# Textiles - Readymade Apparel — company-by-company sector analysis

> Textiles - Readymade Apparel: Trent Ltd owns the largest revenue base; V2 Retail Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Textiles - Readymade Apparel has underperformed NIFTY 500 by 11.2% over 52 weeks and 1% over 13 weeks. 9 of 26 covered companies beat NIFTY on Mansfield relative strength, while 11 of 25 beat the sector itself. Trent Ltd leads with revenue of ₹20,074 crore, based on 25 of 26 comparable companies through Mar 2026.

### Is the Textiles - Readymade Apparel sector outperforming NIFTY 500?

Textiles - Readymade Apparel has underperformed NIFTY 500 by 11.2% over 52 weeks and 1% over 13 weeks. 9 of 26 covered companies beat NIFTY on Mansfield relative strength, while 11 of 25 beat the sector itself.

### Which Textiles - Readymade Apparel company is largest by revenue?

Trent Ltd leads with revenue of ₹20,074 crore, based on 25 of 26 comparable companies through Mar 2026.

### Which Textiles - Readymade Apparel company is growing fastest?

V2 Retail Ltd has the fastest current revenue growth at 62.7%, across 25 of 26 comparable companies.

### Which Textiles - Readymade Apparel company has the strongest 4-Factor Sector Score?

Kewal Kiran Clothing Ltd ranks first at 70/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Textiles - Readymade Apparel company reports the most CAPEX?

Gokaldas Exports Ltd reports the largest latest CAPEX at ₹581 crore, with 7 of 26 companies comparable.

### Which Textiles - Readymade Apparel company has the least gross debt?

Thomas Scott India Ltd has the lowest comparable gross debt at ₹27 crore. Aditya Birla Fashion & Retail Ltd has the highest at ₹6,189 crore.

### Which Textiles - Readymade Apparel company has the lowest comparable PEG?

Kewal Kiran Clothing Ltd has the lowest comparable Guarded PEG at 0.59, among 9 of 26 companies that pass the metric’s comparability rules.

### How much history does this Textiles - Readymade Apparel comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Textiles - Readymade Apparel has underperformed NIFTY 500 by 11.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 1%. 9 of 26 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. SBC Exports Ltd is the strongest against the sector itself at +44.2%.

13-week sector return versus NIFTY 500: 1.0%
52-week sector return versus NIFTY 500: -11%
Stocks leading NIFTY: 9/26
Stocks leading sector: 11/25

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 26
Combined market value: ₹3.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Kewal Kiran Clothing Ltd (KKCL): 70/100 — Favorable setup; evidence 96%
   - Growth & earnings 19.8/35 | Capital efficiency 19.8/25 | Valuation 16.4/20 | Relative strength 14.0/20
   - Exact sum: 19.8 + 19.8 + 16.4 + 14 = 70
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Cantabil Retail India Ltd (CANTABIL): 66/100 — Favorable setup; evidence 77%
   - Growth & earnings 23.6/35 | Capital efficiency 16.7/25 | Valuation 12.7/20 | Relative strength 13.0/20
   - Exact sum: 23.6 + 16.7 + 12.7 + 13 = 66
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. V2 Retail Ltd (V2RETAIL): 65/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 28.0/35 | Capital efficiency 13.3/25 | Valuation 9.4/20 | Relative strength 13.9/20
   - Exact sum: 28 + 13.3 + 9.4 + 13.9 = 64.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. S P Apparels Ltd (SPAL): 59/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 15.1/35 | Capital efficiency 13.3/25 | Valuation 11.5/20 | Relative strength 18.9/20
   - Exact sum: 15.1 + 13.3 + 11.5 + 18.9 = 58.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 30.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Iris Clothings Ltd (IRISDOREME): 59/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 15.8/35 | Capital efficiency 15.7/25 | Valuation 7.7/20 | Relative strength 19.6/20
   - Exact sum: 15.8 + 15.7 + 7.7 + 19.6 = 58.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 39.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Pearl Global Industries Ltd (PGIL): 58/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 16.1/35 | Capital efficiency 15.9/25 | Valuation 7.5/20 | Relative strength 18.2/20
   - Exact sum: 16.1 + 15.9 + 7.5 + 18.2 = 57.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 28%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. V-Mart Retail Ltd (VMART): 57/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 25.3/35 | Capital efficiency 7.8/25 | Valuation 7.3/20 | Relative strength 17.0/20
   - Exact sum: 25.3 + 7.8 + 7.3 + 17 = 57.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. SBC Exports Ltd (SBC): 57/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 26.4/35 | Capital efficiency 8.8/25 | Valuation 6.7/20 | Relative strength 15.2/20
   - Exact sum: 26.4 + 8.8 + 6.7 + 15.2 = 57.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Monte Carlo Fashions Ltd (MONTECARLO): 56/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 22.6/35 | Capital efficiency 10.2/25 | Valuation 13.9/20 | Relative strength 9.7/20
   - Exact sum: 22.6 + 10.2 + 13.9 + 9.7 = 56.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Arvind Fashions Ltd (ARVINDFASN): 54/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 23.8/35 | Capital efficiency 11.7/25 | Valuation 8.9/20 | Relative strength 9.2/20
   - Exact sum: 23.8 + 11.7 + 8.9 + 9.2 = 53.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Trent Ltd (TRENT): 53/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 22.9/35 | Capital efficiency 19.1/25 | Valuation 3.7/20 | Relative strength 7.7/20
   - Exact sum: 22.9 + 19.1 + 3.7 + 7.7 = 53.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
12. Vishal Mega Mart Ltd (VMM): 53/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 24.0/35 | Capital efficiency 13.8/25 | Valuation 4.6/20 | Relative strength 10.4/20
   - Exact sum: 24 + 13.8 + 4.6 + 10.4 = 52.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Thomas Scott India Ltd (THOMASCOTT): 52/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 18.3/35 | Capital efficiency 16.0/25 | Valuation 10.9/20 | Relative strength 6.7/20
   - Exact sum: 18.3 + 16 + 10.9 + 6.7 = 51.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Bella Casa Fashion & Retail Ltd (BELLACASA): 51/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 22.5/35 | Capital efficiency 13.1/25 | Valuation 11.2/20 | Relative strength 3.9/20
   - Exact sum: 22.5 + 13.1 + 11.2 + 3.9 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Credo Brands Marketing Ltd (MUFTI): 50/100 — Mixed-positive evidence; evidence 63%
   - Growth & earnings 13.7/35 | Capital efficiency 16.3/25 | Valuation 12.6/20 | Relative strength 7.6/20
   - Exact sum: 13.7 + 16.3 + 12.6 + 7.6 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Aditya Birla Lifestyle Brands Ltd (ABLBL): 49/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 18.7/35 | Capital efficiency 11.0/25 | Valuation 11.4/20 | Relative strength 8.3/20
   - Exact sum: 18.7 + 11 + 11.4 + 8.3 = 49.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Sai Silks (Kalamandir) Ltd (KALAMANDIR): 49/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 13.5/35 | Capital efficiency 16.5/25 | Valuation 14.7/20 | Relative strength 4.2/20
   - Exact sum: 13.5 + 16.5 + 14.7 + 4.2 = 48.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
18. Vedant Fashions Ltd (MANYAVAR): 48/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 10.0/35 | Capital efficiency 19.8/25 | Valuation 14.7/20 | Relative strength 3.8/20
   - Exact sum: 10 + 19.8 + 14.7 + 3.8 = 48.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
19. Raymond Lifestyle Ltd (RAYMONDLSL): 46/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.3/35 | Capital efficiency 10.0/25 | Valuation 9.9/20 | Relative strength 5.6/20
   - Exact sum: 20.3 + 10 + 9.9 + 5.6 = 45.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Lux Industries Ltd (LUXIND): 41/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 10.2/35 | Capital efficiency 10.4/25 | Valuation 9.0/20 | Relative strength 11.4/20
   - Exact sum: 10.2 + 10.4 + 9 + 11.4 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Baazar Style Retail Ltd (STYLEBAAZA): 35/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 18.2/35 | Capital efficiency 5.0/25 | Valuation 8.6/20 | Relative strength 3.5/20
   - Exact sum: 18.2 + 5 + 8.6 + 3.5 = 35.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Go Fashion (India) Ltd (GOCOLORS): 34/100 — Adverse evidence; evidence 77%
   - Growth & earnings 6.5/35 | Capital efficiency 12.1/25 | Valuation 12.4/20 | Relative strength 3.3/20
   - Exact sum: 6.5 + 12.1 + 12.4 + 3.3 = 34.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Aditya Birla Fashion & Retail Ltd (ABFRL): 30/100 — Adverse evidence; evidence 62%
   - Growth & earnings 12.4/35 | Capital efficiency 5.2/25 | Valuation 10.0/20 | Relative strength 2.3/20
   - Exact sum: 12.4 + 5.2 + 10 + 2.3 = 29.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Gokaldas Exports Ltd (GOKEX): 30/100 — Adverse evidence; evidence 90%
   - Growth & earnings 8.4/35 | Capital efficiency 9.4/25 | Valuation 1.9/20 | Relative strength 9.9/20
   - Exact sum: 8.4 + 9.4 + 1.9 + 9.9 = 29.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Kitex Garments Ltd (KITEX): 23/100 — Adverse evidence; evidence 66%
   - Growth & earnings 3.9/35 | Capital efficiency 4.9/25 | Valuation 8.5/20 | Relative strength 5.9/20
   - Exact sum: 3.9 + 4.9 + 8.5 + 5.9 = 23.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. Karnika Industries Ltd (KARNIKA): 56/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 20.3/35 | Capital efficiency 18.1/25 | Valuation 10.4/20 | Relative strength 7.6/20
   - Exact sum: 20.3 + 18.1 + 10.4 + 7.6 = 56.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Trent Ltd is the scale leader at ₹20,074 crore, 48.8% ahead of Vishal Mega Mart Ltd. V2 Retail Ltd's growth is 62.7% from a ₹3,067 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Trent Ltd is the scale benchmark; V2 Retail Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Trent Ltd's growth falls below V2 Retail Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Trent Ltd · ₹20,074 crore | 48.8% versus #2 · Vishal Mega Mart Ltd | 8/8 recent comparable periods | 25/26 companies · 384 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Trent Ltd (TRENT): ₹20.1K Cr
2. Vishal Mega Mart Ltd (VMM): ₹13.5K Cr
3. Aditya Birla Lifestyle Brands Ltd (ABLBL): ₹8.4K Cr
4. Aditya Birla Fashion & Retail Ltd (ABFRL): ₹8.2K Cr
5. Raymond Lifestyle Ltd (RAYMONDLSL): ₹6.9K Cr

### Revenue growth — fastest growers
1. V2 Retail Ltd (V2RETAIL): 63%
2. Thomas Scott India Ltd (THOMASCOTT): 62% — older report
3. Baazar Style Retail Ltd (STYLEBAAZA): 37%
4. SBC Exports Ltd (SBC): 34%
5. Iris Clothings Ltd (IRISDOREME): 31%

