Kiaasa Retail FY26 Net Profit Rises 24% to ₹11.17 Cr; EBITDA Jumps 46%

Kiaasa Retail Limited's Board of Directors approved the audited standalone financial results for the half year and year ended March 31, 2026, at a meeting held on May 15, 2026. The auditors, Dharam Taneja Associates, issued an unmodified opinion, affirming the results present a true and fair view in conformity with applicable accounting standards. The company, which listed on the BSE SME platform in March 2026, operates 124+ Exclusive Brand Outlets (EBOs) across 70+ cities pan India, positioning itself as a high-growth omnichannel women's ethnic wear brand targeting the affordable luxury segment.

Financial Performance

Kiaasa Retail delivered a strong financial performance for the year ended March 31, 2026. Revenue from operations grew to ₹134.63 crore from ₹121.63 crore in the previous year, while total income rose to ₹135.25 crore from ₹121.65 crore. EBITDA surged 46.00% to ₹24.00 crore from ₹16.44 crore, with EBITDA margin expanding by 432 basis points to 17.8%. Net profit (PAT) for the full year stood at ₹11.17 crore, compared to ₹9.01 crore in the prior year, with PAT margin improving to 8.3% from 7.4%. The following table presents the key standalone financial results:

Particulars: H1 FY26 H2 FY26 FY26 FY25 YoY Growth Revenue from Operations: ₹57.92 Cr ₹76.71 Cr ₹134.63 Cr ₹121.63 Cr +10.7% Other Income: ₹0.09 Cr ₹0.52 Cr ₹0.62 Cr ₹0.02 Cr — Total Income: ₹58.01 Cr ₹77.24 Cr ₹135.25 Cr ₹121.65 Cr +11.2% Operating Expenditure: ₹45.75 Cr ₹65.49 Cr ₹111.24 Cr ₹105.21 Cr — EBITDA: ₹12.26 Cr ₹11.75 Cr ₹24.00 Cr ₹16.44 Cr +46.0% EBITDA Margin (%): 21.2% 15.3% 17.8% 13.5% +432 bps Finance Costs: ₹1.97 Cr ₹4.12 Cr ₹6.09 Cr ₹2.80 Cr — Depreciation & Amortisation: ₹1.40 Cr ₹1.41 Cr ₹2.81 Cr ₹1.39 Cr — Profit Before Tax: ₹8.89 Cr ₹6.21 Cr ₹15.10 Cr ₹12.25 Cr +23.3% Tax Expense: ₹2.25 Cr ₹1.68 Cr ₹3.92 Cr ₹3.23 Cr +21.4% Net Profit (PAT): ₹6.64 Cr ₹4.54 Cr ₹11.17 Cr ₹9.01 Cr +24.0% PAT Margin (%): 11.5% 5.9% 8.3% 7.4% +89 bps Basic & Diluted EPS (₹): 5.21 3.30 8.43 7.47 +12.9%

Note: Operating Expenditure excludes Finance Costs and Depreciation & Amortisation.

Operational Metrics

Kiaasa Retail's operational performance strengthened meaningfully during FY26, reflecting improved store productivity and customer engagement. Same Store Sales Growth (SSSG) accelerated to 12.89% from 7.11% in the prior year. The Average Selling Price (ASP) rose to ₹2,430 from ₹1,772, while the repeat purchase rate improved to 21% from 18%, indicating stronger customer loyalty. Sales per square foot stood at ₹985 per month, up from ₹945. The company's customer base exceeded 5,00,000, with a primary target audience of women aged 22–45.

Metric: FY26 (Mar 31, 2026) FY25 (Mar 31, 2025) Same Store Sales Growth (SSSG): 12.89% 7.11% Average Selling Price (ASP): ₹2,430 ₹1,772 Average Order / Bill Value: ₹3,367 ₹3,372 Repeat Purchase Rate: 21% 18% Sales per Sq Ft (₹/month): ₹985 ₹945

Balance Sheet Highlights

The company's balance sheet as at March 31, 2026 reflects significant expansion in both assets and equity, partly driven by IPO proceeds. Total assets stood at ₹270.88 crore, up from ₹143.87 crore as at March 31, 2025. Net worth increased substantially to ₹109.06 crore from ₹40.59 crore, driven by growth in reserves and surplus to ₹90.83 crore. Key balance sheet metrics are summarised below:

Parameter: FY26 (31-Mar-26) FY25 (31-Mar-25) Share Capital: ₹18.23 Cr ₹12.74 Cr Reserves & Surplus: ₹90.83 Cr ₹27.85 Cr Net Worth: ₹109.06 Cr ₹40.59 Cr Long-term Borrowings: ₹5.08 Cr ₹3.77 Cr Short-term Borrowings: ₹79.60 Cr ₹24.89 Cr Inventories: ₹117.48 Cr ₹68.24 Cr Cash & Bank Balance: ₹31.69 Cr ₹2.70 Cr Total Assets: ₹270.88 Cr ₹143.87 Cr

Note: Cash & Bank balance surge reflects IPO proceeds received in March 2026.

