Baazar Style Retail Ltd delivers 13% YoY revenue growth in Q3FY26 amid Store Expansion

Baazar Style Retail Limited (BSRL), one of the leading value fashion retailers in Eastern India, reports its business update for the Quarter and Nine-months ended December 31, 2025.

Key Highlights:

- We are pleased to report that Standalone Revenue from Operations for Nine Months ended December 2025 has grown by an impressive 38% YoY, reaching Rs 13,760 Mn, surpassing our earlier guidance of 30% growth. This strong performance underscores the resilience of our business model and the continued trust of our customers.

- Standalone Revenue from Operations posted a growth of 13% YoY to Rs 4,665 Mn in Q3FY26.

- Sales Per Square Feet (PSF) stood at Rs 745 per month in 9MFY26 and Rs 704 per month in Q3FY26.

- During 9MFY26, we added 45 new stores and closed 7 stores, taking our total store count to 252, a healthy 27% YoY growth, further strengthening our presence and accessibility across key markets.

The company reported resilient performance for Q3FY26 (October-December 2025), with standalone revenue from operations reaching ₹4,665 million, up 13% year-over-year (YoY) from ₹4,116 million in Q3FY25. This growth reflects aggressive store additions despite softer same-store sales, particularly in core markets.

Financial and Operational Metrics

The company's expansion strategy drove key gains. For Q3FY26, revenue stood at ₹4,665 million, marking 13% YoY growth. Over 9MFY26, revenue reached ₹13,760 million, up 38% from ₹9,982 million in 9MFY25. Calendar year 2025 revenue hit ₹17,213 million, a robust 41% increase from ₹12,216 million in CY24, neutralizing festive seasonality effects.

Sales per square foot stood at ₹704 per month in Q3FY26, down 15% YoY from ₹826, but remained stable at ₹745 for 9MFY26, up 1% YoY. The store network expanded to 252 outlets from 199 a year ago - a 27% increase - with total rental area growing 30% to 23.35 lakh square feet.

Same Store Sales Growth (SSSG) Breakdown

SSSG faced headwinds in Q3FY26 due to regional variations. Across 153 stores, total SSSG was -14% for the quarter, improving to 1% for 9MFY26 and 5% for CY25. In West Bengal, Assam, and Tripura (90 stores), SSSG was -22% in Q3FY26, -3% for 9MFY26, and 2% for CY25. Meanwhile, other states (63 stores) showed resilience with 1% growth in Q3FY26, 8% for 9MFY26, and 9% for CY25.

Core eastern markets saw a Q3 dip from competitive pressures and cautious consumer spending, while newer states delivered positive momentum.

Strategic Takeaways

Baazar Style's 27% store count growth fueled 38% 9MFY26 revenue expansion, offsetting SSSG softness through scale. Sales density moderation signals execution challenges in mature markets, but diversification into other states offers upside. CY metrics affirm a 41% topline trajectory, positioning the retailer for festive Q4 gains amid improving rural demand and value-segment resilience.

Key Highlights Underpinning the SSSG Factors:

- Preponement of festive sales (Durga Puja in Sep-25 as against Oct-24) impacted the SSSG in Q3FY26. The CY25 SSSG neutralizes the effects of festive shifts between different quarters.

- Our strategic approach of cluster-based store expansion influenced SSSG performance, as incremental stores were added within established clusters. However, the rapid ramp-up of new stores significantly enhanced overall cluster productivity, enabling higher throughput and improved operating leverage. During 9MFY26, the Company opened 25 new stores within existing clusters, resulting in a decline of 8% in SSSG of mature stores in these clusters. However, recorded a strong revenue growth of 52% at the cluster level.

- Heavy rainfall in West Bengal and unrest in parts of Assam and Tripura during peak festive sales impacted SSSG in 9MFY26.

- States other than West Bengal, Assam, and Tripura continued to deliver healthy growth, with SSSG remaining resilient at 8% in 9MFY26.

We remain confident in our ability to sustain momentum and deliver long-term value through operational excellence, strategic expansion, and customer-centric initiatives.

Shares of Baazar Style Retail Limited was last trading in BSE at Rs. 285.60 as compared to the previous close of Rs. 270.30. The total number of shares traded during the day was 15881 in over 412 trades.

The stock hit an intraday high of Rs. 290.00 and intraday low of 272.40. The net turnover during the day was Rs. 4462270.00.

Source : Equity Bulls

Keywords

BaazarStyleRetail STYLEBAAZAR SpecialityRetail EasternIndia BusinessUpdate Q3FY26 9MFY26