Aditya Birla Fashion and Retail Limited (ABFRL) reported consolidated revenue from operations of Rs. 8,177 crore (US $855.51 million) for FY 2025-26, marking an 11% year-on-year increase from Rs. 7,355 crore (US $769.52 million) in FY 2024-25.
The fashion retailer also reported an improvement in operating profitability during the year. EBITDA rose to Rs. 967 crore (US $101.17 million), compared with Rs. 854 crore (US $89.35 million) a year earlier. The EBITDA margin increased to 11.8% from 11.6%.
At the same time, ABFRL’s consolidated net loss widened to Rs. 830 crore (US $86.84 million), compared with a net loss of Rs. 624 crore (US $65.29 million) in FY 2024-25. Loss before tax stood at Rs. 888 crore (US $92.91 million), against Rs. 880 crore (US $92.07 million) in FY 2024-25.
ABFRL said the FY 2024-25 and FY 2025-26 results included exceptional gains and losses of Rs. 161.15 crore (US $16.86 million) and Rs. 39.86 crore (US $4.17 million), respectively.
E-commerce and retail network continue to expand
ABFRL’s e-commerce business grew by more than 20% during FY 2025-26 and contributed around 16% of the company’s total revenue.
The company also continued to expand its physical retail network. It added more than 180 stores during the year, taking its total network to 1,273 stores at the end of FY 2025-26. Its overall retail footprint increased to nearly 7.9 million sq. ft., compared with around 7.3 million sq. ft. across 1,167 stores in FY 2024-25.
The expansion reflects growth across several of ABFRL’s key business segments, with ethnicwear, luxury retail and digital-first fashion contributing to the company’s performance.
Ethnicwear delivers strong growth and higher profitability
Ethnicwear emerged as ABFRL’s fastest-growing profitable business during the year.
The segment’s revenue increased 14% to Rs. 2,227 crore (US $232.99 million), compared with Rs. 1,956 crore (US $204.64 million) in FY 2024-25.
EBITDA more than doubled to Rs. 242 crore (US $25.32 million), up from Rs. 102 crore (US $10.67 million). The EBITDA margin also expanded significantly to 10.8%, compared with 5.2% in the previous fiscal year.
The segment recorded 16% like-to-like growth and expanded its retail network to more than 680 stores after adding over 80 outlets during FY 2025-26.
Among the brands within the portfolio, TASVA recorded 38% sales growth and increased its network to 94 stores. Jaypore posted 23% growth during the year.
TCNS delivered 10% like-to-like growth, while its full-year cash losses declined by more than half compared with the previous year.
Luxury retail grows with Galeries Lafayette Mumbai launch
ABFRL’s Luxury Retail business also reported strong growth in FY 2025-26.
Revenue increased 15% to Rs. 596 crore (US $62.36 million), compared with the previous year, while EBITDA grew 23% to Rs. 175 crore (US $18.31 million).
The EBITDA margin improved by 190 basis points to 29.4%.
The segment’s performance was supported by the launch of Galeries Lafayette Mumbai, India’s first Galeries Lafayette department store. Located in Kala Ghoda, the store spans 90,000 sq. ft.
The launch adds a significant physical retail presence to ABFRL’s luxury portfolio as the company continues to expand its premium and luxury fashion business in India.
Pantaloons leads the Masstige and Value Retail segment
The Masstige and Value Retail segment, led by Pantaloons, generated revenue of Rs. 4,560 crore (US $477.09 million) in FY 2025-26, representing a 4% year-on-year increase.
The segment reported EBITDA of Rs. 739 crore (US $77.32 million), with an EBITDA margin of 16.2%.
Pantaloons operated 399 stores across 28 states and Union Territories at the end of FY 2025-26.
ABFRL’s value fashion format OWND also expanded during the year. The format added 34 new outlets, taking its total presence to 79 stores.
TMRW revenue grows 34%
ABFRL’s digital-first fashion platform TMRW recorded 34% revenue growth during FY 2025-26, with revenue reaching Rs. 876 crore (US $91.65 million).
Including Wrogn, business revenue crossed Rs. 1,100 crore (US $115.09 million).
TMRW reported an EBITDA loss of Rs. 207 crore (US $21.66 million), broadly unchanged from the Rs. 206 crore (US $21.55 million) loss recorded in FY 2024-25.
The platform secured its first external investment during FY 2025-26, raising Rs. 437 crore (US $45.72 million) from ServiceNow Ventures.
TMRW also expanded its offline presence to around 120 exclusive stores across its portfolio during the year.
ABFRL FY 2025-26 performance at a glance
ABFRL’s FY 2025-26 results show a mixed performance across its portfolio. Consolidated revenue and EBITDA increased, supported by growth in ethnicwear, luxury retail, e-commerce and digital-first fashion. The company also continued to expand its store network across multiple formats.
The ethnicwear business recorded particularly strong improvement in profitability, while the Luxury Retail segment benefited from higher revenue and EBITDA and the launch of Galeries Lafayette Mumbai.
At the same time, the company’s consolidated net loss increased to Rs. 830 crore (US $86.84 million), with loss before tax at Rs. 888 crore (US $92.91 million).
With 1,273 stores, nearly 7.9 million sq. ft. of retail footprint, growing e-commerce contribution and continued investment in digital-first brands, ABFRL ended FY 2025-26 with a broader retail and brand portfolio than the previous year.