Cash Flow Summary

For the year ended March 31, 2026, Kiaasa Retail reported net cash used in operating activities of ₹7,617.74 lakhs, reflecting significant working capital investments including a ₹4,923.53 lakh increase in inventory. Net cash used in investing activities was ₹426.31 lakhs, primarily on account of property, plant and equipment purchases. Financing activities generated net cash of ₹10,784.98 lakhs, supported by proceeds from the IPO share issuance of ₹5,730.32 lakhs and net short-term borrowings of ₹5,404.14 lakhs. Cash and cash equivalents at the end of the year stood at ₹3,011.31 lakhs, compared to ₹270.38 lakhs at the beginning of the year.

Store Network and Business Strategy

As at FY26, Kiaasa Retail operated 124 active EBOs, comprising 110 Company Owned Company Operated (COCO) stores and 14 Franchise Owned Franchise Operated (FOFO) stores, spread across 70+ cities with a total retail area exceeding 91,000 sq. ft. The company employs a four-tier store stratification strategy — Category A (Tier 1 premium locations), Category B (mid-market urban), Category C (Tier 2 & 3 high street), and the Nine99 format (fixed price under ₹999 for inventory clearance) — to maximise margin protection through an inventory cascade mechanism. The core product portfolio is anchored by Salwar-Kurta-Dupatta (SKD) sets, which account for 58% of revenue, with an Average Selling Price maintained at ₹2,000–₹2,500. Adjacent categories including Kurtas (19%), Dresses/Gowns (9%), Woolens (5%), and Bottoms (4%) make up the remaining 42%.

Store Format: FY26 Count FY25 Count COCO (Company Owned Company Operated): 110 98 FOFO (Franchise Owned Franchise Operated): 14 15 Total Active EBOs: 124 113

IPO and Corporate Milestones

Kiaasa Retail completed its Initial Public Offering and listed its equity shares on the SME platform of BSE Limited on March 2, 2026. The company issued and allotted 54,91,000 equity shares of ₹10 each at a price of ₹127 per share through the IPO, aggregating to ₹69.72 crores. The company had earlier converted from a private limited to a public limited company, changing its name from Kiaasa Retail Private Limited to Kiaasa Retail Limited, at an Extraordinary General Meeting held on April 18, 2024. The financial results for the half year and year ended March 31, 2026 have accordingly been prepared in compliance with SEBI (LODR) Regulations.

Growth Roadmap

Kiaasa Retail has outlined an ambitious expansion strategy targeting 160 stores in 2026, 190 stores in 2027, and 250 stores by 2028, with a long-term target of 300 stores by FY30. The company plans to enter Multi-Brand Outlets (MBOs) and Large Format Stores (LFSs) from FY27 to expand brand visibility. From a financial perspective, the company has projected a Revenue CAGR of 35% and both EBITDA and PAT CAGR of 45% over the medium term, anchored off FY25 base revenue of ₹121.63 crore, EBITDA of ₹16.44 crore, and PAT of ₹9.01 crore. Additionally, the company is evaluating international expansion with plans to open EBOs in countries including Thailand, Singapore, Dubai, London, and Canada, leveraging the promoters' prior export experience across 65 countries.

Milestone: Details FY26 Store Target: 160 stores FY27 Store Target: 190 stores FY28 Store Target: 250 stores FY30 Store Target: 300 stores Revenue CAGR Target: 35% EBITDA CAGR Target: 45% PAT CAGR Target: 45%

About Kiaasa Retail Limited

Kiaasa Retail Limited, formerly known as Kiaasa Retail Pvt. Ltd., is headquartered at Plot No. 1/37, South Side G.T. Road Industrial Area, Lalkuan, Ghaziabad, Uttar Pradesh 201002. The company is primarily engaged in the ethnic wear segment, offering a wide range of apparel, footwear, and accessories designed exclusively for women. It operates 124+ stores across 70+ cities pan India. India's women's ethnic wear market, which commands 67% of the average Indian woman's wardrobe, is projected to reach ₹2.5 lakh crore by 2030, growing at a CAGR of 8.27% between FY25E and FY30E, providing a significant addressable market for the company.

Source: Company/INE1C3F01018/81f83c40-95b0-4e63-a4b6-270f866e5ad5.pdf

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