Aditya Birla Fashion & Retail Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Aditya Birla Fashion & Retail Ltd trades at ₹60.2, in a downtrend and 81 weeks into that stage. That is −10.6% against its own 200-day average. It sits at 11% of a 52-week range of ₹56 to ₹92. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (10 weeks and counting).

Today the stock is in a downtrend — week 81 of stage 4, confirmed. At ₹60.2 it trades −10.6% versus its 200-day average and sits at 11% of its 52-week range (₹56–₹92).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +28% while the NIFTY 500 moved +282% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (10 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Aditya Birla Fashion & Retail Ltd trades at 32.7× P/E, mid-range by its own standards (64th percentile). Its long-run median P/E is 28.7×, measured across 3.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 32.7× is mid-range by its own standards (64th percentile), against a long-run median of 28.7× measured over 3.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 3y, of the −8.6%/yr price move, ~−1.1%/yr came from earnings growth and ~−7.5 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 150% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Aditya Birla Fashion & Retail Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

30.2/100 — rank 23 of 26 in Textiles - Readymade Apparel · 61% evidence confidence

Aditya Birla Fashion & Retail Ltd scores 30.2 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 23. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 12.6 + 3.9 + 10 + 3.7 = 30.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Aditya Birla Fashion & Retail Ltd reported ₹1,990 Cr of revenue in the Mar 26 quarter, +15.8% year on year. That is the 5th straight quarter of year-on-year growth. Over 7 years it has compounded at 0.1% a year. The last full year, FY26, came in at ₹8,177 Cr. The last four reported quarters add to ₹8,177 Cr.

FY26 revenue came in at ₹8,177 Cr (+11.2% on the year), capping 7 years at 0.1% compound. The latest quarter (Mar 26) printed ₹1,990 Cr, +15.8% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.4% growth against the decade's 0.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.2% over the last 4 quarters against −18.0%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Aditya Birla Fashion & Retail Ltd's operating margin is 9.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 6.0% to 14.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 9.0%, −3.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 6.0%–14.0%.

🚨 Why the margin moved: operating margin went −2.2 pp year on year while gross margin went −7.1 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Aditya Birla Fashion & Retail Ltd posted a net loss of ₹164 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹830 Cr. That loss is 8.2% of the quarter's revenue. The same quarter a year earlier lost ₹24.0 Cr. 12 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−164 Cr, null year on year. On the full year, FY26 printed ₹−830 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Aditya Birla Fashion & Retail Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹161 Cr of operating cash against ₹−830 Cr of profit. After ₹2,216 Cr of capital spending, ₹−2,055 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹161 Cr against reported profit of ₹−830 Cr, leaving free cash of ₹−2,055 Cr after ₹2,216 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 1.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Aditya Birla Fashion & Retail Ltd's cash conversion cycle runs 68 days in FY26, up from −1 days in FY21. Capital spending ran ₹5,434 Cr over the last 3 years. At FY26 sales of ₹8,177 Cr each day of that cycle holds about ₹22.4 Cr, so roughly ₹1,523 Cr sits inside the business at any moment.

FY26: debtors at 18 days, inventory at 298 days — roughly 9.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 68 days, looser than FY21's −1.

The full loop: cash goes out to suppliers and production on day 0; stock waits 298 days to sell; customers pay about 18 days after that; and suppliers themselves are paid at 248 days — netting out to the 68-day cycle.

In money terms: at FY26 sales of ₹8,177 Cr, each day of the cycle holds about ₹22.4 Cr — so the 68-day loop keeps roughly ₹1,523 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹5,434 Cr over the last 3 fiscal years against ₹3,522 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹88.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Aditya Birla Fashion & Retail Ltd earns a ROCE of −3% in FY26. That is up from a trough of −5% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −10.2% net margin on 0.46× asset turns.

FY26 ROCE is −3%, recovered from a FY21 trough of −5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): −10.2% net margin × 0.46× asset turns × 3.04× balance-sheet leverage ≈ −14.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 150% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Aditya Birla Fashion & Retail Ltd carries ₹6,189 Cr of borrowings against ₹5,840 Cr of equity in FY26, a debt-to-equity of 1.06. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹3,600 Cr to ₹6,189 Cr. Capital spending ran ₹5,434 Cr across the last 3 of those years.

FY26: borrowings of ₹6,189 Cr against equity of ₹5,840 Cr — a debt-to-equity of 1.06. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹3,600 Cr to ₹6,189 Cr while capital spending ran ₹5,434 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 150% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 8.8 points of Aditya Birla Fashion & Retail Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 5.7% of the company. Foreign institutions moved −7.1 points over the same window, to 12.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −8.8 points over 8 quarters to 5.7%; Foreign institutions: −7.1 points over 8 quarters to 12.9%; Promoters: −5.4 points over 8 quarters to 46.6%.

🚨 Why the register moved: domestic institutions drove it (−8.8 points), alongside foreign institutions (−7.1 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Aditya Birla Fashion & Retail Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions