Purple Style Labs IPO

Strengths · 8

• 01Sales grew 15% in FY2026, from Rs 494.00 crore to Rs 567.07 crore.
• 02The platform is operating at a good size, with gross merchandise value of about Rs 721.56 crore in FY2026 and an average order value of Rs 75,504.88.
• 03It has a wide designer base of 1,109 active brands as on 31 March 2026, which is hard for a new competitor to build quickly.
• 04At the operating level the business makes money. EBITDA was Rs 30.37 crore in FY2026.
• 05It has a real international presence, with Experience Centers in London and New York alongside 12 in India, and customers in the US, UK, Middle East and Australia.
• 06More than 2,00,000 different customers were served between FY2024 and FY2026.
• 07It does not manufacture, so it carries designer inventory and curation rather than factories, and designers get reach without their own retail network.
• 08The whole issue is fresh capital with no offer for sale.

Risks · 10

• 01The company is making large and growing losses. Loss after tax was Rs 47.71 crore in FY2024, Rs 188.38 crore in FY2025 and Rs 285.40 crore in FY2026.
• 02Net worth has turned negative, at minus Rs 52.28 crore as on 31 March 2026, with reserves at minus Rs 116.40 crore. In plain terms the accumulated losses have wiped out the shareholders funds.
• 03Borrowing more than tripled in one year, from Rs 112.79 crore to Rs 371.40 crore, and that is against negative net worth.
• 04There is no P/E to judge the issue on. EPS is negative and RoNW is minus 160.33%.
• 05EBITDA was positive at Rs 30.37 crore but the net loss was Rs 285.40 crore. The gap between the two is very large and comes from costs below the operating line, which needs to be understood from the RHP before investing.
• 06Sales are not growing steadily. Total income actually fell from Rs 510.03 crore in FY2024 to Rs 494.00 crore in FY2025 before rising to Rs 567.07 crore in FY2026.
• 07The objects of the issue are not stated in the data available to us, so how the Rs 680 crore will be used is not clear from here and must be read in the RHP.
• 08Luxury wedding wear is a discretionary purchase with a high ticket size. Demand falls quickly when consumer sentiment weakens.
• 09Running 14 Experience Centers, including two overseas, carries heavy fixed cost in rent and staff whether or not sales come.
• 10Retail investors get only up to 10% of this issue, as not less than 75% is reserved for QIB.

Purple Style Labs Limited was started in August 2015. It runs a multi brand luxury fashion platform under the name Pernia's Pop-Up Shop, usually shortened to PPUS. It sells womenswear, menswear, jewellery, accessories and kidswear, with the main focus on wedding and occasion wear.

The company does not make the clothes itself. It brings designers and customers together. As on 31 March 2026 it sourced from 1,109 active designer brands, including names such as Seema Gujral, Anushree Reddy, Amit Aggarwal and Rohit Gandhi & Rahul Khanna. For the designers, the platform is a way to reach buyers in India and abroad without setting up their own shops and distribution.

It sells through several channels together, which it calls an omni-channel model. These are its Experience Centers, its website, its mobile application, telephone and digital sales, and events and exhibitions. As on 31 March 2026 it had 14 Experience Centers, of which 12 were in India and one each in London and New York. Between FY2024 and FY2026 it served more than 2,00,000 different customers, and in FY2026 the platform recorded gross merchandise value of about Rs 721.56 crore with an average order value of Rs 75,504.88. It sells to customers in India, the United States, the United Kingdom, the Middle East and Australia. As on 31 March 2026 it had 1,266 permanent employees.

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