Key Quantitative Figures and Operational Metrics

GMV Performance

  • FY26 Total GMV: ₹722 Crore
  • H1 FY26 GMV: ₹310 Crore
  • H1 FY27 GMV: ₹397 Crore
  • Q2 FY27 GMV: ₹204 Crore
  • Average Order Value (AOV) FY26: ₹76,000
  • AOV H1 FY27: ₹84,000

Customer Metrics (FY26)

  • Customers Served (last 3 years): 200,000+
  • Unique Customers: 67,000
  • Average GMV per Customer: ₹108,000
  • Repeat Rate: 29%
  • Top 10k Customers Average GMV: ₹400,000+
  • Top 50k Customers Average GMV: ₹140,000+
  • Top 10k Customers GMV Contribution: 56% (₹406 Cr)
  • Top 50k Customers GMV Contribution: 97% (₹702 Cr)

Geographical GMV Breakdown (FY26)

  • Mumbai: ₹205 Cr
  • Delhi: ₹166 Cr
  • Hyderabad: ₹48 Cr
  • Ahmedabad: ₹30 Cr
  • Rest of India*: ₹90 Cr
  • USA (Omni-channel): ₹77 Cr
  • UK (Omni-channel): ₹40 Cr
  • India (Online Only): ₹37 Cr
  • Rest of World (Online Only): ₹29 Cr

*Rest of India includes Bangalore, Kolkata, Surat, Chennai, and Indore.

Category-wise GMV Breakdown (FY26)

  • Womenswear (Above ₹100k): ₹312 Cr
  • Womenswear (₹35k-100k): ₹163 Cr
  • Menswear: ₹132 Cr
  • Womenswear (Upto ₹35k): ₹86 Cr
  • Others (Jewellery, Accessories, etc.): ₹29 Cr

Financial Summary (Consolidated)

Profit & Loss Statement (FY26)

  • Revenue from Operations: ₹557.8 Cr
  • Other Income: ₹9.3 Cr
  • Total Income: ₹567.1 Cr
  • Cost of Materials Consumed: ₹2.1 Cr
  • Purchases of Stock-in-Trade: ₹349.8 Cr
  • Employee Benefits Expense: ₹82.0 Cr
  • Finance Costs: ₹97.1 Cr
  • Depreciation & Amortization: ₹100.7 Cr
  • Other Expenses: ₹106.3 Cr
  • Loss Before Exceptional Items & Tax: ₹(167.4) Cr
  • Exceptional Items - Expense: ₹118.0 Cr
  • Loss Before Tax: ₹(285.4) Cr
  • Tax Expense: ₹0.0 Cr
  • Loss After Tax: ₹(285.4) Cr
  • Basic & Diluted EPS: ₹(42.0)

Quarterly Financials (Q2 FY27)

  • Revenue from Operations: ₹142.1 Cr
  • Gross Profit: ₹60.0 Cr (42% margin)
  • EBITDA: ₹4.0 Cr (3% margin)
  • Loss Before Tax: ₹(68.3) Cr
  • Loss After Tax: ₹(68.3) Cr
  • EPS: ₹(9.5)

Half-Yearly Financials (H1 FY27)

  • Revenue from Operations: ₹261.5 Cr
  • Gross Profit: ₹103.0 Cr (39% margin)
  • EBITDA: ₹(7.0) Cr (-3% margin)
  • Loss Before Tax: ₹(156.4) Cr
  • Loss After Tax: ₹(156.4) Cr
  • EPS: ₹(22.3)

Balance Sheet (As of Sep-26, Q2 FY27)

  • Total Assets: ₹1,356.2 Cr
  • Property, Plant & Equipment: ₹69.7 Cr
  • Right-of-Use Assets: ₹356.6 Cr
  • Inventories: ₹195.8 Cr
  • Cash & Bank Balances: ₹548.7 Cr
  • Total Equity: ₹422.3 Cr
  • Equity Share Capital: ₹80.1 Cr
  • Other Equity: ₹342.2 Cr
  • Non-Current Liabilities: ₹313.2 Cr
  • Lease Liabilities: ₹308.2 Cr
  • Current Liabilities: ₹620.7 Cr
  • Borrowings: ₹393.7 Cr
  • Trade Payables: ₹67.7 Cr
  • Revenue Received in Advance: ₹74.2 Cr

Cash Flow (H1 FY27)

  • Net Cash Used in Operating Activities: ₹(13.2) Cr
  • Net Cash from Investing Activities: ₹(479.4) Cr (incl. ₹473.5 Cr investment in bank deposits)
  • Net Cash from Financing Activities: ₹551.7 Cr
  • Cash & Equivalents at Period End: ₹74.8 Cr

Strategic Updates and Commentary

Business Strategy

  • The company has implemented a strategy since FY25 to eliminate the "mass premium long tail" on both designers and customers to sharpen focus on the luxury segment.
  • This has resulted in a reduction of unique customers from 93,000 in FY24 to 67,000 in FY26, but an increase in Average GMV per Customer from ₹67,000 to ₹108,000.

Store Expansion

  • In FY26, the company opened 4 large-format stores in "most relevant locations": Kalaghoda Fort (Mumbai), South-Ex (Delhi), Madison Avenue (New York), and Linking Road, Bandra (Mumbai).
  • The New York and Bandra stores became operational from Q1 FY27.

Long-Term Targets

  • The presentation outlines a 2040 plan targeting a PPUS GMV of ₹20,000 Cr and an 18% market share of the Indian Designer Brands market, which is projected to cross ₹1 Lakh Cr by 2040.
  • The luxury wedding and occasion wear market in India is estimated to reach ₹1.35 Lakh Cr by 2040.
  • A 2030 GMV target of ₹2,100 Cr is set, with a geographical distribution target including 60% from India Stores, 30% from International Omni-channel, and 10% from Online Only.

Definitions

  • PPUS GMV: Monetary value of processed goods at maximum retail price, inclusive of all taxes, discounts, and charges. Irrespective of fulfillment status.
  • Net Working Capital: Sum of Inventories and Trade Receivables, deducted by Trade Payables and Revenue Received in Advance from Customer.
  • Gross Profit: Revenue from operations less Cost of Goods Sold (sum of Cost of Materials Consumed, Purchases of stock-in-trade, and Changes in inventories).