Kiaasa Retail Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kiaasa Retail Ltd filed with BSE on 30 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Kiaasa Retail reported FY26 revenue from operations of Rs 134.63 crore, EBITDA of Rs 24 crore at a 17.8% margin, and net profit of Rs 11.17 crore, up 24% year-over-year. The company expanded to over 124 active EBOs across more than 70 cities, with same-store sales growth of 12.89% and a customer base above 5.5 lakh. Management discussed plans to expand to 250 stores by 2028, introduce new formats such as Kiaasa Divas and DIY studios, and grow multi-brand and online channels.
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Numbers mentioned
Revenue from operations: 134.63 crore rupees (FY26)
p. 2
“our total revenue from operaƟon for this year stood at 134.63 crore rupees”
Om Prakash, page 2 of the filed PDF · View the filing
EBITDA: 24 crore rupees (FY26)
p. 2
“We achieved an EBITDA of 24 crore rupees, reflecƟng a strong margin of 17.8%”
Om Prakash, page 2 of the filed PDF · View the filing
Net profit: 11.17 crore rupees (FY26)
p. 2
“our net profit reached 11.17 crore rupees, represenƟng a 24% year-over-year growth”
Om Prakash, page 2 of the filed PDF · View the filing
Same-store sales growth: 12.89% (FY26)
p. 2
“our same-store sale growth accelerated to 12.89% and our customer base increased over 5.5 lakh”
Om Prakash, page 2 of the filed PDF · View the filing
Active EBOs: 124 (As of May 2026)
p. 2
“we have expanded our footprints to over 124 acƟve EBOs across more than 70 ciƟes”
Om Prakash, page 2 of the filed PDF · View the filing
Repeat customers: 30%
p. 6
“we have around 30% of repeat customers”
Om Prakash, page 6 of the filed PDF · View the filing
Online contribution to revenue: 1-2%
p. 9
“it's very minimal. It's like 1-2% of the total revenue because you have just started this this new concept of online sale”
Om Prakash, page 9 of the filed PDF · View the filing
MBO margin taken by Reliance: 28 to 32%
p. 8
“they have a margin of they take a margin of around 28 to 32%”
Om Prakash, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Store count — 250 stores · by 2028
stated firmly by Om Prakash
p. 2
“With a clear objecƟve to expand our network to 250 stores by 2028, we are opƟmally posiƟoned to capture a large share of the modern Indian woman's wardrobe.”
Om Prakash, page 2 of the filed PDF · View the filing
Store openings funded by IPO proceeds — 66 stores · next two years
stated firmly by Om Prakash
p. 4
“the objecƟve is to open around 66 stores in next two years”
Om Prakash, page 4 of the filed PDF · View the filing
Revenue CAGR — 35% CAGR · by FY30
stated as an aspiration by Om Prakash
p. 5
“Yes, by FY30.”
Om Prakash, page 5 of the filed PDF · View the filing
Divas category revenue contribution — 8 to 10% · next couple of years
stated as an aspiration by Om Prakash
p. 6
“We are like hoping that 8 to 10% of the contribuƟon in Divas category and 4 to 5% iniƟally for the DIY studio, which grows to 10 to 12% in the next couple of years.”
Om Prakash, page 6 of the filed PDF · View the filing
Global expansion — within three to five years
stated as an aspiration by Om Prakash
p. 5
“That's the plan for the next, I mean within three to five years' plan.”
Om Prakash, page 5 of the filed PDF · View the filing
Online sales growth — 10 to 12% · next couple of years
stated as an aspiration by Om Prakash
p. 9
“we see in the next couple of years we'll be growing on this by 10% almost, 10 to 12%.”
Om Prakash, page 9 of the filed PDF · View the filing
MBO/LFS counters — 600 to 1000 counters · by 2030
stated as an aspiration by Om Prakash
p. 9
“maybe by 2030 we'll be adding around 600 to 1000 counters in different LFS”
Om Prakash, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the margin gain to improved sourcing efficiencies and better vendor negotiations through bulk procurement.
Answered by Om Prakash
Asked by Ashish Thakur: What drove the roughly 400-500 bps EBITDA margin expansion, and is this a sustainable new baseline?
p. 3
“it is basically because we have improved our sourcing efficiencies. We have, like, beƩer vendor negoƟaƟons through the bulk procurement”
Om Prakash, page 3 of the filed PDF · View the filing
Management said aspirational customers in these cities are willing to pay for affordable luxury and that ASP is an aggregate they intend to grow over time.
