NSE: PRAXIS · BSE: 540901
PRAXIS HOME RETAIL LTD
Operates a retail business selling home products under the Praxis brand, based on the registered name Praxis Home Retail Ltd. In FY26, revenue from operations stood at Rs 95.66 cr, down 19.6% from Rs 118.97 cr in FY25. The cost base is typical of a store-led retailer, with other operating expenses at 54.7% of revenue (Rs 52.28 cr), employee costs at 20% (Rs 19.16 cr), and depreciation at 21.6% of revenue (Rs 20.64 cr), while reported materials cost is nil. The company posted a net loss of Rs 66.6 cr in FY26 versus Rs 35 cr in FY25, with Q4 FY26 alone absorbing a Rs 115.3 cr loss that included a Rs 101 cr exceptional ECL provision on a security deposit from related party Future Enterprises Limited, which is under insolvency proceedings. To fund operations and settle trade payables, it completed a rights issue of Rs 49.58 cr in August 2025 and entered an unsecured loan facility of up to Rs 14.5 cr with CMS IT Services at 11% per annum interest. The statutory auditor flagged material uncertainty on going concern, citing negative net worth of Rs 77.2 cr, cash loss of Rs 40.6 cr, and current liabilities exceeding current assets. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Home retail. Stressed, store-based home retail business with negative net worth and going-concern uncertainty
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 399 | 386 | 220 | 119 | 96 |
| EBITDA (ex other income) | (2) | 27 | (34) | (30) | (37) |
| margin % | (0.5) | 7.1 | (15.4) | (25.2) | (38.3) |
| Owners' profit | 14 | (21) | (86) | (35) | (67) |
| EPS, as reported (₹) | 2.74 | (2.79) | (7.35) | (2.69) | (4.03) |
| ROE % · ROCE % | 1859.1 · 40.1 | 117.1 · 1.2 | 198.5 · (191.8) | 56.9 · (37.5) | 86.3 · (65.0) |
| Debt / equity (x) | 107.68 | (2.97) | (1.72) | (1.92) | (0.68) |
| Cash from operations | 24 | 84 | (29) | (27) | (38) |
| Capex | (3) | (10) | (7) | (1) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34 | 27 | 24 | 21 | 26 | 25 | 27 | 25 |
| Profit before tax | (8) | (14) | (16) | 81 | (16) | (115) | (11) | (13) |
| Net profit | (8) | (14) | (16) | 81 | (16) | (115) | (11) | (13) |
| EPS (₹) | (0.62) | (1.06) | (1.22) | 5.24 | (0.86) | (6.21) | (0.60) | (0.69) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Trading window closed ahead of rights issue pricing meeting | compliance | minimal | — | — |
| 6 Nov 2026 · Committee to finalise terms of up to Rs 550 crore rights issue | corporate actions | medium | — | — |
| 6 Nov 2026 · Praxis posts Q2 loss despite 18% revenue growth | compliance | minimal | — | — |
| 5 Nov 2026 · Standalone Sep 2026 quarter: revenue Rs 25.05 crore, up 18.1% year on year; PAT loss Rs 12.80 crore. | results | medium | — | — |
| 5 Nov 2026 · Revenue rises 18% in Q2, but profit after tax swings to a loss amid distress | results | high | — | — |
| 5 Nov 2026 · Standalone September 2026 quarter revenue up 18% year on year; loss and going-concern risk rise | results | high | — | — |
| 27 Oct 2026 · Praxis Home Retail raises Rs 2 crore unsecured related-party loan | compliance | minimal | — | — |
| 15 Oct 2026 · GSTAT Tribunal directs Praxis to deposit 3.68 crore plus 18 percent interest | regulatory legal | high | — | — |
| 9 Oct 2026 · Notice on SEBI special window for physical share demat transfer | compliance | minimal | — | — |
| 8 Oct 2026 · Board meeting on Nov 5 to consider Q2 and H1 FY26 results | results | low | — | — |
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.