Baazar Style Retail Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,774 Cr
- P/E
- 101.65
- ROE
- 2.20%
- PEG
- 5.57
- Price to sales
- 1.41
- Debt to equity
- 2.21
- 52W high / low
- ₹440 / ₹237
- Sales growth (5Y)
- 33.96%
- EBITDA margin
- 14.29%
- Net profit margin
- 0.51%
- Promoter holding
- 35.99%
- Sales (last year)
- ₹1,950 Cr
Incorporated in June 2013, Bazaar Style Retail Limited is a fashion retailer operating in West Bengal and Odisha.[1]
Guidance scorecard · Q1 FY27 call
What Baazar Style Retail Ltd's management guided
and where it ranks in Retailing
Retailing
RevenueQ3 FY26 call
20–40%- Baazar Style aims to accelerate growth from the previous ~25% annually to about 30% going forward.
- 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.
- Revenue grew 38% year-on-year to INR1,376 crores in 9-month FY '26, backed by strong growth in core and focus markets.
- Focus market revenue surged 61% YoY to INR238 crores, indicating broad-based strength.
- Quantity sold increased 40% YoY with sales per square feet improving by 4% in calendar year '25.
2 more points from Baazar Style Retail Ltd's call on revenue
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MarginsQ3 FY26 call
FlatSee what Baazar Style Retail Ltd said on margins — free account, 30 seconds.
CapexQ3 FY26 call
Planned- 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.
- 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.
- Approximately INR180 crore of the funds will be used to reduce bank borrowings, improving financial position and lowering interest cost.
- Capex includes investments in warehouse infrastructure (~INR20-25 crore), technology (around INR7-10 crore), and opening multiple collection centers to improve supply chain efficiency.
2 more points from Baazar Style Retail Ltd's call on capex
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FundraisingQ3 FY26 call
PlannedSee what Baazar Style Retail Ltd said on fundraising — free account, 30 seconds.
Order bookQ3 FY26 call
- 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
2 more points from Baazar Style Retail Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Retailing
on management's own guidance
- Strong growth2
- Strong growth1
- Entero Healthcare Solutions LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Retailing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,264 Cr | 38.2 | |
| 2 | 40%+ | Flat | ₹6,053 Cr | 53.9 | |
| 3 | Entero Healthcare Solutions Ltd | 20–40% | Up 0–2% | ₹6,899 Cr | 53.5 |
| 4 | 20–40% | Up 0–2% | ₹790 Cr | 19.0 | |
| 5 | 20–40% | Flat | ₹3.14L Cr | 725.0 | |
| 6 | 20–40% | Flat | ₹1.12L Cr | 170.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Retailing rankingFinancials of Baazar Style Retail Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Baazar Style Retail Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 228 | 188 | 333 | 223 | 276 | 311 | 412 | 345 | 378 | 532 | 466 | 466 |
| Expenses + | 194 | 180 | 257 | 200 | 234 | 286 | 328 | 305 | 320 | 463 | 377 | 418 |
| Operating Profit | 34 | 9 | 76 | 24 | 42 | 24 | 83 | 40 | 58 | 69 | 89 | 48 |
| OPM % | 15% | 5% | 23% | 11% | 15% | 8% | 20% | 12% | 15% | 13% | 19% | 10% |
| Other Income + | 2 | 1 | 6 | 1 | -8 | 2 | 2 | 2 | 2 | 59 | 1 | -19 |
| Interest | 11 | 13 | 11 | 14 | 14 | 16 | 17 | 22 | 24 | 17 | 19 | 18 |
