Baazar Style Retail Ltd — Q3 FY26
Baazar Style Retail delivered a strong 9M FY26 with revenue of ₹1,376 crore (+38% YoY) and EBITDA margin expansion of 76 bps to 15.8%, driven by store count growth of 27% to 252...
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.
80%Questions answered1Evaded / deflected10Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How will store expansion strategy change given cannibalization of SSSG?
Asked by Gor of Joani, JM Financial
Management gave a qualitative blend but no quantitative split between existing and new clusters.
no specific split givenqualitative only
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Question
how do you look at the store expansion? Where should we consider the incremental stores to come into the future?
Shan (Management)
it will be blend of both... while we are opening in focus states also... the larger part will be open in the focus states resulting in sales coming from the non-cannibalized area
Evasive
Medium priority
How do you view competitive intensity in value retail?
Asked by Gor of Joani, JM Financial
Acknowledged competition but gave no concrete impact on growth or margins.
no specific risk assessmentgeneric optimism
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Question
how do you look at the overall competitive scenario? Does this board any risk for future growth?
Shan (Management)
Competition intensity is growing... there's a huge headroom to grow... we have to be good on our back end infra
Answered
Medium priority
What are future store sizes and rental trends?
Asked by Gor of Joani, JM Financial
Provided specific rental per sq ft range and store size guidance.
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Question
if you can give some sense on how the future store sizes would be and how should we model the rentals
Shan (Management)
store size generally ranges around 9,000 ft²... rental per square foot for this quarter was 58 and for last quarter it was 57... hovering around 58 to 60 rupees per square foot
Partial answer
Medium priority
Any update on insurance claim?
Asked by Churak, Keynote Capitals
Provided some numbers but no resolution timeline for inventory claim.
no timeline givenstill under discussion
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Question
any update on clarity on that?
Shan (Management)
claim of around 3.48 cr against total capital asset loss of 4.24 cr has been received... inventory claim of approx 43 cr filed... matter under review
Answered
High priority
Has the thought process on store addition changed after strategic investment?
Asked by Churak, Keynote Capitals
Clearly explained the change was due to capital availability, not strategy shift.
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Question
Has that thought process changed?
Shan (Management)
No... at that time we said 40 to 50 stores with the capital we had... now with fund we can go for 60 to 80 stores... sustainably grow at 30%
Answered
High priority
How will the fund raise be deployed?
Asked by Churak, Keynote Capitals
Provided specific allocation: 180 cr debt reduction, rest for capex.
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Question
will it be fair to assume that around 100 crores of debt is expected to get reduced and rest for capex?
Shan (Management)
around 180 crores would be for reduction of borrowings... balance for store expansion and infrastructure development
Evasive
Low priority
Are you initiating price transition for private label Square?
Asked by Rahan say, prenator asset managers
Did not directly answer whether price transition from attractive to fair pricing has started.
did not confirm price transitionvague on strategy
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Question
are you already initiating this price transition for this brand?
Shan (Management)
private label has started doing very well... we have not increased a lot on the MRP side but kept the MRP same
Answered
Medium priority
Will logistics cost per store increase as you scale into new states?
Asked by Rahan say, prenator asset managers
Gave a clear answer that costs will reduce due to new distribution centers.
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Question
do you expect the logistic and supply chain cost per store to increase comparatively to your core market?
Shan (Management)
it will not increase it will reduce only... we will have two big regional distribution centers... costing will lower only
Partial answer
Low priority
What is the private label share in general merchandise?
Asked by Himmanu Dugar, Stylus Holdings
Could not provide the specific percentage of private label sales from GM.
number not availabledeferred to CFO
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Question
out of total private label sales how much is general merchandise?
Shan (Management)
total 13% of revenue comes from general merchandise... on private label side we only have one private label that is home focused... I don't have the number exactly available
Answered
Medium priority
Why is ASP declining despite inflation?
Asked by Himmanu Dugar, Stylus Holdings
Provided two clear reasons for ASP decline and noted unit per piece stable.
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Question
there seems to be a material decline almost a 3% dip in ASP which should ideally be increasing
Shan (Management)
two reasons: last year 9 months had Eid festival... this year we focused on anti-price per product... unit per piece is similar to last year
Answered
High priority
Any changes in growth outlook after fund raise?
Asked by Anand Mundra, Sar Wealth
Clearly stated growth outlook increase from 25% to 30% and 500-store target.
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Question
any changes in growth outlook as we have done large fund raise for FY27?
Shan (Management)
25% was the number we were looking every year, now we will go for 30%... target to reach 500 stores in next 2-3 years
Answered
Medium priority
How many more stores expected in Q4 FY26?
Asked by Rutan
Provided a specific number of store additions for the quarter.
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Question
how many more stores are we expected to add in this last quarter of FY26?
Shan (Management)
it is around 11 stores.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Square brand revenue 3158 million for 9 months | 3,158 | 466 | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.