Kiaasa Retail FY26 PAT Rises 24% to ₹11.17 Cr
Kiaasa Retail reported strong FY26 results with a 24% increase in net profit to ₹11.17 crore and a 46% surge in EBITDA to ₹24.00 crore. Revenue from operations grew 10.7% to ₹134.63 crore, supported by a 124-store network and improved Same Store Sales Growth. The company, which listed on the BSE SME platform in March 2026, plans to expand its store count to 250 by FY28.
*this image is generated using AI for illustrative purposes only.
Kiaasa Retail Limited announced its audited standalone financial results for the year ended March 31, 2026, reporting a 24% year-on-year increase in net profit to ₹11.17 crore. The company, which listed on the BSE SME platform in March 2026, achieved robust operational leverage with EBITDA surging 46% to ₹24.00 crore and margins expanding by 432 basis points to 17.8%. Revenue from operations grew 10.7% to ₹134.63 crore, driven by strong festive season performance and store network expansion.
Financial Performance
The company delivered a strong financial performance for FY26, marked by significant margin expansion and bottom-line growth. EBITDA increased to ₹24.00 crore from ₹16.44 crore in the previous year, while the EBITDA margin expanded to 17.8% from 13.5%. Net profit (PAT) rose to ₹11.17 crore from ₹9.01 crore, with the PAT margin improving to 8.3% from 7.4%. Earnings per share (EPS) stood at ₹8.43 compared to ₹7.47 in the prior year.
| Particulars | H1 FY26 | H2 FY26 | FY26 | FY25 | YoY Growth |
|---|---|---|---|---|---|
| Revenue from Operations | ₹57.92 Cr | ₹76.71 Cr | ₹134.63 Cr | ₹121.63 Cr | +10.7% |
| EBITDA | ₹12.26 Cr | ₹11.75 Cr | ₹24.00 Cr | ₹16.44 Cr | +46.0% |
| EBITDA Margin (%) | 21.2% | 15.3% | 17.8% | 13.5% | +432 bps |
| Net Profit (PAT) | ₹6.64 Cr | ₹4.54 Cr | ₹11.17 Cr | ₹9.01 Cr | +24.0% |
| PAT Margin (%) | 11.5% | 5.9% | 8.3% | 7.4% | +89 bps |
| EPS (₹) | 5.21 | 3.30 | 8.43 | 7.47 | +12.9% |
Note: EPS growth reflects dilution from the March 2026 IPO. H2 FY26 PAT margin was impacted by increased finance costs and operating expenses related to store expansion.
Operational Highlights
Kiaasa Retail's operational metrics strengthened during the year, reflecting improved store productivity. Same Store Sales Growth (SSSG) accelerated to 12.89% from 7.11% in the prior year. The Average Selling Price (ASP) rose to ₹2,430 from ₹1,772, while the repeat purchase rate improved to 21% from 18%. The company's customer base exceeded 5,00,000, with a primary focus on women aged 22–45.
| Metric | FY26 | FY25 |
|---|---|---|
| Same Store Sales Growth (SSSG) | 12.89% | 7.11% |
| Average Selling Price (ASP) | ₹2,430 | ₹1,772 |
| Repeat Purchase Rate | 21% | 18% |
| Sales per Sq Ft (₹/month) | ₹985 | ₹945 |
Balance Sheet and Cash Flow
The balance sheet reflects significant expansion driven by IPO proceeds. Total assets stood at ₹270.88 crore, up from ₹143.87 crore, while net worth increased to ₹109.06 crore from ₹40.59 crore. Inventories rose to ₹117.48 crore to support the store network scale-up and seasonal merchandise positioning. Cash and cash equivalents at the end of the year stood at ₹3,011.31 lakhs, compared to ₹270.38 lakhs at the beginning of the year.
Store Network and Strategy
As of FY26, Kiaasa Retail operated 124 active Exclusive Brand Outlets (EBOs) across 70+ cities, comprising 110 Company Owned Company Operated (COCO) stores and 14 Franchise Owned Franchise Operated (FOFO) stores. The company employs a four-tier store stratification strategy to maximize margins, with the core product portfolio anchored by Salwar-Kurta-Dupatta (SKD) sets, which account for 58% of revenue.
| Store Format | FY26 Count | FY25 Count |
|---|---|---|
| COCO | 110 | 98 |
| FOFO | 14 | 15 |
| Total Active EBOs | 124 | 113 |
IPO and Future Outlook
Kiaasa Retail completed its Initial Public Offering on March 2, 2026, raising ₹69.72 crore through the issuance of 54,91,000 equity shares at ₹127 per share. The company has outlined an ambitious expansion strategy targeting 160 stores in 2026, 190 stores in 2027, and 250 stores by 2028. Management projects a Revenue CAGR of 35% and both EBITDA and PAT CAGR of 45% over the medium term, while evaluating international expansion opportunities.
Source: Company/INE1C3F01018/000ca88a-2136-472d-816e-a2a83edf20a1.pdf
Historical Stock Returns for Kiaasa Retail
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.84% | -2.73% | -8.25% | -64.96% | -64.96% | -64.96% |
Given that Kiaasa Retail's FY26 store count of 124 fell short of its 160-store target, what operational or capital constraints could hinder its ability to achieve the 190-store goal by FY27?
With short-term borrowings surging nearly 220% to ₹79.60 crore and inventory rising to ₹117.48 crore, how sustainable is Kiaasa Retail's working capital model as it accelerates store expansion?
How might Kiaasa Retail's planned entry into Multi-Brand Outlets and Large Format Stores from FY27 impact its brand positioning in the affordable luxury segment and its current EBITDA margin profile?
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