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Revenue
₹466 Cr
verified against source
Revenue YoY
38%
reported change
EBITDA
₹217 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 stores and private label penetration rising to 54% of revenue. The company secured a strategic investment of ₹331.53 crore from Cupid Ltd, enabling accelerated store expansion to 60-80 stores per year (from 40-50) and debt reduction. Management revised FY26 revenue guidance to 35% YoY, with pre-Ind AS EBITDA margin of 7-8% and SSG guidance of 4-5%. Risks include cannibalization from cluster-based expansion and rising competitive intensity in value retail.
Colored figures show movement against the previous available record.
Guidance to track
- Management revised full-year revenue growth guidance to 35% year-on-year.
- Pre-Ind AS EBITDA margin is guided at 7-8% for FY26.
- Pre-Ind AS PAT margin is expected between 3-4% for FY26.
- Same-store sales growth guidance revised to 4-5% for FY26 due to cannibalization from new stores in existing clusters.
Risks flagged
- Opening new stores in existing clusters cannibalized SSG by 8% in 9M FY26, though overall cluster profitability improved.
- Multiple players are accelerating store expansion, which could pressure margins and market share.
- Scaling from 40-50 to 60-80 stores per year may strain management bandwidth and site selection quality.
Key quotes
- We have secured a strategic investment of 331.53 crores from Cupid Limited through a preferential issue of up to 1.01 cr equity warrants at an issue price of rupees 328.25 per warrant.
- Private level now contributes 54% of the revenue and we aim to scale this to around 65% over the next two years.
- The newer store was giving 5 to 6% as a pre-industa on the year 1... this year has been exceptional and they have given a bit of around 13% to 14% which is matching the mature store.
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