BSE: 544711
KIAASA RETAIL LIMITED
Sells women's ethnic wear under the Kiaasa brand through Exclusive Brand Outlets (EBOs), targeting value-conscious Tier 2 and Tier 3 consumers at an average selling price of ₹2,000-2,500. As of FY26 it ran 124+ stores across 70+ cities with a customer base of over 5.5 lakh and same-store sales growth of 12.89%. Earnings come mainly from in-store sales at EBOs, an online channel that ships from the nearest physical store and currently contributes 1-2% of revenue, a small Nine99 clearance format that feeds into the EBO network, and newer lines including Kiaasa Divas (girls' ethnic wear) and a DIY custom-garment studio. The cost base is dominated by other operating expenses (23.8% of revenue) and employee costs (10.4%), with capex at 3.3% of revenue funding new outlets at ₹24-25 lakh each. Roughly ₹46 crore of IPO proceeds raised in March 2026 is earmarked for 66 new stores, with management targeting 250 EBOs by FY28, 300 by FY30, and an additional 600-1,000 multi-brand or large-format counters by FY30. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Exclusive Brand Outlets (EBOs), Online channel, Nine99 clearance format, Kiaasa Divas, DIY studio, MBO / LFS counters. Asset-light, consumer-facing branded apparel retail with a young store base
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 135 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 8.43 |
| ROE % · ROCE % | — · 13.9 |
| Debt / equity (x) | — |
| Cash from operations | (76) |
| Capex | (4) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 77 |
| Profit before tax | 6 |
| Net profit | — |
| EPS (₹) | 3.30 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 38,604 | 51.1 | 25.69 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,061 | 31.5 | 3.15 | 13.8 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,526 | 17.8 | 3.84 | 11.0 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,638 | 45.0 | 2.15 | 12.6 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,465 | 32.5 | 1.90 | 19.3 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,161 | 78.1 | 39.42 | 71.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,573 | 17.4 | 2.30 | 9.3 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,261 | — | 1.83 | 34.1 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.1 | 16.7 | 10 of 37 | 75% |
| ROCE | 9.9 | 8.4 | 20 of 44 | 56% |
| Market cap | 49 | 150 | 31 of 44 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Rs 10.57 crore of IPO funds remain unutilized | compliance | minimal | — | — |
| 21 Oct 2026 · Kiaasa launches premium no-discount brand Virasat during Navratri | compliance | low | — | — |
| 8 Oct 2026 · Kiaasa Retail opens six new stores across UP, Rajasthan and Bihar ahead of festive season | compliance | low | — | — |
| 6 Oct 2026 · Routine SEBI compliance filing for Q2 FY27, no demat activity reported | compliance | minimal | — | — |
| 3 Oct 2026 · All 8 resolutions passed at Kiaasa Retail's 4th AGM with over 99% approval | compliance | minimal | — | — |
| 1 Oct 2026 · Kiaasa Retail Opens 6 New Stores Ahead of Festive Season | business updates | medium | — | — |
| 30 Sept 2026 · Kiaasa Retail holds 4th AGM; tables ESOP 2026, capital and borrowing limit hikes | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Trading window closed from Oct 1 till H2 FY26 results | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper ad of 4th AGM Notice and Book Closure published | compliance | minimal | — | — |
| 7 Sept 2026 · Kiaasa Retail submits Annual Report for FY 2025-26 | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.