| Depreciation | 17 | 18 | 19 | 20 | 21 | 22 | 27 | 29 | 34 | 42 | 46 | 48 |
| Profit before tax | 8 | -21 | 51 | -9 | -1 | -12 | 41 | -9 | 3 | 69 | 26 | -36 |
| Tax % | 28% | -26% | 25% | -27% | -35% | -25% | 25% | -32% | 28% | 25% | 26% | -29% |
| Net Profit + | 6 | -15 | 38 | -6 | -0 | -9 | 30 | -6 | 2 | 51 | 19 | -26 |
| EPS in Rs | 1.58 | -2.22 | 5.49 | -0.92 | -0.06 | -1.19 | 4.08 | -0.86 | 0.28 | 6.90 | 2.54 | -3.44 |
Financials of Baazar Style Retail Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 538 | 629 | 427 | 551 | 788 | 973 | 1,344 | 1,841 |
| Expenses + | 506 | 564 | 379 | 482 | 685 | 829 | 1,151 | 1,577 |
| Operating Profit | 32 | 65 | 47 | 69 | 103 | 143 | 192 | 264 |
| OPM % | 6% | 10% | 11% | 13% | 13% | 15% | 14% | 14% |
| Other Income + | 1 | 2 | 15 | 9 | 5 | 9 | -5 | 44 |
| Interest | 10 | 35 | 34 | 35 | 41 | 49 | 69 | 77 |
| Depreciation | 11 | 45 | 48 | 53 | 61 | 73 | 100 | 170 |
| Profit before tax | 12 | -13 | -20 | -10 | 5 | 29 | 19 | 61 |
| Tax % | 34% | -24% | -11% | -20% | 6% | 25% | 22% | 24% |
| Net Profit + | 8 | -10 | -18 | -8 | 5 | 22 | 15 | 47 |
| EPS in Rs | 17.54 | -22.62 | -41.95 | -2.41 | 1.46 | 3.15 | 1.98 | 6.28 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Baazar Style Retail Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 33 | 35 | 35 | 37 | 37 |
| Reserves | 113 | 103 | 85 | 110 | 159 | 180 | 367 | 413 |
| Borrowings + | 89 | 345 | 348 | 409 | 490 | 657 | 996 | 995 |
| Other Liabilities + | 185 | 193 | 164 | 201 | 183 | 293 | 354 | 437 |
| Total Liabilities | 391 | 645 | 602 | 754 | 867 | 1,166 | 1,754 | 1,883 |
| Fixed Assets + | 99 | 352 | 338 | 386 | 468 | 620 | 1,020 | 963 |
| CWIP | 3 | 3 | 2 | 3 | 2 | 7 | 14 | 12 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 289 | 291 | 262 | 365 | 397 | 539 | 720 | 907 |
| Total Assets | 391 | 645 | 602 | 754 | 867 | 1,166 | 1,754 | 1,883 |
Financials of Baazar Style Retail Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -13 | 63 | 52 | 16 | 33 | 112 | 53 | 126 |
| Cash from Investing Activity + | -56 | -26 | -9 | -27 | -43 | -85 | -103 | -145 |
| Cash from Financing Activity + | 75 | -46 | -42 | 29 | -8 | -18 | 54 | 14 |
| Net Cash Flow | 6 | -9 | 2 | 18 | -18 | 9 | 4 | -6 |
| Free Cash Flow | -69 | 37 | 43 | -11 | -10 | 27 | -50 | -22 |
| CFO/OP | -25% | 103% | 111% | 25% | 37% | 80% | 34% | 52% |
Financials of Baazar Style Retail Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 230 | 193 | 244 | 272 | 217 | 244 | 214 | 203 |
| Days Payable | 163 | 141 | 179 | 175 | 113 | 147 | 127 | 117 |
| Cash Conversion Cycle | 67 | 51 | 65 | 97 | 103 | 96 | 86 | 86 |
| Working Capital Days | 10 | 0 | -14 | 2 | 23 | 4 | 25 | -8 |
| ROCE % | 7% | 3% | 5% | 8% | 10% | 9% | 7% |
Guidance history
How Baazar Style Retail Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q2 FY26 call → | 20–40% | Up 0–2% | Planned | — | — |
| Q4 FY25 call → | 20–40% | Up 0–2% | Planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
63 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +9.1% | 68% |
| Last 6 months | −6.0% | 43% |
| Last 3 months | +38.1% | 94% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Baazar Style Retail Ltd: 0.4 × 68 + 0.4 × 43 + 0.2 × 94 = 63.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Baazar Style Retail Ltd's management said in earlier quarters
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