Key Metrics of Shoppers Stop Limited
About Shoppers Stop Limited
Outlets operated by JK Bhandar.
Sectors
Company details
- Website
- supplycokerala.com
- Registered office
- Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (west),, Mumbai, In-mh, 400064
- Listed
- NSE: SHOPERSTOP · ₹342.20
Operational Areas of Shoppers Stop Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteLatest action: rating withdrawn (CARE, 26 Sep 2024)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 26 Sep 2024 | CARE | Withdrawn | A+ | A1+ | Stable | — | View |
| 28 Sep 2023 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹537 Cr | View |
| 30 Jun 2022 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹100 Cr | View |
| 29 Sep 2021 | CARE | Reaffirmed | A+ | A1 | Negative | ₹1,074 Cr | View |
| 03 Sep 2020 | CARE | Revised (from AA-) | A+ | A1 | Negative | ₹407 Cr | View |
| 08 Jan 2020 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹257 Cr | View |
| 31 Dec 2019 | CARE | Other | — | — | — | — | View |
| 08 Jan 2019 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹764 Cr | View |
Credit strengths (CARE, Sep 2024)
+ Experienced promoters and management: SSL is one of the leading retail stores chains in India. SSL is promoted by the K
Raheja Corp Group, which has diversified business interests across real estate development (residential and commercial), hospitality and retail segments. The group is a leading player in the commercial real estate development with developed area of over around 28 million square feet (sq.ft.). SSL is professionally managed with the members of the Board comprising of 1Complete definitions of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications.
Credit challenges
—
Could lead to an upgrade
• Sustainability of operating margins above 18% with healthy topline growth. • Improvement in capital structure with TOL/TNW <5.0x through improvement in networth or lower creditors.
Could lead to a downgrade
• Sharp decline in topline growth or weakening of operating margins below 11-12%. • Larger-than-expected debt-funded capex or stretched creditors leading overall gearing (excluding lease) at 1.0x
Agency-reported financials (CARE, 26 Sep 2024)
| Metric | March 31, 2023 | March 31, 2024 | Q1FY25 |
|---|---|---|---|
| Total operating income | ₹4,022 Cr | ₹4,317 Cr | ₹1,073 Cr |
| PBILDT | ₹695 Cr | ₹717 Cr | ₹143 Cr |
| PAT | ₹116 Cr | ₹77.25 Cr | ₹-22.72 Cr |
| Overall gearing (times) | 15.10× | 10.81× | — |
| Interest coverage (times) | 3.32× | 3.18× | 2.34× |
| Revenue growth (YoY) | — | 7.3% | — |
| EBITDA margin | 17.3% | 16.6% | 13.3% |
| Implied interest cost (EBITDA ÷ coverage) | ₹209 Cr | ₹225 Cr | ₹61.08 Cr |
| PAT margin | 2.9% | 1.8% | −2.1% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹399 Cr | — | A+ (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹38.0 Cr | — | A1+ | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹100 Cr | — | A+ (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 27 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| CP/STD | — | Withdrawn |
| Long Term | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 47% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 3.31×
- CARE withdrew its ratings on 26 Sep 2024 — usually after the rated bank loans were repaid or moved to another lender
What happened, step by step
- Sep 2021 — Rated term loans fell from ₹220 cr to ₹0 cr
- Jun 2022 — ₹33.66 cr raised through equity
“SSL in FY21 advanced Rs.15.00 crore to CBL ta king the total financial support to Rs. 68.72 crore (Rs. 35.06 crore through equity infusion and Rs. 33.66 crore through unsecured interest -bearing loan @9%).”
Rated limits by facility
Timeline
From the report
Further, CARE Ratings has withdrawn the rating assigned to the Proposed NCD issue of Shoppers Stop Limited with immediate effect, as the company has not availed the proposed NCD issue rated by us and there is no outstanding under the said issue as on date.
From the report
Liquidity: Adequate As on March 31, 2024, SSL has adequate liquidity in the form of cash and bank balance to the tune of Rs. 16.63 crores coupled with adjusted gross cash accruals of Rs.472.57 crores as against repayments of Rs.20.83 crore term loan repayment for FY25.
From the report
Improving financial risk profile however remains modest given high lease liabilities: Total debt (excluding lease liabilities) improved to ₹126.09 crore in FY23 (PY: ₹215.88 crore) on account of repayment of debt.
