Baazar Style Retail (BSRL), the Kolkata-based value fashion powerhouse, has capped off FY 2025 with impressive momentum, reflecting its growing dominance in India’s organized retail landscape. Baazar Style Q4 FY 25 results paint a picture of rapid expansion, operational efficiency, and strategic clarity—all crucial indicators for long-term investors and market watchers.
The company has a 55% YoY surge in Q4 revenue to INR 345.6 crore and 38% growth for FY25, closing at INR 1,343.8 crore in revenue. The company’s ability to sustain double-digit growth throughout the year, even in a volatile macroeconomic environment, is a strong testament to its executional strength and consumer connect.
On the 2 April 2025 trading session, shares of Style Baazar have surged more than 12% intraday. JM Financial is also seeing a potential upside of 74% in the stock and has been given a target price of INR 400 per share.
Baazar Style Q4 FY25 – Key Operational Metrics
Let’s unpack the numbers from the March quarter and the full year:
| Metric | Q4 FY25 | Q4 FY24 | YoY Change | FY25 | FY24 | YoY Change |
|---|---|---|---|---|---|---|
| Revenue from Operations (INR Cr) | 345.6 | 223.4 | +55% | 1,343.8 | 972.7 | +38% |
| Sales Per Square Feet (INR/Month) | 679 | 570 | +19% | 721 | 646 | +12% |
| Same Store Sales Growth (SSSG) | 20% | – | – | 13% | – | – |
| Total Number of Stores | 214 | 162 | +32% | 214 | 162 | +32% |
| Total Rental Area (Lakh Sq Ft) | 19.21 | 14.65 | +31% | 19.21 | 14.65 | +31% |
| Additional Stores Opened | 15 (Q4 only) | 10 | +50% | 58 | 33 | +76% |
The retail chain, with its brand rooted in affordability and family-centric offerings, has delivered consistent growth both in-store and on paper. Same Store Sales Growth (SSSG) stood at a remarkable 20% for Q4 and 13% for the full year, clearly underscoring healthy demand across its existing network.
From Q3 Momentum to Q4 Acceleration
The company’s robust Q4 was built on a solid Q3 foundation. Earlier in January, BSRL had announced a 24% YoY revenue growth in Q3 FY25 (INR 411.6 crore) and 33% growth in the first nine months, giving markets a taste of the company’s expanding influence.
It’s worth noting that Q3 saw a minor dip in SSSG (-3%) due to the early onset of Durga Puja, yet the company bounced back with 20% SSSG in Q4—an impressive reversal that highlights operational agility.
Style Baazar Post-IPO Performance
Baazar Style Retail (Style Baazar) launched its IPO on 30 August 2024, the issue size was INR 686.67 crore. The IPO was oversubscribed to 40.6X. However, listing performance was lacklustre, stock was listed with a 2.83% gain. On 18 February 2025, Bazaar Style shares reached their lowest level of INR 183.10 per share, reflecting a ~53% decline from its allotment price of INR 389 per share.
However, it has recovered 65% from its lowest level and is trading at around INR 310.70 per share.
Rapidly Expanding Footprint
Baazar Style’s retail expansion has been nothing short of aggressive. From 153 stores in Q3 FY24 to 199 in Q3 FY25, and now closing the year at 214 stores, the company added 58 new stores in FY25, representing a 76% YoY increase in store additions.
Similarly, total rental space grew from 13.94 lakh sq ft in Q3 FY24 to 19.21 lakh sq ft by March 2025—a clear signal that the company is betting big on physical retail even in the age of e-commerce.
Festive Tailing and Strategic Execution in Q4
The final quarter, typically a high-performing season due to weddings and Eid, saw Style Baazar executing sharply. The management had earlier indicated its intent to double down on festive campaigns, refresh product lines, and introduce targeted promotions. The outcome? A bumper quarter that saw top-line growth without store closures—a rare achievement in value fashion retail.
BSRL’s focus remains unflinching: provide quality, affordable fashion for families across Tier 2 and Tier 3 cities. The strategy seems to be working, especially in Eastern India, where the brand already enjoys strong brand recall.
Conclusion
Baazar Style Retail’s FY25 performance positions it as a formidable challenger in India’s mid-market retail segment. The growth narrative is not just being told in numbers—it’s being lived out on the ground through store expansions, consumer traction, and efficient operations.
For long-term investors, the company offers a unique blend of value retail exposure, regional strength, and growth runway. With consumer sentiment turning favorable and the management’s eye on scalability, Baazar Style may well be entering its most exciting phase yet.
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