Kiaasa Retail Limited is an ethnic wear brand that offers a wide range of apparel, footwear, and accessories designed exclusively for women. The product portfolio includes salwar kameez, lehengas, jewellery, bags, and scarves. The brand caters to the evolving fashion needs of Indian women by providing high-quality and affordable products that reflect their individuality. They operate through a network of exclusive brand outlets and online presence, ensuring accessibility across multiple platforms: In October 2022, Kiaasa transitioned to an omni-channel model, integrating the physical stores with digital platforms to provide a seamless shopping experience. They now operate 124 exclusive brand outlets across 70 cities, supported by an online presence. Company operates the EBOs through three models: FOFO (Franchise Owned Franchise Operated), COCO (Company Owned Company Operated), and FICO (Franchise Invested Company Operated), allowing to manage the retail network efficiently. They use a combination of marketing strategies, partnerships with influencers and location-specific campaigns to increase the market reach. As per financial performance, Kiaasa Retail Limited has posted total income / net profits of Rs 50.17 / 2.46 Cr (FY23), Rs 85.19 / Rs 5.74 Cr (FY24), Rs 120.70 Cr / 8.37 Cr (FY25) and Rs 58 Cr / 6.63 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net profit just before IPO raises doubts and inventory level is around 56% of FY25 total sales. In the month of February, 2026, company has given results till only upto Q2 FY26. Company has an average EPS of Rs 5.11 and average RoNW of 39.21% for last three fiscals. Issue is priced at a P/BV of 3.42 as per NAV of Rs 37.14/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 40.32, 27.63 and 17.44 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Expert Global Consultants Private Limited is associated with this IPOs, and has handled 20 IPOs in last three fiscal years. From last 10 IPOs, one opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, eight are trading below issue price and remaining all are trading above issue price or at par. (as on 19.02.26 ) As per financials, Kiaasa Retail Limited has shown good growth, RoNW is 20.60% and P/E is 40.32, 27.63 and 17.44 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced. Also sudden rise in net-profit and higher inventory level are some red flags. Company is an ethnic wear brand that offers a wide range of apparel, footwear, and accessories designed exclusively for women, which is highly competitive business segment. Performance of BRLM post listing is very poor. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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