Patel Retail reported a 54.5% rise in net profit to ₹39.05 crore for the financial year ended March 31, 2026, driven by a 28.3% increase in revenue. The company achieved a PAT margin of 3.69%, an expansion of 63 basis points from the previous year. The board of directors approved the audited standalone financial results for the year on May 25, 2026, upon the recommendation of the audit committee. The statutory auditors, M/s. Kanu Doshi Associates LLP, issued an unmodified opinion on the financial results.

Revenue from operations for FY26 stood at ₹1059.29 crore, compared to ₹825.99 crore in FY25. For the quarter ended March 31, 2026, the company recorded a net profit of ₹9.98 crore compared to ₹7.18 crore in the same period last year, on revenue from operations of ₹339.55 crore versus ₹221.42 crore year-on-year. Q4 EBITDA came in at ₹22.74 crore against ₹17.33 crore in the corresponding quarter of the previous year.

Financial Performance

The company's total income for the year increased to ₹1059.29 crore from ₹825.99 crore in FY25. Total expenses for FY26 rose to ₹1006.87 crore from ₹791.66 crore. Profit before tax for the year grew to ₹52.42 crore from ₹34.33 crore. Earnings per share (EPS) for the year improved to ₹13.03 from ₹10.30 in the previous year.

The following table summarizes the key annual financial metrics:

Operational Highlights

During the year, the company completed its initial public offer (IPO), raising net proceeds of ₹189.39 crore. The funds were utilized for working capital requirements, repayment of borrowings, and general corporate purposes. The company confirmed there was no deviation in the utilization of funds raised, as certified by Chief Financial Officer Hitesh B. Sawlani.

The company reassessed its store lease agreements during the quarter, resulting in the recognition of Right-of-Use (ROU) assets and lease liabilities under Ind AS 116. This change led to a depreciation expense of ₹65.30 crore and a finance cost of ₹15.85 crore for the year, with a corresponding reversal of rent and service charges amounting to ₹69.41 crore. The company stated this accounting change had no adverse impact on cash flows.

Patel Retail achieved key milestones with the launch of its 50th store in Thakurli and 51st store in Rasayani, further strengthening its presence in the Mumbai Metropolitan Region. Additionally, the company received export authorization from the Directorate General of Foreign Trade (DGFT) for wheat flour and related products. The investor presentation for FY26 was posted on the company's website on June 2, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0R8B01010/896b11a2f2ff4bfa.pdf

Patel Retail Limited has filed its Monitoring Agency Report for the fourth quarter and financial year ended March 31, 2026, with BSE Limited and the National Stock Exchange of India Limited. The report, prepared by ICRA Limited in its capacity as the appointed Monitoring Agency, was submitted on May 15, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Issue Overview

Patel Retail's IPO opened on August 19, 2025, and closed on August 21, 2025. The company also completed a Pre-IPO placement prior to the public issue. ICRA monitored a combined proceeds amount of INR 232.107 Crore during Q4 FY2026, comprising Pre-IPO proceeds of INR 15.00 Crore and gross IPO proceeds of INR 217.107 Crore. Key issue details are summarised below:

The actual net proceeds from the IPO stood at INR 189.3946 Crore, as issue-related expenses incurred were higher than estimated by INR 1.0841 Crore, against the prospectus estimate of INR 190.4787 Crore.

No Material Deviation in Proceeds Utilisation

The Monitoring Agency confirmed that the utilisation of issuance proceeds is in line with the objects of the issue, with no material deviation observed. Shareholder approval for material deviations was noted as not applicable. The means of finance for the disclosed objects of the issue has not changed, and no major deviation was observed over earlier Monitoring Agency reports.

One reclassification was noted: issue expenditure of INR 0.8788 Crore incurred in Q3 FY2026 was initially classified under General Corporate Expenses but has been reclassified under the object 'Offer Related Expenses' in Q4 FY2026, as confirmed by the auditor and issuer.

IPO Proceeds: Cost Revisions

The offer-related expenditure increased from INR 26.6283 Crore to INR 27.7124 Crore, resulting in a corresponding revision to the General Corporate Purposes allocation from INR 22.4785 Crore to INR 21.3944 Crore. The total IPO proceeds allocation remained unchanged at INR 217.1070 Crore.

Progress in Utilisation of Proceeds

As at the end of Q4 FY2026, the Pre-IPO proceeds of INR 15.0000 Crore had been fully utilised across working capital requirements (INR 5.9996 Crore) and general corporate purposes (INR 9.0002 Crore), with no unutilised balance remaining.

For IPO proceeds, the following utilisation was recorded:

During Q4 FY2026 alone, INR 1.6010 Crore was utilised across all heads. The remaining unutilised amount of INR 19.1895 Crore pertains entirely to General Corporate Purposes.

Deployment of Unutilised IPO Proceeds

Unutilised IPO proceeds have been deployed in fixed deposits and held in designated bank accounts. The total amount invested or held as at March 31, 2026, stood at INR 20.2313 Crore, with a market value of INR 20.3755 Crore and total earnings of INR 0.1442 Crore.

The total invested amount of INR 20.2313 Crore includes INR 0.9885 Crore pertaining to the unutilised OFS portion and INR 0.0533 Crore pertaining to interest income, as certified by Arun Jamuna & Co.

General Corporate Purpose Utilisation Breakdown

The General Corporate Purpose (GCP) utilisation from Pre-IPO proceeds totalled INR 9.0002 Crore, comprising capex of INR 8.2928 Crore in Q2 FY2026 and INR 0.7074 Crore in Q3 FY2026. From IPO proceeds, GCP utilisation totalled INR 2.2049 Crore, comprising capex of INR 0.8092 Crore in Q3 FY2026, capex of INR 1.3910 Crore in Q4 FY2026, and bank charges of INR 0.0047 Crore in Q4 FY2026.

The report was signed by Parul Goyal Narang, Vice President & Head – Process Excellence at ICRA Limited, and was submitted to the stock exchanges by Prasad Ramesh Khopkar, Company Secretary of Patel Retail Limited. The report has also been disseminated on the company's investor relations webpage.