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 re...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why other expenses increased sharply and any one-offs?
Asked by Gorup Jagani, JML
Explained frontloading but did not quantify one-offs or give specific expense breakdown.
no specific breakdownno one-off quantification
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Question
Uh so can you please help us out uh how these other expenses should be looked into going ahead and if there is any one-off in the other expenses line item item.
Management (not named)
several costs has been strate strategically frontloaded to support the future growth... With revenue projected to rise particularly during the festival season, their proportion relative to topline will decline driven by operational leverage and economy of scale.
Partial answer
High priority
Gross margin guidance after 300 bps expansion in Q1?
Asked by Gorup Jagani, JML
Gave full-year 50 bps guidance but was unclear on quarterly trajectory, leading to follow-up.
contradictory statementsno clear quarterly path
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Question
So what is the guidance if any if you can provide on the gross margin?
Management (not named)
we anticipate a margin of up to 50 basis point increase uh by uh I will say because of the inventory efficiency I think because of the private for the entire year.
Answered
Medium priority
What was rental cost per sq ft for Q1?
Asked by Palash Kavali, Nana Wells
Provided exact number without hesitation.
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Question
Uh sir, what was the rental for Q1?
Management (not named)
Rental cost is 56 rupees per square foot.
Answered
Medium priority
Update on insurance claim received?
Asked by Palash Kavali, Nana Wells
Provided specific amounts and status update.
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Question
And sir, any uh update on the insurance payment that you are supposed to receive?
Management (not named)
we have received an amount of 3.48 crores including salvage value against the total asset loss of 4.24 crores... we expect the matter to be settled in the upcoming quarters
Answered
High priority
What is net debt and cash flow from operations post lease?
Asked by Natik, NV alpha fund
Provided exact numbers for both debt and cash flow.
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Question
if you could give us uh the debt on the books as on date and cash flow from operations that you have generated after paying lease during the water.
Management (not named)
total net borrowings as on date for the Q1 is 157.43... cash generated from operations post payment of lease? it is around so uh around 26 CR after adjustment of lease payment.
Answered
Medium priority
What was full price sales percentage in Q1?
Asked by Cherab, Keynote Capital
Provided exact percentages for both periods.
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Question
Could you just give me a number what was the percentage of full price sales for Q1 FI26 and FI25?
Management (not named)
92% was the full sales group in Q1 FI26 against uh 89 in Q1 FI25.
Answered
Medium priority
Can payable days reduction to 90 days improve gross margin?
Asked by Cherab, Keynote Capital
Confirmed benefit and gave timeline for reduction.
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Question
can it become incremental on our gross margin if that is the strategy or not
Management (not named)
there will be a benefit in the gross margin uh once we reduce it... we want to reduce to 90 disc... you can expect by FI 26 and FI 27 you will see the numbers gradually going down
Answered
High priority
What EBITDA margin can we expect in 3 years at 7-8% SSSG?
Asked by Cherab, Keynote Capital
Provided specific EBITDA margin targets for each year.
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Question
what kind of a bit margin on that level we can do.
Management (not named)
will help us to achieve a bit of 9 to 10% by fi 28. So 7 to8 this year 8 to 9 next year 9 to 10 maybe the f 28th numbers
Answered
Medium priority
Will other expenses per sq ft remain at 183 for rest of year?
Asked by Gorup Jagani, JML
Provided historical data and confirmed base level.
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Question
So, so do you think that it can remain at this 183 levels?
Management (not named)
If you see the last three quarters Q2, Q3 and Q4, FI25 also it was around 187, 188 and 184 and this quart is around 182... So the 180 base has been created and that base is only going for the quarters.
Answered
Medium priority
Why rental cost increased 18% QoQ? Is it due to competition?
Asked by Raj, Fiden
Explained multiple reasons with specific numbers.
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Question
wanted to understand the reason for this. Is it because only because of the new stores or in the existing stores as well are we seeing some uh the increase in the rental uh cost mainly because of competition.
Management (not named)
every 3 year there's a incremental clause 12 to 15% depending on landlord... lot of store openings has happened in metro and tier one which typically has a higher rental... warehouse that were that we were having was only 86,000 ft² whereas this year uh in Q1 the warehouse that we had was around 1.86 lakh square ft²
Partial answer
High priority
What is revenue and PAT guidance for Q2 and full year?
Asked by Danch Adwani, Bajage
Gave revenue growth guidance for H1 but not full year; provided EBITDA and PAT margin ranges.
no specific Q2 revenue numberguidance only for H1
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Question
what sort of uh numbers do you see going forward in Q2 and also what is your guidance going forward as far as top line and bottom line is concerned corrective.
Management (not named)
revenue will be around 25% only uh till the time Q2 concludes... in terms of uh AITA at pre-ind it's around 7 to 8% and at PET it's around 3 to 4%.
Answered
Medium priority
What is gross margin difference between private label and other brands?
Asked by Deepak Podar, Safire Capital
Provided specific percentage difference.
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Question
I just wanted to understand what's the gross margin difference between private label versus other brands.
Management (not named)
It's majorly around 1 and a half% as a difference.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth guidance 25% for H1 FY26 | 25% | 37% | Understated vs filing |
| Pre-IndAS EBITDA margin guidance 7-8% for FY26 | 7.5% | 15% | Understated vs filing |
| Pre-IndAS PAT margin guidance 3-4% for FY26 | 3.5% | 2% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.