Brands
Shoppers Stop returns to profit in December quarter despite labour hit
MUMBAI: Retail, it turns out, still knows how to dress up for the occasion. Shoppers Stop reported a return to profit in the December 2025 quarter, navigating festive demand, inventory resets and a one-time labour code impact in what proved to be a mixed but resilient performance.
For the quarter ended December 31, 2025, standalone revenue from operations stood at Rs 1,320.85 crore, taking total income to Rs 1,344.74 crore. After expenses of Rs 1,312.33 crore, the retailer posted a profit before tax of Rs 14.92 crore, supported by seasonal demand and tighter cost control. Net profit for the quarter came in at Rs 12.61 crore, compared to a loss in the preceding quarter.
However, the numbers were not without their wrinkles. An exceptional charge of Rs 17.49 crore was booked following the implementation of the New Labour Codes in November 2025, resulting in a one-time increase in employee benefit provisions. Despite this, Shoppers Stop managed to stay in the black for the quarter.
On a nine-month basis, standalone revenue rose to Rs 3,590.35 crore, though the company reported a loss of Rs 27.96 crore after accounting for the exceptional labour-related impact. Earnings per share for the December quarter stood at Rs 1.14 on both a basic and diluted basis.
At the consolidated level, the story was similar. December quarter revenue reached Rs 1,415.82 crore, with profit after tax at Rs 16.12 crore. For the nine months ended December 31, 2025, consolidated revenue totalled Rs 3,833.53 crore, while losses narrowed compared to the previous year.
Management flagged festive demand, inventory discipline and operational efficiency as key drivers, even as margins were weighed down by promotions and regulatory changes. The retailer also reiterated that it continues to contest the retrospective levy on service tax related to renting of immovable property, amounting to Rs 20.11 crore at the consolidated level, which remains unpaid pending a Supreme Court decision.
Taken together, the December quarter suggests that while Shoppers Stop is still adjusting to structural and regulatory shifts, it has managed to stitch together a profitable festive season proof that in retail, timing and tailoring still matter.
Brands
Trump announces $300bn Texas oil refinery with Reliance, calls it the biggest in US history
First new US refinery in 50 years planned at Brownsville port with Reliance
WASHINGTON: The United States may soon see the first brand-new oil refinery built on its soil in half a century.
Donald Trump announced a proposed $300 billion refinery project in Texas, calling it a landmark moment for American energy production and jobs.
Posting on Truth Social on 10 March, Trump said the facility would be built at the Port of Brownsville and developed by a company called America First Refining, with major investment from India’s Reliance Industries.
The announcement frames the project as a centrepiece of the administration’s push for “energy dominance”, with Trump claiming it would deliver thousands of jobs and billions of dollars in economic activity to South Texas.
If realised, the plant would mark the first all-new major refinery constructed in the United States since the 1970s. In recent decades, oil companies have largely chosen to expand existing facilities rather than build new ones, citing high costs, regulatory hurdles and environmental scrutiny.
Trump described the proposed investment as the “biggest in US history”, positioning it as proof that policy changes such as streamlined permits and lower taxes are drawing large-scale energy investments back into the country.
The refinery is planned for the Port of Brownsville, a strategic Gulf Coast location that provides easy access to shipping routes and export markets.
A key partner in the project is Reliance Industries, controlled by billionaire industrialist Mukesh Ambani. The company already runs the world’s largest refining complex in Jamnagar, India, making it one of the most experienced operators in large-scale petroleum processing.
The Texas venture would mark a significant step for the group into America’s domestic refining sector, potentially strengthening industrial ties between the US and India.
The proposed refinery is being promoted as a next-generation facility capable of processing American shale oil while maintaining high environmental standards. Trump said it would be “the cleanest refinery in the world”, although the specific technologies behind that claim have not yet been detailed.
Industry observers also note that the $300 billion figure is unusually large for a refinery project, and analysts are waiting for more clarity on whether the number reflects total construction costs, long-term infrastructure investment, or broader economic impact estimates.
As of 11 March, Reliance Industries had not publicly confirmed the investment size or the structure of its involvement.
For now, the announcement has sparked equal parts excitement and curiosity in energy markets. If the plan moves from promise to pouring concrete, the refinery could reshape the Gulf Coast energy landscape, and reopen a chapter in American refining that has been quiet for nearly fifty years.
