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Purple Style Labs Ltd

PERNIASPOP

NSE

₹538.25-0.66%19 Oct 2026

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Purple Style Labs Ltd

PERNIASPOP

NSE

₹538.25

-0.66%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Purple Style Labs Ltd operates "Pernia’s Pop-Up Shop", India's largest multi-brand luxury omni-channel fashion platform by FY24 revenue, aggregating designer wedding and occasion wear across physical Experience Centers and an international digital storefront. The company sources curated samples from over a thousand independent designers, taking upfront customer payments before procuring finished garments to insulate itself from unpaid inventory risk.

At a glance


Scale	Revenue fell from ₹504.37 crore (FY24) to ₹489.91 crore (FY25) as lower-value lines were pruned
Business mix	Womenswear ₹445.13 crore (75.66% GMV), Menswear ₹109.08 crore, Others ₹34.10 crore in FY25
Market position	India's fastest-growing luxury fashion platform by FY24 revenue (83% FY20-24 CAGR)
Footprint	14 Experience Centers (13 India, 1 UK) across 211,727 SKUs from 1,312 active designer brands
Customers & concentration	Top 10,000 customers drove 58.20% (₹342.38 crore) of Total GMV in FY25
Revenue model	Goods sales formed ₹483.39 crore (98.67% of ops revenue) via advance-paid backorders and retail
The offer	Fresh Issue up to ₹660 crore with zero OFS; Promoters are not selling any shares

Business segments

Two retail channels: physical high-street Experience Centers generating the bulk of high-ticket sales, linked to a digital platform serving global diaspora demand.

1. High-street Experience Centers: driving high-value bridal footfall

Physical stores generate the majority of platform gross merchandise value, anchored by metropolitan bridal demand in Delhi and Mumbai.

Physical channel primacy - Experience Centers generate the majority of total Gross Merchandise Value (GMV, the total monetary value of merchandise sold over a period), led by Delhi contributing ₹125.14 crore and Mumbai delivering ₹122.13 crore in FY25.
In-store ticket premium - Indian Experience Centers achieved an Average Order Value (AOV) of ₹71,466.62 in FY25, which is roughly 2.5 times higher than the online channel's ₹25,487.70 because bridal clients buy heavy occasion ensembles in person (p.178-179).
Large format buildouts - the company expanded its physical presence by opening flagship destination stores spanning 20,000 to 60,000 square feet in South Extension (Delhi) and Fort (Mumbai) in mid-2025.
Offshore physical beachhead - an international store on Grosvenor Street in London delivered ₹36.92 crore in GMV during FY25, commanding a high AOV of ₹110,332.69 (GBP 996.32) from the local diaspora.
In-store personal styling - locations employ dedicated stylists who guide bespoke curation, conduct fittings, and execute immediate minor garment alterations to secure conversions on site.

2. Global digital storefront: capturing cross-border diaspora demand

The web and mobile channels monetise high-income non-resident Indian demand across more than 100 countries.

International traffic scale - the digital storefront recorded 1.86 crore unique visitors in FY25, drawing substantial cross-border interest with 38 lakh visitors from the US and 9 lakh from the UK.
US diaspora GMV contribution - US online sales generated ₹97.36 crore or 16.55% of total GMV in FY25, contracting from ₹138.47 crore in FY24 as product assortments were restructured.
Mobile application adoption - proprietary mobile apps reached 299,743 cumulative downloads and roughly 147,700 active installations by March 31, 2025, enabling direct re-engagement with shoppers.
Cross-border tariff exposure - an increase in US tariffs on Indian-origin goods to 50.00% in August 2025 creates direct pricing and margin pressure on this key export market.
Ancillary digital de-emphasis - service revenue fell 58.01% to ₹6.52 crore in FY25 because management deliberately curtailed non-core styling consultations and third-party IT support services.

Centralised designer curation and sample-based backordering

Centralized designer aggregation allows the platform to offer an expansive catalog without taking on heavy inventory holding risks.

