Research Store

Research Store

Research Store
add to cart Register yourself and then log-in with your user ID and password, before clicking on 'Add to Cart'
Issue Date:01 March 2017     Price in Rs. R 6500    Price in USD. $ 100

Spencer’s Retail is the retailing arm of Sanjiv Goenka group, which acquired this business in 1989. The business had started in 1863, and it became Indian owned in 1960s. The Company is currently a subsidiary of CESC Limited, whose main business is electricity distribution.


Today, Spencer’s has over 135 stores spread across over 40 cities in India.  These are in 2 distinct retail formats: Convenience stores and hypermarkets. While food has been the main focus so far, the company is increasingly looking at non-food segments like garments for growth.


For the year ended Mar’16, the company registered a revenue of Rs 18.6B; revenue CAGR has been 14% over last 5 years. The company has consistently reported losses, even at the EBITDA level, for last several years. EBITDA margin is improving though, and the company may be headed to breakeven. EBITDA margin was -2.9% in FY16, from as low as -16% in FY11. It has consistently improved in the last 6 years. The company has reported an aggregate net loss of Rs 11.1B in the last six years.

  • Company Background
  • Business Highlights
  • Financial Performance
  • Financial Details


  • Board of Directors
  • Financial Summary
  • Profit & Loss Account
  • Balance Sheet
  • Ratios


  • Spencer's Retail
  • CESC