STYLEBAAZA / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Baazar Style Retail · Analyst questions, management answers, and the quality of the response where the ledger is available.

Research layer active

ConCallIQ research layer

Signal, with the source still visible.

Use the controls below to narrow the view, then follow the evidence into the next layer of context.

PositiveQ2-FY26 · 2025-10-30Back to quarter ↗

Questions audited

12

Answered directly

79%

Numeric claims

4

Consistency

contradicted

Question ledger

What was answered, and how?

Goro Jagani · JM Financial

partial

Why does 30% revenue guidance imply only ~16% H2 growth?

So yeah obviously the Q3 though I think we are Dulga Puja is a significant cultural and commercial event in the eastern India but I think uh our business model is not planned on it but again Ja puja plays a very important role for us so Q2 becomes a bigger quarter across all the quarters uh but while saying that I think uh we have grown at a 55% yearon year and uh the guidance that we have revised from 2130 is again as I said key We have a conservative approach towards the revenue.

Goro Jagani · JM Financial

direct

What are the revised PAT and EBITDA margin guidance for the year?

So, so we have not revised the guidance uh we have set key on the index uh because the PAT with the exceptional gain it will be more so without exceptional gain the PA for ind is between 2 to 3% only. So we have not revised the guidance for PAT or EIA but the guidance has been only for the revenue.

Goro Jagani · JM Financial

direct

What is the expected gross margin for the full year and H1 expansion?

So the gross margin for the entire year uh as we have already communicated in the earlier call it will be 50 pips only because uh there Q4 there will be another USS of winter. So the margin uh will be around so uh 34% overall. So for the full full financial it will be a 15% increase 50 right.

Goro Jagani · JM Financial

partial

Will tech costs be capitalized or expensed? What is rent per sq ft?

So in terms of when first uh as I was already mentioned the earlier cost it depends on the tier that you are opening the stores in. So for us uh 57 56 to 57 rupees is the annual rental per square ft for this entire year in in terms of uh per square foot rental that we that is we going to charge on the PL and in terms of uh capital expenditure on the tech. So again it's divided into two parts.

Pesh Kaval · Noama Wealth

direct

Will inventory days continue to decline?

Yeah. So we for the September as as it's as the plan that we have in our mind we have been able to execute and as a result you can see that the inventory per square has reduced by 246 rupees from last year and uh I believe that uh the ARS system and the thing that we are implementing on the tech side uh we are working on reducing it further. So you will see that in uh expect in the 31st March also.

Pesh Kaval · Noama Wealth

direct

What is the PAT target for FY27?

So the target by for is between 4 to 5% the pet.

Pesh Kaval · Noama Wealth

evasive

Why is revenue guidance conservative given 25% inventory growth?

See uh as I again I am retwing myself that uh as a plan uh we have taken 30% for the entire year out of which I think the first 6 months we have achieved 55%. So from 25 already gu and because this quarter will be the big season for us uh because it has got all the winter wedding ch um so I think after going this quarter only I will be able to give that answer to you your question I don't want to comment something uh I don't know but I think this is a big quarter for us so let this quarter go then only I will uh next call I will tell you the answer for this question.

Shans J · Swan Investments

partial

What is the ramp-up time and SPSF for new stores?

So see in terms of SPSF it uh again depends on the tier that you are opening what we have seen in last two years uh because as a strategy uh we have taken two approach one is to open more stores in metro and tier one also because uh that cities give us higher SPSF and second uh to open in the same cities where we are located. So that is also giving us a good profitability in terms of a simple business model if I say.

Shira · Keynote Capitals

direct

Update on insurance claim for fire incident?

Thank you Shira. Uh so on the insurance claim uh as you said last call also that we have received already the asset part which is 3.48 48 cr and in relation to the inventory the company has submitted all the documents uh related to the insurance claim and the assessment process by the insurance is in progress.

Deepak Pod · Safire Capital

direct

What is the PAT guidance on Ind AS basis for next year?

Okay 3 to 4% on India's basis

Deepak Pod · Safire Capital

direct

What is the private label margin differential and target share?

So sir I have said in my earlier call also our expectation is to reach to 65% of the sales coming from private label by FI27. Uh in terms of margin uh right now we want to scale our private labels rather one of our private labels square app has already touched 227 crores of revenue for first 6 months this year itself and idea is to scale these labels in terms of margin differentiation as of now we have a difference of uh in different private labels between 75 to 1.5%.

Hitendra Pradhan · Maximal Capital

direct

What is the breakdown of store-level vs corporate EBITDA margin?

So in terms of uh company at the company level our uh total IITA stands at 6.8% on pre-index out of which the store stands at 12.83%. And 6% is the HO cost for the first half of this year.