Altman Z″
Needs current assets and current liabilities.
PERNIASPOP · Not specified · INE0I1B01016
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Purple Style Labs Limited, incorporated in 2015 and headquartered in Mumbai, Maharashtra, is a leading luxury fashion aggregator in India. Operating under the flagship brand, 'Pernia’s Pop-Up Shop' (PPUS) acquired in 2018, the company serves as an omnichannel discovery and retail marketplace for high-end Indian designer apparel, jewelry, accessories, and kidswear. The platform operates physically through 14 Experience Centers globally, including 12 in key Indian metropolitan areas (Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, Ahmedabad, Surat, and Indore) and 2 international boutiques in London, UK, and New York City, US. PPUS maintains a highly defensible supplier network of 1,109 Active Designer Brands as of March 31, 2026, showcasing over 208,490 SKUs from marquee designers like Seema Gujral, Anushree Reddy, Amit Aggarwal, and Rohit Gandhi & Rahul Khanna. Sourcing utilizes a capital-efficient backorder system where a major portion of products are made-to-order, minimizing inventory-holding costs. Geographically, the company serves customers in approximately 100 countries, with international sales (primarily the US and UK) contributing 20.29% (₹146.38 crore) of its total PPUS Gross Merchandise Value (GMV) of ₹721.56 crore in Fiscal 2026. On a consolidated scale, the company reported ₹557.84 crore in revenue from operations for Fiscal 2026 (scaling from ₹504.37 crore in Fiscal 2024), but posted a restated loss of ₹285.40 crore due to high initial capital investments in expanding Large Format Experience Centers and non-recurring employee share-based payment expenses.
Purple Style Labs' competitive moat lies in its position as India's leading multi-brand luxury omnichannel aggregator, operating Pernia’s Pop-Up Shop. By aggregating 1,109 Active Designer Brands under exclusive or long-term listing agreements, the company has constructed a highly defensible supplier network that creates severe barriers to entry for competitors. This is enhanced by a seamless omnichannel model where physical Experience Centers (located in prestigious high-street clusters like Mehrauli in Delhi and Kala Ghoda/Juhu in Mumbai) generate an Average Order Value (AOV) of ₹75,504.88 (Fiscal 2026), which is up to 2.4 times higher than pure online channels. Additionally, its asset-light backorder inventory model provides high working capital efficiency, while its massive proprietary database of over 200,000 unique global customers and 19.14 million online visitors generates robust network effects that deepen customer retention (repeat orders rose to 34.72% in FY26) and designer lock-in.
Purple Style Labs Limited is India's leading multi-brand luxury omnichannel fashion aggregator, operating the flagship Pernia’s Pop-Up Shop brand. The company curates and retails high-end designer ethnic, wedding, and occasion wear through both a digital discovery platform and physical Experience Centers.
Source: p. 17, 175-184
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Sale of Goods | 99.06 | p. 327, Note 32 |
| Sale of Services | 0.94 | p. 327, Note 32 |
According to the 1Lattice Report, the Indian luxury apparel market is undergoing rapid premiumization and structural formalization. Sourced from the report, the domestic luxury apparel market is expected to grow at a CAGR of 11% from ₹64,500.00 crore in FY26 to ₹1,09,600.00 crore by FY31P, driven by rising household incomes and an aspirational middle class. The Indian wedding and occasion wear market—valued at ₹2,00,000.00 crore in FY26—is projected to grow at a CAGR of 13% to reach ₹3,70,000.00 crore by FY31P. This growth is highly concentrated in top metropolitan hubs (Delhi NCR and Mumbai holding a combined 11.9% share) and is shifting from unorganized single-boutique players to organized multi-designer platforms like Pernia’s Pop-Up Shop, which cater to modern couples with curated selections and global accessibility.
Growth rate: 11.00% CAGR (FY26 to FY31P) for the luxury apparel market, and 13.00% CAGR (FY26 to FY31P) for the wedding and occasion wear market.
₹1,49,900.00 crore for India's overall luxury market in FY26, and ₹2,00,000.00 crore for the Indian wedding and occasion wear market in FY26.
Sector slug: luxury-and-designer-apparel
Source: p. 14, 150, 155, 174
As presented in the offer document. Post-listing figures are in the statements above.
Written before listing, answered from the document itself.
How does the proposed deployment of ₹371.13 crore for lease liabilities align with the company's expansion strategy?
The company is directing 54.58% of its Gross Proceeds (₹371.13 crore out of ₹680.00 crore) to fund PSL Retail's lease liabilities for 12 existing Experience Centers and 2 back-end offices up to Q3 of Fiscal 2030. Large Format Experience Centers, which drive the highest AOVs (₹75,504.88 in FY26), represent an increasing share of lease commitments, and utilizing public funds will lower the cash drain from internal accruals.
p. 12, 109, 115, 117
What are the key designer and geographic concentrations of Pernia's Pop-Up Shop?
