Metro Brands reported a 13.4% year-on-year increase in consolidated revenue from operations for the half year ended September 30, 2026 (H1FY27). The company clocked revenue of ₹1,451 crore, while EBITDA rose 12.9% YoY to ₹413 crore, reflecting an EBITDA margin of 28.5%. Consolidated net profit increased 2.8% to ₹173 crore.

The Board of Directors approved these unaudited financial results at its meeting held on October 15, 2026. Management noted that the period saw stable growth as the festive calendar shifted a larger share of consumer demand into Q3. Despite this shift, the company delivered double-digit revenue growth, with EBITDA expanding ahead of revenue due to operational execution and gross margin expansion.

Financial Performance Overview

The company’s performance was supported by robust top-line growth, although margins faced pressure from higher employee costs and depreciation. Total income for the half year reached ₹1,500 crore, while total expenses increased to ₹1,270 crore. The following table highlights key standalone metrics:

Consolidated Results

On a consolidated basis, Metro Brands recorded revenue from operations of ₹1,451.27 crore, a 13.4% increase from ₹1,279.14 crore in H1FY26. The consolidated Profit Before Tax (PBT) grew 3.6% YoY to ₹230.26 crore. The group’s share of profit from joint ventures contributed ₹1.00 crore to the bottom line.

Key consolidated figures include:

• Revenue: ₹1,451.27 crore (up 13.4% YoY)
• EBITDA: ₹413 crore (up 12.9% YoY, margin 28.5%)
• Net Profit: ₹173 crore (up 2.8% YoY, margin 11.9%)
• Total Comprehensive Income: ₹173 crore

Operational Highlights

E-commerce sales, including omni-channel, grew 11% year-on-year and contributed 13.6% of revenue. The company strengthened its retail footprint with 34 new store openings in H1FY27, offset by 13 store closures. As of September 30, 2026, Metro Brands operated 1,053 stores across 223 cities and 31 states and Union Territories.

Nissan Joseph, CEO, stated that the company remains focused on strengthening its brand portfolio and expanding retail presence. He noted that despite festive sales shifting to the following quarter, the company is well positioned to build on this momentum.

Strategic Updates on New Formats

The company provided updates on its newer brand partnerships and formats:

• Clarks: Ladies' range is available in over 400 multi-brand outlets (MBOs). Complete product supply is expected by Q3, with exclusive brand outlets (EBOs) planned for the latter half of FY27.
• Foot Locker & MetroActiv: Expansion pace has been constrained by BIS implementation challenges among select external brands, though early signs of normalization are emerging.
• Fila: Local manufacturing has commenced due to BIS concerns. Repositioning with sharper merchandise and pricing is underway, with store expansion expected to pick up from FY29.
• New Era: Strategy is shifting from kiosks to an EBO-led model. Two EBOs were opened and four kiosks closed during the quarter.

What the Numbers Show

A closer look at the expense structure reveals that while revenue grew nearly 13%, employee benefits expenses surged by 24.4% YoY to ₹153 crore, outpacing the top-line growth. Similarly, depreciation and amortization expenses rose 17.7% YoY to ₹173 crore. This indicates that operational leverage is being partially offset by rising fixed costs and workforce expansion. However, the consolidated EBITDA growth of 12.9% exceeding revenue growth of 13.4% suggests that gross margin expansion helped absorb some of these cost pressures, keeping net profit growth steady at 2.8%.

Balance Sheet and Cash Flow

The company’s balance sheet reflects continued investment in inventory and store infrastructure. Inventories increased to ₹957 crore as on September 30, 2026, from ₹856 crore as on March 31, 2026. Trade receivables also saw an uptick to ₹119 crore from ₹95 crore in the same period.

Cash flow from operating activities remained healthy, with net cash generated from operations standing at ₹248 crore for the six months ended September 30, 2026, significantly higher than ₹141 crore in the previous year’s corresponding period. The company paid a final dividend of ₹3.00 per equity share during the quarter.

Metro Brands has closed its trading window for dealing in company securities effective October 1, 2026. The restriction applies to Designated Persons and their immediate relatives and will remain in force until 48 hours after the declaration of financial results.

This action is taken pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended. The closure aligns with the company's internal Code of Conduct for prevention of insider trading, which mandates a 'Trading Restriction Period' from the end of every quarter until two days post-results.

The trading window is closed specifically in anticipation of the Unaudited Financial Results for the quarter and half year ending September 30, 2026. These results correspond to the second quarter of fiscal year 2027 (Q2FY27).

Regulatory compliance details

The notification was issued to both BSE Limited and National Stock Exchange of India Limited on September 25, 2026. Deepa Sood, Chief Legal Officer, Company Secretary & Compliance Officer, signed the intimation digitally.

The company stated that Designated Persons have been informed of this restriction in accordance with the Code of Conduct. Details regarding the Board Meeting date and the subsequent opening of the trading window will be intimated in due course.