Retail – Sector Update – Disruption behind; recovery underway
Published on 23 Apr 2026
Overall, we turn constructive on the sector, with SSSG/LFL recovery expected from 1QFY26, supported by seasonal tailwinds, while margins remain a key monitorable over the next 1–2 quarters. JUBI remains our top pick, driven by normalization in demand trends and relatively lower competitive intensity vs peers, although margin trajectory will be a key monitorable. We maintain BUY on JUBI with a SOTP-based TP of Rs584. Post the recent correction and with potential recovery in demand, we see RBA/WFL as attractive on a staggered buying approach; we retain Accumulate on both with SOTP-based TP of Rs74/Rs552, respectively.
