Reported Earnings • May 19
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹6.28 (up from ₹2.02 in FY 2025). Revenue: ₹18.5b (up 38% from FY 2025). Net income: ₹468.7m (up 220% from FY 2025). Profit margin: 2.5% (up from 1.1% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Specialty Retail industry in India. Announcement • May 11
Baazar Style Retail Limited to Report Q4, 2026 Results on May 18, 2026 Baazar Style Retail Limited announced that they will report Q4, 2026 results on May 18, 2026 Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹338, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 35x in the Specialty Retail industry in India. Total returns to shareholders of 5.3% over the past year. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹280, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 29x in the Specialty Retail industry in India. Total returns to shareholders of 21% over the past year. Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Rohit Kedia was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Feb 16
Price target increased by 7.5% to ₹430 Up from ₹400, the current price target is provided by 1 analyst. New target price is 23% above last closing price of ₹350. Stock is up 82% over the past year. The company posted earnings per share of ₹2.02 last year. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: ₹2.54 (vs ₹4.08 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.54 (down from ₹4.08 in 3Q 2025). Revenue: ₹4.69b (up 14% from 3Q 2025). Net income: ₹189.6m (down 38% from 3Q 2025). Profit margin: 4.0% (down from 7.4% in 3Q 2025). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Specialty Retail industry in India. Announcement • Feb 07
Baazar Style Retail Limited Announces Board and Executive Changes Baazar Style Retail Limited announced that Board of Directors at its Meeting held February 06, 2026, approved the appointment of Mr. Rohit Kedia as the Chairman of the Company. Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("Listing Regulations"), this is to inform that Mr. Pradeep Kumar Agarwal, Chairman of the Company has tendered his resignation vide the Letter of Resignation dated February 3, 2026, and the Board of Directors of the Company noted the same. Consequently, Mr. Pradeep Kumar Agarwal shall cease to hold the office of Chairman of the Company with effect from the close of business hours on February 06, 2026, and shall continue to be associated with the Company as a Whole-Time Director. Pursuant to Regulation 30 read with schedule III and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations"), this is to inform that on the basis of recommendation of the Nomination and Remuneration Committee, the Board of Directors at its Meeting held on February 06, 2026, approved the appointment of Mr. Pradeep Jajoria as Head - Category Planning, Senior Management Personnel (SMP) of the Company. Mr. Rohit Kedia, a Promoter and Whole-Time Director of the Company, has over 24 years of experience in the retail and garment industry and has been associated with the Company since its incorporation. He holds a Bachelor's degree in Commerce from the University of Calcutta and brings strong operational expertise, leadership continuity, and alignment with the Company's long- term vision. Mr. Pardeep Jajoria holds an M.Sc. in Operational Research from the University of Delhi and a PG Certificate in AI and Deep Learning from IIT Ropar. With over 14 years of experience in retail analytics and merchandise planning, he brings strong expertise in inventory optimization, replenishment, and data- driven planning, and has previously been associated with V2 Retail Ltd., Lenskart Pvt. Ltd., Genesis Colors Pvt. Ltd., Bharti Retail Ltd., and JC Penney India Pvt. Ltd. Announcement • Jan 30
Baazar Style Retail Limited to Report Q3, 2026 Results on Feb 06, 2026 Baazar Style Retail Limited announced that they will report Q3, 2026 results on Feb 06, 2026 Announcement • Jan 21
Baazar Style Retail Limited announced that it expects to receive INR 828.83125 million in funding from Cupid Limited Baazar Style Retail Limited announced a private placement to issue 10,100,000 convertible equity warrant at an issue price of INR 82.0625 for the proceeds of INR 828,831,250 on January 20, 2026. The transaction involves participation of Cupid Limited as an investor. Warrant is exercisable to share at price of INR 246.1875 within period of 18 months from the date of allotment of convertible warrants Transaction is approved by board of directors and is still subject to approval of shareholders and regulatory approval. New Risk • Jan 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (25% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹239, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 44x in the Specialty Retail industry in India. Total loss to shareholders of 23% over the past year. Reported Earnings • Nov 11
Second quarter 2026 earnings released: EPS: ₹6.90 (vs ₹1.26 loss in 2Q 2025) Second quarter 2026 results: EPS: ₹6.90 (up from ₹1.26 loss in 2Q 2025). Revenue: ₹5.35b (up 72% from 2Q 2025). Net income: ₹514.9m (up ₹604.3m from 2Q 2025). Profit margin: 9.6% (up from net loss in 2Q 2025). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Specialty Retail industry in India. Announcement • Nov 03
Baazar Style Retail Limited to Report Q2, 2026 Results on Nov 10, 2025 Baazar Style Retail Limited announced that they will report Q2, 2026 results on Nov 10, 2025 Buy Or Sell Opportunity • Oct 03
Now 22% undervalued Over the last 90 days, the stock has risen 20% to ₹354. The fair value is estimated to be ₹456, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last year, while earnings per share has been flat. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 228% in the next 2 years. Buy Or Sell Opportunity • Sep 18
Now 20% undervalued Over the last 90 days, the stock has risen 44% to ₹368. The fair value is estimated to be ₹462, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last year, while earnings per share has been flat. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 228% in the next 2 years. Announcement • Aug 25
Baazar Style Retail Limited, Annual General Meeting, Sep 24, 2025 Baazar Style Retail Limited, Annual General Meeting, Sep 24, 2025, at 11:30 Indian Standard Time. New Risk • Aug 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: ₹0.28 (vs ₹0.06 loss in 1Q 2025) First quarter 2026 results: EPS: ₹0.28 (up from ₹0.06 loss in 1Q 2025). Revenue: ₹3.81b (up 38% from 1Q 2025). Net income: ₹20.6m (up ₹24.8m from 1Q 2025). Profit margin: 0.5% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Specialty Retail industry in India. Announcement • Jul 25
