Patel Retail Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Patel Retail Ltd filed with BSE on 11 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Patel Retail reported Q4 FY26 total income growth of 53.35% year-on-year to Rs 339.55 crore, with EBITDA up 31.21% to Rs 22.74 crore and PAT up 39.07% to Rs 9.98 crore. For the full year, total income crossed Rs 1,000 crore, growing 28.25% to Rs 1,059.29 crore, with PAT growing 54.48% to Rs 39.05 crore. Management discussed store expansion to 51-52 stores, capacity utilization in manufacturing at 50-55%, and working capital changes linked to IPO fund deployment and export inventory build-up.
Numbers mentioned
Total income: INR339.55 crores (Q4 FY26)
p. 4
“we delivered a strong performance during Q4 FY '26 with total income increasing by 53.35% year-on-year to INR339.55 crores.”
Rahul Patel, page 4 of the filed PDF · View the filing
EBITDA: INR22.74 crores (Q4 FY26)
p. 4
“EBITDA grew by 31.21% year-on-year to INR22.74 crores, while EBITDA margins stood at 6.70%.”
Rahul Patel, page 4 of the filed PDF · View the filing
PAT: INR9.98 crores (Q4 FY26)
p. 4
“PAT increased by 39.07% year-on-year to INR9.98 crores with PAT margin at 2.94%, and EPS stood at 2.99, registering a growth of 3.82% year-on-year.”
Rahul Patel, page 4 of the filed PDF · View the filing
Total income: INR1,059.29 crore (FY26)
p. 4
“FY '26 was a landmark year for the company with total income crossing the INR1,000 crores mark and growing by 28.25% year-on-year to INR1,059.29 crore.”
Rahul Patel, page 4 of the filed PDF · View the filing
EBITDA: INR83.08 crores (FY26)
p. 4
“EBITDA increased by 33.07% year-on-year to INR83.08 crores, with EBITDA margin improving by 28 bps to 7.84%.”
Rahul Patel, page 4 of the filed PDF · View the filing
PAT: INR39.05 crores (FY26)
p. 4
“PAT grew by 54.48% year-on-year to INR39.05 crores, while PAT margin expanded by 63 bps to 3.69%.”
Rahul Patel, page 4 of the filed PDF · View the filing
EPS: 13.03 (FY26)
p. 4
“Consequently, EPS stood at 13.03, reflecting a growth of 26.50% year-on-year.”
Rahul Patel, page 4 of the filed PDF · View the filing
Retail sales: INR429 crores (FY26)
p. 4
“we achieved a significant milestone in FY '26 with retail sales increasing by 16.33% year-on-year to INR429 crores and transaction value reaching a record 58 lakh bill cuts, representing a growth of 11.54% year-on-year.”
Rahul Patel, page 4 of the filed PDF · View the filing
Debt-equity ratio: 0.34 (FY26)
p. 9
“We have already achieved the debt-equity ratio to 0.34 from 1.34 in the fiscal '26.”
Hitesh Sawlani, page 9 of the filed PDF · View the filing
Capacity utilization: 50% to 55% (Current)
p. 4
“Earlier, the capacity utilization falls somewhere around 45% to 48%. Now it is in between 50% to 55%, depending on different machineries and different units, but it has grown by 4% to 5%.”
Rahul Patel, page 4 of the filed PDF · View the filing
Store count: 51 stores (April 2026)
p. 3
“we inaugurated our 51st store in Rasayani in April 2026, taking our retail network to 51 stores and over 2.29 lakh square feet of retail space.”
Rahul Patel, page 3 of the filed PDF · View the filing
Same-store sales growth: around 5% (Current)
p. 6
“It's around 5%.”
Rahul Patel, page 6 of the filed PDF · View the filing
Manufacturing and processing sales: INR618 crores (FY26)
p. 14
“So, let's say out of INR1,048 crores, INR618 crores is out of my processing and manufacturing sales.”
Hitesh Sawlani, page 14 of the filed PDF · View the filing
Retail inventory: INR90 crores (FY26)
p. 11
“Inventory break up. Inventory, out of INR259 crores, the retail inventory is almost in the range of INR90 crores and the rest is towards my non-retail business.”
Hitesh Sawlani, page 11 of the filed PDF · View the filing
Retail contribution to PAT: 35% to 38% (FY26)
p. 17
“Excluding other income part, so retail is contributing almost in the range of 35% to 38% and rest is towards non-retail.”
Hitesh Sawlani, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Store additions — 8 to 10 stores · FY27
stated firmly by Rahul Patel
p. 7
“So, we plan on opening 8 to 10 stores every year.”
Rahul Patel, page 7 of the filed PDF · View the filing
Revenue growth — 20% and above · FY27
stated as an aspiration by Hitesh Sawlani
p. 12
“Higher side double-digit growth, you can say 20% and above.”
Hitesh Sawlani, page 12 of the filed PDF · View the filing
Gross margin B2B — 18% to 20% · FY27
stated as an aspiration by Hitesh Sawlani
p. 10
“For FY27, you can say roughly 18% to 20% in my B2B and 15% to 16% into my retail.”
Hitesh Sawlani, page 10 of the filed PDF · View the filing
EBITDA margin — 8% to 9% · FY27
stated as an aspiration by Hitesh Salwani
p. 18
“So, EBITDA margin that we are -- of course, we cannot disclose the number, but I can say approximately 8% to 9% going forward.”
