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Last Updated: April 2, 2026, 3:42 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 542337 | NSE: SPENCERS

Spencers Retail Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹160.28Undervalued by 472.43%vs CMP ₹28.00

P/E (15.0) × ROE (15.0%) × BV (₹87.30) × DY (2.00%)

Defaults: P/E=15, ROE=15%

₹99.46Undervalued by 255.21%vs CMP ₹28.00
MoS: +71.8% (Strong)Confidence: 75/100 (High)Models: All 2: Undervalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹92.6463%Under (+230.9%)
Revenue MultipleRevenue₹110.8338%Under (+295.8%)
Consensus (2 models)₹99.46100%Undervalued
Key Drivers: EPS CAGR -42.2% drags value — could be higher if earnings stabilize.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -42.2% · Defaults: P/E=15, ROE=15%

*Investments are subject to market risks

Investment Snapshot

37
Spencers Retail Ltd scores 37/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health19/100 · Weak
ROCE 9.7% AverageROE 0.0% WeakD/E 1.25 High debtInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent
Smart Money30/100 · Weak
FII holding down -2.24% (6mo) SellingPromoter holding at 58.8% Stable
Earnings Quality60/100 · Moderate
OPM stable around -1% SteadyWorking capital: -137 days (improving) Efficient
Quarterly Momentum35/100 · Weak
Revenue (4Q): -17% YoY Declining
Industry Rank40/100 · Moderate
ROCE 9.7% vs industry 11.6% Average3Y sales CAGR: -5% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:42 am

Market Cap 252 Cr.
Current Price 28.0
Intrinsic Value₹99.46
High / Low 72.0/24.3
Stock P/E
Book Value 87.3
Dividend Yield0.00 %
ROCE9.72 %
ROE%
Face Value 5.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Spencers Retail Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Spencers Retail Ltd 252 Cr. 28.0 72.0/24.3 87.30.00 %9.72 %% 5.00
Future Market Networks Ltd 124 Cr. 2.28 / 20.60.00 %13.3 %116 % 2.00
Praxis Home Retail Ltd 103 Cr. 5.53 14.6/5.24 2.780.00 %9.63 %% 5.00
Shoppers Stop Ltd 3,285 Cr. 298 589/267 26.10.00 %7.96 %3.39 % 5.00
V-Mart Retail Ltd 3,839 Cr. 483 962/45832.3 1060.00 %8.50 %3.08 % 10.0
Industry Average47,537.50 Cr637.3034.1378.480.00%11.59%25.33%6.00

All Competitor Stocks of Spencers Retail Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 639543570574654547548518517412416445503
Expenses 640546575581642559547563505423423449496
Operating Profit -1-3-5-712-121-4512-11-7-47
OPM % -0%-0%-1%-1%2%-2%0%-9%2%-3%-2%-1%1%
Other Income 361236428613111141
Interest 30333436384143404141404143
Depreciation 34323831323230642227262323
Profit before tax -62-61-64-70-51-81-44-87-47-68-62-64-58
Tax % -0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%
Net Profit -62-61-64-70-51-81-43-87-47-68-62-64-58
EPS in Rs -6.85-6.79-7.12-7.78-5.68-8.95-4.82-9.67-5.25-7.59-6.84-7.08-6.47

Last Updated: March 3, 2026, 2:36 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 10:46 pm

MetricMar 2018n n 13mMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,1492,1872,6452,4282,3002,4532,3451,9951,776
Expenses 1,1532,1782,5872,4202,2752,4482,3542,0381,791
Operating Profit -49578254-9-43-15
OPM % -0%0%2%0%1%0%-0%-2%-1%
Other Income 928325376322310428
Interest 47829197115148164165
Depreciation 1525138134126132132143100
Profit before tax -144-131-164-122-211-267-247-252
Tax % 0%43%-0%-0%-0%-0%-0%-0%
Net Profit -142-131-164-121-210-266-246-252
EPS in Rs 0.27-14.51-18.18-13.48-23.34-29.53-27.33-27.98
Dividend Payout % 0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-6650.00%-25.19%26.22%-73.55%-26.67%7.52%
Change in YoY Net Profit Growth (%)0.00%6624.81%51.41%-99.77%46.89%34.19%

