Baazar Style Retail Limited delivered strong financial performance in the nine months ended December 31, 2025, demonstrating robust growth across key operational and financial metrics. The value retail chain reported significant expansion in its store network while maintaining healthy profitability margins.

Financial Performance Highlights

The company achieved impressive revenue growth of 38% year-on-year, with revenue from operations reaching INR1,376 crores in 9M FY26. This performance was supported by strong growth across both core and focus markets, reflecting the effectiveness of the company's cluster-based expansion strategy.

The company's focus on private label products showed strong momentum, with private label share increasing from 44% in 9M FY25 to 54% in 9M FY26, generating revenue of INR740 crores and representing an impressive 68% year-on-year growth.

Strategic Investment and Growth Plans

Baazar Style Retail secured a strategic investment of INR331.53 crores from Cupid Limited through a preferential issue of up to 1.01 crores equity warrants at an issue price of INR328.25 per warrant, convertible into equity shares within 18 months. This partnership brings operational synergies by leveraging Cupid's manufacturing capabilities in personal care and wellness categories.

The proceeds will be utilized for phased store expansion, supply chain integration, and repayment of borrowings. The company plans to accelerate store expansion from the earlier target of 40-50 stores annually to 60-80 stores per year, with a clear roadmap to scale to 500+ stores over the next three years.

Operational Performance and Store Expansion

The retailer demonstrated strong operational metrics with store count growing 27% year-on-year to 252 stores in 9M FY26, up from 199 stores in the previous year. Total retail area expanded to 2.35 million square feet, representing robust 31% year-on-year growth.

Focus markets delivered exceptional performance with 61% year-on-year revenue increase to INR238 crores, improving their contribution to total revenue from 15% to 17%. However, same-store sales growth (SSG) was impacted by the cluster-based expansion strategy, with new stores within existing clusters causing 8% cannibalization in mature stores.

Technology and Infrastructure Investments

The company is investing INR7-10 crores in FY26 for digital transformation, including SAP ERP implementation expected to go live within six months. Additional technology deployments include Infor WMS, Goldratt replenishment, and Domo Analytics to enhance supply chain visibility and enable data-driven operations.

Baazar Style Retail is also expanding its warehouse infrastructure through a hub-and-spoke model, with collection centers opened in Assam and Bihar. This strategy has already reduced delivery times in Assam from 10 days to 5-6 days, improving supply chain efficiency.

Revised Guidance and Outlook

Based on strong performance and strategic initiatives, the company revised its full-year revenue guidance to 35% year-on-year growth. EBITDA margin guidance remains at 14-15% on Ind AS basis and 7-8% on pre-Ind AS basis, while PAT margin is expected between 2-3% on Ind AS basis and 3-4% on pre-Ind AS basis.

The SSG guidance for FY26 has been revised to 4-5% due to heavy rainfall in Bengal and unrest in parts of Assam and Tripura during peak festivals. However, states other than West Bengal, Assam, and Tripura continue to deliver healthy growth with SSG remaining resilient at 8%.

Source: Baazar Style Retail Limited Q3 and 9-Months FY26 earnings conference call transcript held on February 13, 2026

Baazar style retail Limited has announced the opening of a new Style Baazar store at Padri Bazar, Uttar Pradesh on February 14, 2026. The company disclosed this development to stock exchanges under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Store Expansion Details

The new store opening represents the company's ongoing retail expansion strategy across different regions of India. With this latest addition, Baazar Style Retail's network has grown to encompass 255 stores nationwide.

Regulatory Compliance

The announcement was made through official communication to both BSE Limited and National Stock Exchange of India Limited. The disclosure ensures compliance with regulatory requirements for material information that could impact investor decisions.

Company Information

Baazar Style Retail Limited, formerly known as Baazar Style Retail Pvt. Ltd., operates from its headquarters at PS Srijan Tech Park in Salt Lake, Kolkata. The company continues to expand its retail footprint across various markets in India, focusing on the Style Baazar format.

The disclosure was signed by Abinash Singh, who serves as Chief Compliance Officer, Company Secretary, and Head of Legal & Compliance for the company.