Baazar Style Retail Limited has informed the Exchange about Investor Presentation

Date: November 10, 2025

BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

National Stock Exchange of India Limited, Exchange Plaza, Plot No. C-1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051

Scrip Code: 544243

Trading Symbol: STYLEBAAZA

Dear Sir/Madam,

Subject: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to the Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of the Investor Presentation on Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended on September 30, 2025.

We request you to kindly take the aforesaid information on record.

For Baazar Style Retail Limited

Abinash Singh Chief Compliance Officer, Company Secretary and Head - Legal & Compliance

Baazar Style Retail Limited (Formerly known as Baazar Style Retail Pvt. Ltd.)

PS Srijan Tech Park, DN-52, 12th Floor, Sector-V, Salt Lake, North 24 Parganas, West Bengal 700091 t: (033} 61256125 e: info@stylebaazar.com www.stylebaazar.in

CIN No: L18109WB2013PLC194160

Baazar Style Retail Limited Investor Presentation – Q2 & H1FY26

Safe Harbour Statement

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Baazar Style Retail Limited (the “Company”) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. All product names, logos, and brands are property of their respective owners. All company, product and service names used in this presentation are for identification purposes only. Use of these names, logos, and brands does not imply endorsement.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guaranteeing of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

2

Table of Contents

Q2 & H1FY26 Highlights

Business Highlights

Annexure

3

Style Baazar – One Of The Leading Value Fashion Retailers in Eastern India

About the Company

Product Offering

✓ Established in 2013, Baazar Style Retail Ltd is a Value

Fashion Retailer based out of Kolkata

3-year CAGR – FY25

✓ Strong Retail footprint in Eastern India with leadership position in West Bengal and Odisha in terms of scale

~35% in Revenue

✓ Fast growing in terms of Revenue and Store Count

~26% in Store Count

with 250 Stores (30-Sept-25)

Men

Women

Kids

Home

250 Stores 2.3 Mn Rental Sq. Ft

9 States 189 Cities

9,183 Sq. Ft Average Store Size

10% Same Store Sales Growth (SSSG)

11 Private Labels 59% share in Revenue

10.11 Mn No. of Bills

Rs 958 Average Transaction Value

Rs 768 Sales Per Sq. Ft (Per Month)

87% Apparel^ 13% General Merchandise^

Rs 9,096 Mn  55% YoY Revenue from Operations

Rs 1,274 Mn  92% YoY EBITDA

Rs 535 Mn  672% YoY PAT

Operational Metrics (H1FY26)

Key Financials (H1FY26)

^Revenue Mix

4

Q2 & H1FY26 Highlights

Key Financial Highlights Q2FY26 – Highest Ever Quarterly Revenue…

Revenue from Operations (Rs Mn)

Gross Profit (Rs Mn)

EBITDA (Rs Mn)

PAT (Rs Mn)

 71%

 76%

 933%

 379%

S A D N

I e r P

S A D N

I

5,317

3,109

1,621

921

333

32

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

-56

Q2FY25

 71%

 76%

 184%

 676%

5,317

3,109

921

1,621

Q2FY25

Q2FY26

Q2FY25

Q2FY26

244

Q2FY25

691

Q2FY26

-89

Q2FY25

155

Q2FY26

515

Q2FY26

6

Key Financial Highlights H1FY26 – Highest Ever Half Yearly Revenue…

Revenue from Operations (Rs Mn)

Gross Profit (Rs Mn)

EBITDA (Rs Mn)

PAT (Rs Mn)

 55%

 63%

 132%

 692%

S A D N

I e r P

S A D N

I

9,096

5,867

1,828

2,976

584

252

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

-41

H1FY25

 55%

 63%

 92%

 672%

5,867

9,096

1,828

2,976

664

1,274

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

-94

H1FY25

244

H1FY26

535

H1FY26

7

… Backed by Strong Operational Metrics – Q2FY26

Store Count (No.)

Rental Area of Stores (Mn Sq Ft)

Average Store Size (Sq Ft)

 36%

 38%

Sales Per Sq Ft (Rs)*

 22%

Avg Transaction Value (Rs)

250

184

1.67

2.30

708

865

9,055

9,183

997

1,005

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

No of Bills (Mn)

Quantity Sold (Mn Units)

Inventory Days (on Revenue)

Trade Payable Days (on Purchases)

 69%

 63%

5.63

3.32

Q2FY25

Q2FY26

19.5

12.0

Q2FY25

Q2FY26

108

86

81

70

Q2FY25

Q2FY26

Q2FY25

Q2FY26

*Per Month

8

… Backed by Strong Operational Metrics – H1FY26

Sales Per Sq Ft (Rs)*

Avg Transaction Value (Rs)

Inventory Days (on Revenue)

 12%

685

768

977

958

136

108

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

No of Bills (Mn)