Spencers Retail Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:-5%
3 Years:-5%
TTM:-20%
Compounded Profit Growth
10 Years:%
5 Years:-50%
3 Years:%
TTM:-8%
Stock Price CAGR
10 Years:%
5 Years:-6%
3 Years:-10%
1 Year:-42%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:%

Last Updated: September 5, 2025, 1:36 pm

Balance Sheet

Last Updated: February 1, 2026, 3:56 am

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital -0.004040454545454545
Reserves 50750823414117-196-461-707-832
Borrowings 1-08499441,0691,3411,6221,5711,702
Other Liabilities 373365471429435439490400371
Total Liabilities 8819141,5941,5591,5651,6291,6961,3101,287
Fixed Assets 2392631,0551,0531,0491,1321,211953890
CWIP 01103821-0-0
Investments 72324359494564344
Other Assets 635627505468415401428314352
Total Assets 8819141,5941,5591,5651,6291,6961,3101,287

Reserves and Borrowings Chart

Cash Flow

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -48-13114-255273537
Cash from Investing Activity + -18922-7-18-40-2611-20
Cash from Financing Activity + 38-0-54-3-54-5-28-27
Net Cash Flow -199953-24-40-418-10
Free Cash Flow -55-5871-25311321
CFO/OP 1,079%-107%212%23%219%271%-364%-83%

Free Cash Flow

MonthMar 2018n n 13mMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-4.009.00-792.00-936.0024.003.00-10.00-44.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 127944343
Inventory Days 10957445152495239
Days Payable 12366666367647572
Cash Conversion Cycle -2-1-13-8-10-12-19-30
Working Capital Days -1-2-40-50-63-79-99-137
ROCE %2%-6%-7%-2%-8%-10%-10%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 58.81%58.81%58.81%58.81%58.81%58.81%58.81%58.81%58.81%58.81%58.81%58.81%
FIIs 8.35%8.45%8.45%8.84%9.38%8.32%8.31%8.54%8.74%7.56%7.36%6.50%
DIIs 2.37%2.37%2.37%1.99%1.99%1.99%1.99%1.99%1.99%1.99%1.99%1.99%
Government 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 30.31%30.21%30.21%30.20%29.65%30.72%30.73%30.48%30.29%31.47%31.67%32.54%
Others 0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
No. of Shareholders 60,22658,66057,35851,01849,19049,19251,36750,82950,37650,37649,99449,221

