Praxis Home Retail Limited shareholders approved the appointment of three new Independent Directors during its 15th Annual General Meeting (AGM) held on September 25, 2026. The appointments, ratified via special resolutions, extend the board’s expertise in consumer retail, business transformation, and omnichannel strategy.

The meeting, conducted via video conferencing and presided over by Chairman Ravi Venkatraman, saw the adoption of standalone financial statements for FY26 alongside these governance changes. A total of 50 members participated in the proceedings, ensuring a quorum was met.

Resolution outcomes

All ordinary and special resolutions proposed at the AGM received overwhelming support from shareholders. The voting results indicate strong alignment between the board and the shareholder base, with minimal dissent recorded across all items.

Board changes and governance updates

The shareholders approved the re-appointment of Ms. Lynette Monteiro as Non-Executive Director, who retired by rotation. Additionally, three individuals were appointed as Independent Directors for five-year terms:

• Rahul Gambhir (DIN: 02965566): Appointed effective June 13, 2026, to June 12, 2031. He brings over 30 years of leadership experience across consumer brands including Johnson & Johnson, Tommy Hilfiger, and Red Bull. Gambhir holds a B.Tech from BITS Pilani and a PGDM from IIM Bangalore.
• Chetranda Somanna Muddaiah (DIN: 11765478): Appointed effective June 13, 2026, to June 12, 2031. His background includes leadership roles at Nicobar Design, Future Group, Bharti Walmart, and Levi Strauss & Co., with expertise in omnichannel strategy and business scaling. He holds an MBA from Mangalore University.
• Mahesh Meenakshisundaram (DIN: 09796548): Appointed effective July 03, 2026, to July 02, 2031. With around 33 years of experience, he currently serves as CEO of Creaticity and has previously held senior positions at HomeTown and BP Ergo/VIP Industries. He holds a Ph.D. in Management from IBS Hyderabad.

None of the newly appointed directors are related to existing directors of the company, and none are debarred from holding office by SEBI or other authorities. The meeting also granted approval for the amendment and variation of the Praxis Employee Stock Option Plan – 2024.

Voting participation details

Voting was conducted through remote e-voting prior to the meeting and electronic voting during the AGM using the NSDL platform. The scrutinizer’s report confirmed fair and transparent vote casting.

• Total shareholders on record date: 27,205
• Total members voting: 108
• Remote e-voting participation: 102 members
• Live AGM voting participation: 6 members

Notably, promoter group members did not cast any votes during the remote e-voting period or at the live meeting. All votes polled were from public shareholders, specifically the non-institutional category. The total number of shares voted was 4,07,57,989, representing approximately 21.94% of the total outstanding shares.

What the numbers show

A distinct pattern emerges in the voting behavior: while promoters hold 13,431,493 shares, they abstained from voting on all six resolutions. Consequently, the outcome of every resolution was determined entirely by public non-institutional shareholders. Despite this concentration of voting power in the retail segment, dissent remained negligible, never exceeding 0.0027% of votes polled on any single item. This suggests either high satisfaction with board decisions among participating retail investors or low engagement levels that did not trigger significant opposition.

Praxis Home Retail reported revenue from operations of ₹2,660 lakhs for Q1FY27, up 13% YoY and 8% QoQ, as the company continued its turnaround under the HomeTown brand.

Total income for the quarter stood at ₹2,793 lakhs, down 5% QoQ, weighed by a sharp decline in other income to ₹132 lakhs from ₹453 lakhs in Q4FY26, attributed to one-time vendor settlements in the prior quarter. Gross profit rose to ₹1,150 lakhs, up 47% YoY, though gross margin contracted to 43.2% from 45.7% in Q4FY26, driven by losses on sale of scrap following store closures and a warehouse transition.

Quarterly financial performance

The table below presents the key profit and loss metrics for Q1FY27 alongside prior periods. All values are in ₹ lakhs.

*For loss-making lines, a negative QoQ% or YoY% denotes a narrowing loss, not a decline.

EBITDA loss narrowed to ₹69 lakhs in Q1FY27 from ₹595 lakhs in Q1FY26, an 88% improvement YoY, with the EBITDA margin improving by 2100 bps YoY to -3%. Employee benefit expenses rose 20% QoQ to ₹557 lakhs, attributed to capability additions. Other expenses fell 48% QoQ to ₹794 lakhs. The loss before tax (before exceptional items) narrowed 33% YoY to ₹1,106 lakhs, while PAT after exceptional items improved 90% QoQ to a loss of ₹1,106 lakhs, compared to ₹11,530 lakhs in Q4FY26, which included exceptional items of ₹10,100 lakhs.

Store performance and retail metrics

Retail like-for-like (LFL) growth was a key highlight for the quarter, with strong improvement across stores and categories.

All 13 of 13 stores recorded EBITDA improvement in Q1FY27 versus Q1FY26. Furniture and homeware were the primary growth drivers, with homeware LFL up 59% YoY. The contribution to retail sales in Q1FY27 was led by furniture at 68%, followed by homeware at 28% and modular solutions at 4%. The company noted that increased homeware share adds purchase frequency and supports the proposition of completing a full home.

Strategic pillars and leadership

Praxis Home Retail is repositioning HomeTown from an affordable retailer to a solutions-led home provider across furniture, homeware, and modular solutions. The five strategic pillars guiding this repositioning are:

• Solutions-led stores: consultative selling through design help and whole-room solutions
• Complete the home: expanded range including modular kitchens, wardrobes, and white-space categories through own label or brand partnerships
• Customers for life: loyalty, service, delivery, and installation to drive repeat purchases
• Deepen footprint: denser store clusters, capital-efficient formats, and a connected online-offline journey
• Lean, self-funding engine: tighter supply chain, inventory, and cost management

A full functional leadership team is in place, with equity participation through an ESOP tied to the turnaround. The leadership bench spans retail operations, finance, category management, e-commerce, supply chain, technology, and marketing.