Baazar Style Q4 FY26 Earnings Analysis

- Baazar Style aims to accelerate growth from the previous ~25% annually to about 30% going forward (Page 14). - Store expansion plans have increased from 40-50 stores per year to 60-80 stores per year, targeting 500 stores in the next 2-3 years (Pages 13 and 14). - Revenue grew 38% year-on-year to INR1,376 crores in 9-month FY '26, backed by strong growth in core and focus markets (Page 6). - Focus market revenue surged 61% YoY to INR238 crores, indicating broad-based strength (Page 6). - Quantity sold increased 40% YoY with sales per square feet improving by 4% in calendar year '25 (Page 6). - Strategic cluster-based expansion is expected to drive higher throughput, better operating leverage, and sustained revenue growth (Pages 4-6). - Personal care and FMCG categories are growing but will complement rather than replace apparel sales, expected to sustain apparels as ~87% of revenue (Pages 12, 16).

- Baazar Style is targeting accelerated growth of 30% year-on-year (up from previous 25%) driven by faster store expansion (60-80 stores annually versus earlier 40-50). - The company plans to scale its store base from 252 to 500+ stores over the next 2-3 years via a cluster-based expansion strategy. - Improved operating leverage expected from digital initiatives, strengthened backend infrastructure, and warehouse/tech investments. - EBITDA margins guided at 14-15% on Ind AS basis and pre-Ind AS margins at 7-8%, maintaining disciplined cost management and operational efficiency. - PAT margins are expected between 2-3% (Ind AS) and 3-4% pre-Ind AS, reflecting steady profitability gain alongside growth. - Interest expense to reduce due to debt repayment supported by the recent INR 330 crore fundraise, enhancing net earnings and EPS. - New store EBITDA performance has shown to be equivalent to mature stores, boosting overall operating profits.

- Baazar Style Retail Limited secured a strategic investment of INR331.53 crore from Cupid Limited via preferential issue of equity warrants convertible within 18 months (Page 3). - Funds will be used for phased store expansion (targeting 60-80 stores per year), business growth initiatives including supply chain integration, network expansion, and improved customer reach (Pages 3, 8, 15). - Approximately INR180 crore of the funds will be used to reduce bank borrowings, improving financial position and lowering interest cost (Pages 8, 15, 16). - Capex includes investments in warehouse infrastructure (~INR20-25 crore), technology (around INR7-10 crore), and opening multiple collection centers to improve supply chain efficiency (Page 9). - Store expansion capex per store is approximately INR2 crore (INR1 crore fixed assets + INR1 crore inventory) (Pages 8, 15). - Goal to scale from 252 stores to 500+ stores over next 2-3 years using these investments (Page 4).

- Baazar Style Retail Limited has submitted documents to the Exchange for a warrant-based fundraise of INR 330 crores. - Approval from the Exchange is expected between the first and second week of March 2026, with fund inflow anticipated between March 15 and March 25, 2026 (subject to Exchange approval timelines). - The INR 330 crores fundraise is through warrants to support expansion (~60-80 stores/year) and reduce existing debt (~INR 180 crores for debt reduction). - No explicit mention of additional debt fundraising, but existing bank borrowings are INR 152 crores and bill discounting INR 115 crores. - Internal accruals are currently limited; the fundraise enables faster expansion and improved financial leverage. - Post-raise, interest costs are expected to reduce (1% of revenue this year to ~0.7% next year). - No other future equity fundraises indicated in the available information.

The transcript provided from Baazar Style Retail Limited's conference call and related documents do not explicitly mention any information related to the company's current or expected order book or pending orders. The discussion mainly covers topics such as: - Strategic investment and expected capital inflow timeline (mid to late March 2026) - Use of funds for store expansion, working capital reduction, and tech/warehouse investment - Operating cash flow and debt position - Expansion plans with store additions and partnership with Cupid Limited - Competitive environment and store economics No details on order book size, value, or pending orders were disclosed or discussed in the sections provided.