Rekha Jhunjhunwala-Backed Baazar Style Sees Promoter Split as Two Directors Exit

Baazar Style Retail has seen a split within its promoter group after 67.93% of promoter votes cast opposed the reappointment of former chairman Rohit Kedia as director, while all promoter votes cast backed chairman and managing director Shreyans Surana. The divide comes as Kedia and promoter-director Pradeep Kumar Agarwal have exited the board of the value-fashion retailer, according to a Moneycontrol report.

Of the 20.79 million promoter votes cast on Kedia's reappointment at the September 25 annual general meeting, 14.12 million voted against the resolution and 6.67 million supported it. In contrast, all 20.79 million promoter votes cast on Surana's reappointment were in favour. Another 8.42 million promoter shares did not vote on either resolution. Across all shareholders who voted, 77.76% opposed Kedia's reappointment.

Kedia resigned as whole-time director on September 24, a day before the AGM, while Agarwal stepped down as whole-time director on September 25. The exits follow a series of changes at Baazar Style, including two changes in chairmanship this year and three other directors leaving the board in August.

Baazar Style Promoter Voting Shows Divide

Baazar Style is promoted by the Surana, Kedia, Agarwal, Prasad and Gupta families. Following the latest board changes, Surana holds the positions of chairman and managing director, while Bhagwan Prasad remains a whole-time director. Kedia and Agarwal are no longer on the board.

The management structure has changed considerably since Baazar Style's September 2024 IPO. At the time of the listing, Surana was responsible for strategic planning, Kedia handled operations and garment procurement, Agarwal oversaw finance, operations and sales, while Prasad worked across operations, purchasing, finance and sales.

The reshuffle began in February when Agarwal stepped down as chairman but continued as whole-time director. Kedia was appointed chairman on February 6 before Surana replaced him on September 2. Kedia initially continued as whole-time director before resigning on September 24.

The board had already seen three departures in August. Non-executive director Ushma Sheth Sule resigned on August 19, followed by independent directors Richa Manoj Goyal and Prashant Singhania on August 20.

Baazar Style Revenue Rises 37% in FY26

The board changes come after a year of growth for Baazar Style. Revenue from operations rose 37% to ₹1,840.9 crore in FY26, while EBITDA increased 40% to ₹264.1 crore. Profit after tax climbed 220% to ₹46.9 crore, with the company's PAT margin at 2.5%.

Baazar Style ended FY26 with 263 stores across 191 cities. Revenue from private labels stood at ₹977 crore and accounted for 53% of total revenue, up from 45% in FY25. The company has set a target of increasing the contribution from private labels to 65% by FY27.

The retailer also counts the Jhunjhunwala family among its significant public shareholders. Late investor Rakesh Jhunjhunwala invested in Baazar Style in 2018, years before its stock-market listing. Rekha Jhunjhunwala held around 3.33% of the company, or about 2.53 million shares, as of June 30, 2026.

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