• IPO proceeds deployment: The company is raising ₹680 crore via a fresh issue priced at ₹546 to ₹575 per share, allocating the capital over the next 3.25 years toward Indian store lease liabilities and over ₹130 crore for marketing.
• Debt and servicing: Outstanding debt reached approximately ₹370 crore in March '26 with a borrowing cost of 15% to 18% to fund recent expansions, which management aims to reduce through operational cash accruals rather than direct IPO proceeds.
• Store strategy and AOV: Average order value grew from ₹45,000 to ₹75,000 over two years as the company removed more than 800 brands to focus on high-performing, large-format experience centers in cities like Mumbai, Delhi, and New York.
• Margin recovery timeline: Following an EBITDA margin drop to 5.4% in FY26 due to opening four major experience centers, management expects FY27 to serve as a baseline operational year before throughput improvements lift margins in FY28.