### 20-quarter Revenue history
- TRENT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹3.7K Cr
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- MANYAVAR: Sep 2021 ₹200 Cr | Dec 2021 ₹385 Cr | Mar 2022 ₹296 Cr | Jun 2022 ₹325 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹441 Cr | Mar 2023 ₹342 Cr | Jun 2023 ₹312 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹474 Cr | Mar 2024 ₹363 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹268 Cr | Dec 2024 ₹511 Cr | Mar 2025 ₹367 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹492 Cr | Mar 2026 ₹399 Cr | Jun 2026 —
- PGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹717 Cr | Mar 2023 ₹730 Cr | Jun 2023 ₹894 Cr | Sep 2023 ₹961 Cr | Dec 2023 ₹704 Cr | Mar 2024 ₹877 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- V2RETAIL: Sep 2021 ₹150 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹240 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹296 Cr | Jun 2024 ₹415 Cr | Sep 2024 ₹380 Cr | Dec 2024 ₹591 Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹632 Cr | Sep 2025 ₹709 Cr | Dec 2025 ₹929 Cr | Mar 2026 ₹797 Cr | Jun 2026 —
- ABFRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.6K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- ARVINDFASN: Sep 2021 ₹812 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹917 Cr | Jun 2022 ₹920 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹867 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹955 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.3K Cr
- GOKEX: Sep 2021 ₹444 Cr | Dec 2021 ₹521 Cr | Mar 2022 ₹585 Cr | Jun 2022 ₹611 Cr | Sep 2022 ₹570 Cr | Dec 2022 ₹519 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹515 Cr | Sep 2023 ₹500 Cr | Dec 2023 ₹552 Cr | Mar 2024 ₹812 Cr | Jun 2024 ₹932 Cr | Sep 2024 ₹929 Cr | Dec 2024 ₹988 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹956 Cr | Sep 2025 ₹984 Cr | Dec 2025 ₹979 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- VMART: Sep 2021 ₹338 Cr | Dec 2021 ₹692 Cr | Mar 2022 ₹459 Cr | Jun 2022 ₹588 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹777 Cr | Mar 2023 ₹594 Cr | Jun 2023 ₹679 Cr | Sep 2023 ₹549 Cr | Dec 2023 ₹889 Cr | Mar 2024 ₹669 Cr | Jun 2024 ₹786 Cr | Sep 2024 ₹661 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹780 Cr | Jun 2025 ₹885 Cr | Sep 2025 ₹807 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹971 Cr | Jun 2026 ₹1.1K Cr
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- LUXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹459 Cr | Mar 2023 ₹717 Cr | Jun 2023 ₹521 Cr | Sep 2023 ₹639 Cr | Dec 2023 ₹451 Cr | Mar 2024 ₹708 Cr | Jun 2024 ₹535 Cr | Sep 2024 ₹677 Cr | Dec 2024 ₹553 Cr | Mar 2025 ₹818 Cr | Jun 2025 ₹604 Cr | Sep 2025 ₹779 Cr | Dec 2025 ₹673 Cr | Mar 2026 ₹873 Cr | Jun 2026 —
- KKCL: Sep 2021 ₹175 Cr | Dec 2021 ₹171 Cr | Mar 2022 ₹170 Cr | Jun 2022 ₹155 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹262 Cr | Dec 2023 ₹200 Cr | Mar 2024 ₹219 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹288 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹354 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹324 Cr | Jun 2026 —
- KITEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹68 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹166 Cr | Jun 2026 —
- SPAL: Sep 2021 ₹222 Cr | Dec 2021 ₹250 Cr | Mar 2022 ₹254 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹269 Cr | Dec 2022 ₹251 Cr | Mar 2023 ₹275 Cr | Jun 2023 ₹248 Cr | Sep 2023 ₹292 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹245 Cr | Sep 2024 ₹391 Cr | Dec 2024 ₹359 Cr | Mar 2025 ₹399 Cr | Jun 2025 ₹403 Cr | Sep 2025 ₹427 Cr | Dec 2025 ₹383 Cr | Mar 2026 ₹365 Cr | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹160 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹276 Cr | Sep 2024 ₹311 Cr | Dec 2024 ₹412 Cr | Mar 2025 ₹345 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹532 Cr | Dec 2025 ₹466 Cr | Mar 2026 ₹466 Cr | Jun 2026 —
- CANTABIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹162 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹194 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹223 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹253 Cr | Jun 2026 —
- SBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹50 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹176 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹202 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹223 Cr | Sep 2025 ₹224 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹196 Cr | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹379 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹305 Cr | Sep 2023 ₹327 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹360 Cr | Jun 2024 ₹267 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹449 Cr | Mar 2025 ₹399 Cr | Jun 2025 ₹379 Cr | Sep 2025 ₹444 Cr | Dec 2025 ₹411 Cr | Mar 2026 ₹419 Cr | Jun 2026 ₹375 Cr
- MONTECARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹520 Cr | Mar 2023 ₹237 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹504 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹549 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹249 Cr | Dec 2025 ₹608 Cr | Mar 2026 ₹280 Cr | Jun 2026 —
- IRISDOREME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹20 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹74 Cr | Mar 2026 ₹72 Cr | Jun 2026 ₹74 Cr
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹143 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹164 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹15 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹66 Cr | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹51 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹90 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- TRENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 266% | Sep 2022 66% | Dec 2022 54% | Mar 2023 64% | Jun 2023 46% | Sep 2023 53% | Dec 2023 51% | Mar 2024 51% | Jun 2024 56% | Sep 2024 39% | Dec 2024 34% | Mar 2025 28% | Jun 2025 19% | Sep 2025 16% | Dec 2025 15% | Mar 2026 19% | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 23% | Sep 2024 15% | Dec 2024 20% | Mar 2025 23% | Jun 2025 21% | Sep 2025 22% | Dec 2025 17% | Mar 2026 22% | Jun 2026 19%
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.2% | Sep 2025 3.7% | Dec 2025 9.6% | Mar 2026 12% | Jun 2026 —
- MANYAVAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 103% | Sep 2022 24% | Dec 2022 15% | Mar 2023 16% | Jun 2023 -4.0% | Sep 2023 -12% | Dec 2023 7.5% | Mar 2024 6.1% | Jun 2024 -23% | Sep 2024 23% | Dec 2024 7.8% | Mar 2025 1.1% | Jun 2025 17% | Sep 2025 -1.9% | Dec 2025 -3.7% | Mar 2026 8.7% | Jun 2026 —
- PGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.8% | Mar 2024 20% | Jun 2024 18% | Sep 2024 25% | Dec 2024 45% | Mar 2025 40% | Jun 2025 17% | Sep 2025 9.2% | Dec 2025 14% | Mar 2026 6.9% | Jun 2026 —
- V2RETAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 154% | Sep 2022 30% | Dec 2022 0.4% | Mar 2023 22% | Jun 2023 25% | Sep 2023 18% | Dec 2023 56% | Mar 2024 53% | Jun 2024 57% | Sep 2024 65% | Dec 2024 58% | Mar 2025 69% | Jun 2025 52% | Sep 2025 87% | Dec 2025 57% | Mar 2026 60% | Jun 2026 —
- ABFRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 -45% | Jun 2024 -48% | Sep 2024 -45% | Dec 2024 -47% | Mar 2025 9.1% | Jun 2025 9.4% | Sep 2025 13% | Dec 2025 7.9% | Mar 2026 16% | Jun 2026 —
- ARVINDFASN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 46% | Dec 2022 6.5% | Mar 2023 15% | Jun 2023 -5.8% | Sep 2023 -0.7% | Dec 2023 4.9% | Mar 2024 3.7% | Jun 2024 10% | Sep 2024 8.4% | Dec 2024 6.9% | Mar 2025 8.7% | Jun 2025 16% | Sep 2025 11% | Dec 2025 14% | Mar 2026 15% | Jun 2026 15%
- GOKEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 154% | Sep 2022 28% | Dec 2022 -0.4% | Mar 2023 -11% | Jun 2023 -16% | Sep 2023 -12% | Dec 2023 6.4% | Mar 2024 55% | Jun 2024 81% | Sep 2024 86% | Dec 2024 79% | Mar 2025 25% | Jun 2025 2.6% | Sep 2025 5.9% | Dec 2025 -0.9% | Mar 2026 5.3% | Jun 2026 —
- VMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 232% | Sep 2022 50% | Dec 2022 12% | Mar 2023 29% | Jun 2023 15% | Sep 2023 8.5% | Dec 2023 14% | Mar 2024 13% | Jun 2024 16% | Sep 2024 20% | Dec 2024 16% | Mar 2025 17% | Jun 2025 13% | Sep 2025 22% | Dec 2025 9.6% | Mar 2026 24% | Jun 2026 23%
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -22% | Sep 2024 -5.3% | Dec 2024 1.6% | Mar 2025 -11% | Jun 2025 17% | Sep 2025 7.3% | Dec 2025 5.4% | Mar 2026 19% | Jun 2026 —
- LUXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.7% | Mar 2024 -1.3% | Jun 2024 2.7% | Sep 2024 6.0% | Dec 2024 23% | Mar 2025 16% | Jun 2025 13% | Sep 2025 15% | Dec 2025 22% | Mar 2026 6.7% | Jun 2026 —
- KKCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 68% | Sep 2022 29% | Dec 2022 16% | Mar 2023 17% | Jun 2023 15% | Sep 2023 16% | Dec 2023 0.5% | Mar 2024 10% | Jun 2024 -15% | Sep 2024 18% | Dec 2024 28% | Mar 2025 32% | Jun 2025 55% | Sep 2025 15% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —
- KITEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 141% | Mar 2024 77% | Jun 2024 31% | Sep 2024 61% | Dec 2024 68% | Mar 2025 73% | Jun 2025 3.3% | Sep 2025 -43% | Dec 2025 -34% | Mar 2026 -45% | Jun 2026 —
- SPAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 85% | Sep 2022 21% | Dec 2022 0.4% | Mar 2023 8.3% | Jun 2023 0.8% | Sep 2023 8.6% | Dec 2023 0.4% | Mar 2024 7.3% | Jun 2024 -1.2% | Sep 2024 34% | Dec 2024 42% | Mar 2025 35% | Jun 2025 64% | Sep 2025 9.2% | Dec 2025 6.7% | Mar 2026 -8.5% | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 40% | Jun 2024 21% | Sep 2024 65% | Dec 2024 24% | Mar 2025 54% | Jun 2025 37% | Sep 2025 71% | Dec 2025 13% | Mar 2026 35% | Jun 2026 —
- CANTABIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.6% | Mar 2024 11% | Jun 2024 14% | Sep 2024 12% | Dec 2024 27% | Mar 2025 13% | Jun 2025 24% | Sep 2025 17% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- SBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.9% | Mar 2024 2.6% | Jun 2024 24% | Sep 2024 87% | Dec 2024 39% | Mar 2025 39% | Jun 2025 10% | Sep 2025 28% | Dec 2025 45% | Mar 2026 47% | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 10% | Dec 2024 6.2% | Mar 2025 13% | Jun 2025 1.2% | Sep 2025 7.5% | Dec 2025 -9.2% | Mar 2026 -4.2% | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.8% | Mar 2024 11% | Jun 2024 -12% | Sep 2024 6.1% | Dec 2024 18% | Mar 2025 11% | Jun 2025 42% | Sep 2025 28% | Dec 2025 -8.5% | Mar 2026 5.0% | Jun 2026 -1.1%
- MONTECARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.0% | Mar 2024 -13% | Jun 2024 -9.2% | Sep 2024 3.4% | Dec 2024 8.8% | Mar 2025 -0.3% | Jun 2025 9.9% | Sep 2025 13% | Dec 2025 11% | Mar 2026 36% | Jun 2026 —
- IRISDOREME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 12% | Jun 2024 30% | Sep 2024 28% | Dec 2024 42% | Mar 2025 -4.6% | Jun 2025 19% | Sep 2025 7.4% | Dec 2025 46% | Mar 2026 50% | Jun 2026 —
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16% | Dec 2023 15% | Mar 2024 0.0% | Jun 2024 5.1% | Sep 2024 12% | Dec 2024 4.0% | Mar 2025 15% | Jun 2025 -3.2% | Sep 2025 -12% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 52% | Dec 2023 99% | Mar 2024 7.6% | Jun 2024 49% | Sep 2024 77% | Dec 2024 110% | Mar 2025 85% | Jun 2025 97% | Sep 2025 40% | Dec 2025 46% | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 51% | Jun 2024 58% | Sep 2024 66% | Dec 2024 39% | Mar 2025 43% | Jun 2025 22% | Sep 2025 18% | Dec 2025 11% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Vedant Fashions Ltd leads opm at 33.8%; Monte Carlo Fashions Ltd leads margin change at +6.5 percentage points.

Investor read: Vedant Fashions Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Vedant Fashions Ltd · 33.8% | 9% versus #2 · Cantabil Retail India Ltd | 1/8 recent comparable periods | 26/26 companies · 447 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Vedant Fashions Ltd (MANYAVAR): 34%
2. Cantabil Retail India Ltd (CANTABIL): 31%
3. Credo Brands Marketing Ltd (MUFTI): 29% — older report
4. Go Fashion (India) Ltd (GOCOLORS): 25%
5. Kewal Kiran Clothing Ltd (KKCL): 19%

### Margin change — fastest expanders
1. Monte Carlo Fashions Ltd (MONTECARLO): +6.5 pp
2. Raymond Lifestyle Ltd (RAYMONDLSL): +6.0 pp
3. Cantabil Retail India Ltd (CANTABIL): +4.0 pp
4. Trent Ltd (TRENT): +3.0 pp
5. Karnika Industries Ltd (KARNIKA): +2.3 pp

