Patel Retail Ltd(PATELRMART)

NSE: PATELRMARTBSE: 544487

₹ 225.9-1.48%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 755 crWebsite: www.patelrpl.inUpdated: 24 Oct 2026

About

Patel Retail is a value-driven retail and FMCG company with an integrated model spanning retail, food processing and exports. It ran 50 Patel's R Mart stores as on March 31, 2026 across Thane, Raigad and Palghar districts of MMR, and opened its 54th store in Kalyan (East) in September 2026. Revenue was Rs 1048.33 Cr in FY26. The company is a Government-recognised Four Star Export House.^[1][2]

Business segments

Retail sales were ₹429.11 crore in FY26 vs ₹368.88 crore in FY25, up 16.33%.^[1]
Manufacturing, processing and exports revenue was ₹619.22 crore in FY26 vs ₹444.34 crore in FY25, up 39.36%.^[1]
By geography, India revenue was ₹71,753.04 lakh and rest of world ₹31,931.30 lakh in FY26, vs ₹54,095.22 lakh and ₹27,226.71 lakh in FY25.^[1]
Exports were about 34% of manufacturing and processing revenue in Q1 FY27, vs about 50% in 9M FY26.^[3]

Products and brands

More than 10,000 SKUs across approximately 38 product categories were offered in FY26.^[1]
Own brands include Patel Fresh, Indian Chaska, Saniq, Blixo, Brightwave and Tidyflush; they made up 17.5% of retail revenue in FY26.^[1]
Own brands earned gross margins of 30-35% vs 13-14% on third-party brands in FY26.^[1]
Private label was 17.55% of retail sales, 37% of export sales and 45% of domestic B2B sales in Q1 FY27.^[3]
The company has started manufacturing blended spices under the Indian Chaska brand at its Kutch unit (FY26).^[1]
Indian Chaska had 50+ SKUs, 150+ distributors and 28,000+ retailers as of Q3 FY26; it entered Madhya Pradesh in August 2026, reaching 8 states and 1 union territory.^[4]
Apparel and general merchandise made up 8-9% of retail in Q1 FY27.^[3]

Stores and processing operations

The network had 53 stores with 2,41,658 sq ft of retail area in Q1 FY27 (counting Uran, opened after quarter-end), vs 49 stores and 2,13,598 sq ft in Q3 FY26.^[3]
The average store is about 5,000 sq ft, with 600+ daily footfalls (FY26).^[1]
Processing facilities at Ambernath and Dudhai, Kutch have combined installed capacity of over 1.47 lakh metric tonnes per annum (FY26).^[1]
Manufacturing utilisation was 50-55% in Q1 FY27 and FY26, up from 45-48% the year before.^[3]
A 64,000 sq ft distribution centre at Ambernath runs a hub-and-spoke supply chain with its own fleet.^[1]
The company worked with more than 3,000 farmers for procurement and agro-processing in FY26.^[1]
Retail operations are concentrated in the MMR region; the company does not undertake commodity hedging (FY26).^[1]

Key retail operating numbers

Same-store sales growth was about 5% in FY26, down from 8-10%; it was 8% in Q3 FY26.^[5]
Bill cuts reached a record 58 lakh in FY26, up 11.54% YoY.^[5]
Average sales per sq ft were ₹20,000, and average monthly sales per store ₹80-90 lakh, in Q1 FY27.^[3]
Store payback period was 24 months, and average ticket size ₹500-1,000, in Q1 FY27.^[3]
Blended gross margin was 15-16% and retail inventory turns were 4-5x in FY26.^[5]
Rent was 3% of retail sales in Q2 FY26.^[6]
Online app sales were ₹50 lakh in Q1 FY27 from 50,000+ downloads; the app was about 3% of sales in Q3 FY26.^[3]

Customers and export markets

The company exports to over 35 countries; Sri Lanka (34%), UK (22%), Canada (12%) and USA (9%) were the top markets in Q1 FY27.^[3]
Own brands made up approximately 43% of total export sales in FY26.^[1]
Instability in West Asia and shifting trade policies affected export flows in FY26.^[1]
The export order book was about ₹50 crore in Q2 FY26, after ₹22 crore of new orders across the UK, Canada, Australia and New Zealand.^[6]
Stores are mainly in Tier-2, Tier-3 and Tier-4 locations, where customers prefer physical shopping for staples (Q1 FY27).^[3]

Expansion plans

8-10 new stores are planned in FY27 under a cluster model in western MMR (Virar, Vasai, Bhayander), then Pune and PCMC, on a path to 75+ stores.^[1][3]
Management stated no manufacturing capex is needed for 2-3 years (Q3 FY26); retail store capex is about ₹1,500/sq ft; manufacturing capex is focused on automation.^[4]
The target is manufacturing utilisation of 80-82% by end FY27-FY28, from 50-55% in Q1 FY27; the FY26 annual report states a goal of rising from ~55% towards 80-85%.^[3][1]
The company aims to lift private label from 17.5% to 22%+ of retail revenue; Indian Chaska planned to launch whole spices in Q2 FY27.^[3][1]
Export plans include diversification into Africa and other new geographies and scaling up the wheat-flour authorisation (FY26 annual report).^[1]
A quick-commerce pilot is underway, with plans to list private-label combo SKUs on Blinkit and Zepto (Q1 FY27).^[3]

Recent developments

Shares listed on BSE and NSE on August 26, 2025, after an IPO of 85,18,000 fresh shares at ₹255 (₹242.66 crore); ₹115 crore of proceeds went into working capital in FY26.^[1]
The company received DGFT authorisation to export wheat flour and related products in FY26.^[1]
Stores opened in Rasayani and Bapgaon in Q1 FY27 and in Uran (53rd) after the quarter.^[3]
The 54th Patel's R Mart store opened in Kalyan (East), Thane, in September 2026.^[7]
On 03 Oct 2026, Acuité upgraded the long-term rating from BBB to BBB+ and the short-term rating from A3+ to A2; a ₹116.73 crore rating was withdrawn.^[8]

Market Cap

₹755 Cr

High / Low

₹266 / 149

Stock P/E

18.1

Price / Book

2.1

Book Value

₹109

EPS

₹11.7

No. of Shares

3.34 Cr

ROCE

13.3%

ROE

10.7%

OPM

6.1%

Debt / Equity

0.34

Sales

₹1,048 Cr

Net Profit

₹39 Cr

Promoter holding

70.0%

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