Board Meeting Details

The Board of Directors meeting commenced at 04:30 PM and concluded at 05:00 PM on November 11, 2026.

Key Matters Approved

1. Noting of Quarterly Reports: The quarterly reports submitted to BSE Limited and the National Stock Exchange of India Limited for the quarter ended September 30, 2026, were noted by the Board.

2. Adoption of Financial Results: The un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026, were considered and adopted. The results include a Limited Review Report from the statutory auditors, Chaturvedi Sohan & Co. (Firm Registration Number: 118424W).

3. Warrant Conversion in Baazar Style Retail Limited: The Board approved the conversion of up to the total outstanding 56,00,000 warrants, in one or more tranches, into an equivalent number of Equity Shares of Baazar Style Retail Limited ("Baazar Style").

Details of Warrant Conversion

  • Original Approval: The investment in 1,01,00,000 warrants of Baazar Style was approved by the Board on January 21, 2026, at a price of ₹328.25 per warrant.
  • Previous Conversions: 45,00,000 warrants have already been converted into equity shares.
  • Current Outstanding: 56,00,000 warrants are presently outstanding.
  • Conversion Price: The conversion will be at the predetermined price of ₹328.25 per equity share.
  • Financial Outlay: The conversion of all 56,00,000 warrants would require an approximate cash consideration of ₹137.87 Crores.
  • Strategic Rationale: Disclosed as a strategic investment to strengthen Cupid's retail presence and scale its FMCG product portfolio through Baazar Style's network of over 293 stores, which is expected to expand to over 500 locations in the next 3 years.

Standalone Financial Results (₹ in Lakhs, except EPS)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: 18,786.19
  • Other Non-Operating Income: 108.27
  • Change in Fair Value of Investment: 2,002.64
  • Total Income: 20,897.10
  • Total Expenses: 13,608.14
  • Profit Before Tax: 7,288.96
  • Tax Expense: 1,666.51 (Income Tax: 1,474.47; Deferred Tax: 192.04)
  • Net Profit for the period: 5,622.45
  • Other Comprehensive Income (Net of Tax): 5,414.45
  • Total Comprehensive Income: 11,036.90
  • Paid-up Equity Share Capital: 13,446.61 (Face value ₹1/-)
  • Basic EPS: ₹0.42* (Not Annualized)
  • Diluted EPS: ₹0.41* (Not Annualized)

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: 34,257.69
  • Total Income: 36,595.11
  • Profit Before Tax: 13,282.17
  • Net Profit for the period: 10,038.67
  • Basic EPS: ₹0.75* (Not Annualized)
  • Diluted EPS: ₹0.74* (Not Annualized)

Comparative Figures (Quarter Ended September 30, 2025 - Q2 FY26):

  • Revenue from Operations: 8,442.99
  • Net Profit for the period: 2,411.56
  • Basic EPS: ₹0.18*

Consolidated Financial Results (₹ in Lakhs, except EPS)

The consolidated results include the financials of the wholly-owned foreign subsidiary, Cupid Invesco Limited.

Subsidiary Details (Cupid Invesco Limited):

  • Total Assets as of September 30, 2026: ₹24.77 Lakhs
  • Total Revenue for H1 FY27: Nil
  • Net Loss after tax for H1 FY27: (₹1.37 Lakhs)
  • Net Cash Flow for H1 FY27: (₹1.37 Lakhs)

The consolidated results for the quarter and half year were largely consistent with the standalone figures, with minor adjustments.

Key Financial Position and Cash Flow Highlights (Standalone)

Statement of Assets and Liabilities as of September 30, 2026 (₹ in Lakhs):

  • Total Assets: 76,187.39 (vs. 55,349.24 on March 31, 2026)
  • Non-Current Investments: 31,913.70 (vs. 7,486.94)
  • Inventories: 8,302.85 (vs. 7,004.16)
  • Trade Receivables: 15,233.33 (vs. 10,079.19)
  • Cash and Cash Equivalents: 34.88 (vs. 16,866.74)
  • Total Equity: 56,292.37 (vs. 45,084.87)
  • Current Borrowings: 6,862.45 (vs. 3,880.61)
  • Trade Payables: 5,455.39 (vs. 2,119.74 for MSMEs; ₹0 vs. ₹929.81 for others)

Cash Flow for H1 FY27 (₹ in Lakhs):

  • Net Cash from Operating Activities: 7,778.98
  • Net Cash used in Investing Activities: (29,908.49)
  • Net Cash from Financing Activities: 5,297.64
  • Net Decrease in Cash: (16,831.87)

Details of Baazar Style Retail Limited (Annexure-I)

  • Industry: Specialty Retail
  • Authorized Share Capital: ₹50,00,00,000 (10,00,00,000 equity shares of ₹5 each)
  • Paid-up Share Capital (Mar-26): ₹37,30,86,765 (7,46,17,353 equity shares)
  • Consolidated Financials (FY26):
  • Turnover: ₹1,84,086.90 Lakhs
  • PAT: ₹4,686.78 Lakhs
  • Net Worth: ₹45,017.39 Lakhs
  • Historical Turnover:
  • FY24: ₹97,288.20 Lakhs
  • FY25: ₹1,34,371.29 Lakhs
  • FY26: ₹1,84,094.52 Lakhs
  • The acquisition is not a related party transaction.
  • No governmental approvals are required.
  • The time period for completion is as per SEBI (ICDR) Regulations, 2018.