Board Meeting Details

The Board meeting was held on Thursday, August 13, 2026, commencing at 3:00 PM IST and concluding at 4:05 PM IST. The trading window for dealing with the company's securities remains closed until 48 hours from this announcement.

Key Matters Approved

1. Approval of Financial Results: The Board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27).

2. Change in Senior Management Personnel: Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re-designation of Mr. Siddhant Khemani.

  • He was re-designated from Chief Marketing Officer (Senior Management Personnel) to Head E-commerce, ceasing to be identified as Senior Management Personnel with immediate effect.
  • Mr. Khemani holds a bachelor's degree in commerce from Bhawanipur Education Society College, University of Calcutta, with experience in sales and marketing research.

Financial Results Highlights (Standalone)

Quarter Ended June 30, 2026 (₹ in Lakhs):

  • Revenue from operations: 48,638.39 (vs. 37,744.25 in Q1 FY26)
  • Other income: 349.21
  • Total income: 48,987.60
  • Profit before exceptional items and tax: 333.65 (vs. 362.13 in Q1 FY26)
  • Profit after tax: 223.49 (vs. 206.75 in Q1 FY26)
  • Basic EPS: ₹0.30 (vs. ₹0.28 in Q1 FY26)
  • Diluted EPS: ₹0.29 (vs. ₹0.28 in Q1 FY26)
  • Paid-up equity share capital: 3,805.87 (face value ₹5 each)

Comparative Figures:

  • March 31, 2026 (Q4 FY26): Loss after tax of (2,563.90) with EPS of (3.44)
  • March 31, 2026 (FY26): Profit after tax of 4,688.88 with EPS of 6.28

Exceptional Items (Standalone)

No exceptional items were recorded in Q1 FY27. Previous exceptional items included:

  • Q4 FY26: Loss of ₹2,064.60 lakhs on inventory insurance claim settlement
  • Q1 FY26: Loss of ₹76.60 lakhs on property, plant and equipment insurance claim settlement
  • FY26: Net exceptional gain of ₹3,251.11 lakhs primarily due to lease term reassessment gain of ₹5,525.90 lakhs

Preferential Warrant Issuance Details

The Board had previously approved (January 20, 2026) and shareholders approved (February 13, 2026) issuance of 1,01,00,000 equity share warrants to a non-promoter body corporate.

  • Issue price: ₹328.25 per warrant (including premium of ₹323.25)
  • Total potential proceeds: ₹33,153.25 lakhs upon full conversion
  • On April 2, 2026: Allotted 1,01,00,000 warrants and received 25% upfront consideration (₹8,288.31 lakhs)
  • On May 15, 2026: Received ₹3,692.81 lakhs (75% consideration) for conversion of 15,00,000 warrants
  • On May 18, 2026: Converted and allotted 15,00,000 equity shares
  • Balance 75% consideration for remaining warrants payable within 18 months, else warrants lapse and upfront amount forfeited
  • Proceeds utilization: (a) repayment/prepayment of borrowings, (b) capital expenditure for new stores, (c) general corporate purposes

Insurance Claim Settlement

Regarding the May 20, 2024 fire at the Serampore warehouse:

  • Property, plant and equipment claim settled at ₹347.97 lakhs (including ₹157.98 lakhs from salvage) during Q1 FY26
  • Inventory claim settled for ₹2,300.15 lakhs on April 14, 2026 (received April 29, 2026)
  • Balance claim receivable of ₹2,064.60 lakhs was written off in Q4 FY26

Other Operational Details

  • The company operates in a single reportable segment: Retail Sales
  • Figures for quarter ended March 31, 2026 are balancing figures between audited FY26 and unaudited 9M FY26 results
  • Certain previous period items have been reclassified for consistency

Consolidated Financial Results

Consolidated results include subsidiary Konnect Style Retail Private Limited (wholly-owned):

  • Revenue from operations: 48,638.44
  • Profit after tax: 222.94
  • Basic EPS: ₹0.30
  • Diluted EPS: ₹0.29
  • Subsidiary contribution: Revenues of ₹0.04 lakhs, net loss of ₹0.56 lakhs

Auditor Review

Singhi & Co., Chartered Accountants (ICAI Firm Registration No: 302049E) issued unmodified limited review opinions on both standalone and consolidated financial results dated August 13, 2026.