Kiaasa Retail Ltd

BSE: 544711

₹ 27.65-2.78%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 50 crWebsite: www.kiaasa.comUpdated: 24 Oct 2026

About

Kiaasa Retail Ltd is an Indian ethnic women's apparel brand selling salwar kurta dupatta sets and related categories through company-owned exclusive brand outlets (EBOs). As of May 2026 it operates 124 active EBOs across more than 70 cities, with FY26 revenue of Rs 134.63 crore and EBITDA of Rs 24 crore.^[1][2]

Store network

As of May 2026, Kiaasa operates 124 active EBOs across more than 70 cities, expanded from a purely offline base built during the pandemic.^[1]
Nine99 clearance-format stores - Kiaasa items priced below Rs 999 - number 7 to 10 as of FY26, located in smaller cities with minimal staff and low rental cost.^[1]

Products and brands

Salwar kurta dupatta sets contribute more than half of product mix in FY26 and serve as the primary revenue and margin engine at an aggregate average selling price of Rs 2,000 - 2,500.^[1]
Kiaasa Divas - ethnic wear for girls aged 3 to 13 - was piloted in 25 to 26 stores during the FY26 festive season and is planned for pan-India rollout.^[1]
DIY Studios, a ready-to-stitch boutique concept, is being rolled out as a service-oriented offering designed to drive customer engagement and upsell.^[1]
Management maintains 10 - 15% of SKUs at higher price points in FY26 to position the brand as affordable luxury.^[1]

Key operating numbers

Same-store sales growth (SSSG) accelerated to 12.89% in FY26, up from 7.1% in the prior year.^[1]
Customer base exceeded 5.5 lakh as of FY26; repeat customers represent 21 - 30% of the base with approximately 70% still first-time visitors.^[1]
Online channel contributed 1 - 2% of total revenue in FY26, described as nascent.^[1]

Distribution and customers

Kiaasa has partnered with Porter for same-day two-hour delivery within 4 - 5 km and courier partners for intercity delivery in 2 - 3 days to support its omni-channel model.^[1]
Discussions are ongoing with Reliance for opening 150 MBO/LFS counters; Reliance's margin requirement is 28 - 32% of selling price.^[1]

Expansion and capex

IPO proceeds of approximately Rs 46 crore are earmarked to open 66 new EBOs (covering capex and inventory) over the two years to FY28.^[1]
EBO network is targeted to reach 250 stores by FY28 and 300 stores by FY30.^[1]
Online channel contribution is targeted to grow to 10 - 12% of revenue within the next couple of years from the current 1 - 2%.^[1]
Kiaasa Divas is targeted to contribute 8 - 10% of revenue, and DIY Studios 4 - 5% rising to 10 - 12%, over the next couple of years.^[1]
International store expansion into Dubai, London and Canada is planned within three to five years, exploring both COCO and FOFO formats.^[1]
600 to 1,000 MBO/LFS counters are targeted by FY30 to drive brand awareness and top-line growth.^[1]

Recent developments

ESOP 2026 proposed to grant up to 18,23,000 options to eligible employees; authorised share capital proposed to increase from Rs 20 crore to Rs 35 crore to provide headroom for allotments.^[3]
Borrowing limit proposed to be enhanced from Rs 100 crore to Rs 250 crore under Section 180(1)(c) to support capex, working capital and potential acquisitions.^[3]
M/s Preet Kumar & Associates appointed as Secretarial Auditor for five consecutive years from FY2026-27 to FY2030-31.^[3]

Market Cap

₹50 Cr

High / Low

₹123 / 27

Stock P/E

4.7

Price / Book

0.0

Book Value

₹60

EPS

₹6.1

No. of Shares

1.82 Cr

ROCE

10.9%

ROE

10.2%

OPM

15.7%

Debt / Equity

0.78

Sales

₹135 Cr

Net Profit

₹11 Cr

Promoter holding

50.2%

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