Pernia's Pop-Up Shop exhibits designer concentration: the top 10 designer brands contributed 30.24% of total PPUS GMV in Fiscal 2026 (rising from 23.44% in Fiscal 2024). Geographically, the business relies on Delhi and Mumbai for physical sales (a combined 11.9% share of the organized wedding-wear market), while international shipments to NRI customers in ~100 countries generated 20.29% (₹146.38 crore) of total PPUS GMV in Fiscal 2026.
p. 17, 21, 22, 150
Why did the company report a massive consolidated restated loss of ₹285.40 crore in Fiscal 2026 despite positive EBITDA?
While consolidated EBITDA was positive at ₹30.37 crore in Fiscal 2026, the company recorded a heavy restated loss of ₹285.40 crore. The loss was primarily caused by: (i) an exceptional non-cash employee share-based payment expense of ₹117.93 crore under ESOP Scheme 2024; (ii) high depreciation charges of ₹100.75 crore on leasehold assets and right-of-use (ROU) assets; and (iii) substantial finance costs of ₹97.09 crore on its ₹371.40 crore of short-term borrowings.
p. 51, 52, 53, 54, 55, 302, 314
What are the most critical hidden legal and brand-related risks disclosed in the footnotes and risk factors?
The two most material hidden risks are: (i) the active trademark dispute with Pernia Qureshi and PQCPL where they issued a termination notice on January 8, 2026 to revoke the perpetual exclusive license to use the 'Pernia's' brand name; and (ii) severe direct tax TDS prosecution proceedings involving ₹55.91 crore outstanding against non-executive director Rahul Garg for TDS payment delays at Future Retail and Future Lifestyle Fashions, which may compromise his Board candidacy.
p. 28, 29, 355, 357-363
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2015-08-06 | Abhishek Agarwal and Kamlesh Mohpal (Initial Subscription to MoA) | 11000 | 10 | Promoters | p. 70 |
| 2015-10-09 | Multiple Allottees (Rights Issue) | 800 | 5000 | Public | p. 70 |
| 2015-10-19 | Abhinav Agarwal and Rishabh Agarwal (Rights Issue) | 200 | 5000 | Public | p. 70 |
| 2016-01-02 | Multiple Allottees (Rights Issue) | 460 | 5000 | Public | p. 70 |
| 2016-03-04 | Multiple Allottees (Rights Issue) | 908 | 5000 | Public | p. 70 |
| 2016-05-16 | Multiple Allottees (Rights Issue) | 432 | 5000 | Public | p. 71 |
| 2016-08-05 | Ankit Behura and Anuj Modi (Rights Issue) | 200 | 5000 | Public | p. 71 |
| 2018-05-28 | Ashish Jalan and Payal Kumari Agarwal (Rights Issue) | 100 | 20000 | Promoter Group & Public | p. 71 |
| 2020-01-17 | Premier Financial Services Limited (Preferential Allotment) | 88 | 57000 | Public | p. 71 |
| 2021-11-27 | Abhishek Agarwal and Abhinav Agarwal (Rights Issue) | 11000 | 10 | Promoters | p. 71 |
| 2021-11-28 | Multiple Allottees (ESOP Exercise) | 2077 | 10 | Public | p. 72 |
| 2022-08-07 | Multiple Allottees (ESOP Exercise) | 700 | 10 | Public | p. 73 |
| 2023-02-23 | Multiple Allottees (CCPS Conversion) | 445 | 155000 | Public | p. 73 |
| 2023-02-23 | Multiple Allottees (CCPS Conversion) | 155 | 57000 | Public | p. 73 |
Ceo: Abhishek Agarwal (Whole-time Director and Chief Executive Officer)
Outstanding criminal proceeding pending before the Chief Judicial Magistrate, Lucknow against Promoter, WTD & CEO Abhishek Agarwal and subsidiary PSL Retail Private Limited under the Legal Metrology Act, 1985 (summons dated August 6, 2026). Show cause notices from Legal Metrology Departments in Dehradun, Almora, and Roorkee (against wendellrodricks.com) are currently pending against the Company. 3 indirect tax cases against the Company involving ₹0.51 crore (₹5.07 million) of indirect tax, and 4 indirect tax cases against PSL Retail involving ₹4.21 crore (₹42.05 million) (including a ₹2.69 crore GST ASMT-10 notice). Non-Executive Director Harminder Sahni faces 3 pending criminal cases (Shemaroo Entertainment miscellaneous copyright case, G.D. Chaudhari LM Act case, and Madhavi Chakravarthy IPC case) and 1 direct tax case of ₹0.69 crore. Independent Director Hrishikesh Bhalchandra Parandekar faces 1 pending criminal case (C. Vijay Kumar Reddy Karvy Stock Broking IPC case) and 1 material civil clubhouse suit. Non-Executive Director Rahul Garg faces 3 direct tax prosecution cases for TDS delays at Future Lifestyle Fashions and Future Retail totaling ₹55.91 crore, and 4 pending insolvency/bankruptcy applications before NCLT Mumbai where FRL and FSCSL transactions are disputed.
