Baazar Style Retail Posts ₹13,760 Million Revenue For 9M FY26, Surpassing 30% Guidance

Baazar Style Retail Limited , one of the leading value fashion retailers in Eastern India, has reported robust financial performance for the third quarter and nine months ended December 31, 2025. The Kolkata-based retailer demonstrated strong revenue momentum while continuing its aggressive store expansion strategy across key markets.

Strong Revenue Performance Exceeds Guidance

The company delivered impressive financial results across multiple time periods, with particularly strong nine-month performance:

Performance Metric:	Q3FY26	Q3FY25	YoY Growth	9MFY26	9MFY25	YoY Growth
Revenue from Operations (₹ Mn):	4,665	4,116	13%	13,760	9,982	38%
Sales Per Square Feet (₹/Month):	704	826	-15%	745	737	1%
Total Stores:	252	199	27%	252	199	27%
Total Rental Area (Lakh Sq Ft):	23.35	17.91	30%	23.35	17.91	30%

The nine-month revenue growth of 38% significantly surpassed the company's earlier guidance of 30% growth, highlighting the resilience of its business model and continued customer trust. For the calendar year 2025, revenue reached ₹17,213 million, marking a substantial 41% increase from ₹12,216 million in calendar year 2024.

Aggressive Store Expansion Strategy

Baazar Style Retail continued its expansion drive during the nine-month period, adding 45 new stores while closing 7 stores, resulting in a net addition of 38 stores. This brought the total store count to 252, representing a healthy 27% year-over-year growth. The expansion increased the company's total rental area by 30% to 23.35 lakh square feet, strengthening its presence and accessibility across key markets.

Same Store Sales Growth Faces Headwinds

Despite strong overall revenue growth, same-store sales growth (SSSG) encountered challenges across different regions:

Region:	Number of Stores	Q3FY26 SSSG	9MFY26 SSSG	CY25 SSSG
West Bengal, Assam & Tripura:	90	-22%	-3%	2%
Other States:	63	1%	8%	9%
Total:	153	-14%	1%	5%

Several factors impacted SSSG performance during the period. The preponement of festive sales, with Durga Puja occurring in September 2025 versus October 2024, significantly affected Q3FY26 SSSG. Heavy rainfall in West Bengal and unrest in parts of Assam and Tripura during peak festive sales further impacted performance in the company's core markets.

Strategic Cluster-Based Expansion Impact

The company's strategic approach of cluster-based store expansion influenced SSSG metrics, as 25 new stores were opened within existing clusters during the nine-month period. While this resulted in an 8% decline in SSSG for mature stores within these clusters, the rapid ramp-up of new stores significantly enhanced overall cluster productivity. This strategy enabled higher throughput and improved operating leverage, with clusters recording strong revenue growth of 52% at the cluster level.

States other than West Bengal, Assam, and Tripura continued to deliver healthy growth, with SSSG remaining resilient at 8% during the nine-month period, demonstrating the company's successful geographic diversification strategy.

Company Overview and Outlook

Established in 2013 and based in Kolkata, Baazar Style Retail Limited operates as a value fashion retailer focusing on family-oriented shopping experiences. The company positions itself as a one-stop shop catering to entire family requirements, offering quality products at affordable prices to Indian consumers.

The management expressed confidence in the company's ability to sustain momentum and deliver long-term value through operational excellence, strategic expansion, and customer-centric initiatives. The strong nine-month performance, exceeding earlier guidance, underscores the effectiveness of the company's business model and market positioning in the competitive retail landscape.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+5.66%	+3.55%	-1.75%	-9.89%	-9.67%	-28.58%

Baazar Style Retail Limited has received a GST assessment order from the Deputy Commissioner of Revenue, Directorate of Commercial Taxes, West Bengal, Kolkata, with a total demand of ₹12,09,250. The order, dated and received on December 26, 2025, covers the assessment period from May 2018 to October 2018.

GST Assessment Details

The assessment order breaks down the total demand across multiple components, reflecting both the primary tax liability and associated charges.

Component:	Amount (₹)
Tax:	3,68,776
Interest:	4,71,698
Penalty:	3,68,776
Total Demand:	12,09,250

Nature of Alleged Violations

The company is alleged to have contravened provisions of the GST Act by claiming Input Tax Credit (ITC) on inward supplies sourced from suppliers whose GST registrations were cancelled ab-initio. This practice is considered a violation under GST regulations, leading to the assessment order and subsequent demand.

Company's Response and Financial Impact

Baazar Style Retail Limited has indicated that there is no impact on its financials, operations, or other activities except to the extent of the potential payment of ₹12,09,250. The company maintains a strong position regarding the assessment, believing that the demand is not feasible as per existing law.

Legal Recourse

The company has announced its intention to challenge the assessment order through proper legal channels. Baazar Style Retail Limited plans to file a suitable appeal against the order with the "First Appellate Authority," demonstrating confidence in its legal position and the validity of its GST compliance practices during the assessed period.

This disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material developments affecting the company.