Revenue rose 18.4% YoY to ₹19,206 crore, beating CLSA’s ₹18,923 crore estimate and consensus by 1.1%—a clear signal that the chain’s sales engine is still firing.
The network grew by 15 new outlets in the quarter, taking total stores to 518—up 20% YoY and a jump from just three added in Q1FY27—underscoring a steady expansion strategy.
CLSA’s research now flags a 'High Conviction Outperform' rating with a ₹5,723 price target, while Bernstein maintains an 'Outperform' stance at ₹5,000, reflecting a consensus lift in valuation.
On Thursday, the stock closed 0.75% higher at ₹3,830, after a 16% slide over the past six months and a modest 3% rise YTD, keeping momentum in the retail space.
Analysts anticipate the store‑add pace to mirror FY26, with gross margin expected to improve amid bill‑cut growth, and the company will report Q3FY27 results in the coming weeks.