Quantity Sold (Mn Units)

Trade Payable Days (on Purchases)

 58%

6.41

10.11

H1FY25

H1FY26

*Per Month

 55%

22.24

34.57

128

104

H1FY25

H1FY26

H1FY25

H1FY26

9

Sales Mix – Q2FY26

Apparels and General Merchandise

Apparels – Men, Women and Kids

Q2FY25 Revenue: Rs 3,107 Mn

Q2FY26 Revenue: Rs 5,315 Mn

Q2FY25 Revenue: Rs 2,693 Mn

Q2FY26 Revenue: Rs 4,661 Mn

Rs 414 Mn, 13%

Rs 2,693 Mn, 87%

 73% YOY

Rs 654 Mn, 12%

Rs 4,661 Mn, 88%

Rs 738 Mn 27%

Rs 1,114 Mn 41%

Rs 841 Mn 31%

Rs 1,350 Mn 29%

Rs 1,884 Mn 40%

Rs 1,427 Mn 31%

Apparels

General Merchandise

Apparels

General Merchandise

Men Women

Kids

Men Women

Kids

Private Label Contribution (%)

Markets – Core and Focus

Q2FY25 Revenue: Rs 3,107 Mn

Q2FY26 Revenue: Rs 5,315 Mn

Q2FY25 Revenue: Rs 3,107 Mn

Q2FY26 Revenue: Rs 5,315 Mn

Rs 1,708 Mn, 55%

Rs 1,399 Mn, 45%

 119% YOY

Rs 2,246 Mn, 42%

Rs 3,069 Mn, 58%

Rs 402 Mn 13%

Rs 2,705 Mn 87%

Rs 714 Mn 13%

Rs 4,601 Mn 87%

Private Label

Others

Private Label

Others

Core Market*

Focus Market**

Core Market*

Focus Market**

* Includes West Bengal, Odisha, Assam, Bihar; ** Includes Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, Arunachal Pradesh

10

Sales Mix – H1FY26

Apparels and General Merchandise

Apparels – Men, Women and Kids

H1FY25 Revenue: Rs 5,864 Mn

H1FY26 Revenue: Rs 9,088 Mn

H1FY25 Revenue: Rs 5,085 Mn

H1FY26 Revenue: Rs 7,912 Mn

Rs 779 Mn, 13%

Rs 5,085 Mn, 87%

Rs 1,176 Mn, 13%

 56% YOY

Rs 7,912 Mn, 87%

Rs 1,404 Mn 28%

Rs 2,142 Mn 42%

Rs 1,539 Mn 30%

Rs 3,239 Mn 41%

Rs 2,256 Mn 29%

Rs 2,417 Mn 31%

Apparels

General Merchandise

Apparels

General Merchandise

Men Women

Kids

Men Women

Kids

Private Label Contribution (%)

Markets – Core and Focus

H1FY25 Revenue: Rs 5,864 Mn

H1FY26 Revenue: Rs 9,088 Mn

H1FY25 Revenue: Rs 5,864 Mn

H1FY26 Revenue: Rs 9,088 Mn

Rs 3,021 Mn, 52%

Rs 2,843 Mn, 48%

 88% YOY

Rs 3,730 Mn, 41%

Rs 5,358 Mn, 59%

Rs 822 Mn 14%

Rs 5,042 Mn 86%

Rs 1,440 Mn 16%

Rs 7,648 Mn 84%

Private Label

Others

Private Label

Others

Core Market*

Focus Market**

Core Market*

Focus Market**

* Includes West Bengal, Odisha, Assam, Bihar; ** Includes Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, Arunachal Pradesh

11

FY25

13,437

90

55%

13,527

Profit & Loss Highlights (Consolidated – INDAS)

Particulars (Rs Mn)

Q2FY26

Q2FY25

YoY

Q1FY26

QoQ

H1FY26

H1FY25

YoY

Revenue From Operations

Other Income

Total Income

Costs of Goods Sold

Gross Profit

Gross Profit Margin

Employee Expenses

Other Expenses

EBITDA

EBITDA Margin

Finance Cost

Depreciation And Amortization

Profit Before Tax

Exceptional Items

Tax Expenses

PAT

PAT Margin

5,317

38

5,355

3,696

1,621

30.5%

405

524

691

13.0%

170

422

137

553

174

515

3,109

22

3,131

2,188

921

29.6%

291

387

244

7.8%

159

225

-119

0

-29

-89

3,779

29

3,808

2,423

1,356

41%

20%

9,096

67

9,162

6,119

2,976

35.9%

-540 bps

32.7%

337

436

582

19%

71%

76%

86 bps

184%

517 bps

15.4%

-240 bps

235

340

36

-8

8

21

215%

676%

279%

2405%

914 bps

742

960

1,274

14.0%

405

762

173

545

182

535

5,867

53

5,921

4,039

1,828

31.2%

524

641

664

63%

156 bps

92%

11.3%

269 bps

300

434

-18

-108

-32

-94

1083%

672%

Gross Profit and EBITDA do not include Other Income

9.7%

-2.9%

1256 bps

0.5%

5.9%

-1.6%

748 bps

8,913

4,524

33.7%

1,160

1,468

1,896

14.1%

690

999

296

-108

42

147

1.1%

12

FY25

13,437

26

55%

13,463

Profit & Loss Highlights (Consolidated – Pre INDAS)