### 20-quarter OPM history
- TRENT: Sep 2021 18% | Dec 2021 18% | Mar 2022 9.4% | Jun 2022 16% | Sep 2022 13% | Dec 2022 14% | Mar 2023 9.0% | Jun 2023 14% | Sep 2023 15% | Dec 2023 18% | Mar 2024 14% | Jun 2024 15% | Sep 2024 16% | Dec 2024 18% | Mar 2025 15% | Jun 2025 17% | Sep 2025 17% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.7% | Sep 2023 14% | Dec 2023 16% | Mar 2024 12% | Jun 2024 14% | Sep 2024 12% | Dec 2024 16% | Mar 2025 14% | Jun 2025 15% | Sep 2025 13% | Dec 2025 16% | Mar 2026 14% | Jun 2026 15%
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16% | Sep 2024 14% | Dec 2024 16% | Mar 2025 16% | Jun 2025 14% | Sep 2025 16% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- MANYAVAR: Sep 2021 46% | Dec 2021 50% | Mar 2022 49% | Jun 2022 50% | Sep 2022 47% | Dec 2022 51% | Mar 2023 49% | Jun 2023 48% | Sep 2023 43% | Dec 2023 51% | Mar 2024 48% | Jun 2024 47% | Sep 2024 46% | Dec 2024 40% | Mar 2025 35% | Jun 2025 29% | Sep 2025 26% | Dec 2025 35% | Mar 2026 34% | Jun 2026 —
- PGIL: Sep 2021 5.9% | Dec 2021 6.1% | Mar 2022 4.4% | Jun 2022 7.9% | Sep 2022 6.1% | Dec 2022 10% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 9.0% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 10% | Jun 2026 —
- V2RETAIL: Sep 2021 12% | Dec 2021 17% | Mar 2022 4.1% | Jun 2022 10% | Sep 2022 5.2% | Dec 2022 16% | Mar 2023 7.0% | Jun 2023 14% | Sep 2023 9.0% | Dec 2023 16% | Mar 2024 11% | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 19% | Mar 2025 12% | Jun 2025 14% | Sep 2025 12% | Dec 2025 19% | Mar 2026 14% | Jun 2026 —
- ABFRL: Sep 2021 15% | Dec 2021 19% | Mar 2022 16% | Jun 2022 16% | Sep 2022 13% | Dec 2022 12% | Mar 2023 7.0% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 13% | Mar 2024 2.0% | Jun 2024 5.0% | Sep 2024 4.0% | Dec 2024 13% | Mar 2025 12% | Jun 2025 6.0% | Sep 2025 3.0% | Dec 2025 13% | Mar 2026 9.0% | Jun 2026 —
- ARVINDFASN: Sep 2021 6.9% | Dec 2021 9.6% | Mar 2022 8.0% | Jun 2022 10.0% | Sep 2022 9.8% | Dec 2022 10% | Mar 2023 11% | Jun 2023 11% | Sep 2023 12% | Dec 2023 13% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 14% | Mar 2025 13% | Jun 2025 12% | Sep 2025 13% | Dec 2025 14% | Mar 2026 14% | Jun 2026 12%
- GOKEX: Sep 2021 12% | Dec 2021 11% | Mar 2022 13% | Jun 2022 12% | Sep 2022 11% | Dec 2022 12% | Mar 2023 13% | Jun 2023 12% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 10% | Jun 2024 8.0% | Sep 2024 7.0% | Dec 2024 11% | Mar 2025 12% | Jun 2025 10% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 11% | Jun 2026 —
- VMART: Sep 2021 6.1% | Dec 2021 20% | Mar 2022 11% | Jun 2022 15% | Sep 2022 11% | Dec 2022 13% | Mar 2023 4.0% | Jun 2023 8.0% | Sep 2023 0.0% | Dec 2023 13% | Mar 2024 6.0% | Jun 2024 13% | Sep 2024 6.0% | Dec 2024 17% | Mar 2025 9.0% | Jun 2025 14% | Sep 2025 9.0% | Dec 2025 19% | Mar 2026 11% | Jun 2026 15%
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.3% | Sep 2023 14% | Dec 2023 16% | Mar 2024 15% | Jun 2024 5.0% | Sep 2024 13% | Dec 2024 10% | Mar 2025 1.0% | Jun 2025 5.0% | Sep 2025 12% | Dec 2025 13% | Mar 2026 7.0% | Jun 2026 —
- LUXIND: Sep 2021 22% | Dec 2021 21% | Mar 2022 18% | Jun 2022 13% | Sep 2022 10% | Dec 2022 7.0% | Mar 2023 6.0% | Jun 2023 5.0% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 8.0% | Sep 2024 10% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 6.0% | Sep 2025 6.0% | Dec 2025 5.0% | Mar 2026 7.0% | Jun 2026 —
- KKCL: Sep 2021 18% | Dec 2021 16% | Mar 2022 19% | Jun 2022 19% | Sep 2022 22% | Dec 2022 17% | Mar 2023 20% | Jun 2023 19% | Sep 2023 24% | Dec 2023 19% | Mar 2024 19% | Jun 2024 18% | Sep 2024 21% | Dec 2024 18% | Mar 2025 18% | Jun 2025 18% | Sep 2025 20% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —
- KITEX: Sep 2021 21% | Dec 2021 24% | Mar 2022 22% | Jun 2022 17% | Sep 2022 19% | Dec 2022 -2.0% | Mar 2023 -6.6% | Jun 2023 9.6% | Sep 2023 15% | Dec 2023 20% | Mar 2024 20% | Jun 2024 21% | Sep 2024 25% | Dec 2024 20% | Mar 2025 17% | Jun 2025 17% | Sep 2025 -13% | Dec 2025 4.7% | Mar 2026 1.0% | Jun 2026 —
- SPAL: Sep 2021 18% | Dec 2021 15% | Mar 2022 18% | Jun 2022 17% | Sep 2022 15% | Dec 2022 9.0% | Mar 2023 14% | Jun 2023 15% | Sep 2023 16% | Dec 2023 14% | Mar 2024 14% | Jun 2024 13% | Sep 2024 13% | Dec 2024 14% | Mar 2025 14% | Jun 2025 13% | Sep 2025 15% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -6.1% | Jun 2023 15% | Sep 2023 5.0% | Dec 2023 23% | Mar 2024 11% | Jun 2024 15% | Sep 2024 8.0% | Dec 2024 20% | Mar 2025 12% | Jun 2025 15% | Sep 2025 13% | Dec 2025 19% | Mar 2026 10% | Jun 2026 —
- CANTABIL: Sep 2021 26% | Dec 2021 36% | Mar 2022 25% | Jun 2022 35% | Sep 2022 27% | Dec 2022 34% | Mar 2023 24% | Jun 2023 31% | Sep 2023 22% | Dec 2023 31% | Mar 2024 23% | Jun 2024 31% | Sep 2024 23% | Dec 2024 33% | Mar 2025 27% | Jun 2025 31% | Sep 2025 24% | Dec 2025 36% | Mar 2026 31% | Jun 2026 —
- SBC: Sep 2021 5.0% | Dec 2021 6.5% | Mar 2022 4.0% | Jun 2022 5.7% | Sep 2022 5.8% | Dec 2022 6.0% | Mar 2023 4.3% | Jun 2023 9.9% | Sep 2023 11% | Dec 2023 7.5% | Mar 2024 5.7% | Jun 2024 9.2% | Sep 2024 8.7% | Dec 2024 2.6% | Mar 2025 4.7% | Jun 2025 7.5% | Sep 2025 12% | Dec 2025 11% | Mar 2026 4.2% | Jun 2026 —
- GOCOLORS: Sep 2021 31% | Dec 2021 37% | Mar 2022 34% | Jun 2022 32% | Sep 2022 30% | Dec 2022 34% | Mar 2023 32% | Jun 2023 34% | Sep 2023 30% | Dec 2023 33% | Mar 2024 30% | Jun 2024 33% | Sep 2024 31% | Dec 2024 33% | Mar 2025 30% | Jun 2025 31% | Sep 2025 30% | Dec 2025 27% | Mar 2026 25% | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 13% | Dec 2022 17% | Mar 2023 16% | Jun 2023 15% | Sep 2023 17% | Dec 2023 15% | Mar 2024 15% | Jun 2024 7.0% | Sep 2024 16% | Dec 2024 18% | Mar 2025 15% | Jun 2025 15% | Sep 2025 16% | Dec 2025 17% | Mar 2026 15% | Jun 2026 14%
- MONTECARLO: Sep 2021 22% | Dec 2021 25% | Mar 2022 14% | Jun 2022 3.9% | Sep 2022 20% | Dec 2022 25% | Mar 2023 14% | Jun 2023 -3.0% | Sep 2023 16% | Dec 2023 24% | Mar 2024 -4.8% | Jun 2024 -1.9% | Sep 2024 13% | Dec 2024 28% | Mar 2025 2.8% | Jun 2025 -4.2% | Sep 2025 17% | Dec 2025 27% | Mar 2026 9.2% | Jun 2026 —
- IRISDOREME: Sep 2021 20% | Dec 2021 21% | Mar 2022 16% | Jun 2022 18% | Sep 2022 21% | Dec 2022 16% | Mar 2023 14% | Jun 2023 26% | Sep 2023 23% | Dec 2023 23% | Mar 2024 17% | Jun 2024 19% | Sep 2024 19% | Dec 2024 18% | Mar 2025 20% | Jun 2025 14% | Sep 2025 16% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 14% | Dec 2024 20% | Mar 2025 13% | Jun 2025 15% | Sep 2025 21% | Dec 2025 14% | Mar 2026 11% | Jun 2026 17%
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 36% | Dec 2022 33% | Mar 2023 31% | Jun 2023 26% | Sep 2023 34% | Dec 2023 28% | Mar 2024 23% | Jun 2024 27% | Sep 2024 31% | Dec 2024 31% | Mar 2025 27% | Jun 2025 26% | Sep 2025 29% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 1.2% | Dec 2021 2.9% | Mar 2022 2.3% | Jun 2022 7.2% | Sep 2022 7.6% | Dec 2022 -7.4% | Mar 2023 14% | Jun 2023 6.5% | Sep 2023 14% | Dec 2023 7.3% | Mar 2024 17% | Jun 2024 11% | Sep 2024 11% | Dec 2024 12% | Mar 2025 14% | Jun 2025 11% | Sep 2025 15% | Dec 2025 12% | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 14% | Dec 2021 9.2% | Mar 2022 8.9% | Jun 2022 7.4% | Sep 2022 7.7% | Dec 2022 8.3% | Mar 2023 7.1% | Jun 2023 8.5% | Sep 2023 7.6% | Dec 2023 7.8% | Mar 2024 9.2% | Jun 2024 8.6% | Sep 2024 8.3% | Dec 2024 9.0% | Mar 2025 7.1% | Jun 2025 8.2% | Sep 2025 8.3% | Dec 2025 8.7% | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- TRENT: Sep 2021 +20.5 pp | Dec 2021 −1.9 pp | Mar 2022 −2.1 pp | Jun 2022 +29.4 pp | Sep 2022 −4.7 pp | Dec 2022 −4.2 pp | Mar 2023 −0.4 pp | Jun 2023 −2.2 pp | Sep 2023 +1.9 pp | Dec 2023 +4.0 pp | Mar 2024 +5.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +6.3 pp | Sep 2024 −1.5 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MANYAVAR: Sep 2021 +40.6 pp | Dec 2021 −1.0 pp | Mar 2022 +4.5 pp | Jun 2022 +6.7 pp | Sep 2022 +1.0 pp | Dec 2022 +1.0 pp | Mar 2023 0.0 pp | Jun 2023 −2.0 pp | Sep 2023 −4.0 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +3.0 pp | Dec 2024 −11.3 pp | Mar 2025 −13.5 pp | Jun 2025 −18.3 pp | Sep 2025 −19.7 pp | Dec 2025 −4.3 pp | Mar 2026 −0.7 pp | Jun 2026 —
- PGIL: Sep 2021 −1.0 pp | Dec 2021 +3.4 pp | Mar 2022 −1.5 pp | Jun 2022 +3.7 pp | Sep 2022 +0.2 pp | Dec 2022 +3.9 pp | Mar 2023 +4.6 pp | Jun 2023 +1.1 pp | Sep 2023 +1.9 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- V2RETAIL: Sep 2021 +6.9 pp | Dec 2021 −1.9 pp | Mar 2022 +2.8 pp | Jun 2022 +9.3 pp | Sep 2022 −6.5 pp | Dec 2022 −0.7 pp | Mar 2023 +2.9 pp | Jun 2023 +3.8 pp | Sep 2023 +3.8 pp | Dec 2023 0.0 pp | Mar 2024 +4.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- ABFRL: Sep 2021 +9.6 pp | Dec 2021 −0.2 pp | Mar 2022 +3.4 pp | Jun 2022 +37.1 pp | Sep 2022 −2.3 pp | Dec 2022 −7.5 pp | Mar 2023 −9.3 pp | Jun 2023 −7.3 pp | Sep 2023 −2.9 pp | Dec 2023 +1.0 pp | Mar 2024 −5.0 pp | Jun 2024 −4.0 pp | Sep 2024 −6.0 pp | Dec 2024 0.0 pp | Mar 2025 +10.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ARVINDFASN: Sep 2021 +23.8 pp | Dec 2021 +5.4 pp | Mar 2022 +6.6 pp | Jun 2022 +44.2 pp | Sep 2022 +2.9 pp | Dec 2022 +0.4 pp | Mar 2023 +3.0 pp | Jun 2023 +1.0 pp | Sep 2023 +2.2 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp
- GOKEX: Sep 2021 +2.9 pp | Dec 2021 +3.4 pp | Mar 2022 +3.6 pp | Jun 2022 +4.4 pp | Sep 2022 −0.2 pp | Dec 2022 +0.6 pp | Mar 2023 −0.1 pp | Jun 2023 +0.2 pp | Sep 2023 −2.5 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VMART: Sep 2021 +6.3 pp | Dec 2021 −2.5 pp | Mar 2022 +1.4 pp | Jun 2022 +16.2 pp | Sep 2022 +4.5 pp | Dec 2022 −6.6 pp | Mar 2023 −7.0 pp | Jun 2023 −7.1 pp | Sep 2023 −10.6 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 +5.0 pp | Sep 2024 +6.0 pp | Dec 2024 +4.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 +1.0 pp
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −4.3 pp | Sep 2024 −1.0 pp | Dec 2024 −6.0 pp | Mar 2025 −14.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- LUXIND: Sep 2021 +3.0 pp | Dec 2021 +1.4 pp | Mar 2022 −2.5 pp | Jun 2022 −7.8 pp | Sep 2022 −11.7 pp | Dec 2022 −14.3 pp | Mar 2023 −12.2 pp | Jun 2023 −8.2 pp | Sep 2023 −1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +5.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.0 pp | Sep 2025 −4.0 pp | Dec 2025 −4.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- KKCL: Sep 2021 +1.8 pp | Dec 2021 +4.7 pp | Mar 2022 +9.7 pp | Jun 2022 +10.3 pp | Sep 2022 +3.7 pp | Dec 2022 +1.0 pp | Mar 2023 +1.1 pp | Jun 2023 +0.1 pp | Sep 2023 +1.9 pp | Dec 2023 +2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- KITEX: Sep 2021 +0.4 pp | Dec 2021 +1.0 pp | Mar 2022 +5.4 pp | Jun 2022 −1.6 pp | Sep 2022 −2.2 pp | Dec 2022 −26.3 pp | Mar 2023 −28.4 pp | Jun 2023 −7.2 pp | Sep 2023 −4.7 pp | Dec 2023 +21.9 pp | Mar 2024 +26.6 pp | Jun 2024 +11.6 pp | Sep 2024 +10.9 pp | Dec 2024 −0.2 pp | Mar 2025 −2.9 pp | Jun 2025 −3.8 pp | Sep 2025 −38.5 pp | Dec 2025 −15.0 pp | Mar 2026 −16.0 pp | Jun 2026 —
- SPAL: Sep 2021 +0.1 pp | Dec 2021 −3.0 pp | Mar 2022 +4.7 pp | Jun 2022 −3.7 pp | Sep 2022 −3.2 pp | Dec 2022 −6.4 pp | Mar 2023 −3.6 pp | Jun 2023 −2.5 pp | Sep 2023 +1.0 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −3.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +17.1 pp | Jun 2024 0.0 pp | Sep 2024 +3.0 pp | Dec 2024 −3.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +5.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- CANTABIL: Sep 2021 +5.8 pp | Dec 2021 +11.1 pp | Mar 2022 −0.9 pp | Jun 2022 +14.1 pp | Sep 2022 +0.8 pp | Dec 2022 −2.2 pp | Mar 2023 −1.4 pp | Jun 2023 −4.1 pp | Sep 2023 −5.0 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +4.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- SBC: Sep 2021 +2.2 pp | Dec 2021 +3.1 pp | Mar 2022 −2.5 pp | Jun 2022 +14.0 pp | Sep 2022 +0.8 pp | Dec 2022 −0.5 pp | Mar 2023 +0.4 pp | Jun 2023 +4.2 pp | Sep 2023 +4.8 pp | Dec 2023 +1.5 pp | Mar 2024 +1.4 pp | Jun 2024 −0.6 pp | Sep 2024 −1.9 pp | Dec 2024 −5.0 pp | Mar 2025 −0.9 pp | Jun 2025 −1.7 pp | Sep 2025 +3.4 pp | Dec 2025 +8.8 pp | Mar 2026 −0.6 pp | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 +5.4 pp | Mar 2022 +6.4 pp | Jun 2022 +51.4 pp | Sep 2022 −1.3 pp | Dec 2022 −2.7 pp | Mar 2023 −2.4 pp | Jun 2023 +1.5 pp | Sep 2023 −0.2 pp | Dec 2023 −0.6 pp | Mar 2024 −1.9 pp | Jun 2024 −1.0 pp | Sep 2024 +0.5 pp | Dec 2024 −0.9 pp | Mar 2025 +0.8 pp | Jun 2025 −1.9 pp | Sep 2025 −0.8 pp | Dec 2025 −5.8 pp | Mar 2026 −5.2 pp | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −1.4 pp | Sep 2023 +3.7 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −8.0 pp | Sep 2024 −1.0 pp | Dec 2024 +3.0 pp | Mar 2025 0.0 pp | Jun 2025 +8.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 −1.0 pp
- MONTECARLO: Sep 2021 +6.9 pp | Dec 2021 −4.2 pp | Mar 2022 +15.0 pp | Jun 2022 +24.6 pp | Sep 2022 −1.7 pp | Dec 2022 +0.4 pp | Mar 2023 −0.2 pp | Jun 2023 −6.9 pp | Sep 2023 −4.4 pp | Dec 2023 −0.8 pp | Mar 2024 −18.5 pp | Jun 2024 +1.1 pp | Sep 2024 −3.1 pp | Dec 2024 +4.1 pp | Mar 2025 +7.6 pp | Jun 2025 −2.3 pp | Sep 2025 +3.8 pp | Dec 2025 −1.0 pp | Mar 2026 +6.5 pp | Jun 2026 —
- IRISDOREME: Sep 2021 −4.5 pp | Dec 2021 +3.9 pp | Mar 2022 −2.1 pp | Jun 2022 −3.6 pp | Sep 2022 +1.6 pp | Dec 2022 −5.1 pp | Mar 2023 −1.8 pp | Jun 2023 +8.1 pp | Sep 2023 +2.2 pp | Dec 2023 +7.4 pp | Mar 2024 +2.8 pp | Jun 2024 −7.4 pp | Sep 2024 −4.2 pp | Dec 2024 −4.9 pp | Mar 2025 +3.4 pp | Jun 2025 −4.8 pp | Sep 2025 −3.4 pp | Dec 2025 −5.7 pp | Mar 2026 −2.3 pp | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 — | Mar 2025 −1.4 pp | Jun 2025 — | Sep 2025 +6.5 pp | Dec 2025 −6.3 pp | Mar 2026 −2.4 pp | Jun 2026 +2.3 pp
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −2.0 pp | Dec 2023 −5.0 pp | Mar 2024 −8.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +4.0 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 +37.2 pp | Dec 2021 −1.1 pp | Mar 2022 −4.8 pp | Jun 2022 −6.7 pp | Sep 2022 +6.5 pp | Dec 2022 −10.3 pp | Mar 2023 +11.9 pp | Jun 2023 −0.7 pp | Sep 2023 +6.8 pp | Dec 2023 +14.7 pp | Mar 2024 +2.5 pp | Jun 2024 +4.2 pp | Sep 2024 −3.8 pp | Dec 2024 +4.9 pp | Mar 2025 −2.8 pp | Jun 2025 +0.7 pp | Sep 2025 +4.3 pp | Dec 2025 −0.4 pp | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 +5.7 pp | Dec 2021 −2.2 pp | Mar 2022 +1.7 pp | Jun 2022 +1.8 pp | Sep 2022 −6.3 pp | Dec 2022 −0.9 pp | Mar 2023 −1.8 pp | Jun 2023 +1.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.6 pp | Mar 2024 +2.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.7 pp | Dec 2024 +1.2 pp | Mar 2025 −2.2 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 −0.3 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Trent Ltd leads with ₹1,721 crore of TTM profit, 92.9% above Vishal Mega Mart Ltd. Aditya Birla Lifestyle Brands Ltd shows ≥100% on the scoring scale (175.8% uncapped) growth from a ₹171 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Trent Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Trent Ltd · ₹1,721 crore | 92.9% versus #2 · Vishal Mega Mart Ltd | 7/8 recent comparable periods | 25/26 companies · 384 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Trent Ltd (TRENT): ₹1.7K Cr
2. Vishal Mega Mart Ltd (VMM): ₹892 Cr
3. Vedant Fashions Ltd (MANYAVAR): ₹403 Cr
4. Pearl Global Industries Ltd (PGIL): ₹271 Cr
5. Arvind Fashions Ltd (ARVINDFASN): ₹186 Cr

### Profit growth — fastest growers
1. Aditya Birla Lifestyle Brands Ltd (ABLBL): 100%
2. Arvind Fashions Ltd (ARVINDFASN): 100%
3. V2 Retail Ltd (V2RETAIL): 100%
4. V-Mart Retail Ltd (VMART): 100%
5. SBC Exports Ltd (SBC): 87%