Baazar Style Retail Limited to Report Q1, 2026 Results on Aug 01, 2025 Baazar Style Retail Limited announced that they will report Q1, 2026 results on Aug 01, 2025 Buy Or Sell Opportunity • Jul 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ₹285. The fair value is estimated to be ₹359, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 52% per annum over the same time period. Board Change • Jul 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Non-Independent Director Ushma Sule was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 10
Baazar Style Retail Limited to Report Q4, 2025 Results on May 14, 2025 Baazar Style Retail Limited announced that they will report Q4, 2025 results on May 14, 2025 Announcement • Apr 18
Baazar Style Retail Limited Announces Disruption of Operations of the Store and Temporarily Shut Down In continuation to the Corporate Announcement submitted on April 11, 2025, with respect to the temporary disruption of operation in one of the Company's stores of Style Baazar at Dhuliyan, West Bengal due to civil unrest. Expected quantum of loss /damage cause Loss of Average Daily Sales along with Inventory and Fixed Assets loss/damage. The loss/damage amount shall be ascertained after the survey. Whether loss /damage covered by insurance or not including amount: Yes, the loss/damage is covered by the Insurance Policy. The operations of the Store has been disrupted and the same has been shut down temporarily. Store Adress: Hospital More, Dhuliyan, West Bengal, Pin-742202. Reason: Due to civil unrest. The Company has communicated to the Insurer and is in the process of initiating claims for the loss/damage. The actual amount of damage is yet to be ascertained. The local area is still under civil unrest therefore the appropriate steps are yet to be taken in due course. Buy Or Sell Opportunity • Mar 28
Now 22% overvalued Over the last 90 days, the stock has fallen 24% to ₹241. The fair value is estimated to be ₹198, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 65% in 2 years. Earnings are forecast to grow by 209% in the next 2 years. Board Change • Mar 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Non-Independent Director Ushma Sule was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 29
Baazar Style Retail Limited Appoints Dipti Agarwal as Chief Risk Officer Baazar Style Retail Limited intimated that the Board of Directors at its meeting held on January 28, 2025, approved, to appoint/re-designate Ms. Dipti Agarwal as the Chief Risk Officer, a senior management personnel, of the Company on the recommendation of Risk Management Committee and the Nomination and Remuneration Committee to take effect from January 28, 2025. Ms. Dipti Agarwal holds a bachelor's degree in commerce from the University of Calcutta. She is also an associate member of ICAI and has also successfully passed the final examination conducted by the Institute of Company Secretaries of India. She has experience in the field of audit. Prior to joining the company, she was associated with BSR and Associates LLP KPMG Global Delivery Centre Private Limited, and was a practicing Chartered Accountant till October 2016. She is associated with the Company since April 9, 2018. Announcement • Jan 21
Baazar Style Retail Limited to Report Q3, 2025 Results on Jan 28, 2025 Baazar Style Retail Limited announced that they will report Q3, 2025 results on Jan 28, 2025 Announcement • Dec 19
Baazar Style Retail Limited Announces Resignation of Dipti Agarwal, Chief Project and Admin Officer, Effective January 15, 2025 Baazar Style Retail Limited informed that Ms. Dipti Agarwal, Chief Project and Admin Officer, a Senior Management Personnel of the Company, has submitted her resignation to pursue other career opportunities vide her resignation letter dated December 16, 2024. Cessation from the closure of business hours on January 15, 2025. Announcement • Oct 31
Baazar Style Retail Limited to Report Q2, 2025 Results on Nov 07, 2024 Baazar Style Retail Limited announced that they will report Q2, 2025 results on Nov 07, 2024 Announcement • Oct 15
Baazar Style Retail Limited Closes the Store of Style Baazar at Narasannapeta, Andhra Pradesh Baazar Style Retail Limited informed that it had closed the store of Style Baazar at Narasannapeta, Andhra Pradesh on October 14, 2024. With this, the total number of stores as of date stands at 187. Board Change • Oct 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Non-Independent Director Ushma Sule was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 26
First quarter 2025 earnings released: ₹0.06 loss per share (vs ₹2.26 loss in 1Q 2024) First quarter 2025 results: ₹0.06 loss per share (improved from ₹2.26 loss in 1Q 2024). Revenue: ₹2.79b (up 75% from 1Q 2024). Net loss: ₹4.20m (loss narrowed 97% from 1Q 2024). Announcement • Sep 25
Baazar Style Retail Limited Announces Change in Designation of Ushma Sheth Sule from Nominee Director to Non-Executive Non-Independent Director Baazar Style Retail Limited announced that at the board meeting held on September 25, 2024, approved the Mrs. Ushma Sheth Sule was initially appointed as a Nominee Director by the Board of Directors, in accordance with the Shareholders' Agreement ("SHA"). Subsequently, she was appointed by the shareholders in a general meeting, representing a group of shareholders as outlined in Part II of the Articles of Association (AOA) of the company. With the automatic termination of Part II of the AOA upon the filing of the UDRHP, Mrs. Ushma Sheth Sule has been re-designated as a Non-Executive Non - Independent Director with effect from September 25, 2024. Mrs. Ushma Sheth Sule holds a bachelor's degree in commerce from the Narsee Monjee College of Commerce & Economics, Mumbai and a master's degree in business administration from the Kelly School of Business, Indiana University. She is also an associate of the Institute of Chartered Accountants of India. She has experience in the field of portfolio management of entities of various diversified sectors, retail, financial services, insurances, aviation and apparels. Announcement • Sep 19
Baazar Style Retail Limited to Report Q1, 2025 Results on Sep 25, 2024 Baazar Style Retail Limited announced that they will report Q1, 2025 results on Sep 25, 2024