Metro Brands Limited — Q2FY27 earnings call summary

• Staff costs rising due to wage revisions; expected 0.5-1% increase in front-end staff costs
• Capex guidance INR80-100 Cr for FY27 including remodels
• Q2 FY27 consolidated revenue grew 12.2% to INR730 Cr; EBITDA up 15.9% to INR198 Cr; EBITDA margin improved to 27.1%
• Medium-term PAT margin target 13-15%; H2 FY27 expected better than H1
• Inventory elevated due to front-loading and new brand expansion; normalization expected by mid to end FY28
• Marketing spend around 4% of sales, steady going forward
• Raw material inflation 10-15%; price hikes taken around 2-5% to offset cost
• PAT grew 11-12% to INR77 Cr; PAT margin stable at 10.6%

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