Strong delivery masked by cost inflation and e-com slowdown

Delivered ₹2,265.6 Cr, 11.2% YoY growth exact match

Delivered ₹53.0 Cr, +126.3% YoY, exact

Q2 ₹390 Cr EBITDA / ₹2,266 Cr revenue = 17.2%, prior Q1 16.6% → 60 bps gain exact

Q2 retail like-for-like 5.3%, well below stated 7-8% target; contradicts 8-quarter claim

Management claims this in call, but overall retail LTL only 5.3%; unverifiable claim

Management confirmed 250th Reebok store opening, on track for expansion; supported by revenue 27% emerging growth

Management explicit: 6% price, cost inflation 3-4% H2 expected; small part hitting Q2

Added 100+ stores Q2 (highest in 2+ years), full-year gross 300+ on track. Prior guidance 150-200 net being achieved.

6% cost inflation absorbed via pricing; only small part hitting Q2, full impact Q3+. Prior H2 guidance 3-4% cost now realized as 6%.

12% YoY growth vs 20%+ prior quarters. Management cites seasonality, but absolute deceleration signals demand caution.

5.3% Q2 LFL vs 7-8% target. Prior 8 consecutive quarter double-digit claim undermined by festive shift explanation (Sept near-zero, Oct boost).

250 stores live, targeting 300+ by year-end, but 6.8% EBITDA still far below 15.9% group average; margin bridge to peer brands (>15%) unproven.

Yes, growth momentum should continue. Expansion now picked up nicely. Q3 and beyond expected stronger on expansion. Double-digit is sustainable, but quarter-to-quarter ups and downs normal. Aspiration 15% growth, but stated 11-12%.

Yes, 250 signed and expected 300 Reebok stores this year. Innerwear also targeting profitability. Multiple building blocks for growth.

6% cost increase absorbed via pricing. Small part hitting Q2, rest in H2 (Q3 onwards). Will see how consumers respond. Working with vendors to minimize impact.

MIS EBITDA has grown faster than overall sales. Fixed rentals not visible in cash flows. Margin has expanded. Analyst had to compute numbers; management not proactive on pre-Ind-AS clarity.

Had said ₹300 Cr and more or less on track. Franchise expansion fairly strong, fairly large pipeline. Will be on track to up capex as well to deliver expansion numbers.

Operating leverage first, discount reduction second, store-level operating leverage third. All working together. Only getting started here.

Each brand plays role, constant ups/downs. Over steady state, brands growing similarly. H1 stronger than Q2 (festival shift). Like-for-like target 7-8% steady state.

VYBE at 10% of sales in stores. 50,000 new consumers, ages 20s-early 20s. Built new wall for VYBE. Very exciting momentum.

Eventually Reebok similar numbers to other brands. Leverage from selling expenses, overheads starting nicely. More growth and more profitable building blocks.

~2,500 towns, pop <1.5 lakh. 5-6% of revenue. Peter England drives ~50%. Will it grow 5-6% to higher levels next 2-3 years? No specific target, market opportunity driven.

E-com is marketplace + B2B. Secondary sales from partner to consumer healthy double-digit over H1. Some pre-event seasonality. Expected to stay broadly H1 level (double digit).

Casual already 50-51% of mix. Q2 lot of casual lines growing. Also launched Motorsport in Louis Philippe. Q3 more wedding heavy, suits, blazers. Portfolio addresses all occasions.

H2 won't be zero. Closures when relocating to better/bigger location. Expansion fairly consistent across brands.

Already shown breakeven. 6.5% EBITDA at India level, 6.8% quarter. Already had one profitable quarter this year. Will push hard.

Will chase metro, middle India, small town opportunity. No specific target faster growth. Market opportunity driven. Pipeline still metro-heavy. No target growing small towns differently.

Started with 12-13% target, quite close at 11-12%, aspire closer to 15%. Journey earnest manner first half. Hopefully mid-double digits over period.

Management aspiring higher, but committed guidance 11-12%. Cost inflation 6% headwind. Price increases taken, but Q3 full impact uncertain.

Q2 at 17.2%, driven by operating leverage and discount reduction. H2 cost inflation (6% absorbed via pricing) may pressure. Emerging brands margin bridge to 15%+ unproven.

100+ stores added Q2; franchise pipeline strong; capex-to-store ratio consistent.

6% cost inflation; only small part absorbed in Q2, full impact Q3. Consumer reaction to price hikes unknown; could trigger volume loss.

5.3% Q2 retail LFL vs 7-8% target. Prior claim of 8 consecutive double-digit quarters undermined by festive shift (Sept ~0%, Oct boost).

12% YoY growth Q2 vs 20%+ in prior quarters. Halving of growth rate signals demand caution or market saturation.

Emerging (Reebok, Innerwear) at 6.8% EBITDA vs 15.9% group target. Path to 15%+ parity unproven; innerwear only one profitable quarter.

Small towns 5-6% of revenue; no specific profitability or margin target disclosed. Expansion strategy vague (market-opportunity driven, not growth-target driven).

Management aspiring 15% growth but guiding 11-12%. When started journey, target was 12-13%. Gap between aspiration and commitment suggests execution uncertainty.