### 20-quarter Net profit history
- TRENT: Sep 2021 ₹80 Cr | Dec 2021 ₹114 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹155 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹371 Cr | Mar 2024 ₹712 Cr | Jun 2024 ₹391 Cr | Sep 2024 ₹335 Cr | Dec 2024 ₹497 Cr | Mar 2025 ₹312 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹373 Cr | Dec 2025 ₹510 Cr | Mar 2026 ₹413 Cr | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹98 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹313 Cr | Mar 2026 ₹168 Cr | Jun 2026 ₹259 Cr
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹23 Cr | Sep 2024 ₹-59 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- MANYAVAR: Sep 2021 ₹53 Cr | Dec 2021 ₹128 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹158 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹114 Cr | Jun 2026 —
- PGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- V2RETAIL: Sep 2021 ₹-3 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- ABFRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹-195 Cr | Jun 2023 ₹-162 Cr | Sep 2023 ₹-200 Cr | Dec 2023 ₹-108 Cr | Mar 2024 ₹-266 Cr | Jun 2024 ₹-215 Cr | Sep 2024 ₹-175 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹-234 Cr | Sep 2025 ₹-295 Cr | Dec 2025 ₹-137 Cr | Mar 2026 ₹-164 Cr | Jun 2026 —
- ARVINDFASN: Sep 2021 ₹-94 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹-72 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹66 Cr | Jun 2026 ₹28 Cr
- GOKEX: Sep 2021 ₹29 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- VMART: Sep 2021 ₹-14 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹-37 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹-64 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹-57 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹47 Cr
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹-45 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹-52 Cr | Jun 2026 —
- LUXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- KKCL: Sep 2021 ₹27 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- KITEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- SPAL: Sep 2021 ₹23 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-15 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹-26 Cr | Jun 2026 —
- CANTABIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹27 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- SBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹24 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹33 Cr | Jun 2026 ₹26 Cr
- MONTECARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹86 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹107 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- IRISDOREME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹7 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹9 Cr
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹26 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹19 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- TRENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1.3% | Dec 2022 36% | Mar 2023 — | Jun 2023 45% | Sep 2023 189% | Dec 2023 139% | Mar 2024 1,482% | Jun 2024 134% | Sep 2024 47% | Dec 2024 34% | Mar 2025 -56% | Jun 2025 8.7% | Sep 2025 11% | Dec 2025 2.6% | Mar 2026 32% | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 53% | Sep 2024 6.1% | Dec 2024 28% | Mar 2025 89% | Jun 2025 37% | Sep 2025 46% | Dec 2025 19% | Mar 2026 46% | Jun 2026 26%
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.4% | Sep 2025 — | Dec 2025 15% | Mar 2026 45% | Jun 2026 —
- MANYAVAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 124% | Sep 2022 30% | Dec 2022 17% | Mar 2023 22% | Jun 2023 -8.9% | Sep 2023 -29% | Dec 2023 5.3% | Mar 2024 6.4% | Jun 2024 -33% | Sep 2024 37% | Dec 2024 0.0% | Mar 2025 -13% | Jun 2025 13% | Sep 2025 -16% | Dec 2025 -15% | Mar 2026 13% | Jun 2026 —
- PGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -8.1% | Mar 2024 -7.6% | Jun 2024 32% | Sep 2024 44% | Dec 2024 41% | Mar 2025 33% | Jun 2025 6.5% | Sep 2025 29% | Dec 2025 8.3% | Mar 2026 25% | Jun 2026 —
- V2RETAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -25% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 167% | Mar 2024 — | Jun 2024 167% | Sep 2024 — | Dec 2024 113% | Mar 2025 50% | Jun 2025 56% | Sep 2025 — | Dec 2025 102% | Mar 2026 200% | Jun 2026 —
- ABFRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,082% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARVINDFASN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 22% | Mar 2023 32% | Jun 2023 -163% | Sep 2023 32% | Dec 2023 195% | Mar 2024 38% | Jun 2024 — | Sep 2024 22% | Dec 2024 -28% | Mar 2025 -280% | Jun 2025 79% | Sep 2025 24% | Dec 2025 -23% | Mar 2026 — | Jun 2026 12%
- GOKEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 59% | Dec 2022 37% | Mar 2023 -23% | Jun 2023 -15% | Sep 2023 -48% | Dec 2023 -27% | Mar 2024 -6.4% | Jun 2024 -18% | Sep 2024 17% | Dec 2024 67% | Mar 2025 20% | Jun 2025 52% | Sep 2025 -71% | Dec 2025 -70% | Mar 2026 -32% | Jun 2026 —
- VMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -65% | Mar 2023 — | Jun 2023 -210% | Sep 2023 — | Dec 2023 40% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 157% | Mar 2025 — | Jun 2025 183% | Sep 2025 — | Dec 2025 22% | Mar 2026 -42% | Jun 2026 38%
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -102% | Sep 2024 -70% | Dec 2024 -60% | Mar 2025 -119% | Jun 2025 — | Sep 2025 79% | Dec 2025 -33% | Mar 2026 — | Jun 2026 —
- LUXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 83% | Jun 2024 120% | Sep 2024 44% | Dec 2024 68% | Mar 2025 -13% | Jun 2025 -30% | Sep 2025 -56% | Dec 2025 -59% | Mar 2026 -2.1% | Jun 2026 —
- KKCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 144% | Sep 2022 44% | Dec 2022 29% | Mar 2023 24% | Jun 2023 55% | Sep 2023 28% | Dec 2023 22% | Mar 2024 23% | Jun 2024 -26% | Sep 2024 36% | Dec 2024 -21% | Mar 2025 -21% | Jun 2025 28% | Sep 2025 -31% | Dec 2025 46% | Mar 2026 17% | Jun 2026 —
- KITEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 565% | Jun 2024 242% | Sep 2024 176% | Dec 2024 171% | Mar 2025 61% | Jun 2025 -28% | Sep 2025 -117% | Dec 2025 -142% | Mar 2026 -129% | Jun 2026 —
- SPAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 117% | Sep 2022 13% | Dec 2022 -48% | Mar 2023 -16% | Jun 2023 -42% | Sep 2023 12% | Dec 2023 38% | Mar 2024 33% | Jun 2024 20% | Sep 2024 -24% | Dec 2024 33% | Mar 2025 7.1% | Jun 2025 17% | Sep 2025 59% | Dec 2025 13% | Mar 2026 -37% | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -100% | Sep 2024 — | Dec 2024 -21% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -37% | Mar 2026 — | Jun 2026 —
- CANTABIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 5.9% | Jun 2024 -8.3% | Sep 2024 -13% | Dec 2024 42% | Mar 2025 28% | Jun 2025 36% | Sep 2025 0.0% | Dec 2025 32% | Mar 2026 26% | Jun 2026 —
- SBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 11% | Jun 2024 16% | Sep 2024 147% | Dec 2024 28% | Mar 2025 21% | Jun 2025 -35% | Sep 2025 112% | Dec 2025 206% | Mar 2026 105% | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.7% | Mar 2024 -12% | Jun 2024 9.0% | Sep 2024 2.9% | Dec 2024 3.9% | Mar 2025 52% | Jun 2025 -22% | Sep 2025 5.7% | Dec 2025 -71% | Mar 2026 -60% | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.2% | Mar 2024 45% | Jun 2024 -88% | Sep 2024 4.4% | Dec 2024 44% | Mar 2025 -52% | Jun 2025 1,400% | Sep 2025 67% | Dec 2025 -17% | Mar 2026 136% | Jun 2026 -13%
- MONTECARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -10% | Mar 2024 -190% | Jun 2024 — | Sep 2024 -39% | Dec 2024 25% | Mar 2025 — | Jun 2025 — | Sep 2025 102% | Dec 2025 11% | Mar 2026 — | Jun 2026 —
- IRISDOREME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 152% | Mar 2024 57% | Jun 2024 -21% | Sep 2024 4.9% | Dec 2024 19% | Mar 2025 28% | Jun 2025 8.7% | Sep 2025 7.3% | Dec 2025 27% | Mar 2026 44% | Jun 2026 —
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 7.7% | Dec 2023 -16% | Mar 2024 -68% | Jun 2024 11% | Sep 2024 -7.1% | Dec 2024 13% | Mar 2025 100% | Jun 2025 -40% | Sep 2025 -27% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 214% | Dec 2023 — | Mar 2024 49% | Jun 2024 21% | Sep 2024 14% | Dec 2024 25% | Mar 2025 4.0% | Jun 2025 150% | Sep 2025 67% | Dec 2025 66% | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.7% | Mar 2024 122% | Jun 2024 65% | Sep 2024 78% | Dec 2024 40% | Mar 2025 41% | Jun 2025 41% | Sep 2025 39% | Dec 2025 27% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Gokaldas Exports Ltd reports ₹581 crore of CAPEX; Gokaldas Exports Ltd has the highest covered intensity at 71.6%. Coverage is only 7 of 26 companies and 26 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Gokaldas Exports Ltd · ₹581 crore | 868.3% versus #2 · Vishal Mega Mart Ltd | 4/4 recent comparable periods | 7/26 companies · 26 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Gokaldas Exports Ltd (GOKEX): ₹581 Cr
2. Vishal Mega Mart Ltd (VMM): ₹60 Cr
3. Baazar Style Retail Ltd (STYLEBAAZA): ₹45 Cr
4. Raymond Lifestyle Ltd (RAYMONDLSL): ₹30 Cr
5. Go Fashion (India) Ltd (GOCOLORS): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Gokaldas Exports Ltd (GOKEX): 72%
2. Baazar Style Retail Ltd (STYLEBAAZA): 20%
3. Vishal Mega Mart Ltd (VMM): 2.5%
4. Raymond Lifestyle Ltd (RAYMONDLSL): 1.7%
5. Karnika Industries Ltd (KARNIKA): 0.0%

### 20-quarter CAPEX history
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹56 Cr | Sep 2023 ₹56 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹58 Cr | Sep 2024 ₹60 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANYAVAR: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GOKEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹57 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹37 Cr | Mar 2024 ₹581 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹30 Cr | Sep 2023 ₹30 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹20 Cr | Mar 2024 ₹45 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.7% | Sep 2023 2.7% | Dec 2023 — | Mar 2024 — | Jun 2024 2.2% | Sep 2024 2.5% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANYAVAR: Sep 2021 0.0% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GOKEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.4% | Mar 2023 11% | Jun 2023 — | Sep 2023 — | Dec 2023 6.7% | Mar 2024 72% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.9% | Sep 2023 1.7% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.4% | Jun 2023 — | Sep 2023 — | Dec 2023 6.0% | Mar 2024 20% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Kewal Kiran Clothing Ltd has the clearest covered balance-sheet capacity with ₹188 crore net cash and gross debt of ₹128 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Thomas Scott India Ltd · ₹27 crore | 20.6% versus #2 · Iris Clothings Ltd | Not enough history | 26/26 companies · 351 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Thomas Scott India Ltd (THOMASCOTT): ₹27 Cr — older report
2. Iris Clothings Ltd (IRISDOREME): ₹34 Cr
3. Karnika Industries Ltd (KARNIKA): ₹76 Cr
4. Bella Casa Fashion & Retail Ltd (BELLACASA): ₹79 Cr — older report
5. Kewal Kiran Clothing Ltd (KKCL): ₹128 Cr

### Net debt — lowest net debt
1. Kewal Kiran Clothing Ltd (KKCL): ₹-188 Cr
2. Vedant Fashions Ltd (MANYAVAR): ₹-79 Cr
3. Sai Silks (Kalamandir) Ltd (KALAMANDIR): ₹13 Cr
4. Iris Clothings Ltd (IRISDOREME): ₹33 Cr
5. Karnika Industries Ltd (KARNIKA): ₹76 Cr

### 20-quarter Gross debt history
- TRENT: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- MANYAVAR: Sep 2021 ₹237 Cr | Dec 2021 ₹237 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹279 Cr | Sep 2022 ₹262 Cr | Dec 2022 ₹262 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹365 Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹444 Cr | Jun 2024 ₹444 Cr | Sep 2024 ₹463 Cr | Dec 2024 ₹463 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹483 Cr | Sep 2025 ₹464 Cr | Dec 2025 ₹464 Cr | Mar 2026 ₹458 Cr | Jun 2026 —
- PGIL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹645 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹558 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹588 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹773 Cr | Jun 2025 — | Sep 2025 ₹746 Cr | Dec 2025 — | Mar 2026 ₹943 Cr | Jun 2026 —
- V2RETAIL: Sep 2021 ₹385 Cr | Dec 2021 ₹385 Cr | Mar 2022 ₹398 Cr | Jun 2022 ₹398 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹421 Cr | Mar 2023 ₹424 Cr | Jun 2023 ₹424 Cr | Sep 2023 ₹445 Cr | Dec 2023 ₹445 Cr | Mar 2024 ₹525 Cr | Jun 2024 ₹525 Cr | Sep 2024 ₹649 Cr | Dec 2024 ₹649 Cr | Mar 2025 ₹871 Cr | Jun 2025 ₹850 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹995 Cr | Jun 2026 —
- ABFRL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5.0K Cr | Jun 2025 — | Sep 2025 ₹5.7K Cr | Dec 2025 — | Mar 2026 ₹6.2K Cr | Jun 2026 —
- ARVINDFASN: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹958 Cr | Jun 2022 ₹958 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.3K Cr
- GOKEX: Sep 2021 ₹543 Cr | Dec 2021 ₹543 Cr | Mar 2022 ₹193 Cr | Jun 2022 ₹193 Cr | Sep 2022 ₹151 Cr | Dec 2022 — | Mar 2023 ₹154 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹805 Cr | Jun 2024 ₹805 Cr | Sep 2024 ₹576 Cr | Dec 2024 ₹576 Cr | Mar 2025 ₹845 Cr | Jun 2025 ₹845 Cr | Sep 2025 ₹993 Cr | Dec 2025 ₹993 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- VMART: Sep 2021 ₹714 Cr | Dec 2021 ₹714 Cr | Mar 2022 ₹902 Cr | Jun 2022 ₹902 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹783 Cr | Jun 2025 ₹783 Cr | Sep 2025 ₹801 Cr | Dec 2025 ₹801 Cr | Mar 2026 ₹958 Cr | Jun 2026 —
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹5 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- LUXIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹350 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹268 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹211 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹317 Cr | Jun 2025 — | Sep 2025 ₹575 Cr | Dec 2025 — | Mar 2026 ₹618 Cr | Jun 2026 —
- KKCL: Sep 2021 ₹73 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹163 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- KITEX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹73 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹681 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.1K Cr | Jun 2025 — | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹1.2K Cr | Jun 2026 —
- SPAL: Sep 2021 ₹219 Cr | Dec 2021 ₹219 Cr | Mar 2022 ₹231 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹215 Cr | Dec 2022 ₹215 Cr | Mar 2023 ₹245 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹258 Cr | Dec 2023 ₹258 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹324 Cr | Dec 2024 ₹324 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹381 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹405 Cr | Mar 2026 ₹419 Cr | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹490 Cr | Jun 2023 ₹490 Cr | Sep 2023 — | Dec 2023 ₹574 Cr | Mar 2024 ₹657 Cr | Jun 2024 ₹657 Cr | Sep 2024 ₹710 Cr | Dec 2024 ₹710 Cr | Mar 2025 ₹996 Cr | Jun 2025 ₹996 Cr | Sep 2025 ₹872 Cr | Dec 2025 ₹872 Cr | Mar 2026 ₹995 Cr | Jun 2026 —
- CANTABIL: Sep 2021 ₹244 Cr | Dec 2021 ₹244 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹300 Cr | Dec 2022 ₹300 Cr | Mar 2023 ₹286 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹325 Cr | Dec 2023 ₹325 Cr | Mar 2024 ₹336 Cr | Jun 2024 ₹336 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹374 Cr | Mar 2025 ₹411 Cr | Jun 2025 ₹411 Cr | Sep 2025 ₹518 Cr | Dec 2025 ₹518 Cr | Mar 2026 ₹544 Cr | Jun 2026 —
- SBC: Sep 2021 ₹10 Cr | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹250 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹294 Cr | Mar 2023 ₹340 Cr | Jun 2023 ₹339 Cr | Sep 2023 ₹375 Cr | Dec 2023 ₹375 Cr | Mar 2024 ₹469 Cr | Jun 2024 ₹469 Cr | Sep 2024 ₹493 Cr | Dec 2024 ₹493 Cr | Mar 2025 ₹507 Cr | Jun 2025 ₹507 Cr | Sep 2025 ₹535 Cr | Dec 2025 ₹535 Cr | Mar 2026 ₹532 Cr | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹347 Cr | Jun 2022 ₹347 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹526 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹520 Cr | Dec 2023 ₹520 Cr | Mar 2024 ₹464 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹400 Cr | Dec 2024 ₹400 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹405 Cr | Sep 2025 ₹301 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹361 Cr | Jun 2026 ₹361 Cr
- MONTECARLO: Sep 2021 ₹256 Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹156 Cr | Jun 2022 ₹156 Cr | Sep 2022 ₹369 Cr | Dec 2022 ₹369 Cr | Mar 2023 ₹331 Cr | Jun 2023 ₹331 Cr | Sep 2023 ₹509 Cr | Dec 2023 ₹509 Cr | Mar 2024 ₹382 Cr | Jun 2024 ₹382 Cr | Sep 2024 ₹664 Cr | Dec 2024 ₹664 Cr | Mar 2025 ₹514 Cr | Jun 2025 ₹514 Cr | Sep 2025 ₹743 Cr | Dec 2025 ₹743 Cr | Mar 2026 ₹580 Cr | Jun 2026 —
- IRISDOREME: Sep 2021 ₹28 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹43 Cr | Dec 2023 — | Mar 2024 ₹44 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹62 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹76 Cr | Jun 2026 —
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹154 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹192 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹253 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹237 Cr | Jun 2025 — | Sep 2025 ₹242 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹27 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹58 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹39 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹43 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹31 Cr | Jun 2025 — | Sep 2025 ₹79 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- TRENT: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹739 Cr | Jun 2024 ₹739 Cr | Sep 2024 ₹852 Cr | Dec 2024 ₹852 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 ₹714 Cr | Sep 2024 ₹675 Cr | Dec 2024 ₹675 Cr | Mar 2025 ₹920 Cr | Jun 2025 ₹878 Cr | Sep 2025 ₹526 Cr | Dec 2025 ₹526 Cr | Mar 2026 ₹274 Cr | Jun 2026 —
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- MANYAVAR: Sep 2021 ₹32 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹-137 Cr | Jun 2022 ₹-137 Cr | Sep 2022 ₹-99 Cr | Dec 2022 ₹-99 Cr | Mar 2023 ₹-335 Cr | Jun 2023 ₹-335 Cr | Sep 2023 ₹-96 Cr | Dec 2023 ₹-96 Cr | Mar 2024 ₹-182 Cr | Jun 2024 ₹-182 Cr | Sep 2024 ₹-251 Cr | Dec 2024 ₹-251 Cr | Mar 2025 ₹-243 Cr | Jun 2025 ₹-243 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹-79 Cr | Jun 2026 —
- V2RETAIL: Sep 2021 ₹378 Cr | Dec 2021 ₹378 Cr | Mar 2022 ₹391 Cr | Jun 2022 ₹391 Cr | Sep 2022 ₹415 Cr | Dec 2022 ₹415 Cr | Mar 2023 ₹419 Cr | Jun 2023 ₹419 Cr | Sep 2023 ₹442 Cr | Dec 2023 ₹442 Cr | Mar 2024 ₹516 Cr | Jun 2024 ₹515 Cr | Sep 2024 ₹645 Cr | Dec 2024 ₹645 Cr | Mar 2025 ₹862 Cr | Jun 2025 ₹841 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹989 Cr | Jun 2026 —
- ARVINDFASN: Sep 2021 ₹918 Cr | Dec 2021 ₹918 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹853 Cr | Sep 2022 ₹941 Cr | Dec 2022 ₹941 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹995 Cr | Jun 2024 ₹995 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹992 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.3K Cr
- GOKEX: Sep 2021 ₹492 Cr | Dec 2021 ₹492 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹-235 Cr | Dec 2022 — | Mar 2023 ₹-214 Cr | Jun 2023 ₹-214 Cr | Sep 2023 ₹-388 Cr | Dec 2023 ₹-216 Cr | Mar 2024 ₹522 Cr | Jun 2024 ₹522 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹360 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹568 Cr | Mar 2026 ₹848 Cr | Jun 2026 —
- VMART: Sep 2021 ₹559 Cr | Dec 2021 ₹559 Cr | Mar 2022 ₹748 Cr | Jun 2022 ₹746 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹721 Cr | Jun 2025 ₹721 Cr | Sep 2025 ₹772 Cr | Dec 2025 ₹772 Cr | Mar 2026 ₹904 Cr | Jun 2026 —
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹617 Cr | Jun 2024 ₹617 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- KKCL: Sep 2021 ₹-217 Cr | Dec 2021 ₹-282 Cr | Mar 2022 ₹-233 Cr | Jun 2022 ₹-182 Cr | Sep 2022 ₹-140 Cr | Dec 2022 ₹-150 Cr | Mar 2023 ₹-231 Cr | Jun 2023 ₹-260 Cr | Sep 2023 ₹-255 Cr | Dec 2023 ₹-276 Cr | Mar 2024 ₹-352 Cr | Jun 2024 ₹-349 Cr | Sep 2024 ₹-231 Cr | Dec 2024 ₹-144 Cr | Mar 2025 ₹-114 Cr | Jun 2025 ₹-145 Cr | Sep 2025 ₹-134 Cr | Dec 2025 ₹-155 Cr | Mar 2026 ₹-188 Cr | Jun 2026 —
- SPAL: Sep 2021 ₹180 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹176 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹118 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹265 Cr | Dec 2024 ₹265 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹346 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹356 Cr | Mar 2026 ₹346 Cr | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹485 Cr | Jun 2023 ₹485 Cr | Sep 2023 — | Dec 2023 ₹568 Cr | Mar 2024 ₹643 Cr | Jun 2024 ₹643 Cr | Sep 2024 ₹651 Cr | Dec 2024 ₹651 Cr | Mar 2025 ₹978 Cr | Jun 2025 ₹974 Cr | Sep 2025 ₹829 Cr | Dec 2025 ₹829 Cr | Mar 2026 ₹982 Cr | Jun 2026 —
- CANTABIL: Sep 2021 ₹243 Cr | Dec 2021 ₹243 Cr | Mar 2022 ₹241 Cr | Jun 2022 ₹243 Cr | Sep 2022 ₹296 Cr | Dec 2022 ₹296 Cr | Mar 2023 ₹282 Cr | Jun 2023 ₹285 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹323 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹367 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹383 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹497 Cr | Dec 2025 ₹497 Cr | Mar 2026 ₹519 Cr | Jun 2026 —
- SBC: Sep 2021 ₹8 Cr | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹209 Cr | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹112 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹236 Cr | Jun 2023 ₹230 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹211 Cr | Mar 2024 ₹273 Cr | Jun 2024 ₹273 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹260 Cr | Jun 2025 ₹259 Cr | Sep 2025 ₹341 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹374 Cr | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹300 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹476 Cr | Jun 2023 ₹476 Cr | Sep 2023 ₹-160 Cr | Dec 2023 ₹-160 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹13 Cr
- MONTECARLO: Sep 2021 ₹79 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹-53 Cr | Jun 2022 ₹-56 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹361 Cr | Dec 2023 ₹361 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹253 Cr | Sep 2024 ₹515 Cr | Dec 2024 ₹515 Cr | Mar 2025 ₹341 Cr | Jun 2025 ₹341 Cr | Sep 2025 ₹561 Cr | Dec 2025 ₹561 Cr | Mar 2026 ₹464 Cr | Jun 2026 —
- IRISDOREME: Sep 2021 ₹27 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹41 Cr | Dec 2023 — | Mar 2024 ₹42 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹60 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹76 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Karnika Industries Ltd leads ROCE at 51.2%, 20.5 percentage points above Vedant Fashions Ltd. Karnika Industries Ltd has the strongest latest improvement at +15.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Karnika Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Karnika Industries Ltd · 51.2% | 66.8% versus #2 · Vedant Fashions Ltd | 6/6 recent comparable periods | 26/26 companies · 256 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Karnika Industries Ltd (KARNIKA): 51%
2. Vedant Fashions Ltd (MANYAVAR): 31%
3. Trent Ltd (TRENT): 28%
4. Thomas Scott India Ltd (THOMASCOTT): 20% — older report
5. Pearl Global Industries Ltd (PGIL): 20%

