STYLE BAAZAR — INDIA'S VALUE RETAIL STORY IS GETTING BIGGER

India's next retail boom won't come only from premium malls. It will come from aspirational consumers in India's smaller cities. And Style Baazar is building directly for that customer. The company operates a value-fashion retail model focused on affordable apparel and lifestyle products, with a growing presence across India's aspiring markets. The expansion is already visible. Style Baazar has grown to 263 stores, while its retail network is being unified on a digital backbone. Its private-label portfolio has expanded to 11 brands, generating approximately ₹977 crore of sales — 53% of total revenue. That's important because private labels can change the economics of retail. More private labels → Better product control → Better margins → Stronger differentiation. And then comes the store-expansion flywheel. New stores → New customers → Higher sales → Better scale → Stronger purchasing power. The company has been expanding aggressively while continuing to focus on cluster-based growth, allowing it to improve site selection, understand local demand and ramp up stores faster. The operating numbers are also moving in the right direction. During 9M FY26, revenue grew strongly, gross profit increased 40% YoY to ₹475 crore, while EBITDA rose 45% to ₹217 crore. EBITDA margin improved to 15.8%. Store count reached 252, with retail area up 31% YoY to 2.35 million sq. ft. Even inventory efficiency improved, with inventory days declining from 111 to 102 days. That's the part worth watching. Revenue growth + store expansion + private-label penetration + improving inventory efficiency = operating leverage. And the addressable market remains enormous. Millions of Indian consumers are moving from unorganised retail toward branded, organised and value-focused shopping. They want fashion. But they also want affordability. That's exactly where Style Baazar is positioned. Affordable pricing + private labels + regional understanding + expanding stores.