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Earlier report,
Baazar Style Retail H1 revenue rises 6% to Rs 964.5 crore, but Q2 falls 10% and same-store sales drop 25%
Since then, : New: Q2 FY27 revenue from operations: ₹4,781 Mn
Our read
Same-store sales stay negative through Q3, so Baazar Style is more likely to slow its store rollout than to keep expanding at the H1 pace.
For operators
A 25% same-store sales drop in Q2 (11% for H1) shows the chain is growing through new space rather than store productivity, so fix traffic, conversion and assortment in the existing 283-store base, with sales at Rs 642 per sq ft a month, before accelerating openings beyond the 14 added and seven closed.
Watch
Q3 FY27 same-store sales growth versus the 25% fall in Q2 and the 11% fall for H1
Ask next
The report
Baazar Style Retail recorded Q2 revenue of Rs 478.1 crore as a shifted festive calendar moved Durga Puja demand from Q2 FY26 to Q3 FY27. It ended September with 283 stores, adding 14 and closing seven in Q2.
- H1 FY27 revenue from operations
- ₹964.5 crore
- up 6 per cent
- Q2 FY27 revenue from operations
- ₹478.1 crore
- down 10 per cent
- Q2 same-store sales growth
- -25 per cent
- Store count as of September 30
- 283
What we verified
Checked against the other reports of this story.
- H1 FY27 revenue growth: 6% — ET Retail and Outlook Business agree.
- Q2 FY27 revenue decline YoY: 10% — ET Retail and Outlook Business agree.
- Stores as of 30 September 2026: 283 — ET Retail and Outlook Business agree.
- H1 FY27 revenue from operations: Rs 964.5 crore (ET Retail) vs ₹9,645 Mn (Outlook Business) — reports differ.
- Q2 FY27 revenue from operations: Rs 478.1 crore (ET Retail) vs ₹4,781 Mn (Outlook Business) — reports differ.
What to watch next
- Store count at the end of December versus 283, and the number of closures versus the seven in H1
- Sales per sq ft versus Rs 642 a month in the next quarterly update
- Management commentary or guidance on store openings, markdowns and festive-season demand
- Quarterly results and same-store trends from listed value-fashion peers
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Baazar Style is likely to frame the 25% Q2 same-store decline as temporary and point to the 6% H1 revenue rise and the 283-store base as evidence the model still scales.
- Expect the company to temper its pace of net store additions after opening 14 and closing seven in the half, with more attention to shutting weak outlets than to adding new ones.
- Baazar Style may lean on promotions and festive-season pricing to restore footfall, which would put pressure on gross margin even if it supports sales.
- Value-fashion rivals are likely to keep competing aggressively on price and store rollout, and may take share if Baazar Style's same-store sales stay weak.
- Analysts are likely to trim near-term estimates and ask for more detail on what is driving same-store sales, namely traffic, ticket size or cannibalisation.
Updates
Each later report on this story, newest first. Earlier entries are never edited; a correction is a new entry.
New: Q2 FY27 revenue from operations: ₹4,781 Mn
- Stores closed in Q2 FY27: 7
Reported as “Baazar Style Retail H1 FY27 revenue up 6% to ₹9,645 Mn; Q2 falls 10% as same-store sales drop 25%”
On the record
Earlier Baazar Style Retail (Style Baazar) reports on RetailIntel, newest first.
Reported figures
From the report. Source details below
| H1 same-store sales growth: | -11 per cent |
|---|---|
| Q2 sales per square foot per month: | Rs 642 |