Baazar Style Retail has announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, alongside a detailed investor presentation filed under Regulation 30 of SEBI (LODR) Regulations, 2015. For the financial year 2026, the company reported a net profit (PAT) of Rs 469 Mn under IND-AS, compared to Rs 147 Mn in the previous year — a growth of 220% YoY. Revenue from operations for the year stood at Rs 18,409 Mn, up from Rs 13,431 Mn in FY25, reflecting a robust 37% year-on-year increase. The Board approved the financial results during its meeting held on May 18, 2026. Pursuant to Regulation 47 read with Regulation 30 of SEBI (LODR) Regulations, 2015, the company subsequently filed a disclosure confirming that the audited results were published on May 19, 2026 in Financial Express (English, All India editions) and Arthik Lipi (Bengali, Kolkata edition). The disclosure was signed by Abinash Singh, Chief Compliance Officer, Company Secretary and Head – Legal & Compliance.

Consolidated Financial Performance

The company delivered strong top-line and bottom-line growth across both the quarter and the full year. The standalone results for the quarter ended March 31, 2026 reported a net loss of Rs 256 Mn versus a loss of Rs 64 Mn in the same period last year, impacted by an exceptional loss of Rs 206 Mn recognised on full and final settlement of an insurance claim. The full year, however, remained profitable, with the company recording an exceptional gain of ₹5,525.90 lakh during the year primarily due to the reassessment of lease terms. The following table presents the consolidated key performance metrics under IND-AS:

*Exceptional loss of Rs 206 Mn recognised on full and final settlement of insurance claim

The standalone full-year financials are summarised below:

Multi-Year Consolidated P&L Trend (IND-AS)

The investor presentation also provided a multi-year consolidated P&L summary, highlighting the company's consistent growth trajectory:

Operational Highlights

The company expanded its operational footprint significantly during the year, driven by a cluster-based expansion strategy. The total store count reached 263 as of March 31, 2026, compared to 214 in the previous year, representing a 23% YoY growth. Total rental area increased to 2.46 million square feet, reflecting a 28% year-on-year growth. The average store size stood at 9,345 sq. ft., up 4% YoY from 8,978 sq. ft. Same store sales growth stood at 3% for the year. The number of bills processed grew 40% YoY to 20.09 Mn, while quantity sold rose 40% YoY to 66.9 Mn units. Sales per sq. ft. per month improved to Rs 731 in FY26 from Rs 721 in FY25.

Sales Mix and Segment Performance

The investor presentation provided a detailed breakdown of revenue by category and market. Apparel continued to dominate the revenue mix, contributing 86% of FY26 revenue (Rs 15,877 Mn), while General Merchandise accounted for 14% (Rs 2,528 Mn), with total revenue growing 36% YoY.

Private labels contributed 53% to total revenue in FY26, up from 45% in FY25, with private label revenues reaching Rs 9,770 Mn — a 62% year-on-year growth. The private label portfolio has delivered a revenue CAGR of approximately 64% over the past four years, growing from Rs 1,363 Mn in FY22 to Rs 9,770 Mn in FY26. One of the established brands, Square Up, achieved its highest-ever revenue of Rs 4,063 Mn in FY26. Focus states (Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Arunachal Pradesh) delivered 57% year-on-year growth, with revenues reaching Rs 3,248 Mn in FY26, increasing their contribution to 18% of revenue from operations, up from 15% in FY25.

Store Distribution by State

As of March 31, 2026, the company operated 263 stores across 9 states and 191 cities, with a strong concentration in eastern India:

Balance Sheet and Cashflow

The consolidated balance sheet as of March 31, 2026 reflects the company's expanded scale. Total equity stood at Rs 4,502 Mn, up from Rs 4,037 Mn in the prior year. Inventories increased to Rs 6,825 Mn from Rs 5,215 Mn, while inventory days improved to 119 from 129 in FY25. Trade payable days stood at 104, compared to 110 in FY25. The following table summarises key balance sheet metrics:

On the cashflow front, net cash flow from operating activities improved significantly to Rs 1,255 Mn in FY26 from Rs 527 Mn in FY25, reflecting stronger operational profitability. Cash used in investing activities stood at Rs 1,455 Mn, while financing activities generated Rs 143 Mn.

