Any current/future new fundraising through debt or equity?

The company does not plan any additional borrowings for new store openings as internal accruals plus the expected insurance claim receipt of Rs. 47 crores will suffice for expansion. Current debt stands around Rs. 166 crores; the target is to reduce bank borrowings from Rs. 122 crores to Rs. 80 crores in the coming year. There is no explicit mention of new equity fundraising in the latest call; the focus is on managing debt and using internal funds for growth. The Rs. 47 crores insurance claim is awaited and once received, will help lower interest costs and fund expansion. Overall, the

Any current/future capex/capital investment/strategic investment?

Baazar Style Retail Limited plans a capex of around Rs. 15 crores to Rs. 20 crores in FY '26 focused on technology investments. Technology investments include developing a Baazar Style app linked to PIN code-specific stores to enable an omni-channel delivery strategy. Store expansion capex is approximately Rs. 2.25 to Rs. 2.5 crores per store, inclusive of inventory and assets. The company expects to open 40 to 50 new stores in the coming year, funded primarily by internal accruals and insurance claims. There is a mention of doubling warehouse and office capacity in the past year, indicating r

Future growth expectations in sales/revenue/volumes?

Revenue growth guidance for FY ’26 is 20% to 25%. Same Store Sales Growth (SSSG) expected to be around 7% to 8% for FY ’26. Store additions planned around 40 to 50 stores in FY ’26, with 20% to 25% increase in store count. SSSG in core states is about 11.82%, and around 20% in focus states, contributing to higher overall growth. Historical CAGR over the last three years exceeded 35% year-on-year. Internal policy aims for conservative growth targets but expects to achieve or surpass them. EBITDA margins expected at 7% to 8% pre-IndAS; PAT margin guidance of 3% to 4% pre-IndAS for FY ’26. Long t

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets revenue growth of 20% to 25% for FY ‘26 and beyond. EBITDA margin guidance for FY ‘26 is around 7% to 8% (pre-IndAS). PAT margin guidance is 3% to 4% (pre-IndAS) and 2% to 3% on IndAS basis for FY ‘26 and FY ‘27. Management aims to achieve a PAT margin of 4% to 5% by FY ‘27. Same Store Sales Growth (SSSG) is expected to be 7% to 8% for FY ‘26. Store-level EBITDA improves as stores mature: 5% in the opening year, 8%-10% in the second year, and stabilizes to 13%-15% at mature SSSG stage. Operating leverage expected as corporate overhead stabilizes and revenue grow

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Baazar Style Retail LtdQ1 FY25Retailing

Baazar Style Retail Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹280P/E: 113.4Market Cap: ₹2.9K CrSector: Retailing

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→Revenue growth guidance for FY ’26 is 20% to 25%.
→Same Store Sales Growth (SSSG) expected to be around 7% to 8% for FY ’26.
→Store additions planned around 40 to 50 stores in FY ’26, with 20% to 25% increase in store count.
→SSSG in core states is about 11.82%, and around 20% in focus states, contributing to higher overall growth.
→Historical CAGR over the last three years exceeded 35% year-on-year.
→Internal policy aims for conservative growth targets but expects to achieve or surpass them.
→EBITDA margins expected at 7% to 8% pre-IndAS; PAT margin guidance of 3% to 4% pre-IndAS for FY ’26.
→Long term, store-level EBITDA improves to 8%-10% in the second year and 13%-15% at maturity.
→Private label sales targeted to increase from 45% to 65% in two years, aiding margin expansion.

Margin guidance

Category 2

→The company targets revenue growth of 20% to 25% for FY ‘26 and beyond.
→EBITDA margin guidance for FY ‘26 is around 7% to 8% (pre-IndAS).
→PAT margin guidance is 3% to 4% (pre-IndAS) and 2% to 3% on IndAS basis for FY ‘26 and FY ‘27.
→Management aims to achieve a PAT margin of 4% to 5% by FY ‘27.
→Same Store Sales Growth (SSSG) is expected to be 7% to 8% for FY ‘26.
→Store-level EBITDA improves as stores mature: 5% in the opening year, 8%-10% in the second year, and stabilizes to 13%-15% at mature SSSG stage.
→Operating leverage expected as corporate overhead stabilizes and revenue grows.
→EPS growth aligned with profit growth, assuming margin expansion and revenue growth trajectory.

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Fundraise plans

→The company does not plan any additional borrowings for new store openings as internal accruals plus the expected insurance claim receipt of Rs. 47 crores will suffice for expansion.
→Current debt stands around Rs. 166 crores; the target is to reduce bank borrowings from Rs. 122 crores to Rs. 80 crores in the coming year.
→There is no explicit mention of new equity fundraising in the latest call; the focus is on managing debt and using internal funds for growth.
→The Rs. 47 crores insurance claim is awaited and once received, will help lower interest costs and fund expansion.
→Overall, the company aims for careful cash flow management with internal accruals supporting about Rs. 80-100 crores of fund requirement, including technology investments of Rs. 15-20 crores.
→No indication of fresh equity raising was discussed during Q4 FY ‘25 conference.

Order book

The provided document excerpts do not explicitly mention the current or expected order book or pending orders for Baazar Style Retail Limited. The discussion primarily revolves around: - Store expansion plans: Targeting 40 new stores in FY '26 (20-25% growth in store count). - Revenue guidance for FY '26: 20% to 25% growth including 7% to 8% same-store sales growth (SSSG). - Capex and cash flow: Plans to use internal accruals and insurance claim receivable for store expansion, no further external borrowing anticipated. - Debt reduction targets: Reducing total borrowings from Rs. 166 crores to Rs. 120 crores in the coming years. No direct references to specific order book details were provided in the transcript.

Capex plans

Yes

→Baazar Style Retail Limited plans a capex of around Rs. 15 crores to Rs. 20 crores in FY '26 focused on technology investments.
→Technology investments include developing a Baazar Style app linked to PIN code-specific stores to enable an omni-channel delivery strategy.
→Store expansion capex is approximately Rs. 2.25 to Rs. 2.5 crores per store, inclusive of inventory and assets.
→The company expects to open 40 to 50 new stores in the coming year, funded primarily by internal accruals and insurance claims.
→There is a mention of doubling warehouse and office capacity in the past year, indicating recent capital investments to support growth.
→Reduction in inventory per square feet is also expected to improve cash inflow, aiding capital deployment efficiently.

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