| 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 |
| Cash-Flow Statement | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| PBT | -17.5 | 5.8 | 9.57 | 1.45 |
| OPBWC | 4 | -3.1 | -0.2 | 6.54 |
| Change in Receivables | 1 | -0.14 | 0 | 0.06 |
| Change in Inventories | 15 | 15 | -5.5 | 3.23 |
| Change in Payables | -2 | -17 | -2 | -20.81 |
| Other Changes | -9 | 9 | 11.1 | -6.37 |
| Working Capital Change | 5 | 6.86 | 3.6 | -23.89 |
| Cash Generated From Operations | 9 | 3.76 | 3.4 | -17.35 |
| Tax | 0 | 0 | 0 | 0 |
| Cash Flow From Operations | 9 | 3.76 | 3.4 | -17.35 |
| Purchase of PPE | -1.5 | 7 | 0 | 0 |
| Sale of PPE | 0 | -4 | 3.5 | 2.83 |
| Cash Flow From Investment | -1.6 | 3.8 | -1.3 | -0.3 |
| Borrowing | -6 | -4 | -7 | 17.46 |
| Dividend | 0 | 0 | 0 | 0 |
| Equity | 0 | 0 | 4.5 | 0.5 |
| Others From Financing | -3 | -2.99 | 6.1 | 0.23 |
| Cash Flow from Financing | -9 | -6.99 | 3.6 | 18.19 |
| Net Cash Generated | -1.6 | 0.57 | 5.7 | 0.54 |
| Cash at the Start | 2.4 | 0.78 | 1.4 | 0.33 |
| Cash at the End | 0.8 | 1.35 | 7.1 | 0.87 |
Mayasheel Retail India Limited (brand “Bazar India”) is an unlisted retail company operating a chain of value-fashion and lifestyle stores across India, especially in tier-2 and tier-3 cities. The business model emphasises affordable apparel, footwear, home furnishings and general merchandise under the tagline “FASHION KE SAATH BACHAT BHI”. According to reported unlisted-share market data, the shares are trading at very modest valuations: for example, one platform shows a current price of Rs 24 per share. Financially the company has seen mixed results — one summary shows revenue declining in recent years (from ~Rs 359 cr to ~Rs 153 cr over four years) and profit margins extremely thin (EPS Rs 0.32 in FY 2023).
As with any investment in unlisted shares, there are significant risks to consider here. While the growth story of a budget-retail chain could appeal, the low current valuations reflect concerns — such as weak profitability, heavy competition in the retail sector, small scale compared to listed peers, and limited publicly available financial disclosure. Liquidity is a major constraint: the shares are not listed on any major exchange, which means buying and especially selling them may be difficult and dependent on informal over-the-counter platforms. Even the reported price (Rs 24) may not fully capture deeper value (or risk) and may not translate into realisable value upon a future listing or sale. Investors should therefore approach Bazar India’s unlisted shares with caution, carry out detailed due diligence, be prepared for a long-term horizon, and understand that there is no guarantee of listing or of value appreciation.
Q1. What is Bazar India and why are its unlisted shares in demand?
Ans: Bazar India is a fast-growing Indian retail value fashion chain focused on affordable apparel and lifestyle products. Its unlisted shares attract investors due to rapid store expansion, strong revenue growth, and expectations of a future IPO.
Q2. What is the current price of Bazar India unlisted shares?
Ans: The price of Bazar India unlisted shares varies based on market demand, company performance, and liquidity in the pre-IPO market. Investors should check real-time dealer quotes or unlisted share platforms for the latest price.
Q3. How can I buy Bazar India unlisted shares in India?
Ans: You can buy Bazar India unlisted shares through authorized brokers or unlisted share platforms. The process typically includes price confirmation, share transfer via demat account, and payment settlement within T+2 to T+5 days.
Q4. Is it legal to buy and sell unlisted shares in India?
Ans: Yes. Buying and selling unlisted shares is legal in India when done through proper demat transfers and compliant brokers. However, liquidity may be limited compared to listed stocks.
Q5. What are the risks of investing in Bazar India unlisted shares?
Ans: Key risks include low liquidity, limited public financial disclosures, price volatility, delayed IPO timelines, and lack of regulatory protections available for listed stocks.
Q6. Is Bazar India planning an IPO?
Ans: While Bazar India has not officially announced an IPO date, strong growth trends and investor interest suggest a potential public listing in the future. IPO plans depend on market conditions and company strategy.
Q7. How are Bazar India unlisted share prices determined?
Ans: Prices are influenced by company financial performance, revenue growth, profitability, market sentiment, IPO expectations, and supply-demand dynamics in the private share market.
Q8. Can I sell Bazar India unlisted shares before IPO?
Ans: Yes. Investors can sell unlisted shares before IPO through private transactions or brokers, subject to market liquidity and buyer availability.
Q9. Are unlisted shares suitable for long-term investment?
Ans: Unlisted shares can offer high growth potential but involve higher risk. They are generally suitable for long-term investors who understand pre-IPO market dynamics and can tolerate lower liquidity.