### ROCE change — fastest improvers
1. Karnika Industries Ltd (KARNIKA): +15.6 pp
2. SBC Exports Ltd (SBC): +9.3 pp
3. V2 Retail Ltd (V2RETAIL): +3.8 pp
4. Bella Casa Fashion & Retail Ltd (BELLACASA): +3.0 pp — older report
5. Monte Carlo Fashions Ltd (MONTECARLO): +2.1 pp

### 20-quarter ROCE history
- TRENT: Sep 2021 3.3% | Dec 2021 — | Mar 2022 3.7% | Jun 2022 — | Sep 2022 8.6% | Dec 2022 — | Mar 2023 8.3% | Jun 2023 — | Sep 2023 10% | Dec 2023 20% | Mar 2024 22% | Jun 2024 39% | Sep 2024 26% | Dec 2024 38% | Mar 2025 25% | Jun 2025 34% | Sep 2025 27% | Dec 2025 33% | Mar 2026 27% | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 11% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 12% | Jun 2025 15% | Sep 2025 13% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 13% | Jun 2025 12% | Sep 2025 12% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- MANYAVAR: Sep 2021 27% | Dec 2021 — | Mar 2022 28% | Jun 2022 37% | Sep 2022 35% | Dec 2022 45% | Mar 2023 32% | Jun 2023 37% | Sep 2023 29% | Dec 2023 36% | Mar 2024 25% | Jun 2024 29% | Sep 2024 24% | Dec 2024 — | Mar 2025 21% | Jun 2025 — | Sep 2025 21% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- V2RETAIL: Sep 2021 0.5% | Dec 2021 — | Mar 2022 1.0% | Jun 2022 — | Sep 2022 2.9% | Dec 2022 — | Mar 2023 2.9% | Jun 2023 — | Sep 2023 6.0% | Dec 2023 11% | Mar 2024 11% | Jun 2024 15% | Sep 2024 12% | Dec 2024 21% | Mar 2025 16% | Jun 2025 22% | Sep 2025 15% | Dec 2025 26% | Mar 2026 19% | Jun 2026 —
- ARVINDFASN: Sep 2021 -2.5% | Dec 2021 — | Mar 2022 -2.7% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11% | Dec 2023 20% | Mar 2024 15% | Jun 2024 19% | Sep 2024 16% | Dec 2024 20% | Mar 2025 18% | Jun 2025 21% | Sep 2025 19% | Dec 2025 21% | Mar 2026 21% | Jun 2026 22%
- GOKEX: Sep 2021 13% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 15% | Dec 2023 14% | Mar 2024 9.5% | Jun 2024 15% | Sep 2024 7.9% | Dec 2024 15% | Mar 2025 9.0% | Jun 2025 15% | Sep 2025 7.7% | Dec 2025 11% | Mar 2026 5.9% | Jun 2026 —
- VMART: Sep 2021 3.7% | Dec 2021 — | Mar 2022 4.4% | Jun 2022 — | Sep 2022 8.9% | Dec 2022 — | Mar 2023 4.7% | Jun 2023 — | Sep 2023 -0.8% | Dec 2023 0.6% | Mar 2024 0.2% | Jun 2024 2.8% | Sep 2024 3.6% | Dec 2024 6.1% | Mar 2025 12% | Jun 2025 12% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.3% | Jun 2024 8.0% | Sep 2024 5.2% | Dec 2024 5.6% | Mar 2025 1.4% | Jun 2025 2.7% | Sep 2025 1.4% | Dec 2025 3.0% | Mar 2026 2.7% | Jun 2026 —
- KKCL: Sep 2021 12% | Dec 2021 15% | Mar 2022 20% | Jun 2022 24% | Sep 2022 26% | Dec 2022 26% | Mar 2023 26% | Jun 2023 26% | Sep 2023 25% | Dec 2023 25% | Mar 2024 24% | Jun 2024 22% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 15% | Sep 2025 15% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- SPAL: Sep 2021 15% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 15% | Jun 2023 17% | Sep 2023 14% | Dec 2023 17% | Mar 2024 16% | Jun 2024 17% | Sep 2024 14% | Dec 2024 17% | Mar 2025 15% | Jun 2025 20% | Sep 2025 18% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -1.8% | Jun 2023 — | Sep 2023 — | Dec 2023 8.5% | Mar 2024 10% | Jun 2024 12% | Sep 2024 8.5% | Dec 2024 9.8% | Mar 2025 7.8% | Jun 2025 11% | Sep 2025 12% | Dec 2025 17% | Mar 2026 9.3% | Jun 2026 —
- CANTABIL: Sep 2021 12% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 21% | Dec 2023 23% | Mar 2024 16% | Jun 2024 20% | Sep 2024 15% | Dec 2024 21% | Mar 2025 16% | Jun 2025 20% | Sep 2025 16% | Dec 2025 21% | Mar 2026 17% | Jun 2026 —
- SBC: Sep 2021 13% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 23% | Dec 2023 37% | Mar 2024 23% | Jun 2024 36% | Sep 2024 19% | Dec 2024 32% | Mar 2025 20% | Jun 2025 31% | Sep 2025 26% | Dec 2025 41% | Mar 2026 30% | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 15% | Dec 2023 19% | Mar 2024 14% | Jun 2024 17% | Sep 2024 13% | Dec 2024 17% | Mar 2025 14% | Jun 2025 15% | Sep 2025 12% | Dec 2025 13% | Mar 2026 9.1% | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 14% | Dec 2023 15% | Mar 2024 13% | Jun 2024 17% | Sep 2024 10% | Dec 2024 14% | Mar 2025 11% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 13% | Jun 2026 14%
- MONTECARLO: Sep 2021 18% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 16% | Dec 2023 19% | Mar 2024 9.2% | Jun 2024 12% | Sep 2024 8.6% | Dec 2024 15% | Mar 2025 12% | Jun 2025 15% | Sep 2025 12% | Dec 2025 18% | Mar 2026 14% | Jun 2026 —
- IRISDOREME: Sep 2021 30% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 23% | Dec 2023 29% | Mar 2024 26% | Jun 2024 28% | Sep 2024 22% | Dec 2024 26% | Mar 2025 23% | Jun 2025 26% | Sep 2025 15% | Dec 2025 19% | Mar 2026 16% | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18% | Sep 2023 36% | Dec 2023 25% | Mar 2024 33% | Jun 2024 — | Sep 2024 39% | Dec 2024 35% | Mar 2025 36% | Jun 2025 — | Sep 2025 39% | Dec 2025 42% | Mar 2026 51% | Jun 2026 —

### 20-quarter ROCE change history
- TRENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 — | Mar 2023 +4.6 pp | Jun 2023 — | Sep 2023 +1.4 pp | Dec 2023 — | Mar 2024 +14.0 pp | Jun 2024 — | Sep 2024 +15.7 pp | Dec 2024 +18.5 pp | Mar 2025 +2.8 pp | Jun 2025 −4.7 pp | Sep 2025 +1.1 pp | Dec 2025 −5.2 pp | Mar 2026 +2.1 pp | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +1.3 pp | Jun 2025 +3.2 pp | Sep 2025 +1.4 pp | Dec 2025 +3.0 pp | Mar 2026 +1.3 pp | Jun 2026 —
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −0.8 pp | Jun 2026 —
- MANYAVAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.9 pp | Dec 2022 — | Mar 2023 +3.9 pp | Jun 2023 −0.1 pp | Sep 2023 −5.7 pp | Dec 2023 −8.5 pp | Mar 2024 −7.6 pp | Jun 2024 −8.8 pp | Sep 2024 −4.9 pp | Dec 2024 — | Mar 2025 −3.6 pp | Jun 2025 — | Sep 2025 −2.9 pp | Dec 2025 — | Mar 2026 −2.4 pp | Jun 2026 —
- V2RETAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 — | Mar 2023 +1.9 pp | Jun 2023 — | Sep 2023 +3.1 pp | Dec 2023 — | Mar 2024 +7.6 pp | Jun 2024 — | Sep 2024 +5.9 pp | Dec 2024 +10.3 pp | Mar 2025 +5.0 pp | Jun 2025 +6.5 pp | Sep 2025 +3.0 pp | Dec 2025 +4.9 pp | Mar 2026 +3.8 pp | Jun 2026 —
- ARVINDFASN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.2 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +5.3 pp | Dec 2024 +0.2 pp | Mar 2025 +3.4 pp | Jun 2025 +1.7 pp | Sep 2025 +3.5 pp | Dec 2025 +1.4 pp | Mar 2026 +2.5 pp | Jun 2026 +1.5 pp
- GOKEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.2 pp | Dec 2022 — | Mar 2023 +4.0 pp | Jun 2023 — | Sep 2023 −7.0 pp | Dec 2023 — | Mar 2024 −9.8 pp | Jun 2024 — | Sep 2024 −7.3 pp | Dec 2024 +0.7 pp | Mar 2025 −0.5 pp | Jun 2025 +0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −4.5 pp | Mar 2026 −3.1 pp | Jun 2026 —
- VMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.2 pp | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 −9.7 pp | Dec 2023 — | Mar 2024 −4.5 pp | Jun 2024 — | Sep 2024 +4.4 pp | Dec 2024 +5.5 pp | Mar 2025 +11.5 pp | Jun 2025 +9.2 pp | Sep 2025 +10.3 pp | Dec 2025 +7.8 pp | Mar 2026 +2.0 pp | Jun 2026 —
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −5.9 pp | Jun 2025 −5.3 pp | Sep 2025 −3.8 pp | Dec 2025 −2.6 pp | Mar 2026 +1.3 pp | Jun 2026 —
- KKCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.4 pp | Dec 2022 +11.3 pp | Mar 2023 +6.3 pp | Jun 2023 +1.3 pp | Sep 2023 −0.3 pp | Dec 2023 −1.5 pp | Mar 2024 −1.6 pp | Jun 2024 −3.6 pp | Sep 2024 −9.7 pp | Dec 2024 −9.5 pp | Mar 2025 −9.4 pp | Jun 2025 −7.0 pp | Sep 2025 −0.6 pp | Dec 2025 +0.4 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SPAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 −1.2 pp | Jun 2023 — | Sep 2023 −2.3 pp | Dec 2023 — | Mar 2024 +1.1 pp | Jun 2024 −0.1 pp | Sep 2024 +0.2 pp | Dec 2024 −0.2 pp | Mar 2025 −0.4 pp | Jun 2025 +3.0 pp | Sep 2025 +3.5 pp | Dec 2025 +3.6 pp | Mar 2026 +0.9 pp | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +11.9 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +1.3 pp | Mar 2025 −2.3 pp | Jun 2025 −0.8 pp | Sep 2025 +3.7 pp | Dec 2025 +7.4 pp | Mar 2026 +1.5 pp | Jun 2026 —
- CANTABIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.4 pp | Dec 2022 — | Mar 2023 +6.6 pp | Jun 2023 — | Sep 2023 −1.7 pp | Dec 2023 — | Mar 2024 −7.7 pp | Jun 2024 — | Sep 2024 −6.3 pp | Dec 2024 −2.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.1 pp | Sep 2025 +0.7 pp | Dec 2025 0.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- SBC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.5 pp | Dec 2022 — | Mar 2023 +1.4 pp | Jun 2023 — | Sep 2023 −3.2 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −4.6 pp | Mar 2025 −2.3 pp | Jun 2025 −5.0 pp | Sep 2025 +7.1 pp | Dec 2025 +8.8 pp | Mar 2026 +9.3 pp | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +7.5 pp | Jun 2023 — | Sep 2023 −1.7 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −2.2 pp | Dec 2024 −2.3 pp | Mar 2025 0.0 pp | Jun 2025 −1.9 pp | Sep 2025 −0.8 pp | Dec 2025 −3.8 pp | Mar 2026 −4.4 pp | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −13.8 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 −0.1 pp | Mar 2025 −1.3 pp | Jun 2025 −0.8 pp | Sep 2025 +3.8 pp | Dec 2025 +1.0 pp | Mar 2026 +1.1 pp | Jun 2026 −2.0 pp
- MONTECARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 −4.0 pp | Dec 2023 — | Mar 2024 −9.3 pp | Jun 2024 — | Sep 2024 −6.9 pp | Dec 2024 −3.3 pp | Mar 2025 +2.5 pp | Jun 2025 +3.3 pp | Sep 2025 +3.6 pp | Dec 2025 +2.6 pp | Mar 2026 +2.1 pp | Jun 2026 —
- IRISDOREME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 −3.0 pp | Dec 2023 — | Mar 2024 +3.5 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −3.1 pp | Mar 2025 −2.7 pp | Jun 2025 −2.6 pp | Sep 2025 −7.7 pp | Dec 2025 −6.5 pp | Mar 2026 −7.3 pp | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +10.8 pp | Mar 2025 +2.6 pp | Jun 2025 — | Sep 2025 +0.6 pp | Dec 2025 +6.3 pp | Mar 2026 +15.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Kewal Kiran Clothing Ltd has the lowest comparable Guarded PEG at 0.59×, 14.5% below S P Apparels Ltd. Only 9 of 26 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Kewal Kiran Clothing Ltd · 0.59× | 14.5% versus #2 · S P Apparels Ltd | 0/8 recent comparable periods | 9/26 companies · 40 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Kewal Kiran Clothing Ltd (KKCL): 0.6
2. S P Apparels Ltd (SPAL): 0.7
3. Aditya Birla Lifestyle Brands Ltd (ABLBL): 1.4
4. Vedant Fashions Ltd (MANYAVAR): 1.6
5. Arvind Fashions Ltd (ARVINDFASN): 2.0