Hitesh Salwani, page 18 of the filed PDF · View the filing
Operating cash flow — positive cash flow · H1 FY27
stated conditionally by Hitesh Sawlani
p. 9
“So, in current fiscal, I think by H1 of fiscal '27, you will see the positive cash flow.”
Hitesh Sawlani, page 9 of the filed PDF · View the filing
Capacity utilization — same kind of growth · FY27
stated conditionally by Rahul Patel
p. 15
“We expect the same kind of growth because as you rightly mentioned, there would be an impact in the trade from Middle East, but just to cover that impact on the trade, right, we are aggressively pushing our goods in the domestic market”
Rahul Patel, page 15 of the filed PDF · View the filing
Store network expansion
stated as an aspiration by Rahul Patel
p. 4
“we remain focused on expanding our retail footprint with an aim to scale our store network beyond Thane and Raigad into western MMR suburbs and Pune, with a phased entry into other cities across Maharashtra and Western India.”
Rahul Patel, page 4 of the filed PDF · View the filing
Private label distribution growth — 10% to 12%
stated as an aspiration by Rahul Patel
p. 11
“Moving forward, we plan on increasing the depth of this distribution channel, aiming to have a organic growth of around 10% to 12% because we also don't want to force, right?”
Rahul Patel, page 11 of the filed PDF · View the filing
PAT margin
stated firmly by Hitesh Salwani
p. 18
“Definitely, PAT margins are going to increase. Yes.”
Hitesh Salwani, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Utilization has grown from 45-48% to 50-55%.
Answered by Rahul Patel
Asked by Parag Dave: What is current capacity utilization across manufacturing facilities?
p. 4
“Now it is in between 50% to 55%, depending on different machineries and different units, but it has grown by 4% to 5%.”
Rahul Patel, page 4 of the filed PDF · View the filing
Management said there was no specific cause and characterized 5% as good for a mature retail format focused on grocery and staples.
Answered by Rahul Patel
Asked by Aniket Madhwani: Why has same-store sales growth dipped from 8-10% to around 5%?
p. 6
“There is no particular reason as such, right, as from 8% to 10% to 5%. We have always seen the growth of around 5% to 6%.”
Rahul Patel, page 6 of the filed PDF · View the filing
Management attributed the increase to deployment of IPO proceeds into working capital and export order lead times.
Answered by Hitesh Sawlani
Asked by Aniket Madhwani: Why has working capital and inventory increased?
p. 7
“So, basically, the incremental in the working capital is on account of the deployment of the IPO funds. In the fiscal '26, we have successfully completed the IPO where we have deployed INR115 crores into working capital.”
Hitesh Sawlani, page 7 of the filed PDF · View the filing
Management said EBITDA and PAT growth continued despite gross margin dip and explained other income was largely export-related exchange gains.
Answered by Rahul Patel
Asked by Majid Ahmed: What drove the gross margin decline this quarter and does it relate to the West Asia crisis?
p. 11
“Sir, despite of dip in my GP, we have continued to maintain the growth in EBITDA and the PAT.”
Rahul Patel, page 11 of the filed PDF · View the filing
Management said the exchange gain from hedged export receivables is expected to continue increasing.
Answered by Hitesh Sawlani
Asked by Majid Ahmed: Is the other income of about Rs 5 crore this quarter a one-off gain?
p. 12
“No, no. We are sure the strategies that we are using internally, the financial strategies, the forward and all that, we are confident the number will remain constantly increasing only.”
Hitesh Sawlani, page 12 of the filed PDF · View the filing
Management said they expect similar growth by shifting focus to domestic markets and expanding into other continents like Africa.
Answered by Rahul Patel
Asked by Gunit Singh: What capacity utilization is expected for FY27 given potential Middle East export impact?
p. 15
“We expect the same kind of growth because as you rightly mentioned, there would be an impact in the trade from Middle East, but just to cover that impact on the trade, right, we are aggressively pushing our goods in the domestic market, whether it be it under private label or be it under B2B, right?”
Rahul Patel, page 15 of the filed PDF · View the filing
Management said raw materials were procured at competitive prices and they expect inventory gains rather than cost escalation.
Answered by Hitesh Sawlani
Asked by Gunit Singh: Do they expect inventory gains given raw material price movements?
p. 16
“We are expecting the inventory gains, because the level at which we have procured the raw materials are almost at the competitive prices.”
Hitesh Sawlani, page 16 of the filed PDF · View the filing
Management said 90% of receivables are less than six months old.
Answered by Hitesh Salwani
Asked by Madhur Rathi: How much of receivables are pending for more than six months?
p. 19
“Yes. So, out of INR161 crores, 90% is less than six months only.”
Hitesh Salwani, page 19 of the filed PDF · View the filing
Risks flagged
Uncertainty over government export policy for wheat flour under DGFT scheme
p. 6
“So, coming back to again, I mean, the government rules and regulation are so uncertain that we are not relying 100% on DGFT and such schemes given by government, right?”
Rahul Patel, page 6 of the filed PDF · View the filing
Raw material and commodity price volatility
p. 5
“We have enough gross margin to tackle 3% to 5% of raw materials that we keep.”
Rahul Patel, page 5 of the filed PDF · View the filing
New store ramp-up costs temporarily depressing margins
p. 17
“So, basically, the lower margins in Q4 is on account of the additions into new stores. Basically, new stores carry an upfront cost and their revenue gets ramped up into coming quarters.”
Hitesh Sawlani, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.