Baazar Style Retail Limited, founded in 2013 and headquartered in Kolkata, is a family-focused value fashion retailer offering a wide range of apparel and lifestyle products through its retail stores under brands like Style Baazar, Express Baazar, and Mega Baazar. The company has established a leadership position in the organized value retail market in the States of West Bengal and Odisha.
The company was initially incorporated as Dwarkadas Mohanlal Private Limited on June 3, 2013, then changed its name to Baazar Style Retail Private Limited on November 26, 2013. It converted into a Public Limited Company, Baazar Style Retail Limited, on January 6, 2022, and subsequently went public with its listing on September 6, 2024.
Baazar Style Retail Limited (BSRL) stands as one of Eastern India's leading value fashion retailers. For the first quarter of the fiscal year 2025–26 (Q1 FY26), the company reported a significant 37% year-on-year revenue growth, reinforcing its position as a key player in the Indian value retail segment. BSRL primarily targets Tier 2 and Tier 3 cities, where affordability and variety are key drivers for customer footfall.
The company boasts an expanding retail network, with a total of 232 stores across India as of recent updates (up 40% year-on-year from 166 stores). This expansion has increased its total retail area to 21.13 lakh sq. ft., marking a 41% year-on-year growth. During the period, BSRL opened 22 new stores while closing 4. Recent store openings include locations in Balasore, Odisha, and Koderma, Jharkhand.
For Q1 FY26, Baazar Style Retail Limited reported strong standalone revenue from operations of ₹3,777 million, a 37% increase from ₹2,757 million in Q1 FY25. Sales per Square Feet (PSF) improved slightly to INR 664/month (versus INR 661/month in Q1 FY25). The company noted a marginal dip in same-store sales growth (SSSG) of -3%, primarily attributed to the advancement of Eid to Q4 FY25.
For the full financial year 2024-25, sales surged by 38.12% to ₹1,343.71 crore, compared to ₹972.88 crore in FY24. However, despite the significant revenue growth, net profit declined by 33.18% to ₹14.66 crore in FY25, down from ₹21.94 crore in FY24.
In the fourth quarter of FY25, revenue from operations increased by 55% year-over-year (YoY) to ₹345.4 crore. Gross profit rose by 59% YoY to ₹114.3 crore. EBITDA improved by 69% YoY to ₹39.9 crore, with the EBITDA margin expanding by 1000 basis points to 11.6%. Despite these operational improvements, the company reported a net loss of ₹6.39 crore in Q4 FY25, marginally better than the net loss of ₹6.43 crore in Q4 FY24.
• Market Capitalization: ₹1,946.97 Crore (as of 20th June 2025)
• P/E Ratio: 132.72
• P/B Ratio: 9.05
• Book Value: ₹54.1
• 52-Week High: ₹431.15
• 52-Week Low: ₹181
• Promoter Holding: 45.6%
Baazar Style Retail is pursuing an ambitious growth strategy, targeting the opening of 40 to 50 new stores and enhancing its technology infrastructure to boost efficiency. The company plans to invest ₹60-65 crore in capital expenditure for FY26, primarily for new store openings and tech upgrades. Management remains optimistic about future growth despite past operational challenges, including store closures due to protests and significant corporate expenses.
The company is also focused on strengthening its financial position by addressing debt concerns, with plans to significantly reduce net debt by FY26. BSRL maintains a conservative revenue growth guidance of 20% to 25%, reinforcing its strategic focus on value retailing, efficient store productivity, and consumer-first retail experiences in Tier 2 and Tier 3 cities.
Baazar Style Retail Ltd (STYLEBAAZA) operates within the Consumer Discretionary sector, specifically in the Retail - Speciality sub-sector. Its key peers in the Indian market include Avenue Supermarts Ltd, Trent Ltd, Vishal Mega Mart Ltd, Brainbees Solutions Ltd, Aditya Birla Fashion & Retail Ltd, Medplus Health Services Ltd, Redtape Ltd, Cartrade Tech Ltd, Ethos Ltd, and V2 Retail Ltd.
The company made its public debut with a listing date of September 6, 2024. As part of its continuous expansion strategy, Baazar Style Retail regularly opens new stores. Recent additions include a new Style Baazar store in Balasore, Odisha, and another in Koderma, Jharkhand, both opened in May 2025, bringing the total store count to 219 as of the update date.
Baazar Style Retail's commitment to a value retail positioning and strategic expansion in emerging markets positions it as a significant player in India's organized retail sector, particularly within the value fashion segment catering to Tier 2 and Tier 3 cities.
