Eastern India value-fashion retailer with 263 stores in 9 states, selling apparel and general merchandise.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 486 | +28.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.8 | −0.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2.2 | +8.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 6.39 | −5.0 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -1.14 | +2.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 34.89 | −0.9 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
7 targets tracked, none judged yet · 7 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue Growth | 20% to 25% | Q4 FY25 | Raised to 35% | Revised Up |
| FY26 Pre-IndAS EBITDA Margin | 7% to 8% | Q4 FY25 | Reaffirmed 7-8% | On Track |
7 of Baazar Style Retail Limited's 7 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 5 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹327.8 on 24 Oct 2025 → ₹361.85. High ₹439.6 (20 Aug 2026), low ₹237.15 (12 Jan 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Baazar Style Retail operates value-fashion stores under the Style Baazar brand across Eastern India, serving as a one-stop family shopping destination for men's, women's, and children's apparel plus general merchandise such as home decor, personal care, and footwear. The company follows a cluster-based expansion strategy, concentrating stores within culturally cohesive regions to build supply-chain and brand-visibility efficiencies, and distributes through its own store network supported by a hub-and-spoke model with regional distribution and collection centers. Private labels, including its flagship brand Square Up, form a significant part of the merchandise mix alongside third-party brands. In 2026, FMCG manufacturer Cupid Limited made a strategic investment in the company, opening a path to diversify into personal care and wellness categories.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
7 targets tracked, none judged yet · 7 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue Growth | 20% to 25% | Q4 FY25 | Raised to 35% | Revised Up |
| FY26 Pre-IndAS EBITDA Margin | 7% to 8% | Q4 FY25 | Reaffirmed 7-8% | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
Baazar Style Q3 FY26
Baazar Style reported strong 9-month FY26 results, with revenue up 38% and EBITDA up 45%, driven by robust store expansion and private label growth. A strategic investment of ₹331.53 crores will fuel accelerated expansion to 500+ stores and debt reduction. Despite SSG challenges in some regions, management remains optimistic about market opportunity and operational efficiencies, revising FY26 SSG guidance to 4-5%.
Read the full callBaazar Style Q2 FY26
Baazar Style Retail Limited delivered a robust Q2 FY26, with revenue growing 71% year-on-year to INR 532 crores and EBITDA surging 184% to INR 69 crores. The company revised its FY26 top-line growth guidance upwards to 30% and is on track to open 40-50 new stores. Strategic investments in digital transformation and a focus on private labels are driving efficiency, though regional concentration leads to quarterly gross margin variations.
Read the full callBaazar Style Q1 FY26
Baazar Style Retail reported a strong Q1 FY26 with significant revenue and profit growth, driven by store expansion and private label performance. While reported SSG was negative due to seasonality, normalized SSG was robust. The company is strategically investing in technology and supply chain infrastructure, and remains confident in achieving its full-year guidance.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 4 fiscal years held (Mar 2023 to Mar 2026).
Financials
Net profit, year on year: +8% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 311 | 412 | 345 | 378 | 532 | 466 | 466 | 486 |
| Expenses | 287 | 328 | 305 | 320 | 463 | 377 | 418 | 414 |
| Operating profit | 24 | 83 | 40 | 58 | 69 | 89 | 48 | 72 |
| Operating margin | 7.8% | 20.2% | 11.6% | 15.4% | 13.0% | 19.2% | 10.3% | 14.8% |
| Other income | 2 | 2 | 2 | 2 | 59 | 1 | -19 | 3 |
| Interest | 16 | 17 | 22 | 24 | 17 | 19 | 18 | 20 |
| Depreciation | 22 | 27 | 29 | 34 | 42 | 46 | 48 | 52 |
| Profit before tax | -12 | 41 | -9 | 3 | 69 | 26 | -36 | 3 |
| Tax rate | −24.7% | 25.4% | −31.9% | 27.8% | 25.3% | 25.9% | −28.8% | 33.0% |
| Net profit | -9 | 30 | -6 | 2 | 51 | 19 | -26 | 2 |
| EPS (₹ per share) | -1.20 | 4.08 | -0.86 | 0.28 | 6.90 | 2.54 | -3.44 | 0.29 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 973 | 1,344 | 1,842 |
| Expenses | 831 | 1,154 | 1,577 |
| Operating profit | 142 | 190 | 265 |
| Other income | 10 | -2 | 43 |
| Interest | 49 | 69 | 77 |
| Depreciation | 73 | 100 | 170 |
| Profit before tax | 29 | 19 | 61 |
| Net profit | 22 | 15 | 47 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 33 | 35 | 35 | 37 | 37 | 37 |
| Reserves | 110 | 159 | 180 | 366 | 420 | 413 |
| Borrowings | 409 | 490 | 657 | 996 | 872 | 995 |
| Other liabilities | 201 | 183 | 293 | 354 | 417 | 437 |
| Total liabilities | 754 | 867 | 1,166 | 1,754 | 1,746 | 1,883 |
| Fixed assets | 386 | 468 | 620 | 1,020 | 923 | 954 |
| Capital work in progress | 3 | 2 | 7 | 14 | 18 | 22 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 365 | 397 | 539 | 720 | 805 | 907 |
| Total assets | 754 | 867 | 1,166 | 1,754 | 1,746 | 1,883 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 52 | 16 | 33 | 112 | 53 | 126 |
| Cash from investing | -9 | -27 | -43 | -85 | -103 | -145 |
| Cash from financing | -42 | 29 | -8 | -18 | 54 | 14 |
| Net cash flow | 2 | 18 | -18 | 9 | 4 | -6 |
| Free cash flow | 43 | -11 | -10 | 27 | -50 | -22 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory days | 244 | 272 | 217 | 244 | 214 | 203 |
| Days payable | 179 | 175 | 113 | 148 | 127 | 117 |
| Cash conversion cycle | 65 | 97 | 103 | 97 | 86 | 86 |
| Working capital days | -14 | 2 | 23 | 3 | 25 | -8 |
| Return on capital employed | 3.0% | 5.0% | — | 10.0% | 9.0% | 8.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Public hold 60.45% as of Sept 2026; institutions cut 4.08 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 14 holders trimming and 4 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Baazar Style Retail Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 5.75% | −0.11 pp | |
| 5.36% | −0.10 pp | |
| 3.96% | −0.08 pp | |
| 3.74% | −2.05 pp | |
| 3.60% | −0.07 pp | |
| 3.35% | −0.59 pp | |
| 3.26% | −0.07 pp | |
| 3.24% | −0.06 pp | |
| 3.22% | +1.25 pp | |
| 2.93% | −0.06 pp | |
| 2.91% | −0.06 pp | |
| 2.30% | −2.81 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.20 L shares (−2.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Value Fund HDFC Mutual Fund | ₹38 Cr | −0.20 L | Nov '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 1 trimmed — net −20,000 shares (−2.0%)
Shares held by these funds +281%
Aug '24 9.80 L shares Sep '26
Your own record
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