Particulars (Rs Mn)

Q2FY26

Q2FY25

YoY

Q1FY26

QoQ

H1FY26

H1FY25

YoY

Revenue From Operations

Other Income

Total Income

Costs of Goods Sold

Gross Profit

Gross Profit Margin

Employee Expenses

Other Expenses

EBITDA

EBITDA Margin

Finance Cost

Depreciation And Amortization

Profit Before Tax

Exceptional Items

Tax Expenses

PAT

PAT Margin

5,317

28

5,345

3,696

1,621

30.5%

405

882

333

6.3%

42

113

206

0

51

155

2.9%

3,109

6

3,115

2,188

921

29.6%

289

600

32

72%

76%

86 bps

933%

3,779

6

3,784

2,423

1,356

41%

20%

35.9%

-540 bps

337

768

250

33%

1.0%

523 bps

6.6%

-35 bps

44

67

-73

0

-18

-56

381%

379%

-1.8%

470 bps

36

92

128

-8

31

90

2%

61%

73%

54 bps

9,096

34

9,130

6,119

2,976

32.7%

742

1,650

584

6.4%

78

205

334

-8

82

244

2.7%

Gross Profit and EBITDA do not include Other Income

5,867

12

5,879

4,039

1,828

31.2%

524

1,053

252

4.3%

82

129

52

-108

-14

-41

63%

156 bps

132%

212 bps

540%

692%

-0.7%

339 bps

8,913

4,524

33.7%

1,160

2,420

944

7.0%

157

289

524

-108

99

317

2.4%

13

Ind-AS 116 : P&L Impact

Particulars (Rs Mn)

Rent EBITDA Finance Costs

Depreciation

Other Income

PBT before Exceptional Items Exceptional Items PBT

Q2FY26

H1FY26

Pre-Ind AS 116 37.30 33.33 4.22

11.33

2.84

20.62 0 20.62

Ind AS 116 Impact (35.81) 35.81 12.81

Post-Ind AS 116 1.49 69.14 17.03

30.90

0.93

(6.96) 55.26 48.30

42.22

3.77

13.66 55.26 68.91

Particulars (Rs Mn)

Rent EBITDA Finance Costs

Depreciation

Other Income

PBT before Exceptional Items Exceptional Items PBT

Pre-Ind AS 116 72.00 58.36 7.85

20.48

3.43

33.46 (0.77) 32.70

Ind AS 116 Impact (69.02) 69.02 32.69

55.76

3.24

(16.19) 55.26 39.07

Post-Ind AS 116 2.98 127.38 40.53# 76.23#

6.67

17.28 54.49 71.77

(a) During the quarter ended September 30, 2025, the Company reassessed its lease term estimates for store leases in accordance with Ind AS 116. This reassessment reflects the evolving nature of the Company’s store portfolio, informed by historical trends and future strategic plans. Lease term estimates have been revised to better align with the period over which management reasonably expects to exercise renewal options under lease contracts.

This reassessment, based on business decision, led to changes in the measurement and recognition of Right-of-Use (ROU) assets (including associated security deposits) and corresponding lease liabilities, resulting in an exceptional gain of Rs 552.59 Mn (net of tax impact Rs 413.51 Mn). The ROU Assets and Lease Liabilities were reduced by Rs 3,192.01 Mn and Rs 3,678.38 Mn respectively as on July 1, 2025.

(b) Additionally, during the quarter ended September 30, 2025, the useful life of leasehold improvements were revised, leading to an incremental depreciation charge of Rs 12.27 Mn (net of tax Rs 9.18 Mn).

#Post reassessment under Ind AS 116, expenses related to depreciation on Right-of-Use (ROU) assets and finance costs on lease liabilities have reduced by 11% QoQ. This has resulted in a recurring quarterly PBT benefit of ~Rs 50 Mn.

Correspondingly, due to the reassessment of lease terms, the remeasurement of the useful life of leasehold improvements is expected to result in an ~10% increase in depreciation expense QoQ.