Broad designer roster - the business aggregates 1,312 active designer brands, including marquee names like Seema Gujral and Amit Aggarwal, ensuring no single label accounts for more than 10% of total GMV.
Sample-based backordering - stores and websites showcase display samples while customer orders are procured against advance payment, keeping inventory carrying costs low.
Designer return liability - onboarding agreements contractually obligate partner designers to absorb replacement costs, customer delay penalties, and liquidation losses on unsold returned merchandise.

Advance customer payments paired with contractual price parity

Upfront order settlement - retail shoppers settle purchases upfront through online gateways, cards, or cash before orders are passed to designers, shielding the balance sheet from trade receivable defaults.
Strict channel price parity - commercial contracts mandate that designers maintain identical retail pricing across physical stores, the website, and their own standalone boutiques.
Premiumization mix shift - removing lower-ticket labels priced below ₹15,000 lifted the platform's Average Selling Price to ₹34,020.52 and pushed FY25 AOV to ₹56,106.44.
Low-volume owned manufacturing - in-house proprietary brands like Wendell Rodricks consume small amounts of internal raw materials (₹1.29 crore consumed in FY25), operating alongside the core third-party trading model.

Expanding share in an unbranded occasion wear market

Organized luxury platforms are capturing market share from traditional unbranded tailors across the expanding Indian wedding ecosystem.

Sector scale - the Indian wedding and occasion wear sector was valued at ₹180,000 crore in FY25 (₹150,000 crore wedding wear) and is projected to reach ₹340,000 crore by FY30 at a 13% CAGR.
Unbranded to branded transition - unbranded garments still represent 71% of occasion wear sales, but organized branded platforms are forecast to outpace the broader market with a 16% CAGR through 2030.
Competitive landscape - the business competes with multi-brand retailers like Aza Fashions, Ogaan, and Ensemble, alongside mono-brand luxury houses like Sabyasachi and Louis Vuitton, leading multi-designer peers with ₹508 crore in FY24 MCA revenue.

Mumbai corporate core driving domestic and overseas retail units

Purple Style Labs Limited operates as the parent entity providing technology, brand liaison, and centralized administrative services to three retail operating subsidiaries.

Entity	Stake	What it adds
PSL Retail Private Limited	99.99%	Operates all 13 domestic Experience Centers and domestic online sales; incurs all India store lease liabilities
Purple Style Labs UK Limited	100.00%	Operates the Grosvenor Street Experience Center in London, UK
Purple Style Labs USA, Inc.	100.00%	Formed in April 2025 to establish and operate New York brick-and-mortar Experience Centers

Funding physical store leases and expanded marketing

Lease liability funding - the company will inject ₹363.29 crore of fresh issue proceeds into subsidiary PSL Retail to pay lease commitments across 13 Indian stores and offices through FY29.
Marketing expansion - an allocation of ₹128.00 crore is earmarked for standalone advertising and brand campaigns over FY26-FY29 to acquire affluent domestic and overseas clients.
Pre-IPO investor terms - special rights held by institutional investors like Volrado, Singularity, ValueQuest, and Alchemy terminate upon listing, but will be reinstated if the IPO does not complete by December 2026.

Worth keeping in mind

The company acquired its core brand assets-Pernia’s Pop-Up Shop (₹12.00 crore in 2018), Wendell Rodricks (₹1.48 crore in 2020), and Hemant Trevedi (₹0.35 crore in 2021)-without independent valuation reports.
The business has recorded persistent cash losses, with the standalone parent posting a cash loss of ₹90.31 crore in FY25 (₹16.89 crore in FY22) and operating subsidiary PSL Retail losing ₹40.43 crore in FY25, ₹43.15 crore in FY24, and ₹33.32 crore in FY23.
Management carried out zero physical verification of property, plant, and equipment during FY23 for both the parent holding company and PSL Retail.
Statutory auditors disclosed that database-level audit logging for sales, purchases, and inventory software was disabled from April 1 to November 6, 2024, while accounting software audit trails were non-demonstrable across FY24 and part of FY25.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹4,309Cr

