According to Motilal Oswal's research report dated July 23, 2026, the brokerage has recommended a neutral rating on Shoppers Stop with a target price of ₹400. The recommendation is based on 15x FY28E Pre-IND AS EV/EBITDA valuation multiple, as reported by Moneycontrol.
As reported by Motilal Oswal, Shoppers Stop demonstrated a strong recovery in profitability with pre-IND AS EBITDA rising 36% year-on-year to ₹414 million. The company's EBITDA margin improved by 55 basis points YoY to 3.0%, reflecting better operating leverage and disciplined cost control measures.
According to the brokerage report, while execution across the core business and newer ventures continues to improve, Motilal Oswal awaits stronger evidence of sustainable margin expansion before turning more constructive on the stock. The neutral rating reflects a cautious stance on the retailer's near-term prospects despite the recent profitability improvements.