### P/E — lowest P/E
1. Credo Brands Marketing Ltd (MUFTI): 7.8 — older report
2. Sai Silks (Kalamandir) Ltd (KALAMANDIR): 9.9
3. Monte Carlo Fashions Ltd (MONTECARLO): 9.9
4. Bella Casa Fashion & Retail Ltd (BELLACASA): 16.6 — older report
5. Cantabil Retail India Ltd (CANTABIL): 21.0

### 20-quarter Guarded PEG history
- TRENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.0 | Dec 2024 — | Mar 2025 — | Jun 2025 2.5 | Sep 2025 9.4 | Dec 2025 — | Mar 2026 6.6 | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.9 | Mar 2025 — | Jun 2025 4.0 | Sep 2025 2.1 | Dec 2025 5.4 | Mar 2026 — | Jun 2026 —
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.4 | Jun 2026 —
- MANYAVAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.1 | Dec 2022 4.6 | Mar 2023 — | Jun 2023 — | Sep 2023 5.8 | Dec 2023 15.4 | Mar 2024 9.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.9 | Sep 2025 — | Dec 2025 — | Mar 2026 1.6 | Jun 2026 —
- ARVINDFASN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.8 | Mar 2023 — | Jun 2023 — | Sep 2023 9.7 | Dec 2023 10.2 | Mar 2024 — | Jun 2024 2.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GOKEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.4 | Dec 2025 5.0 | Mar 2026 — | Jun 2026 —
- VMART: Sep 2021 — | Dec 2021 60.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.5 | Mar 2026 — | Jun 2026 —
- KKCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.1 | Mar 2023 — | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 0.8 | Sep 2024 2.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —
- SPAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.0 | Sep 2024 0.9 | Dec 2024 2.4 | Mar 2025 1.4 | Jun 2025 4.1 | Sep 2025 — | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —

### 20-quarter P/E history
- TRENT: Sep 2021 528.5 | Dec 2021 473.3 | Mar 2022 287.0 | Jun 2022 346.0 | Sep 2022 135.2 | Dec 2022 128.5 | Mar 2023 125.0 | Jun 2023 180.7 | Sep 2023 151.1 | Dec 2023 172.0 | Mar 2024 167.3 | Jun 2024 213.0 | Sep 2024 220.3 | Dec 2024 184.9 | Mar 2025 126.9 | Jun 2025 147.8 | Sep 2025 105.0 | Dec 2025 93.9 | Mar 2026 72.9 | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 105.1 | Mar 2025 103.2 | Jun 2025 133.3 | Sep 2025 95.3 | Dec 2025 85.2 | Mar 2026 62.9 | Jun 2026 64.7
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 299.7 | Sep 2025 111.0 | Dec 2025 100.5 | Mar 2026 63.0 | Jun 2026 —
- MANYAVAR: Sep 2021 — | Dec 2021 — | Mar 2022 89.5 | Jun 2022 94.6 | Sep 2022 92.3 | Dec 2022 84.0 | Mar 2023 67.6 | Jun 2023 70.1 | Sep 2023 77.3 | Dec 2023 77.0 | Mar 2024 55.2 | Jun 2024 61.6 | Sep 2024 85.3 | Dec 2024 75.4 | Mar 2025 46.8 | Jun 2025 48.5 | Sep 2025 42.4 | Dec 2025 34.9 | Mar 2026 21.1 | Jun 2026 —
- PGIL: Sep 2021 22.0 | Dec 2021 22.2 | Mar 2022 17.8 | Jun 2022 13.7 | Sep 2022 9.8 | Dec 2022 8.5 | Mar 2023 7.2 | Jun 2023 10.5 | Sep 2023 15.3 | Dec 2023 17.7 | Mar 2024 14.9 | Jun 2024 18.3 | Sep 2024 20.1 | Dec 2024 29.6 | Mar 2025 27.7 | Jun 2025 37.5 | Sep 2025 24.7 | Dec 2025 30.7 | Mar 2026 24.6 | Jun 2026 —
- V2RETAIL: Sep 2021 — | Dec 2021 -44.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -24.3 | Mar 2023 — | Jun 2023 -121.6 | Sep 2023 — | Dec 2023 500.7 | Mar 2024 89.8 | Jun 2024 96.5 | Sep 2024 117.4 | Dec 2024 135.6 | Mar 2025 85.9 | Jun 2025 85.7 | Sep 2025 81.3 | Dec 2025 82.9 | Mar 2026 54.0 | Jun 2026 —
- ABFRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 34.5 | Dec 2022 26.0 | Mar 2023 36.7 | Jun 2023 32.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARVINDFASN: Sep 2021 — | Dec 2021 -9.6 | Mar 2022 -14.1 | Jun 2022 — | Sep 2022 173.8 | Dec 2022 185.0 | Mar 2023 131.9 | Jun 2023 119.6 | Sep 2023 183.3 | Dec 2023 185.6 | Mar 2024 121.2 | Jun 2024 110.4 | Sep 2024 99.1 | Dec 2024 80.2 | Mar 2025 59.9 | Jun 2025 75.2 | Sep 2025 -428.3 | Dec 2025 -380.1 | Mar 2026 44.0 | Jun 2026 46.7
- GOKEX: Sep 2021 29.3 | Dec 2021 29.1 | Mar 2022 27.6 | Jun 2022 16.6 | Sep 2022 12.2 | Dec 2022 12.7 | Mar 2023 11.8 | Jun 2023 17.4 | Sep 2023 28.5 | Dec 2023 34.8 | Mar 2024 32.0 | Jun 2024 44.2 | Sep 2024 49.6 | Dec 2024 56.0 | Mar 2025 37.0 | Jun 2025 39.9 | Sep 2025 30.7 | Dec 2025 36.8 | Mar 2026 36.5 | Jun 2026 —
- VMART: Sep 2021 — | Dec 2021 577.0 | Mar 2022 527.3 | Jun 2022 425.1 | Sep 2022 91.4 | Dec 2022 88.3 | Mar 2023 161.4 | Jun 2023 159.9 | Sep 2023 — | Dec 2023 -41.8 | Mar 2024 — | Jun 2024 -92.2 | Sep 2024 — | Dec 2024 -668.3 | Mar 2025 125.9 | Jun 2025 214.7 | Sep 2025 108.1 | Dec 2025 58.1 | Mar 2026 33.0 | Jun 2026 48.4
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 34.6 | Dec 2024 40.2 | Mar 2025 — | Jun 2025 114.5 | Sep 2025 80.2 | Dec 2025 77.4 | Mar 2026 48.6 | Jun 2026 —
- LUXIND: Sep 2021 32.0 | Dec 2021 30.5 | Mar 2022 18.0 | Jun 2022 15.4 | Sep 2022 16.2 | Dec 2022 18.4 | Mar 2023 18.9 | Jun 2023 31.9 | Sep 2023 41.5 | Dec 2023 37.9 | Mar 2024 30.7 | Jun 2024 32.9 | Sep 2024 41.9 | Dec 2024 36.2 | Mar 2025 23.9 | Jun 2025 26.4 | Sep 2025 25.4 | Dec 2025 26.3 | Mar 2026 23.5 | Jun 2026 —
- KKCL: Sep 2021 29.8 | Dec 2021 26.3 | Mar 2022 19.1 | Jun 2022 18.8 | Sep 2022 26.6 | Dec 2022 29.7 | Mar 2023 22.9 | Jun 2023 29.6 | Sep 2023 33.4 | Dec 2023 33.3 | Mar 2024 27.8 | Jun 2024 29.1 | Sep 2024 28.3 | Dec 2024 22.7 | Mar 2025 18.5 | Jun 2025 21.4 | Sep 2025 22.5 | Dec 2025 22.9 | Mar 2026 19.0 | Jun 2026 —
- KITEX: Sep 2021 18.1 | Dec 2021 18.5 | Mar 2022 18.6 | Jun 2022 11.6 | Sep 2022 9.3 | Dec 2022 9.3 | Mar 2023 9.3 | Jun 2023 21.8 | Sep 2023 48.1 | Dec 2023 73.6 | Mar 2024 30.6 | Jun 2024 24.7 | Sep 2024 43.1 | Dec 2024 46.9 | Mar 2025 28.6 | Jun 2025 40.4 | Sep 2025 28.8 | Dec 2025 40.7 | Mar 2026 77.0 | Jun 2026 —
- SPAL: Sep 2021 14.3 | Dec 2021 17.1 | Mar 2022 13.4 | Jun 2022 11.0 | Sep 2022 11.1 | Dec 2022 8.5 | Mar 2023 9.5 | Jun 2023 14.3 | Sep 2023 17.8 | Dec 2023 19.7 | Mar 2024 17.8 | Jun 2024 20.4 | Sep 2024 27.0 | Dec 2024 27.5 | Mar 2025 18.4 | Jun 2025 22.5 | Sep 2025 18.2 | Dec 2025 15.8 | Mar 2026 15.5 | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 91.6 | Dec 2024 65.0 | Mar 2025 70.0 | Jun 2025 85.0 | Sep 2025 158.0 | Dec 2025 56.3 | Mar 2026 83.8 | Jun 2026 —
- CANTABIL: Sep 2021 64.9 | Dec 2021 55.5 | Mar 2022 39.9 | Jun 2022 44.1 | Sep 2022 40.5 | Dec 2022 35.2 | Mar 2023 23.2 | Jun 2023 25.0 | Sep 2023 27.9 | Dec 2023 30.9 | Mar 2024 28.1 | Jun 2024 33.4 | Sep 2024 33.5 | Dec 2024 39.5 | Mar 2025 32.4 | Jun 2025 29.7 | Sep 2025 27.0 | Dec 2025 27.2 | Mar 2026 21.3 | Jun 2026 —
- SBC: Sep 2021 27.5 | Dec 2021 83.0 | Mar 2022 69.8 | Jun 2022 34.3 | Sep 2022 19.8 | Dec 2022 37.4 | Mar 2023 51.2 | Jun 2023 42.9 | Sep 2023 44.9 | Dec 2023 53.4 | Mar 2024 51.6 | Jun 2024 68.8 | Sep 2024 77.9 | Dec 2024 52.1 | Mar 2025 34.0 | Jun 2025 38.0 | Sep 2025 61.9 | Dec 2025 60.3 | Mar 2026 49.2 | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 190.0 | Mar 2022 153.5 | Jun 2022 67.9 | Sep 2022 75.8 | Dec 2022 81.1 | Mar 2023 67.6 | Jun 2023 74.2 | Sep 2023 81.0 | Dec 2023 79.2 | Mar 2024 77.0 | Jun 2024 66.3 | Sep 2024 86.3 | Dec 2024 59.5 | Mar 2025 42.0 | Jun 2025 50.2 | Sep 2025 42.6 | Dec 2025 28.9 | Mar 2026 19.5 | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 32.8 | Dec 2023 35.6 | Mar 2024 30.6 | Jun 2024 27.4 | Sep 2024 31.5 | Dec 2024 29.6 | Mar 2025 20.1 | Jun 2025 21.5 | Sep 2025 27.3 | Dec 2025 27.7 | Mar 2026 17.1 | Jun 2026 12.0
- MONTECARLO: Sep 2021 7.5 | Dec 2021 12.8 | Mar 2022 8.8 | Jun 2022 11.2 | Sep 2022 13.7 | Dec 2022 12.4 | Mar 2023 10.3 | Jun 2023 13.0 | Sep 2023 13.2 | Dec 2023 13.6 | Mar 2024 13.2 | Jun 2024 20.7 | Sep 2024 28.2 | Dec 2024 31.1 | Mar 2025 14.8 | Jun 2025 15.5 | Sep 2025 17.6 | Dec 2025 16.7 | Mar 2026 10.5 | Jun 2026 —
- IRISDOREME: Sep 2021 34.5 | Dec 2021 39.2 | Mar 2022 37.8 | Jun 2022 37.5 | Sep 2022 44.9 | Dec 2022 45.8 | Mar 2023 67.4 | Jun 2023 97.0 | Sep 2023 85.4 | Dec 2023 76.1 | Mar 2024 60.9 | Jun 2024 50.8 | Sep 2024 56.5 | Dec 2024 47.5 | Mar 2025 34.1 | Jun 2025 45.7 | Sep 2025 45.6 | Dec 2025 53.5 | Mar 2026 37.1 | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21.4 | Mar 2024 37.0 | Jun 2024 23.8 | Sep 2024 21.3 | Dec 2024 27.4 | Mar 2025 44.2 | Jun 2025 42.5 | Sep 2025 46.3 | Dec 2025 26.8 | Mar 2026 20.3 | Jun 2026 28.4
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.2 | Mar 2024 2.2 | Jun 2024 17.8 | Sep 2024 21.5 | Dec 2024 19.3 | Mar 2025 13.2 | Jun 2025 15.8 | Sep 2025 10.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 9.1 | Dec 2021 12.2 | Mar 2022 11.6 | Jun 2022 23.0 | Sep 2022 20.2 | Dec 2022 14.8 | Mar 2023 111.8 | Jun 2023 14.2 | Sep 2023 23.9 | Dec 2023 31.1 | Mar 2024 24.9 | Jun 2024 24.3 | Sep 2024 21.6 | Dec 2024 44.9 | Mar 2025 29.7 | Jun 2025 41.4 | Sep 2025 32.2 | Dec 2025 29.0 | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 24.0 | Dec 2021 18.7 | Mar 2022 19.2 | Jun 2022 14.6 | Sep 2022 15.4 | Dec 2022 19.0 | Mar 2023 17.0 | Jun 2023 21.1 | Sep 2023 23.7 | Dec 2023 27.1 | Mar 2024 43.5 | Jun 2024 42.4 | Sep 2024 58.2 | Dec 2024 53.0 | Mar 2025 37.5 | Jun 2025 39.1 | Sep 2025 31.2 | Dec 2025 26.1 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Credo Brands Marketing Ltd leads ev/ebitda at 4.8×; Raymond Lifestyle Ltd leads p/bv at 0.45×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Credo Brands Marketing Ltd · 4.8× | 22.6% versus #2 · Go Fashion (India) Ltd | 0/7 recent comparable periods | 26/26 companies · 414 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Credo Brands Marketing Ltd (MUFTI): 4.8 — older report
2. Go Fashion (India) Ltd (GOCOLORS): 6.2
3. Sai Silks (Kalamandir) Ltd (KALAMANDIR): 6.4
4. Monte Carlo Fashions Ltd (MONTECARLO): 6.9
5. S P Apparels Ltd (SPAL): 8.8