Close Price

₹538.25

Industry

Trading

Price To Earnings

—

Price To Sales

7.72

Revenue

₹558Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	106	154	119
Growth YoY Revenue Growth YoY%			13.0
Expenses ExpensesCr	111	150	133
Operating Profit Operating ProfitCr	-6	4	-14
OPM OPM%	-5.4	2.6	-11.5
Other Income Other IncomeCr	-53	-5	-6
Interest Expense Interest ExpenseCr	21	30	34
Depreciation DepreciationCr	21	32	35
PBT PBTCr	-100	-63	-88
Tax TaxCr	0	0	0
PAT PATCr	-100	-63	-88
Growth YoY PAT Growth YoY%			12.2
NPM NPM%	-94.9	-40.8	-73.8
EPS EPS₹	-6.9	-8.1	-11.8

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	106	154	119
Growth YoY Revenue Growth YoY%			13.0
Expenses ExpensesCr	111	150	133
Operating Profit Operating ProfitCr	-6	4	-14
OPM OPM%	-5.4	2.6	-11.5
Other Income Other IncomeCr	-53	-5	-6
Interest Expense Interest ExpenseCr	21	30	34
Depreciation DepreciationCr	21	32	35
PBT PBTCr	-100	-63	-88
Tax TaxCr	0	0	0
PAT PATCr	-100	-63	-88
Growth YoY PAT Growth YoY%			12.2
NPM NPM%	-94.9	-40.8	-73.8
EPS EPS₹	-6.9	-8.1	-11.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	369	504	490	558
Growth Revenue Growth%		36.6	-2.9	13.9
Expenses ExpensesCr	369	478	452	537
Operating Profit Operating ProfitCr	0	26	38	21
OPM OPM%	0.0	5.2	7.7	3.8
Other Income Other IncomeCr	13	6	-119	-109
Interest Expense Interest ExpenseCr	25	41	53	97
Depreciation DepreciationCr	29	39	55	101
PBT PBTCr	-41	-48	-188	-285
Tax TaxCr	0	0	0	0
PAT PATCr	-41	-48	-188	-285
Growth PAT Growth%		-15.3	-294.9	-51.5
NPM NPM%	-11.2	-9.5	-38.5	-51.2
EPS EPS₹	-6.7	-7.5	-29.0	-42.0

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	369	504	490	558
Growth Revenue Growth%		36.6	-2.9	13.9
Expenses ExpensesCr	369	478	452	537
Operating Profit Operating ProfitCr	0	26	38	21
OPM OPM%	0.0	5.2	7.7	3.8
Other Income Other IncomeCr	13	6	-119	-109
Interest Expense Interest ExpenseCr	25	41	53	97
Depreciation DepreciationCr	29	39	55	101
PBT PBTCr	-41	-48	-188	-285
Tax TaxCr	0	0	0	0
PAT PATCr	-41	-48	-188	-285
Growth PAT Growth%		-15.3	-294.9	-51.5
NPM NPM%	-11.2	-9.5	-38.5	-51.2
EPS EPS₹	-6.7	-7.5	-29.0	-42.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	68
Reserves ReservesCr	58	39	117	-121
Current Liabilities Current LiabilitiesCr	168	249	231	531
Non Current Liabilities Non Current LiabilitiesCr	103	170	149	351
Total Liabilities Total LiabilitiesCr	330	460	497	830
Current Assets Current AssetsCr	151	205	257	275
Non Current Assets Non Current AssetsCr	178	255	241	554
Total Assets Total AssetsCr	330	460	497	830

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	68
Reserves ReservesCr	58	39	117	-121
Current Liabilities Current LiabilitiesCr	168	249	231	531
Non Current Liabilities Non Current LiabilitiesCr	103	170	149	351
Total Liabilities Total LiabilitiesCr	330	460	497	830
Current Assets Current AssetsCr	151	205	257	275
Non Current Assets Non Current AssetsCr	178	255	241	554
Total Assets Total AssetsCr	330	460	497	830

