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Bazar India stands out as one of India's prominent retail brands, recognized for its rapid growth in the fashion and lifestyle sector. Operating under the business motto "FASHION KE SAATH BACHAT BHI" (Fashion with Savings Too).

ONE STOP SHOP - Bazar India caters to the diverse fashion needs of entire families. The company has swiftly emerged as a pan-India retail chain, providing an extensive array of Apparel, Footwear, and General Merchandise at affordable prices. This strategic approach has positioned Bazar India as the preferred destination for fashion enthusiasts in underserved Tier II and Tier III cities across India.

Wide Reach - The company operates with 55 stores in 51 cities and in 13 states with a retail area space spread across approximately 4.6 Lakhs sq. ft. with a strong presence in Eastern India, especially the North East.

Key Stakeholders/ Collaborations -  The company has forged an exclusive retail partnership with Columbus, a distinguished and iconic sports shoe manufacturer in India. Notably, the promoters of the company hold a significant stake of approximately 80%. 

Revenue Growth - Over the past five years, the company experienced a negative revenue growth rate of -17%, vs the industry average of 19.58%. However, in FY23, the company witnessed an 8% decline in revenue. This decline can be attributed to a decrease in earnings from the sale of garments, clothes, and other merchandise, resulting in a reduction of Rs. 13 cr

Investment Thesis - In FY23, Bazar India faced an 8% decline in revenue and a significant 90% drop in net income due to rising expenses, including increased power, fuel, employee benefit, and rent expenses. The company's assets decreased by Rs. 7 cr, primarily from lower inventories and property values. Notably, Bazar India lacks an online sales funnel. However, the D/E ratio of the company has improved to 0.9 from FY21 to FY23.

Following a comprehensive analysis, the company's P/E ratio is determined to be 90.3, slightly lower than the industry median of 95-100. The EV/EBITDA of the company stands at 73, slightly exceeding the industry median ranging between 50-60 when compared to its peers like Trent, V-mart, etc. Based on the P/E ratio, the intrinsic value of the company is calculated to be Rs. 31. However, a comprehensive analysis of growth strategies, market trends, and financial metrics is advisable.