Auditor name: Walker Chandiok & Co LLP, Chartered Accountants and Shah & Kathariya, Chartered Accountants (Joint Statutory Auditors)
Abhishek Agarwal holds 19,100,000 Equity Shares as of March 31, 2026, representing 28.26% of the pre-Offer paid-up Equity Share capital, with nil promoter shares pledged or encumbered.
Joint Statutory Auditors included emphasis of matters and CARO observations in their reports. Standalone and subsidiary (PSL Retail) auditors reported that the Company and its subsidiary have incurred significant cash losses. Standalone cash losses (including ESOP impact) were ₹60.61 crore standalone in FY26 and ₹90.31 crore standalone in FY25. Subsidiary PSL Retail incurred cash losses of ₹114.16 crore in FY26, ₹40.43 crore in FY25, and ₹43.15 crore in FY24. In standalone CARO FY24, the auditors noted slight delays in depositing undisputed statutory dues. In standalone CARO FY25 and FY26, they noted that the audit trail (edit log) feature was not enabled at the database level to log any direct data changes for maintenance of sales, purchases, and inventory records by the Company and its subsidiary. For PSL Retail, they noted slight delays in depositing statutory dues in FY25.
Auditor changed last 3y: Yes
p. 7, 8, 10, 36, 37, 39, 41, 42, 44, 45, 51, 52, 196, 248, 300, 302, 304, 307, 330, 331, 332, 333, 334, 335, 336, 338, 339, 344, 345, 346, 347, 349, 355, 356, 357, 359, 361, 363
A change between the two filings is a disclosure in itself.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is only 12% of profit, and operating cash has been negative in 4 of the last 4 years — this is a pattern, not a one-off timing gap.
Why this reading: Flagged because the shortfall is persistent (4 weak years), material, and unexplained by a single year of working-capital movement.
Latest operating cash ₹-35 cr vs trailing profit ₹-285 cr. A repeated gap between profit and cash points to structural earnings quality issues rather than benign timing.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-84 cr, negative in 4 of 4 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -37.7% of assets. Free cash flow negative in 4 of 4 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹-155 cr ÷ ₹-562 cr, over 4 years
0.28×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹-285 − ₹-35) cr ÷ average assets
-37.7%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
-51.1% × 0.67 × -15.66
537.7%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹-188 cr ÷ ₹97 cr
-1.94×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹784 cr ÷ ₹-53 cr
-14.79×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +230% vs revenue +51%, FY2023 to FY2026
178pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 24.08% to 24.08% across these quarters.
FII held steady from 4.84% to 4.84% across these quarters.
MF held steady from 3.60% to 3.60% across these quarters.
Other held steady from 67.48% to 67.48% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Debtor days
How long customers take to pay | 2 | 1 | 1 | 2 |
| Inventory days
How long stock sits before it sells | 148 | 172 | 206 | 171 |
| Payable days
How long the company takes to pay suppliers | 72 | 80 | 54 | 42 |
| Cash conversion cycle
Debtor + inventory − payable days | 79 | 93 | 153 | 131 |
| Working capital days | -23 | -34 | 11 | -177 |
| ROCE %
Return on capital employed | — | -2.0% | -3.0% | -12.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Revenue from operations | 369 | 504 | 490 | 558 |
| Other income | 13 | 6 | -119 | -109 |
| Depreciation | 29 | 39 | 55 | 101 |
| Finance cost | 25 | 41 | 53 | 97 |
| Profit before tax | -41 | -48 | -188 | -285 |
| Net profit (owners) | -41 | -48 | -188 | -285 |
| EPS (₹) | -13,750.83 | -15,850.50 | -44,959.43 | -41.83 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 68 |
| Reserves | 58 | 39 | 117 | -121 |
| Borrowings | 169 | 312 | 287 | 784 |
| Net block | 152 | 230 | 193 | 501 |
| CWIP | 0 | 1 | 3 | 0 |
| Investments | 0 | 3 | 0 | 0 |
| Total Assets | 330 | 460 | 497 | 830 |
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash from operations | -44 | -31 | -45 | -35 |
| Cash from investing | -13 | -17 | -12 | -52 |
| Cash from financing | 47 | 44 | 64 | 93 |
| Free cash flow | -58 | -47 | -60 | -84 |
| Net change in cash | -10 | -4 | 7 | 5 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.