STYLEBAAZA
Baazar Style Retail share price & financials
- Price
- ₹297.65
- Market cap
- ₹3.0k Cr
- Sector
- Consumer Services
- Calls analysed
- 4
Baazar Style Q3 FY26
What went well
- Secured a strategic investment of ₹331.53 crores from Cupid Limited, enabling accelerated store expansion to 60-80 stores annually and a target of 500+ stores in three years.
- 9-month FY26 revenue from operations grew 38% YoY to ₹1,376 crores, driven by strong growth in both core (34% YoY) and focus markets (61% YoY).
- EBITDA for 9-month FY26 rose 45% YoY to ₹217 crores, with EBITDA margin expanding 76 bps to 15.8%, reflecting improved operational efficiency.
What to watch
- SSG in mature stores within existing clusters declined by 8% due to rapid ramp-up of new stores, though overall store EBITDA improved by 30 bps.
- Heavy rainfall in Bengal and unrest in Assam and Tripura during peak festivals impacted SSG, leading to a revision of FY26 SSG guidance to 4-5% from previous 8%.
What Baazar Style Retail Limited does
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
- Apparel
- General Merchandise
- Store count
- 263 stores (as of 31-Mar-2026)
- Retail rental space
- ~2.5 million sq ft
- Geographic footprint
- 9 states and 191 cities in Eastern India
- Average store size
- 9,345 sq ft
- Private label portfolio
- 11 private labels, including flagship brand Square Up
- Employees
- 4,161 (as of FY2024-25)
Guidance record · Q3 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- FY26 Revenue Growth revised up said Q4 FY25 Promised: 20% to 25% Q3 FY26: Raised to 35%
- FY26 Pre-IndAS EBITDA Margin on track said Q4 FY25 Promised: 7% to 8% Q3 FY26: Reaffirmed 7-8%
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 28.9%, net profit up 7.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 311 | 412 | 345 | 377 | 532 +71% | 466 +13% | 466 +35% | 486 +29% |
| EBITDA | 24 | 83 | 40 | 58 | 69 +183% | 89 +7% | 48 +21% | 72 +24% |
| Net profit | -9 | 30 | -6 | 2 | 51 +679% | 19 −38% | -26 −301% | 2 +8% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +8.7% 1Y
1Y: ₹357.1 on 10 Sept 2025 → ₹388.1. High ₹439.6 (20 Aug 2026), low ₹237.15 (12 Jan 2026).
How the price took the results
close before → close after
- Q3 FY26
- −0.1%
- 13 Feb
- Q2 FY26
- −5.2%
- 11 Nov
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.
Financials, as filed
Revenue grew 37.6% a year over 2 years, FY24 to FY26. Operating margin held at 14.4%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹973 Cr | ₹1.3k Cr | ₹1.8k Cr |
| Operating profit | ₹142 Cr | ₹190 Cr | ₹265 Cr |
| Operating margin | 14.6% | 14.1% | 14.4% |
| Interest | ₹49 Cr | ₹69 Cr | ₹77 Cr |
| Depreciation | ₹73 Cr | ₹100 Cr | ₹170 Cr |
| Net profit | ₹22 Cr | ₹15 Cr | ₹47 Cr |
| Net margin | 2.3% | 1.1% | 2.5% |
| Cash from operations | ₹112 Cr | ₹53 Cr | ₹126 Cr |
| Free cash flow | ₹27 Cr | ₹-50 Cr | ₹-22 Cr |
| ROCE | 10.0% | 9.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹33 Cr | ₹35 Cr | ₹35 Cr | ₹37 Cr | ₹37 Cr |
| Reserves | ₹85 Cr | ₹110 Cr | ₹159 Cr | ₹180 Cr | ₹420 Cr | ₹413 Cr |
| Borrowings | ₹348 Cr | ₹409 Cr | ₹490 Cr | ₹657 Cr | ₹872 Cr | ₹995 Cr |
| Other liabilities | ₹164 Cr | ₹201 Cr | ₹183 Cr | ₹293 Cr | ₹417 Cr | ₹437 Cr |
| Total liabilities | ₹602 Cr | ₹754 Cr | ₹867 Cr | ₹1.2k Cr | ₹1.7k Cr | ₹1.9k Cr |
| Fixed assets | ₹338 Cr | ₹386 Cr | ₹468 Cr | ₹620 Cr | ₹923 Cr | ₹954 Cr |
| Capital work in progress | ₹2 Cr | ₹3 Cr | ₹2 Cr | ₹7 Cr | ₹18 Cr | ₹22 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹262 Cr | ₹365 Cr | ₹397 Cr | ₹539 Cr | ₹805 Cr | ₹907 Cr |
| Total assets | ₹602 Cr | ₹754 Cr | ₹867 Cr | ₹1.2k Cr | ₹1.7k Cr | ₹1.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +6.80 pp while DIIs trimmed −5.35 pp. The shareholder count shrank 30% to 58,870.
- Promoters
- 44.8%
- FIIs
- 1.7%
- DIIs
- 5.9%
- Public
- 47.5%
Since Jun 2025
- Public +6.80 pp
- DIIs −5.35 pp
- Promoters −0.77 pp
How it drifted, 8 quarters
Over this window the public went from 38.0% to 47.5% — +9.6 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 45.6%, FIIs 6.5%, DIIs 10.0%, Public 38.0%.Dec '24: Promoters 45.6%, FIIs 6.0%, DIIs 10.4%, Public 38.0%.Mar '25: Promoters 45.6%, FIIs 2.5%, DIIs 11.2%, Public 40.8%.Jun '25: Promoters 45.6%, FIIs 2.4%, DIIs 11.3%, Public 40.8%.Sep '25: Promoters 45.7%, FIIs 3.1%, DIIs 10.3%, Public 40.8%.Dec '25: Promoters 45.7%, FIIs 2.4%, DIIs 8.7%, Public 43.2%.Mar '26: Promoters 45.7%, FIIs 1.7%, DIIs 6.7%, Public 46.0%.Jun '26: Promoters 44.8%, FIIs 1.7%, DIIs 5.9%, Public 47.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Cupid Limited newly disclosed 1.97% held
The same filing shows 12 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Baazar Style Retail Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rohit Kedia | 5.86% | −0.12 pp |
| Bhagwan Prasad | 5.79% | −0.11 pp |
| Sri Narsingh Infrastructure Private Limited | 5.46% | −0.11 pp |
| Shreyans Surana | 5.11% | −0.10 pp |
| Dinesh Agarwal (Huf) . | 4.04% | −0.08 pp |
| Rajendra Kumar Gupta Huf . | 3.94% | −0.08 pp |
| Intensive Softshare Pvt.Ltd. | 3.67% | −0.07 pp |
| Rekha Jhunjhunwala | 3.33% | −0.06 pp |
| Shakuntala Devi | 3.30% | −0.07 pp |
| Pradeep Kumar Agarwal | 2.99% | −0.06 pp |
| Rekha Kedia | 2.97% | −0.06 pp |
| Bandhan Small Cap Fund Mutual fund | 2.50% | −0.38 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.
Mutual funds in STYLEBAAZA
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹29 Cr
- 1 schemes
- Biggest holder
- HDFC Value Fund
- ₹29 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Value Fund HDFC Mutual Fund | ₹29 Cr | held | 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 Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +3%
- vs est. average cost
- Held by funds
- ₹29 Cr
- 1 schemes · ≈ 1.1% of the company
Shares held by these funds +311%
Aug '24 10.57 L shares Jul '26
All earnings calls (4)
Read the Q3 FY26 call →Learn to analyse Baazar Style Retail Limited
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