Answered by Om Prakash
Asked by Ashish Thakur: How is the shift toward Tier 2/Tier 3 cities affecting store-level margins given lower ASPs there?
p. 3
“Tier 2 and Tier 3 ciƟes contribuƟng maximum in our business because the aspiraƟon level of the public has gone up and they are ready to spend for a brand which is providing a beƩer quality”
Om Prakash, page 3 of the filed PDF · View the filing
Management said the funds are earmarked solely for store operations, targeting 66 new stores over two years covering capex and inventory.
Answered by Om Prakash
Asked by Ashish Thakur: How will the IPO proceeds of roughly Rs 46 crore be deployed?
p. 4
“we have raised this money for store operaƟon only, and the objecƟve is to open around 66 stores in next two years”
Om Prakash, page 4 of the filed PDF · View the filing
Management described current stores as 700-1000 sq ft, with some future stores at 1200-1500 sq ft to accommodate new categories.
Answered by Om Prakash
Asked by Harshit Khadka: What is the average store size for current versus new stores, and the unit economics/capex required?
p. 4
“That's our normal size which we are now opening and which we had already opened. Moving forward we look forward to open stores around 1500 square feet”
Om Prakash, page 4 of the filed PDF · View the filing
Management said there is no specific near-term EBITDA target but pointed to the FY30 CAGR vision instead.
Answered by Om Prakash
Asked by Harshit Khadka: What is the revenue and EBITDA target for FY27 and FY28?
p. 4
“I wouldn't say, I mean EBITDA target as such we don't have, but since you have asked the quesƟons for futurisƟc I could only say that for Ɵll 2030 if you see slide number 20, we have given a clear-cut vision”
Om Prakash, page 4 of the filed PDF · View the filing
Management said the plan is for mostly COCO stores with possible FOFO model consideration later.
Answered by Om Prakash
Asked by Riya Shah: Will planned global stores be company-owned or franchised?
p. 5
“So mostly our idea is to have a COCO stores, but certainly yes in when we plan out a detailed project on this part, we'll be definitely taking care of like inviƟng FOFO model also.”
Om Prakash, page 5 of the filed PDF · View the filing
Management said the growth reflected both quality and quantity factors, including rising brand awareness and repeat customer conversion.
Answered by Om Prakash
Asked by Raghav Shrivastava: How much of the same-store sales growth came from volume versus pricing/ASP hikes?
p. 6
“It is both through quality and through quanƟty.”
Om Prakash, page 6 of the filed PDF · View the filing
Management described a supplier profiling process and said they try to retain regular, reliable suppliers rather than concentrating risk with one.
Answered by Om Prakash
Asked by Raghav Shrivastava: Does reliance on a few contract manufacturing units create vendor concentration risk?
p. 7
“we always encourage that supplier profiling first. So based on the supplier profiling we always move ahead and we tend to keep the same supplier as much possible as possible.”
Om Prakash, page 7 of the filed PDF · View the filing
Management said MBO entry will boost brand awareness and top line but will not meaningfully improve PAT given the margin partners like Reliance take.
Answered by Om Prakash
Asked by Jayesh Shah: What margin profile and working capital cycle can be expected from entering MBO/large format stores?
p. 8
“it is not going to have a bigger a good margin for us as in terms of PAT percentage”
Om Prakash, page 8 of the filed PDF · View the filing
Management said the FY30 target includes additional stores beyond the 250-store 2028 target plus growth from MBO/LFS counters and online.
Answered by Om Prakash
Asked by Rahul S: How does the FY26 revenue growth of 11.2% reconcile with the 35% CAGR guidance through FY30?
p. 9
“when I'm talking about 2030, another stores another 100 stores will be added up. So that will another add on to our revenue.”
Om Prakash, page 9 of the filed PDF · View the filing
Risks flagged
Basket size (average bill value) has stayed flat despite rising ASP, indicating potential execution gaps at store level
p. 7
“we are liƩle bit lagging maybe operaƟonals or, you know, depend on store to store also how the store how the store managers and the staffs are behaving with the customers to convert to make it up-sell more products and increase the basket size”
Om Prakash, page 7 of the filed PDF · View the filing
MBO expansion carries lower margin due to partner take-rate
p. 8
“they have a margin of they take a margin of around 28 to 32%. So if we calculate that way, it is not going to have a bigger a good margin for us as in terms of PAT percentage”
Om Prakash, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.