Baazar Style Retail Limited reported revenue from operations of ₹4,781 million in Q2FY27, a 10% decline year-on-year. The drop is attributed to the shift in the festive calendar, with the major festive period falling in Q3FY27 compared to Q2FY26.

Despite the quarterly dip, the company’s performance for the first half remained robust. H1FY27 revenue grew 6% YoY to ₹9,645 million, reflecting sustained business growth. The retail network expanded to 283 stores as of September 30, 2026, up 13% YoY, while total rental area increased 16% to 26.69 lakh sq ft.

Operational metrics and network expansion

The company added 14 new stores and closed seven during Q2FY27, indicating a strategy of expansion alongside portfolio optimisation. Same Store Sales Growth (SSSG) stood at -25% in Q2FY27 and -11% in H1FY27, heavily impacted by the timing of festive sales.

Sales Per Square Feet (PSF) declined to ₹642 per month in Q2FY27 from ₹865 in Q2FY26. For H1FY27, PSF stood at ₹660 per month.

What the Numbers Show

A divergence exists between volume growth and productivity metrics. While the store count grew 13% and rental area expanded 16%, Q2FY27 revenue fell 10%. This indicates that new store additions have not yet offset the seasonal revenue drag caused by the festive shift. Furthermore, the 26% decline in Sales PSF suggests that existing stores faced significant footfall or conversion challenges during this specific quarter, independent of the new store ramp-up period.

Brand initiatives and market reach

To enhance consumer engagement, Baazar Style Retail created the World's Largest Fashion Wardrobe installation at City Centre, Salt Lake, Bidhannagar, securing a Guinness World Record title. The company also became the Principal Partner for India’s international football matches against Brazil and Uruguay in Kolkata, aiming to broaden brand visibility among youth audiences.

These initiatives complement the company's focus on building a scalable value-fashion platform across Eastern India and beyond.

Baazar Style Retail Limited concluded its 13th Annual General Meeting on September 25, 2026, passing three of four resolutions, with the re-appointment of director Rohit Kedia notably failing after 77.76% of votes were cast against the resolution.

The meeting was held via video conferencing from 11:00 am to 12:08 pm, in compliance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A total of 212 members representing 48,58,819 shares attended the meeting. The cut-off date for voting eligibility was September 18, 2026, on which 53,101 shareholders were on record. Remote e-voting ran from September 22, 2026 at 9:00 am to September 24, 2026 at 5:00 pm, with additional e-voting available during the AGM. A total of 35,434,152 votes were polled across 184 folios, representing 46.55% of outstanding shares.

Voting results at a glance

The scrutinizer's consolidated report, submitted by CS Sanjay Kumar Joshi of S. K. Joshi & Associates on September 25, 2026, confirmed the outcome of all four resolutions. Three resolutions were passed with requisite majority, while Resolution 3 — the re-appointment of Rohit Kedia — was defeated.

Resolution-wise voting breakdown

For Resolution 1, the adoption of FY26 financial statements, total votes polled stood at 35,434,152 out of 76,117,353 shares. Promoter and promoter group votes were entirely in favour, while public non-institutional holders cast 125 votes against out of 13,608,798 polled.

Resolution 2, the re-appointment of Shreyans Surana as Chairman and Managing Director, received near-unanimous support. Of 35,434,152 votes polled, 35,433,888 were in favour and 264 against. The promoter group, which holds 29,206,984 shares, voted entirely in favour.

Resolution 3, the re-appointment of Rohit Kedia, was the sole resolution to fail. The promoter and promoter group voted 14,121,768 shares against and only 6,666,962 in favour, representing 67.93% against within the promoter category. Public non-institutional holders voted 13,431,501 shares against and only 177,297 in favour. Public institutional holders were the only category to vote entirely in favour with 1,036,624 votes. In aggregate, 27,553,269 votes were cast against the resolution versus 7,880,883 in favour.

Resolution 4, the special resolution to appoint Harish Chander Khurana (DIN: 11473818) as an Independent Director for a first term of five consecutive years, passed with 99.9995% of votes in favour. Of 35,434,152 votes polled, 35,433,988 were in favour and only 164 against.

Detailed vote summary for Resolution 3 (Rohit Kedia)

Attendance and participation details

The company reported the following shareholder participation for the meeting:

Management commentary and governance

Managing Director Shreyans Surana addressed members, highlighting the company's operational efficiency and robust financial performance during FY26. He emphasised a youth-centric fashion approach, technology-driven transformation, and supply chain effectiveness, reaffirming the company's commitment to sustainable growth and financial discipline.

The statutory auditors M/s Singhi & Co. and secretarial auditors S. K. Joshi & Associates were present virtually. MUFG Intime India Private Limited served as the registrar and transfer agent and facilitated the e-voting platform. The AGM notice was dispatched on September 3, 2026 by email to 51,917 shareholders who had registered their email IDs, while 2,185 shareholders without registered email IDs received a letter with a web-link to the annual report.