14

Balance Sheet – Consolidated (IND-AS)

Assets (Rs Mn)

Mar-25

Sept-25

Liabilities (Rs Mn)

Mar-25

Sept-25

Property, Plant & Equipment

Capital Work-in-progress

Intangible Assets

Intangible Assets Under Development

2,534

116

16

28

3,133

176

25

50

Right-of- Use Assets

7,647

6021

Financial Assets/Investments

Deferred tax assets (net)+Tax assets (net)

Other Non-current Assets

Total Non-current Assets

Inventories

Trade Receivables

Cash And Bank Balances

Other Current Assets, Financial Assets And Current Tax Assets

Current Assets

Total Assets

303

222

9

10,875

5,215

0

221

1,230

6,666

402

124

16

9,947

5,588

0

430

1491

7,508

Share Capital

Other Equity

Total Equity

Borrowings

Lease Liability

Deferred Tax Liabilities

Other Liabilities & Provisions

Non-current Liabilities

Borrowings

Lease Liability

Trade Payables

Other Current Liabilities

373

3,664

4,037

177

7,764

0

49

7,990

1,488

532

3,108

386

373

4,195

4,568

187

5,241

0

69

5,497

2,225

1,063

3,695

407

Current Liabilities

5,514

7,390

17,541

17,455

Total Liabilities

17,541

17,455

15

Cashflow – Consolidated (IND-AS)

Particulars (Rs Mn)

Net Cash Flow From Operating Activities

Cash Generated/ (Used) In Investing Activities

Cash Generated/ (Used) In Financing Activities

Net Increase/(Decrease) In Cash And Cash Equivalents

Cash and Cash Equivalents at the beginning of the year

Cash and Cash Equivalents at the end of the year

Sept-24

676

-393

153

436

141

577

Sept-25

1,095

-828

-36

231

182

412

16

Business Highlights

Fast Growing Value Retailer in Eastern India, through a Cluster-based Approach

Consistently Growing Store Count

184

34

150

250

52

198

H1FY25

H1FY26

Core Market*

Focus Market**

Total Stores

Net Sales - Core and Focus Market (Rs Mn)

5,864 822

5,042

9,088

1,440

7,648

H1FY25

H1FY26

Core Market*

Focus Market**

Total Stores

* Includes West Bengal, Odisha, Assam, Bihar ** Includes Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, Arunachal Pradesh

29 Uttar Pradesh

32 Bihar

95 West Bengal

1

Arunachal Pradesh

37 Assam

3

Tripura

14

Jharkhand

34 Odisha

5

Andhra Pradesh

Stores

Cluster Based Expansion Strategy Enables:

✓ To increase efficiencies in

Supply Chain and Inventory management processes

✓ To enhance Brand Visibility

in Local Markets

✓ Optimize Marketing Expenses

✓ Efficient utilization of Human

Capital

18

Providing a One-Stop Family Experience for Quality Products At Affordable Pricing

Comprehensive Product Offering Across Categories to Meet the Needs of the Entire Family

Tier 1, 2 and 3 Presence Across the Underpenetrated Tier-3&4 Markets

Men

Women

Kids

General Merchandise

4%

47%

Men’s Wear

Bottom Wear

Women’s Western Wear

Bottom Wear

Kids’ Wear

Bottom Wear

Home Decor

Household Products

18%

7%

24%

Metro - Kolkata

Tier 1 (>10 lacs)*

Tier 2 (5-10 lacs)*

Tier 3 (1-5 lacs)*

Tier 4 (<1 lacs)*

* Census Population

Athleisure

Night Wear

Athleisure

Night Wear

Athleisure

Night Wear

Home Furnishings

Home / Kitchen Appliances

Ethnic Wear

Wearables & Accessories

Ethnic Wear

Wearables & Accessories

Ethnic Wear

Wearables & Accessories

Bags

Travel Accessories

Lifestyle Products

Footwear

19

Growing Private Label Contribution - Testament to Our Focus on Brand Building

Private Label Revenue CAGR of ~64% over the past 3 years

✓ Healthy portfolio of 11 Private Labels contributing to 59% of overall

Revenue or Rs 5,358 Mn in H1FY26.

59%

✓ Strategic focus on building brand visibility through attractive pricing, with

plans to shift to fair pricing once brand recall is established.

✓ One of our established brands, Square Up, achieved highest half yearly

revenue of Rs 2,265 Mn in H1FY26.

✓ Private Label Revenue enable greater control over sourcing

✓ Enhances customer loyalty with repeat purchases from existing customers

48%

45%

6,026

5,358

2,843

38%

3,687

31%

25%

2,477

1,363

FY22

FY23

FY24

FY25

H1FY25

H1FY26

Private Label Revenue (Rs Mn)

Private Label (% of Revenue)

20

Branding Initiatives

21

Annexure

Store Images

23

Connect

CIN No. L18109WB2013PLC194160

Mr Abinash Singh

abinash.singh@stylebaazar.com

Stellar IR Advisors Pvt. Ltd.

Pooja Sharma| Suyash Samant

pooja@stellar-ir.com | suyash@stellar-ir.com