Submission of Earnings call transcript
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Kiaasa Retail reported FY26 revenue of ₹134.63 crore with EBITDA of ₹24 crore (17.8% margin) and net profit of ₹11.17 crore, up 24% YoY. The company recently listed on BSE SME (March 2026) and held its first earnings call. EBITDA margin expanded ~400-500 bps from ~13-14% last year, driven by improved sourcing efficiencies and bulk procurement. The company operates 124+ EBOs across 70+ cities targeting Tier 2/3 cities with an ASP of ₹2,000-2,500. Management guided for 250 stores by FY28 and 300 by FY30, with a planned entry into multi-brand outlets (Reliance) in FY27. Online sales currently contribute only 1-2% of revenue. Multi-year targets include 35% revenue CAGR and 45% EBITDA CAGR by FY30.
Strong margin expansion and multi-year growth guidance signal improving fundamentals, though as a newly listed SME with aggressive store expansion plans, execution risk is elevated. The Reliance MBO partnership and international expansion (Dubai, London, Canada) add optionality.