Strategic Investment from Cupid Limited

A key milestone during FY26 was securing a strategic investment of ₹331.53 Cr from Cupid Limited through a preferential issue of up to 1.01 crore equity warrants, convertible within 18 months, against which approximately ₹119.81 crore has already been received. Pursuant to the conversion of equity warrants, the Board allotted 15,00,000 equity shares to Cupid Limited at an issue price of ₹328.25 each, comprising a face value of ₹5 and a premium of ₹323.25, with total consideration received amounting to ₹36,92,81,250. Cupid Limited, a leading WHO/UNFPA-prequalified Indian FMCG player with presence in over 110 countries, will also support the company's entry into the personal care and wellness segment. The proceeds are expected to be utilised towards store addition and debt repayment, leading to lower leverage, reduced finance costs, and a stronger balance sheet. The strategic partnership also envisages revised annual store addition guidance of 60–80 new stores annually, up from the earlier 40–50 stores.

Commenting on the transaction, Mr. Shreyans Surana, Managing Director of Baazar Style Retail, said: "We are pleased to welcome Cupid Limited as a key stakeholder. Their strong brand portfolio and manufacturing capabilities will significantly strengthen our offerings in Personal Care and Wellness, alongside other key FMCG categories. The funds raised through this transaction will serve as growth capital for our business and will help us further accelerate our expansion plans across our 250+ stores and scale up to 500+ stores within 3 years, enhance our product assortment, strengthen supply-chain integration, and deliver greater value to consumers."

Mr. Aditya Kumar Halwasiya, Chairman & Managing Director of Cupid Limited, added: "This strategic investment marks an important step in strengthening our retail presence and expanding consumer reach. Style Baazar's established network of over 250 stores provides us with a strong platform to scale our FMCG product portfolio across key regional markets. As the store network expands to over 500 locations in the coming years, our products will be an integral part of that growth, enabling wider availability, improved visibility, and deeper engagement with consumers."

Growth Outlook and Strategic Priorities

Supported by accelerated store expansion and strategic initiatives, the company targets full-year revenue growth of 25% year-on-year and a same store sales growth of 7–8% for FY27. The company is targeting expansion to 450–500 stores over the next three years with annual additions of 50–70 stores. The private label portfolio, currently at 53% of revenue, is aimed to scale to approximately 65% over the next one to two years. FY26 marked a transformational year for the company, driven by disciplined execution, accelerated cluster-led expansion, and strategic investments that strengthened its position in India's value retail market. Strong traction across Tier 2 and Tier 3 markets, along with demand from value-conscious youth in Tier 1 cities, supported growth, underpinned by the company's differentiated "style for the entire day at Rs 1,000" proposition. On the technology front, SAP ERP is expected to go live within the next six months, alongside deployment of Infor WMS, Goldratt replenishment systems, and Domo analytics to enhance supply chain visibility, optimize inventory turns, and improve data-driven decision-making.

Share Split Proposal Deferred

The Board discussed the proposal for the sub-division of existing equity shares having a face value of ₹5 each and the alteration of the Authorised Share Capital. After detailed deliberations, it was decided to keep the matter under consideration for further evaluation and analysis. The Board will re-consider the proposal in a future meeting. The trading window for dealing in the company's securities, which was closed from April 1, 2026, shall remain closed until 48 hours after the dissemination of this announcement.

Shreyans Surana, promoter of Baazar Style Retail Limited, has filed a formal declaration with Indian stock exchanges confirming that no encumbrance of shares was created, directly or indirectly, by the promoter or the promoter group during the financial year ended 31st March 2026. The declaration was submitted on April 03, 2026, to both BSE Limited and the National Stock Exchange of India Limited.

Regulatory Compliance Under SEBI Takeover Regulations

The declaration has been made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation mandates that promoters and members of the promoter group disclose, on an annual basis, whether any encumbrance has been created on shares held by them in the listed company. The filing covers the entire financial year ended 31st March 2026.

Key details of the filing are summarised below:

Details of the Declaration

In the declaration, Shreyans Surana confirmed that neither he nor any member of the promoter group related to him created any encumbrance on shares of Baazar Style Retail Limited during the financial year ended 31st March 2026. The declaration explicitly covers both direct and indirect encumbrances, affirming full compliance with the applicable SEBI regulatory framework.

The filing was addressed to the Department of Corporate Services at BSE Limited and the Listing Department at the National Stock Exchange of India Limited. A copy was also marked to the Audit Committee of Baazar Style Retail Limited at its registered office in Kolkata.