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-44	-31	-45	-35
Investing Cash Flow Investing Cash FlowCr	-13	-17	-12	-52
Financing Cash Flow Financing Cash FlowCr	47	44	64	93
Net Cash Flow Net Cash FlowCr	-10	-4	7	5
Free Cash Flow Free Cash FlowCr	-58	-47	-60	-84
CFO To PAT CFO To PAT%	106.8	65.7	24.0	12.2
CFO To EBITDA CFO To EBITDA%	-3,15,635.7	-120.7	-119.2	-165.1

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-44	-31	-45	-35
Investing Cash Flow Investing Cash FlowCr	-13	-17	-12	-52
Financing Cash Flow Financing Cash FlowCr	47	44	64	93
Net Cash Flow Net Cash FlowCr	-10	-4	7	5
Free Cash Flow Free Cash FlowCr	-58	-47	-60	-84
CFO To PAT CFO To PAT%	106.8	65.7	24.0	12.2
CFO To EBITDA CFO To EBITDA%	-3,15,635.7	-120.7	-119.2	-165.1

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,309
Price To Earnings Price To Earnings
Price To Sales Price To Sales					7.7
Price To Book Price To Book					6.9
EV To EBITDA EV To EBITDA					241.6
Profitability Ratios Profitability Ratios
GPM GPM%	32.1	32.8	34.6	30.4	30.4
OPM OPM%	0.0	5.2	7.7	3.8	3.8
NPM NPM%	-11.2	-9.5	-38.5	-51.2	-51.2
ROCE ROCE%	-7.2	-2.0	-33.5	-25.7	-25.7
ROE ROE%	-71.4	-122.7	-160.3	545.9	545.9
ROA ROA%	-12.6	-10.4	-37.9	-34.4	-34.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,309
Price To Earnings Price To Earnings
Price To Sales Price To Sales					7.7
Price To Book Price To Book					6.9
EV To EBITDA EV To EBITDA					241.6
Profitability Ratios Profitability Ratios
GPM GPM%	32.1	32.8	34.6	30.4	30.4
OPM OPM%	0.0	5.2	7.7	3.8	3.8
NPM NPM%	-11.2	-9.5	-38.5	-51.2	-51.2
ROCE ROCE%	-7.2	-2.0	-33.5	-25.7	-25.7
ROE ROE%	-71.4	-122.7	-160.3	545.9	545.9
ROA ROA%	-12.6	-10.4	-37.9	-34.4	-34.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SGMART	MMTC	PTC	PERNIASPOP	BUILDPRO	EUROPRATIK	AAYUSHBULL
Market CapitalizationMkt CapCr	9,787	8,234	4,419	4,309	2,706	2,005	1,994
Close PriceClose₹	776.25	54.89	149.29	538.25	223.20	196.19	1,302.50
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	78.65	18.42	8.69		7.47	23.25	252.91
Price To SalesPS	1.51	3,015.93	0.25	7.72	0.38	5.36	9.22
RevenueRevenueCr	6,480	3	17,535	558	7,147	374	216
Revenue Growth TTMRev Gr TTM%	10.5%	-19.2%	13.3%		26.3%	24.5%	193.3%
PAT Growth TTMPAT Gr TTM%	13.6%	355.6%	-43.0%		40.7%	25.2%	338.4%

	SGMART	MMTC	PTC	PERNIASPOP	BUILDPRO	EUROPRATIK	AAYUSHBULL
Market CapitalizationMkt CapCr	9,787	8,234	4,419	4,309	2,706	2,005	1,994
Close PriceClose₹	776.25	54.89	149.29	538.25	223.20	196.19	1,302.50
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	78.65	18.42	8.69		7.47	23.25	252.91
Price To SalesPS	1.51	3,015.93	0.25	7.72	0.38	5.36	9.22
RevenueRevenueCr	6,480	3	17,535	558	7,147	374	216
Revenue Growth TTMRev Gr TTM%	10.5%	-19.2%	13.3%		26.3%	24.5%	193.3%
PAT Growth TTMPAT Gr TTM%	13.6%	355.6%	-43.0%		40.7%	25.2%	338.4%