060.2066.6066.50637179.8078.60

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Spencers Retail Ltd FAQs

The current trading price of Spencers Retail on 24-Aug-2026 16:01 is ₹30.80.

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 23-Aug-2026 the market cap of Spencers Retail stood at ₹273.8 Cr

The latest P/E ratio of Spencers Retail as of 23-Aug-2026 is 0.00.

The latest P/B ratio of Spencers Retail as of 23-Aug-2026 is -0.59.

The 52-week high of Spencers Retail is ₹63.20 and the 52-week low is ₹24.29.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Spencers Retail is ₹1,584 ( 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 Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Spencers Retail Ltd is likely to Fall 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.
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