### P/BV — lowest P/BV
1. Raymond Lifestyle Ltd (RAYMONDLSL): 0.5
2. Sai Silks (Kalamandir) Ltd (KALAMANDIR): 1.1
3. Aditya Birla Fashion & Retail Ltd (ABFRL): 1.2
4. Monte Carlo Fashions Ltd (MONTECARLO): 1.2
5. Credo Brands Marketing Ltd (MUFTI): 1.3 — older report

### 20-quarter EV/EBITDA history
- TRENT: Sep 2021 95.4 | Dec 2021 64.2 | Mar 2022 63.8 | Jun 2022 55.5 | Sep 2022 48.4 | Dec 2022 43.4 | Mar 2023 41.4 | Jun 2023 51.1 | Sep 2023 52.4 | Dec 2023 66.0 | Mar 2024 71.0 | Jun 2024 88.6 | Sep 2024 107.5 | Dec 2024 93.0 | Mar 2025 65.2 | Jun 2025 72.1 | Sep 2025 51.8 | Dec 2025 45.5 | Mar 2026 34.4 | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 37.8 | Mar 2025 38.0 | Jun 2025 50.2 | Sep 2025 40.5 | Dec 2025 36.4 | Mar 2026 27.0 | Jun 2026 28.3
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 17.0 | Sep 2025 15.1 | Dec 2025 14.6 | Mar 2026 10.2 | Jun 2026 —
- MANYAVAR: Sep 2021 — | Dec 2021 — | Mar 2022 76.6 | Jun 2022 81.5 | Sep 2022 54.8 | Dec 2022 50.1 | Mar 2023 40.8 | Jun 2023 42.7 | Sep 2023 46.6 | Dec 2023 45.3 | Mar 2024 32.2 | Jun 2024 35.5 | Sep 2024 47.5 | Dec 2024 42.1 | Mar 2025 26.3 | Jun 2025 27.2 | Sep 2025 23.9 | Dec 2025 19.8 | Mar 2026 12.2 | Jun 2026 —
- PGIL: Sep 2021 8.3 | Dec 2021 9.3 | Mar 2022 8.5 | Jun 2022 6.8 | Sep 2022 6.0 | Dec 2022 5.2 | Mar 2023 5.2 | Jun 2023 6.8 | Sep 2023 8.3 | Dec 2023 9.3 | Mar 2024 8.2 | Jun 2024 10.3 | Sep 2024 11.8 | Dec 2024 17.6 | Mar 2025 16.5 | Jun 2025 20.5 | Sep 2025 13.8 | Dec 2025 17.1 | Mar 2026 13.9 | Jun 2026 —
- V2RETAIL: Sep 2021 10.6 | Dec 2021 11.1 | Mar 2022 10.6 | Jun 2022 9.2 | Sep 2022 8.5 | Dec 2022 9.1 | Mar 2023 7.5 | Jun 2023 9.3 | Sep 2023 9.4 | Dec 2023 12.8 | Mar 2024 13.7 | Jun 2024 19.9 | Sep 2024 28.2 | Dec 2024 33.2 | Mar 2025 27.8 | Jun 2025 25.2 | Sep 2025 24.9 | Dec 2025 28.8 | Mar 2026 20.6 | Jun 2026 —
- ABFRL: Sep 2021 16.2 | Dec 2021 14.7 | Mar 2022 12.8 | Jun 2022 9.4 | Sep 2022 8.8 | Dec 2022 7.3 | Mar 2023 6.3 | Jun 2023 6.9 | Sep 2023 8.9 | Dec 2023 12.3 | Mar 2024 11.1 | Jun 2024 12.0 | Sep 2024 18.7 | Dec 2024 21.9 | Mar 2025 31.7 | Jun 2025 21.2 | Sep 2025 16.2 | Dec 2025 15.8 | Mar 2026 12.6 | Jun 2026 —
- ARVINDFASN: Sep 2021 41.7 | Dec 2021 28.2 | Mar 2022 38.6 | Jun 2022 27.6 | Sep 2022 14.4 | Dec 2022 12.9 | Mar 2023 10.1 | Jun 2023 11.5 | Sep 2023 10.9 | Dec 2023 13.2 | Mar 2024 13.7 | Jun 2024 14.6 | Sep 2024 15.8 | Dec 2024 13.4 | Mar 2025 9.8 | Jun 2025 11.7 | Sep 2025 12.0 | Dec 2025 11.7 | Mar 2026 8.7 | Jun 2026 10.1
- GOKEX: Sep 2021 11.3 | Dec 2021 18.0 | Mar 2022 16.9 | Jun 2022 12.1 | Sep 2022 8.2 | Dec 2022 8.1 | Mar 2023 7.8 | Jun 2023 10.5 | Sep 2023 16.4 | Dec 2023 18.7 | Mar 2024 16.9 | Jun 2024 24.0 | Sep 2024 25.6 | Dec 2024 25.9 | Mar 2025 16.9 | Jun 2025 16.9 | Sep 2025 13.2 | Dec 2025 14.4 | Mar 2026 11.9 | Jun 2026 —
- VMART: Sep 2021 47.2 | Dec 2021 47.7 | Mar 2022 39.8 | Jun 2022 25.0 | Sep 2022 21.8 | Dec 2022 20.0 | Mar 2023 16.8 | Jun 2023 18.5 | Sep 2023 21.3 | Dec 2023 28.0 | Mar 2024 25.8 | Jun 2024 30.3 | Sep 2024 32.7 | Dec 2024 28.7 | Mar 2025 20.2 | Jun 2025 21.0 | Sep 2025 15.6 | Dec 2025 14.8 | Mar 2026 9.6 | Jun 2026 12.9
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 20.2 | Dec 2024 15.4 | Mar 2025 9.6 | Jun 2025 14.3 | Sep 2025 13.5 | Dec 2025 12.0 | Mar 2026 9.3 | Jun 2026 —
- LUXIND: Sep 2021 25.6 | Dec 2021 23.7 | Mar 2022 13.5 | Jun 2022 10.6 | Sep 2022 11.8 | Dec 2022 13.1 | Mar 2023 12.8 | Jun 2023 20.7 | Sep 2023 25.1 | Dec 2023 22.9 | Mar 2024 18.9 | Jun 2024 21.0 | Sep 2024 26.8 | Dec 2024 23.7 | Mar 2025 16.0 | Jun 2025 17.1 | Sep 2025 16.6 | Dec 2025 17.2 | Mar 2026 14.8 | Jun 2026 —
- KKCL: Sep 2021 16.7 | Dec 2021 15.9 | Mar 2022 11.6 | Jun 2022 12.2 | Sep 2022 17.9 | Dec 2022 20.1 | Mar 2023 15.3 | Jun 2023 19.8 | Sep 2023 22.7 | Dec 2023 22.8 | Mar 2024 19.1 | Jun 2024 20.5 | Sep 2024 19.0 | Dec 2024 15.3 | Mar 2025 12.1 | Jun 2025 12.0 | Sep 2025 13.1 | Dec 2025 12.6 | Mar 2026 10.3 | Jun 2026 —
- KITEX: Sep 2021 8.6 | Dec 2021 9.7 | Mar 2022 10.5 | Jun 2022 6.5 | Sep 2022 5.3 | Dec 2022 5.3 | Mar 2023 5.2 | Jun 2023 11.3 | Sep 2023 20.1 | Dec 2023 31.5 | Mar 2024 16.3 | Jun 2024 11.5 | Sep 2024 27.4 | Dec 2024 31.6 | Mar 2025 21.9 | Jun 2025 28.3 | Sep 2025 22.9 | Dec 2025 31.5 | Mar 2026 40.6 | Jun 2026 —
- SPAL: Sep 2021 8.0 | Dec 2021 9.7 | Mar 2022 8.2 | Jun 2022 6.7 | Sep 2022 6.8 | Dec 2022 5.1 | Mar 2023 5.6 | Jun 2023 8.0 | Sep 2023 9.2 | Dec 2023 10.6 | Mar 2024 9.6 | Jun 2024 11.6 | Sep 2024 15.5 | Dec 2024 15.6 | Mar 2025 10.7 | Jun 2025 11.3 | Sep 2025 9.7 | Dec 2025 8.9 | Mar 2026 8.8 | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 20.2 | Dec 2024 16.8 | Mar 2025 13.5 | Jun 2025 14.4 | Sep 2025 17.1 | Dec 2025 11.0 | Mar 2026 11.1 | Jun 2026 —
- CANTABIL: Sep 2021 14.7 | Dec 2021 16.3 | Mar 2022 14.8 | Jun 2022 15.1 | Sep 2022 16.5 | Dec 2022 14.5 | Mar 2023 9.9 | Jun 2023 11.4 | Sep 2023 12.6 | Dec 2023 13.8 | Mar 2024 12.6 | Jun 2024 14.1 | Sep 2024 13.5 | Dec 2024 15.2 | Mar 2025 13.2 | Jun 2025 11.8 | Sep 2025 11.2 | Dec 2025 11.3 | Mar 2026 9.4 | Jun 2026 —
- SBC: Sep 2021 10.7 | Dec 2021 33.6 | Mar 2022 28.0 | Jun 2022 13.9 | Sep 2022 15.7 | Dec 2022 29.4 | Mar 2023 37.8 | Jun 2023 32.7 | Sep 2023 33.5 | Dec 2023 35.6 | Mar 2024 33.3 | Jun 2024 44.4 | Sep 2024 51.7 | Dec 2024 35.4 | Mar 2025 23.7 | Jun 2025 27.8 | Sep 2025 45.3 | Dec 2025 48.0 | Mar 2026 40.0 | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 76.3 | Mar 2022 69.1 | Jun 2022 71.5 | Sep 2022 37.7 | Dec 2022 32.3 | Mar 2023 26.0 | Jun 2023 28.0 | Sep 2023 30.2 | Dec 2023 28.7 | Mar 2024 26.7 | Jun 2024 22.1 | Sep 2024 28.3 | Dec 2024 19.2 | Mar 2025 13.8 | Jun 2025 17.0 | Sep 2025 13.8 | Dec 2025 9.9 | Mar 2026 6.2 | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19.2 | Dec 2023 17.9 | Mar 2024 12.8 | Jun 2024 14.2 | Sep 2024 13.0 | Dec 2024 12.4 | Mar 2025 9.2 | Jun 2025 9.5 | Sep 2025 10.1 | Dec 2025 9.9 | Mar 2026 6.1 | Jun 2026 6.4
- MONTECARLO: Sep 2021 4.3 | Dec 2021 9.0 | Mar 2022 6.3 | Jun 2022 6.7 | Sep 2022 9.1 | Dec 2022 8.4 | Mar 2023 6.1 | Jun 2023 7.7 | Sep 2023 8.4 | Dec 2023 8.9 | Mar 2024 8.5 | Jun 2024 9.3 | Sep 2024 12.0 | Dec 2024 13.9 | Mar 2025 8.7 | Jun 2025 7.3 | Sep 2025 8.4 | Dec 2025 9.2 | Mar 2026 6.9 | Jun 2026 —
- IRISDOREME: Sep 2021 16.8 | Dec 2021 18.4 | Mar 2022 18.1 | Jun 2022 18.7 | Sep 2022 22.5 | Dec 2022 22.9 | Mar 2023 31.3 | Jun 2023 42.2 | Sep 2023 39.2 | Dec 2023 34.8 | Mar 2024 28.9 | Jun 2024 24.7 | Sep 2024 26.8 | Dec 2024 22.8 | Mar 2025 17.0 | Jun 2025 22.7 | Sep 2025 23.8 | Dec 2025 28.1 | Mar 2026 20.9 | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15.4 | Mar 2024 22.9 | Jun 2024 15.5 | Sep 2024 14.5 | Dec 2024 19.2 | Mar 2025 31.3 | Jun 2025 30.1 | Sep 2025 32.3 | Dec 2025 18.5 | Mar 2026 13.7 | Jun 2026 18.9
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12.1 | Mar 2024 7.3 | Jun 2024 7.5 | Sep 2024 9.3 | Dec 2024 8.2 | Mar 2025 6.1 | Jun 2025 7.2 | Sep 2025 4.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 6.0 | Dec 2021 9.1 | Mar 2022 8.8 | Jun 2022 19.4 | Sep 2022 15.6 | Dec 2022 11.6 | Mar 2023 13.5 | Jun 2023 10.3 | Sep 2023 15.4 | Dec 2023 22.9 | Mar 2024 24.5 | Jun 2024 23.2 | Sep 2024 20.3 | Dec 2024 36.2 | Mar 2025 23.2 | Jun 2025 29.8 | Sep 2025 22.5 | Dec 2025 19.2 | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 15.2 | Dec 2021 12.6 | Mar 2022 12.3 | Jun 2022 9.2 | Sep 2022 10.1 | Dec 2022 11.5 | Mar 2023 10.8 | Jun 2023 13.2 | Sep 2023 14.1 | Dec 2023 16.2 | Mar 2024 24.5 | Jun 2024 24.4 | Sep 2024 32.6 | Dec 2024 30.8 | Mar 2025 21.8 | Jun 2025 22.3 | Sep 2025 17.7 | Dec 2025 15.8 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- TRENT: Sep 2021 15.2 | Dec 2021 16.8 | Mar 2022 19.9 | Jun 2022 15.9 | Sep 2022 21.2 | Dec 2022 20.1 | Mar 2023 20.7 | Jun 2023 24.2 | Sep 2023 28.5 | Dec 2023 37.3 | Mar 2024 48.2 | Jun 2024 47.9 | Sep 2024 68.5 | Dec 2024 54.1 | Mar 2025 40.5 | Jun 2025 39.2 | Sep 2025 30.4 | Dec 2025 25.0 | Mar 2026 19.8 | Jun 2026 —
- VMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 8.1 | Mar 2025 7.5 | Jun 2025 9.7 | Sep 2025 10.3 | Dec 2025 9.2 | Mar 2026 7.2 | Jun 2026 7.3
- ABLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 15.0 | Sep 2025 12.4 | Dec 2025 11.9 | Mar 2026 8.2 | Jun 2026 —
- MANYAVAR: Sep 2021 — | Dec 2021 — | Mar 2022 21.7 | Jun 2022 22.1 | Sep 2022 30.1 | Dec 2022 28.6 | Mar 2023 25.5 | Jun 2023 27.8 | Sep 2023 23.2 | Dec 2023 23.2 | Mar 2024 16.9 | Jun 2024 18.2 | Sep 2024 20.5 | Dec 2024 19.9 | Mar 2025 12.3 | Jun 2025 12.8 | Sep 2025 11.2 | Dec 2025 9.2 | Mar 2026 5.6 | Jun 2026 —
- PGIL: Sep 2021 1.2 | Dec 2021 1.4 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 2.3 | Sep 2023 3.0 | Dec 2023 3.8 | Mar 2024 3.2 | Jun 2024 4.4 | Sep 2024 4.7 | Dec 2024 6.1 | Mar 2025 5.7 | Jun 2025 8.1 | Sep 2025 5.1 | Dec 2025 5.7 | Mar 2026 5.0 | Jun 2026 —
- V2RETAIL: Sep 2021 1.9 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 0.9 | Jun 2023 1.8 | Sep 2023 2.3 | Dec 2023 4.2 | Mar 2024 5.9 | Jun 2024 10.7 | Sep 2024 16.1 | Dec 2024 19.5 | Mar 2025 20.6 | Jun 2025 22.4 | Sep 2025 18.8 | Dec 2025 21.3 | Mar 2026 18.6 | Jun 2026 —
- ABFRL: Sep 2021 2.5 | Dec 2021 3.5 | Mar 2022 3.8 | Jun 2022 2.7 | Sep 2022 3.2 | Dec 2022 2.7 | Mar 2023 2.6 | Jun 2023 2.5 | Sep 2023 2.1 | Dec 2023 2.6 | Mar 2024 2.4 | Jun 2024 3.1 | Sep 2024 3.1 | Dec 2024 2.6 | Mar 2025 2.4 | Jun 2025 1.8 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.1 | Jun 2026 —
- ARVINDFASN: Sep 2021 5.5 | Dec 2021 4.8 | Mar 2022 5.0 | Jun 2022 5.4 | Sep 2022 5.5 | Dec 2022 5.9 | Mar 2023 4.9 | Jun 2023 6.3 | Sep 2023 4.8 | Dec 2023 6.0 | Mar 2024 6.7 | Jun 2024 7.5 | Sep 2024 7.9 | Dec 2024 6.7 | Mar 2025 4.9 | Jun 2025 6.4 | Sep 2025 7.2 | Dec 2025 7.0 | Mar 2026 5.1 | Jun 2026 6.6
- GOKEX: Sep 2021 2.9 | Dec 2021 4.4 | Mar 2022 7.6 | Jun 2022 5.1 | Sep 2022 2.8 | Dec 2022 3.0 | Mar 2023 3.0 | Jun 2023 4.0 | Sep 2023 5.2 | Dec 2023 5.2 | Mar 2024 4.5 | Jun 2024 6.4 | Sep 2024 4.8 | Dec 2024 4.0 | Mar 2025 3.0 | Jun 2025 4.3 | Sep 2025 2.5 | Dec 2025 2.6 | Mar 2026 2.0 | Jun 2026 —
- VMART: Sep 2021 8.4 | Dec 2021 9.3 | Mar 2022 9.4 | Jun 2022 5.9 | Sep 2022 6.5 | Dec 2022 6.5 | Mar 2023 5.0 | Jun 2023 5.1 | Sep 2023 4.6 | Dec 2023 5.2 | Mar 2024 5.6 | Jun 2024 6.8 | Sep 2024 10.6 | Dec 2024 10.8 | Mar 2025 8.2 | Jun 2025 9.1 | Sep 2025 7.1 | Dec 2025 6.9 | Mar 2026 4.6 | Jun 2026 6.9
- RAYMONDLSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 —
- LUXIND: Sep 2021 9.2 | Dec 2021 9.5 | Mar 2022 5.8 | Jun 2022 4.4 | Sep 2022 3.8 | Dec 2022 3.5 | Mar 2023 2.7 | Jun 2023 3.5 | Sep 2023 3.1 | Dec 2023 2.6 | Mar 2024 2.2 | Jun 2024 2.9 | Sep 2024 3.9 | Dec 2024 3.5 | Mar 2025 2.5 | Jun 2025 2.8 | Sep 2025 2.3 | Dec 2025 1.9 | Mar 2026 1.5 | Jun 2026 —
- KKCL: Sep 2021 2.5 | Dec 2021 3.0 | Mar 2022 2.6 | Jun 2022 3.2 | Sep 2022 5.0 | Dec 2022 6.3 | Mar 2023 5.4 | Jun 2023 5.9 | Sep 2023 7.7 | Dec 2023 7.7 | Mar 2024 6.7 | Jun 2024 8.2 | Sep 2024 6.1 | Dec 2024 4.8 | Mar 2025 3.6 | Jun 2025 4.6 | Sep 2025 4.0 | Dec 2025 3.4 | Mar 2026 2.9 | Jun 2026 —
- KITEX: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 2.3 | Jun 2022 2.1 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 3.6 | Dec 2024 4.9 | Mar 2025 3.8 | Jun 2025 6.1 | Sep 2025 3.7 | Dec 2025 3.5 | Mar 2026 2.9 | Jun 2026 —
- SPAL: Sep 2021 1.6 | Dec 2021 1.9 | Mar 2022 1.6 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 2.7 | Sep 2024 3.3 | Dec 2024 3.0 | Mar 2025 2.1 | Jun 2025 2.8 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 2.0 | Jun 2026 —
- STYLEBAAZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 9.3 | Dec 2024 6.2 | Mar 2025 4.7 | Jun 2025 5.5 | Sep 2025 6.7 | Dec 2025 4.5 | Mar 2026 4.7 | Jun 2026 —
- CANTABIL: Sep 2021 7.9 | Dec 2021 10.1 | Mar 2022 11.4 | Jun 2022 13.5 | Sep 2022 12.0 | Dec 2022 10.8 | Mar 2023 8.5 | Jun 2023 10.5 | Sep 2023 8.2 | Dec 2023 8.3 | Mar 2024 7.2 | Jun 2024 9.1 | Sep 2024 6.3 | Dec 2024 6.9 | Mar 2025 6.6 | Jun 2025 6.8 | Sep 2025 5.4 | Dec 2025 5.2 | Mar 2026 4.6 | Jun 2026 —
- SBC: Sep 2021 2.3 | Dec 2021 7.1 | Mar 2022 5.9 | Jun 2022 4.4 | Sep 2022 6.0 | Dec 2022 10.7 | Mar 2023 14.9 | Jun 2023 15.6 | Sep 2023 15.0 | Dec 2023 14.8 | Mar 2024 14.9 | Jun 2024 19.6 | Sep 2024 24.3 | Dec 2024 15.6 | Mar 2025 10.8 | Jun 2025 11.8 | Sep 2025 18.5 | Dec 2025 19.2 | Mar 2026 20.9 | Jun 2026 —
- GOCOLORS: Sep 2021 — | Dec 2021 — | Mar 2022 12.5 | Jun 2022 12.3 | Sep 2022 14.8 | Dec 2022 13.4 | Mar 2023 12.4 | Jun 2023 14.0 | Sep 2023 13.2 | Dec 2023 11.9 | Mar 2024 11.5 | Jun 2024 10.6 | Sep 2024 12.2 | Dec 2024 7.8 | Mar 2025 5.6 | Jun 2025 7.8 | Sep 2025 5.3 | Dec 2025 3.4 | Mar 2026 1.9 | Jun 2026 —
- KALAMANDIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.9 | Dec 2023 4.2 | Mar 2024 3.1 | Jun 2024 2.7 | Sep 2024 2.6 | Dec 2024 2.4 | Mar 2025 1.9 | Jun 2025 2.0 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 1.2 | Jun 2026 1.5
- MONTECARLO: Sep 2021 1.2 | Dec 2021 2.1 | Mar 2022 1.5 | Jun 2022 1.9 | Sep 2022 2.4 | Dec 2022 2.1 | Mar 2023 1.9 | Jun 2023 2.5 | Sep 2023 2.1 | Dec 2023 2.0 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 2.1 | Dec 2024 2.3 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.2 | Jun 2026 —
- IRISDOREME: Sep 2021 7.2 | Dec 2021 8.3 | Mar 2022 8.3 | Jun 2022 9.7 | Sep 2022 8.4 | Dec 2022 8.6 | Mar 2023 11.8 | Jun 2023 16.3 | Sep 2023 14.2 | Dec 2023 11.6 | Mar 2024 10.5 | Jun 2024 10.8 | Sep 2024 9.5 | Dec 2024 7.4 | Mar 2025 5.5 | Jun 2025 8.7 | Sep 2025 7.4 | Dec 2025 5.5 | Mar 2026 4.0 | Jun 2026 —
- KARNIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.9 | Mar 2024 7.0 | Jun 2024 5.8 | Sep 2024 5.4 | Dec 2024 6.6 | Mar 2025 11.2 | Jun 2025 11.4 | Sep 2025 12.7 | Dec 2025 7.4 | Mar 2026 6.7 | Jun 2026 8.2
- MUFTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.4 | Jun 2024 3.1 | Sep 2024 3.8 | Dec 2024 3.0 | Mar 2025 2.2 | Jun 2025 3.1 | Sep 2025 1.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THOMASCOTT: Sep 2021 1.5 | Dec 2021 3.8 | Mar 2022 3.6 | Jun 2022 2.4 | Sep 2022 1.8 | Dec 2022 2.1 | Mar 2023 1.8 | Jun 2023 3.2 | Sep 2023 5.0 | Dec 2023 7.9 | Mar 2024 12.2 | Jun 2024 10.0 | Sep 2024 4.7 | Dec 2024 8.5 | Mar 2025 5.5 | Jun 2025 7.4 | Sep 2025 4.2 | Dec 2025 3.9 | Mar 2026 — | Jun 2026 —
- BELLACASA: Sep 2021 2.8 | Dec 2021 3.4 | Mar 2022 3.2 | Jun 2022 2.7 | Sep 2022 2.7 | Dec 2022 2.4 | Mar 2023 2.1 | Jun 2023 2.4 | Sep 2023 2.6 | Dec 2023 2.8 | Mar 2024 4.6 | Jun 2024 5.7 | Sep 2024 7.9 | Dec 2024 7.8 | Mar 2025 5.9 | Jun 2025 7.1 | Sep 2025 3.6 | Dec 2025 3.1 | Mar 2026 — | Jun 2026 —

