Baazar Style Retail Limited has filed its monitoring agency report for the quarter ended December 31, 2025, regarding the utilization of proceeds raised through its Initial Public Offering (IPO). The report was submitted under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Monitoring Agency Report Overview

CARE Ratings Limited, serving as the monitoring agency, prepared the comprehensive report covering the utilization of Rs.185 crore raised through pre-IPO placement and IPO. The monitoring agency confirmed that all proceeds have been utilized appropriately for the objectives mentioned in the offer document, with no deviations reported.

IPO Proceeds Utilization Details

The company's IPO proceeds of Rs.185 crore were allocated across three primary objectives as outlined in the offer document. The utilization status shows near-complete deployment of funds with minimal remaining balance.

Issue Details and Timeline

The company conducted both pre-IPO placement and public offering during August-September 2024. The issue period spanned from August 03, 2024 for pre-IPO placement to September 03, 2024 for the IPO closure.

Key Issue Parameters:

• Issue Type: Pre-IPO placement and Initial Public Offering
• Securities Type: Equity Shares
• Issue Period: August 03, 2024 to September 03, 2024
• Industry Sector: Value Fashion Retailer

Deployment of Unutilized Proceeds

The remaining Rs.0.42 crore of unutilized proceeds is maintained in designated bank accounts with Axis Bank. This includes Rs.0.08 crore in share application account and Rs.0.34 crore in public offer account, representing the company's share of offer expenses.

Compliance and Certification

The monitoring agency report confirms full compliance with SEBI regulations and offer document disclosures. Singh & Co. provided statutory auditor certification dated January 29, 2026, validating the utilization details. The report indicates no material deviations, changes in financing means, or unfavorable events affecting the viability of stated objectives.

Company Information

Baazar Style Retail Limited, formerly known as Baazar Style Retail Pvt. Ltd., operates as a value fashion retailer. The company is headquartered at PS Srijan Tech Park, DN-52, 12th Floor, Sector-V, Salt Lake, North 24 Parganas, West Bengal. The report was signed by Abinash Singh, Chief Compliance Officer, Company Secretary and Head - Legal & Compliance.

Baazar Style Retail Limited announced the outcome of its Board meeting held on February 6, 2026, where directors approved Q3FY26 financial results and significant leadership changes under Regulations 30 and 33 of SEBI Listing Obligations and Disclosure Requirements.

Financial Performance Q3FY26

The company delivered steady performance in the third quarter with revenue from operations reaching ₹46,646.29 lakhs compared to ₹41,160.30 lakhs in the corresponding quarter of the previous year. Net profit after tax stood at ₹1,896.67 lakhs for Q3FY26, compared to ₹3,041.80 lakhs in Q3FY25.

Nine-Month Performance

For the nine months ended December 31, 2025, the company showed strong growth with revenue from operations of ₹1,37,595.41 lakhs compared to ₹99,822.33 lakhs in the corresponding period of the previous year. Net profit after tax increased significantly to ₹7,252.78 lakhs from ₹2,113.84 lakhs in the previous year.

Leadership Transition

The Board approved the appointment of Mr. Rohit Kedia as the new Chairman based on recommendations from the Nomination and Remuneration Committee. Mr. Kedia, a Promoter and Whole-Time Director with over 24 years of experience in the retail and garment industry, has been associated with the company since its incorporation. He holds a Bachelor's degree in Commerce from the University of Calcutta.

Mr. Pradeep Kumar Agarwal resigned from his position as Chairman effective from the end of February 6, 2026, but will continue as a Whole-Time Director. His resignation letter dated February 3, 2026, cited the company's goals for providing leadership opportunities within the Board of Directors.

Senior Management Appointment

The Board appointed Mr. Pradeep Jajoria as Head - Category Planning, a Senior Management Personnel position. Mr. Jajoria brings over 14 years of experience in retail analytics and merchandise planning, holding an M.Sc. in Operational Research from the University of Delhi and a PG Certificate in AI and Deep Learning from IIT Ropar. He has previously worked with V2 Retail Ltd., Lenskart Pvt. Ltd., Genesis Colors Pvt. Ltd., Bharti Retail Ltd., and JC Penney India Pvt. Ltd.

Regulatory Compliance and Trading Window

The Board meeting commenced at 5:00 P.M. (IST) and concluded at 6:23 P.M. (IST). The company announced that the trading window for dealing with the company's securities shall remain closed until 48 hours from the announcement. The unaudited standalone and consolidated financial results were approved along with Limited Review Reports containing unmodified opinions from the statutory auditors.

Exceptional Items Impact

The company's results included exceptional items totaling ₹133.59 lakhs charge in Q3FY26, primarily related to the impact of new Labour Codes notified by the Government of India. For the nine months ended December 31, 2025, exceptional items showed a net credit of ₹5,315.71 lakhs, mainly due to lease term reassessment gains recognized in the previous quarter.