Baazar Style Retail’s promoter group has shown a divide over the reappointment of former chairman Rohit Kedia as a director, with 67.93% of promoter votes cast against the resolution at the company’s annual general meeting (AGM).
Of the 20.79 million promoter votes cast on Kedia’s reappointment, 14.12 million were against the resolution and 6.67 million were in favour. In contrast, all 20.79 million promoter votes cast on the reappointment of Chairman and Managing Director Shreyans Surana 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 promoter-director Pradeep Kumar Agarwal stepped down on September 25. Surana continues as chairman and managing director, while Bhagwan Prasad remains a whole-time director.
Baazar Style is promoted by the Surana, Kedia, Agarwal, Prasad and Gupta families. The company has seen several changes to its board this year. Agarwal stepped down as chairman in February and Kedia was appointed chairman on February 6. Surana replaced Kedia as chairman on September 2.
Non-executive director Ushma Sheth Sule and independent directors Richa Manoj Goyal and Prashant Singhania also resigned from the board in August.
Baazar Style reported a 37% increase in revenue from operations to Rs 1,840.9 crore in FY26. EBITDA rose 40% to Rs 264.1 crore, while profit after tax increased 220% to Rs 46.9 crore.
The retailer ended FY26 with 263 stores across 191 cities. Private-label revenue increased to Rs 977 crore, accounting for 53% of total revenue, compared with 45% in FY25. The company aims to increase the contribution of private labels to 65% by FY27.