## Market action

SBC Exports Ltd has the strongest one-year price move in Textiles - Readymade Apparel at +153.3%. It also leads on Mansfield relative strength against NIFTY at +42.7%. 9 of 26 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. SBC Exports Ltd (SBC): 153%
2. Iris Clothings Ltd (IRISDOREME): 54%
3. Pearl Global Industries Ltd (PGIL): 26%
4. S P Apparels Ltd (SPAL): 24%
5. V2 Retail Ltd (V2RETAIL): 16%

### Strongest relative strength versus NIFTY 500
1. SBC Exports Ltd (SBC): 43%
2. Iris Clothings Ltd (IRISDOREME): 39%
3. S P Apparels Ltd (SPAL): 30%
4. Pearl Global Industries Ltd (PGIL): 28%
5. Gokaldas Exports Ltd (GOKEX): 12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- 7 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 4 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Trent Ltd (TRENT) — market value ₹1.5 L Cr; latest fundamentals Mar 2026
- Vishal Mega Mart Ltd (VMM) — market value ₹50.6K Cr; latest fundamentals Jun 2026
- Aditya Birla Lifestyle Brands Ltd (ABLBL) — market value ₹11.5K Cr; latest fundamentals Mar 2026
- Vedant Fashions Ltd (MANYAVAR) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- Pearl Global Industries Ltd (PGIL) — market value ₹9.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- V2 Retail Ltd (V2RETAIL) — market value ₹8.0K Cr; latest fundamentals Mar 2026
- Aditya Birla Fashion & Retail Ltd (ABFRL) — market value ₹6.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Arvind Fashions Ltd (ARVINDFASN) — market value ₹6.2K Cr; latest fundamentals Jun 2026
- Gokaldas Exports Ltd (GOKEX) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- V-Mart Retail Ltd (VMART) — market value ₹5.8K Cr; latest fundamentals Jun 2026
- Raymond Lifestyle Ltd (RAYMONDLSL) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- Lux Industries Ltd (LUXIND) — market value ₹3.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Kewal Kiran Clothing Ltd (KKCL) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Kitex Garments Ltd (KITEX) — market value ₹2.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- S P Apparels Ltd (SPAL) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Baazar Style Retail Ltd (STYLEBAAZA) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Cantabil Retail India Ltd (CANTABIL) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- SBC Exports Ltd (SBC) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Go Fashion (India) Ltd (GOCOLORS) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sai Silks (Kalamandir) Ltd (KALAMANDIR) — market value ₹1.4K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Monte Carlo Fashions Ltd (MONTECARLO) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Iris Clothings Ltd (IRISDOREME) — market value ₹910 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Karnika Industries Ltd (KARNIKA) — market value ₹700 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Credo Brands Marketing Ltd (MUFTI) — market value ₹542 Cr; latest fundamentals Sep 2025
- Thomas Scott India Ltd (THOMASCOTT) — market value ₹369 Cr; latest fundamentals Dec 2025
- Bella Casa Fashion & Retail Ltd (BELLACASA) — market value ₹330 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 12. Unverified: 10. Withheld: 4. Graded companies: 26.

7 of 26 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

4 of 26 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Pearl Global Industries Ltd (PGIL) — its two data sources disagree by up to 16% on reported income across 14 comparable periods, so its derived ratios are withheld; Aditya Birla Fashion & Retail Ltd (ABFRL) — its two data sources disagree by up to 150% on reported income across 13 comparable periods, so its derived ratios are withheld; Lux Industries Ltd (LUXIND) — its two data sources disagree by up to 7.9% on reported income across 14 comparable periods, so its derived ratios are withheld; Kitex Garments Ltd (KITEX) — its two data sources disagree by up to 67% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | PGIL | Pearl Global Industries Ltd | diff_gt_2pct | disagreement up to 16.18% over 14 comparable periods
- WITHHELD | ABFRL | Aditya Birla Fashion & Retail Ltd | diff_gt_2pct | disagreement up to 150.01% over 13 comparable periods
- WITHHELD | LUXIND | Lux Industries Ltd | diff_gt_2pct | disagreement up to 7.87% over 14 comparable periods
- WITHHELD | KITEX | Kitex Garments Ltd | diff_gt_2pct | disagreement up to 67.05% over 14 comparable periods

- UNVERIFIED | CANTABIL | Cantabil Retail India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SBC | SBC Exports Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GOCOLORS | Go Fashion (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KALAMANDIR | Sai Silks (Kalamandir) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MONTECARLO | Monte Carlo Fashions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IRISDOREME | Iris Clothings Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KARNIKA | Karnika Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Textiles - Readymade Apparel index?

The Nifty Textiles - Readymade Apparel index tracks India's listed Textiles - Readymade Apparel companies as a single basket. This page follows the same 26 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Textiles - Readymade Apparel sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Textiles - Readymade Apparel stocks in India?

Ranked by this page's four-factor score, Kewal Kiran Clothing Ltd places first among 26 listed Textiles - Readymade Apparel companies, followed by Cantabil Retail India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Textiles - Readymade Apparel stocks are listed in India?

This comparison covers 26 listed Textiles - Readymade Apparel companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Textiles - Readymade Apparel company is the biggest?

Trent Ltd is the largest, with trailing-twelve-month revenue of ₹20,074 crore, ahead of Vishal Mega Mart Ltd at ₹13,492 crore. That covers 25 of 26 companies with comparable reporting through Mar 2026.

### Which Textiles - Readymade Apparel company is growing fastest?

V2 Retail Ltd has the fastest revenue growth at 62.7% year on year, across 25 of 26 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Textiles - Readymade Apparel company has the best profit margins?

Vedant Fashions Ltd has the highest operating margin at 33.8%, from 26 of 26 comparable companies. Monte Carlo Fashions Ltd shows the biggest recent improvement, at +6.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Textiles - Readymade Apparel company makes the most profit?

Trent Ltd earns the most, at ₹1,721 crore of trailing-twelve-month net profit, from 25 of 26 comparable companies. Aditya Birla Lifestyle Brands Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Textiles - Readymade Apparel company earns the highest return on capital?

Karnika Industries Ltd leads on return on capital employed at 51.2%, across 26 of 26 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Textiles - Readymade Apparel stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Kewal Kiran Clothing Ltd screens cheapest at 0.59×. Only 9 of 26 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Textiles - Readymade Apparel company has the strongest balance sheet?

Thomas Scott India Ltd carries the lowest comparable gross debt at ₹27 crore, from 26 of 26 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Textiles - Readymade Apparel sector beating the market?

Textiles - Readymade Apparel has underperformed NIFTY 500 by 11.2% over the last 52 weeks and 1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Textiles - Readymade Apparel stock has the strongest price momentum?

SBC Exports Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Textiles - Readymade Apparel company scores highest for research priority?

Kewal Kiran Clothing Ltd scores 70 out of 100 with 95.6% evidence confidence, from 19.8 points on growth and earnings, 19.8 on capital efficiency, 16.4 on valuation and 14 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Textiles - Readymade Apparel companies does this comparison cover, and over what period?

It compares 26 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Textiles - Readymade Apparel sector?

The 26 Textiles - Readymade Apparel companies on this page carry ₹2,97,763 crore of combined market value. Trent Ltd is the largest at ₹1,54,131 crore, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Textiles - Readymade Apparel sector's P/E ratio?

The median price-to-earnings ratio across the 26 Textiles - Readymade Apparel companies on this page is 34×, measured on the 25 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Textiles - Readymade Apparel sector performing?

9 of the 26 covered Textiles - Readymade Apparel companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 11.2% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/textiles-readymade-apparel