Kiaasa Retail targets 250 stores by 2028, guides 35% revenue CAGR to 2030
The nano-cap ethnic wear chain plans to more than double its store count from 124 to 250 outlets, funded partly by IPO proceeds, with management guiding for 45% annual EBITDA growth.
— 1 earlier story on Kiaasa Retail Ltd. →What's new
- Management set a 35% revenue CAGR target through FY30 and a 45% annual EBITDA growth rate.
- The store network is planned to expand from 124 to 250 company-owned outlets by 2028.
- A total of 66 new stores will be funded by IPO proceeds, with same-store sales up 12.89% in FY26.
Why this matters
For a nano-cap retailer, these are ambitious multi-year projections that will shape any discounted-cash-flow valuation. The 35% revenue and 45% EBITDA CAGR targets imply management believes it can more than double store density while simultaneously lifting margins. The store-expansion plan, funded by IPO cash, is the concrete near-term action behind the long-term targets.
What we're watching
- Execution of the 66-store rollout funded by the IPO in the coming quarters.
- Whether same-store sales of 12.89% hold as new stores add to the base.
- EBITDA margin trajectory as store count scales toward 250.
The full read
Kiaasa Retail, a nano-cap ethnic wear chain, laid out an aggressive expansion plan on its May 26 concall. The company wants to take its store count from 124 to 250 outlets by 2028, with 66 of those new stores funded by its IPO proceeds. Management set a 35% revenue CAGR target through FY30 and guided for 45% annual EBITDA growth. Same-store sales already grew 12.89% in FY26. The targets are specific and multi-year, which is unusual for a company of this size. What makes them credible, or not, is the same-store sales trend as the base expands and the disciplined use of the IPO cash on the new-store rollout.
Questions answered
- What is Kiaasa Retail's long-term growth target?
- Management guided for a 35% compound annual growth rate in revenue through FY30, with EBITDA growing 45% annually over the same period.
- How is the store expansion being funded?
- The plan to open 66 new stores is being funded by IPO proceeds. The total store count is targeted to reach 250 company-owned outlets by 2028, up from the current 124.
- What was the recent same-store sales performance?
- The company reported same-store sales growth of 12.89% for FY26, a metric that will be key to watch as the store network expands.
- How do these targets fit with the company's current scale?
- Kiaasa is a nano-cap retailer, which makes the specific multi-year projections for 35% revenue and 45% EBITDA CAGR notable, as they outline a significant scaling plan from a small base.
Kiaasa Retail Ltd.
Latest quarter · Mar 2026
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All notes on KIAASA →- 26 May 2026 · 4:53 PM IST Kiaasa Retail targets 250 stores by 2028, guides 35% revenue CAGR to 2030
- 35d ago Kiaasa Retail adds three stores, a ₹4cr revenue drip in a ₹134.63cr business