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Reduced cross-border footfall from Bangladesh
View Risks →Baazar Style Retail Limited — Q1 FY26
Baazar Style Retail delivered a strong Q1 FY26 with revenue of 378 crore, up 37% YoY, driven by robust store expansion (232 stores, +40% YoY) and private label growth (61% of revenue).
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Baazar Style Retail delivered a strong Q1 FY26 with revenue of 378 crore, up 37% YoY, driven by robust store expansion (232 stores, +40% YoY) and private label growth (61% of revenue). EBITDA came in at 25 crore (+14% YoY), while PAT surged 531% YoY to 9 crore, albeit on a low base. Gross margin expanded 300bps YoY to 36%, aided by higher full-price sales (92% vs 89%). Management reaffirmed FY26 guidance of 25% revenue growth, 7-8% SSG (normalized), and 40-50 new store openings. Festival tailwinds (Durga Puja, Diwali) in H2 are expected to drive demand. Key risk: potential demand disruption from reduced cross-border footfall from Bangladesh, which management acknowledged as a headwind in West Bengal.
बाजार स्टाइल रिटेल ने पहली तिमाही (Q1 FY26) में 378 करोड़ रुपये का कारोबार किया, जो पिछले साल से 37% ज्यादा है। यह वृद्धि 232 दुकानों (40% ज्यादा) और अपने ब्रांड के उत्पादों (कुल बिक्री का 61%) की वजह से हुई। कंपनी ने 25 करोड़ रुपये का EBITDA (कमाई) कमाया, जो 14% बढ़ा। मुनाफा (PAT) 9 करोड़ रुपये रहा, जो पिछले साल से 531% ज्यादा है, लेकिन यह कम आधार पर हुआ। कंपनी ने पूरे साल 25% कारोबार बढ़ोतरी, 7-8% समान दुकान वृद्धि (SSG) और 40-50 नई दुकानें खोलने का लक्ष्य रखा है। दुर्गा पूजा और दिवाली जैसे त्योहारों से दूसरी छमाही में मांग बढ़ने की उम्मीद है। लेकिन बांग्लादेश से कम आवाजाही से पश्चिम बंगाल में कारोबार पर असर पड़ सकता है।
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Store Count
232
+40% YoY
Total stores as of Q1 FY26, up from 166 in Q1 FY25, reflecting aggressive expansion.
Private Label Revenue Share
61%
+59% YoY
Private labels contributed 229 crore, with brand 'Square Up' hitting a record 99 crore.
Normalized SSG
11%
+11pp YoY
Adjusted for Eid shift, same-store sales growth was 11% vs reported -3%.
Focus Market Revenue
72.6 crore
+73% YoY
Revenue from focus markets (UP, Jharkhand) grew sharply, contributing to overall momentum.
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Guidance and risk preview
Management reaffirmed 25% revenue growth for FY26, with potential revision after H1 results.
Management noted that the absence of Bangladeshi shoppers due to government policy impacted sales in West Bengal, though targets were still met.
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