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Bazar India Unlisted Shares
DRHP Status : Not Filed
23
Fundamentals About Bazar India
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Bazar India
| P&L Statement | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 359 | 187 | 165 | 152.58 |
| Cost of Material Consumed | 237 | 107 | 107 | 90.29 |
| Change in Inventory | 15 | 16 | -5 | 3.23 |
| Gross Margins | 33.98 | 42.78 | 35.15 | 40.82 |
| Employee Benefit Expenses | 31 | 16 | 14 | 20.92 |
| Other Expenses | 72 | 38 | 31 | 37.11 |
| EBITDA | 4 | 10 | 18 | 1.03 |
| OPM | 1.11 | 5.35 | 10.91 | 0.68 |
| Other Income | 0.7 | 0.8 | 9.7 | 5.35 |
| Finance Cost | 3 | 3 | 3 | 1.78 |
| D&A | 16 | 7 | 5 | 3.13 |
| EBIT | -12 | 3 | 13 | -2.1 |
| EBIT Margins | -3.34 | 1.6 | 7.88 | -1.38 |
| PBT | -16 | 1.2 | 12 | 1.45 |
| PBT Margins | -4.46 | 0.64 | 7.27 | 0.95 |
| Tax | 2 | -0.6 | 2.6 | 0.49 |
| PAT | -18 | 1.8 | 9.4 | 0.96 |
| NPM | -5.01 | 0.96 | 5.7 | 0.63 |
| EPS | -7.2 | 0.72 | 3.19 | 0.32 |
| Financial Ratios | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Operating Profit Margin | 1.11 | 5.35 | 10.91 | 0.68 |
| Net Profit Margin | -5.01 | 0.96 | 5.7 | 0.63 |
| Earning Per Share (Diluted) | -7.2 | 0.72 | 3.19 | 0.32 |
| Assets | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Fixed Assets | 34 | 26 | 24 | 20.93 |
| CWIP | 1.4 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0.05 |
| Trade Receivables | 0 | 0.1 | 0.15 | 0.09 |
| Inventory | 120 | 104 | 109 | 106.35 |
| Other Assets | 18.6 | 27.9 | 21.25 | 20.54 |
| Total Assets | 174 | 158 | 154.4 | 147.96 |
| Liabilities | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Share Capital | 25 | 25 | 29.5 | 30 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | -23 | -14 | -3 | 0.008 |
| Borrowings | 22 | 18 | 11 | 28.43 |
| Trade Payables | 142 | 125 | 102 | 81.59 |
| Other Liabilities | 8 | 4 | 14.9 | 7.93 |
| Total Liabilities | 174 | 158 | 154.4 | 147.96 |
About Company
The following table shows a 10-point analysis of Bazar India (Mayasheel Retail India Limited). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹180–200 cr (est.) PAT negative/low PAT margin low/negative |
Organized retail chain operating under the Bazar India brand. Focused on hypermarkets/supermarkets in Tier 2/3 cities (UP, Bihar, Rajasthan). Offers groceries, FMCG, apparel, electronics & home essentials at value pricing. Operates via franchise + company-owned model. Currently in rapid store expansion phase. |
| Industry & Market Position | Emerging Tier 2/3 retail player Strong value retail positioning |
Benefits from shift from kirana to organized retail. Competitive vs. Reliance Retail, D-Mart & Vishal Mega Mart in value segment. Edge via regional focus & scalable franchise model. Faces margin pressure & inventory risk amid competition. |
| Revenue Growth Trend | FY23–FY25 CAGR ~40–60%+ FY25 Revenue ~₹180–200 cr (est.) |
Rapid topline growth driven by aggressive store additions & same-store sales traction. Strong momentum in semi-urban markets. Long-term opportunity linked to organized retail penetration & rising consumption. |
| Profitability & Margins | EBITDA low/marginal ROE negative/low PAT margin low/negative |
Profitability impacted by expansion costs (rent, marketing, working capital). Margins expected to improve with scale & operational efficiency. Typical early-stage retail profitability profile. |
| Cash Flow Quality | OCF emerging positive Limited/no dividends |
Cash-intensive due to store capex & inventory needs. Supported by franchise fees & equity funding. Moderate burn risk until profitability stabilizes. |
| Balance Sheet Strength | Modest net worth Moderate debt (controlled gearing) |
Managed liquidity during expansion. Assets backed by store network & brand traction. No major leverage stress currently. |
| Valuation Comfort | Unlisted price ₹45–55 (Feb 2026) Market cap ~₹400–500 cr High P/E (low EPS base) |
Premium valuation reflecting high-growth retail story. Attractive pre-IPO potential but speculative due to ongoing losses & profitability timeline. |
| Management & Governance | Promoter-led with professional team Transparent disclosures |
