Stories
Baazar Style Faces Promoter Split as Directors Exit Amid Leadership Reshuffle
- •A split within the promoter group of Baazar Style Retail has emerged, with nearly 68 percent of promoter votes opposing the reappointment of former chairman Rohit Kedia.
- •The promoter group unanimously backed managing director Shreyans Surana to consolidate power, while Kedia and another promoter-director Pradeep Kumar Agarwal both resigned from the board.
- •The boardroom churn included multiple high-level resignations over the past several months, altering the power balance among the five founding families of the value-fashion retailer.
- •The leadership changes occurred despite strong financial performance, with FY26 revenue increasing 37 percent to Rs 1,840.9 crore and profit after tax climbing 220 percent.
Key Questions Answered
Late billionaire investor Rakesh Jhunjhunwala made a strategic investment in Baazar Style Retail in 2018, years prior to its stock-market debut. As of June 30, 2026, Rekha Jhunjhunwala held approximately 3.33 percent of the company, representing about 2.53 million shares.
During the September 25 AGM, nearly 68 percent of the promoter votes cast opposed the reappointment of Rohit Kedia as a director. Out of 20.79 million promoter votes cast on his resolution, 14.12 million voted against him, while only 6.67 million supported him.
Baazar Style reported strong operating growth for FY26, with revenue from operations surging 37 percent to Rs 1,840.9 crore and EBITDA rising 40 percent to Rs 264.1 crore. Additionally, profit after tax climbed 220 percent to Rs 46.9 crore, and the company closed the fiscal year with 263 stores across 191 cities.