From the report
SSL in FY21 advanced Rs.15.00 crore to CBL ta king the total financial support to Rs. 68.72 crore (Rs. 35.06 crore through equity infusion and Rs. 33.66 crore through unsecured interest -bearing loan @9%).
From the report
SSL has also settled the bank limits availed by CBL.
From the report
The ratings also take into account the equity infusion from rights issue of Rs.299.17 crore, sales of loss-making subsidiary (Crossword Bookstores Limited) and cost reduction measures undertaken to improve operational profitability.
From the report
The rating comfort is also drawn from adequate cash and bank balance including liquid investments of Rs.158 crore as on August 22, 2021.
From the report
SSL in FY21 advanced Rs.15.00 crore to CBL taking the total financial support to Rs. 68.72 crore (Rs. 35.06 crore through equity infusion and Rs. 33.66 crore through unsecured interest-bearing loan @9%).
From the report
SSL has also settled the bank limits availed by CBL. 2 CARE Ratings Limited Press Release Cost rationalisation measures partially supporting margins In view of lowering of discretionary spending by the consumers in the times of economic downturn, the demand across sectors is expected to remain muted for at least the next two or three quarters and is more pronounced in case of players with presence in non-essential items and luxury segments.
From the report
Liquidity: Adequate As on August 22, 2021, SSL has adequate liquidity in the form of liquid investments to the tune of Rs. 137.88 crore parked in mutual funds and Rs.19.82 crore in fixed deposits as against repayments of Rs.56.25 crore for FY22.
From the report
Although the company is expected to generate negative cash accrual of Rs. 80 crore in FY20, it does not have any significant scheduled term loan repayments in the current fiscal.
From the report
Liquidity Analysis: Strong As on Sep 30, 2019, SSL has strong liquidity in the form of cash equivalents and current investments to the tune of Rs. 11.75 crore and Rs. 45.50 crore respectively, low utilisation of working capital limits (average utilisation for trailing 12 months Oct- 19 stands at 9%) and expected cash accrual of Rs. 223.34 crore in FY20 as against scheduled debt repayment aggregating to Rs. 42.21 crore.
From the report
Liquidity Analysis: Strong As on Sep 30, 2019, SSL has strong liquidity in the form of cash equivalents and current investments to the tune of Rs. 11.75 crore and Rs. 45.50 crore respectively, low utilisation of working capital limits (average utilisation for trailing 12 months Oct- 19 stands at 9%) and expected cash accrual of Rs. 223.34 crore in FY20 as against scheduled debt repayment aggregating to Rs. 42.21 crore.
From the report
Outlook: Stable) *The CP/STD issue shall be maintained such that the outstanding CP/STD & fund based working capital limit utilized will not exceed the lesser of sanctioned fund based limits or the Drawing Power at any point of time.
From the report
The sale and corresponding transfer of the hypercity business has resulted in the reduction in the consolidated debt of the company while the proceeds were utilized to repay debt resulting in improvement in the capital structure.
From the report
Liquidity analysis As on September 30, 2018 as per standalone basis, cash and bank balance stands at Rs.9 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Shoppers Stop Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| AVENUE SUPERMARTS LIMITED | Supermarkets & Retail Chains · Trading | — | — | Mumbai, Maharashtra, India |
| Pds Limited | Outlets operated by நியாயவிலை கடை. | — | — | Mumbai, Maharashtra, India |
 VISHAL MEGA MART LIMITED |
Outlets operated by Vishal Mega Mart. | vishalmegamart.com | — | Gurgaon, Haryana, India |
| Aditya Birla Lifestyle Brands Limited | Discovered Companies · Other Industries | — | — | Mumbai, Maharashtra, India |
| ELECTRONICS MART INDIA LIMITED | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Hyderabad, Telangana, India |
| Aditya Vision Limited | Discovered Companies · Other Industries | — | — | Patna, Bihar, India |
| Outlets operated by Metro Shoes. | metro.co.in | — | Delhi, India | |
 HEARTY MART PRIVATE LIMITED |
Supermarkets & Retail Chains · Trading | heartymart.com | 2004 | Gujarat, India |
| Supermarkets & Retail Chains · Agriculture and Allied Activities | simplinamdharis.com | — | Karnataka, India | |
 PLANET ORGANIC INDIA PRIVATE LIMITED |
Supermarkets & Retail Chains · Agriculture and Allied Activities | planetorganic.com | — | Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Department store retail · 10 outlets in Andhra Pradesh
Filings
No filings on record yet.