Strong regional execution in store scaling. Clean governance practices with regular filings. No significant governance concerns noted. |
| Growth Triggers & Catalysts | Aggressive store additions Same-store growth Potential IPO discussions |
Growth from deeper Tier 2/3 penetration & format expansion. Operational efficiency gains could improve margins. IPO could act as major valuation & liquidity catalyst. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed DRHP (pre-IPO buzz) |
Moderate unlisted trading activity. Exit visibility limited until profitability improves or IPO materializes. High-growth but higher-risk retail play. |
The following is the company overview for Bazar India (Mayasheel Retail India Limited):
- Mayasheel Retail India Limited, incorporated in 2014, is one of India’s fast-growing value retail companies operating under the brand Bazar India.
- Within just five years, the company achieved ₹360 crore in revenue, showcasing rapid growth momentum in the retail sector.
- It operates 60+ stores across India, offering products across categories such as home furnishing, household goods, and apparel.
- The company is also expanding through innovative formats such as:
- Som Bazar – daily discount events for specific product categories
- 99 Stores – every product priced at ₹99
- Bazar India aims to increase footfall and revenue by offering mass-market value products targeted at India’s price-sensitive retail consumers.
- The company is led by Kapil Karwa, who serves as the CEO.
Challenges in Bazar India’s Business
The following section lists the challenges faced by Bazar India.
- Working capital management concerns: The company’s current ratio is lower compared to listed peers, indicating short-term liquidity and solvency challenges.
- High operating costs: Retail expansion and multi-format store operations increase fixed expenses and overheads.
Financial Review of Bazar India Unlisted Shares
(No year-wise financial data was provided. Only the overall revenue figure of ₹360 crore is available, so the financial review section is kept minimal.)
- Total turnover: ₹360 crore (within 5 years of operations)
- Strong early-stage growth supported by rapid store expansion
Quick Summary
Bazar India, under Mayasheel Retail India Limited, is an emerging retail chain growing aggressively in India’s value retail segment. With 60+ stores, ₹360 crore turnover in a short span, and new formats like Som Bazar and 99 Stores, the company targets India’s expanding consumption-driven market.
While its growth potential is strong, challenges such as working capital pressure and high operating costs need structured control and efficient supply chain management to support sustained expansion.
Click Here to visit the official website of Bazar India
Shareholding Pattern of Bazar India
| Name | Holding |
|---|---|
| Promoters | 79.61% |
| Others | 20.39% |
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Frequently Asked Questions
Bazar India unlisted shares are the equity shares of Mayasheel Retail India Limited, a company not listed on NSE or BSE. These shares can be purchased through private platforms like UnlistedKraft.
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All unlisted investments carry some level of risk. Bazar India is a fast-growing retail chain, and UnlistedKraft ensures secure, verified, and transparent transactions for investors.
Prices of Bazar India unlisted shares depend on recent private transactions, demand–supply trends, financial performance, and retail sector outlook. UnlistedKraft provides fair and updated pricing.
Yes. An active demat account is required to hold Bazar India unlisted shares.
There is no compulsory lock-in unless the company announces an IPO. Investors typically hold Bazar India unlisted shares until a liquidity event like an IPO or acquisition.
Yes. You can sell Bazar India unlisted shares through UnlistedKraft’s resale network, subject to buyer demand and market conditions.
Yes. As per SEBI rules, all pre-IPO investors of Bazar India will face a six-month lock-in after the shares get listed.
For Bazar India unlisted shares held for more than two years, gains are taxed at 20% with indexation. Shares sold within two years are taxed as per your income slab.
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