Shareholding Pattern Chart

No. of Shareholders

Spencers Retail Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) -27.33-29.53-23.34-13.48-18.97
Diluted EPS (Rs.) -27.37-29.57-23.37-13.49-18.97
Cash EPS (Rs.) -11.52-14.83-8.730.47-3.29
Book Value[Excl.RevalReserv]/Share (Rs.) -73.40-46.14-16.696.8620.67
Book Value[Incl.RevalReserv]/Share (Rs.) -73.40-46.14-16.696.8620.67
Revenue From Operations / Share (Rs.) 221.36260.18272.11255.15269.39
PBDIT / Share (Rs.) 6.691.554.0111.186.81
PBIT / Share (Rs.) -9.13-13.15-10.60-2.77-8.08
PBT / Share (Rs.) -27.36-29.57-23.39-13.53-18.22
Net Profit / Share (Rs.) -27.33-29.53-23.34-13.48-18.18
NP After MI And SOA / Share (Rs.) -27.33-29.53-23.34-13.48-18.18
PBDIT Margin (%) 3.020.591.474.382.52
PBIT Margin (%) -4.12-5.05-3.89-1.08-3.00
PBT Margin (%) -12.36-11.36-8.59-5.30-6.76
Net Profit Margin (%) -12.34-11.34-8.57-5.28-6.74
NP After MI And SOA Margin (%) -12.34-11.34-8.57-5.28-6.74
Return on Networth / Equity (%) 0.000.000.00-196.35-87.93
Return on Capital Employeed (%) -24.72-16.44-12.39-2.95-8.11
Return On Assets (%) -18.81-15.69-12.91-7.75-10.50
Long Term Debt / Equity (X) -0.56-0.67-1.202.050.40
Total Debt / Equity (X) -1.40-1.76-3.605.831.25
Asset Turnover Ratio (%) 1.331.411.401.311.36
Current Ratio (X) 0.250.380.420.500.58
Quick Ratio (X) 0.080.110.110.130.18
Inventory Turnover Ratio (X) 9.150.020.020.020.02
Interest Coverage Ratio (X) 0.360.090.311.040.67
Interest Coverage Ratio (Post Tax) (X) -0.49-0.79-0.82-0.25-0.79
Enterprise Value (Cr.) 1481.761519.19990.131068.38811.97
EV / Net Operating Revenue (X) 0.740.640.400.460.33
EV / EBITDA (X) 24.59108.8627.3910.6013.24
MarketCap / Net Operating Revenue (X) 0.290.350.190.310.26
Price / BV (X) -0.87-1.98-3.1011.733.42
Price / Net Operating Revenue (X) 0.290.350.190.310.26
EarningsYield -0.42-0.32-0.45-0.16-0.25

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Spencers Retail Ltd. is a Public Limited Listed company incorporated on 08/02/2017 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L74999WB2017PLC219355 and registration number is 219355. Currently Company is involved in the business activities of Retail trade, except of motor vehicles and motorcycles. Company's Total Operating Revenue is Rs. 1700.92 Cr. and Equity Capital is Rs. 45.07 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Retail - Departmental StoresDuncan House, Kolkata West Bengal 700001Contact not found
Management
NamePosition Held
Mrs. Shashwat GoenkaChairman, Non Ind & Non Exe Director
Mr. Anuj SinghManaging Director & CEO
Mr. Pratip ChaudhuriInd. Non-Executive Director
Ms. Rekha SethiInd. Non-Executive Director
Mr. Debanjan MandalInd. Non-Executive Director
Mr. Utsav ParekhInd. Non-Executive Director

FAQ

What is the intrinsic value of Spencers Retail Ltd and is it undervalued?

As of 11 April 2026, Spencers Retail Ltd's intrinsic value is ₹99.46, which is 255.21% higher than the current market price of ₹28.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (%), book value (₹87.3), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Spencers Retail Ltd?

Spencers Retail Ltd is trading at ₹28.00 as of 11 April 2026, with a FY2026-2027 high of ₹72.0 and low of ₹24.3. The stock is currently near its 52-week low. Market cap stands at ₹252 Cr..

How does Spencers Retail Ltd's P/E ratio compare to its industry?

Spencers Retail Ltd has a P/E ratio of , which is below the industry average of 34.13. This is broadly in line with or below the industry average.

Is Spencers Retail Ltd financially healthy?

Key indicators for Spencers Retail Ltd: ROCE of 9.72 % is on the lower side compared to the industry average of 11.59%; ROE of % is below ideal levels (industry average: 25.33%). Dividend yield is 0.00 %.

Is Spencers Retail Ltd profitable and how is the profit trend?

Spencers Retail Ltd reported a net profit of ₹-246 Cr in Mar 2025 on revenue of ₹1,995 Cr. Compared to ₹-121 Cr in Mar 2022, the net profit shows a mixed trend.

Does Spencers Retail Ltd pay dividends?

Spencers Retail Ltd has a dividend yield of 0.00 % at the current price of ₹28.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Spencers Retail Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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