Mahendra Realtors & Infrastructure Ltd. IPO

Purple Style Labs

• Purple Style Labs is coming out with a 100% book building; initial public offering (IPO) of 1,24,54,212 shares of face value Rs 10 each in a price band Rs 546 - 575 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on August 31, 2026 and will close on September 2, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 54.60 times of its face value on the lower side and 57.50 times on the higher side.
• Book running lead managers to the issue are Axis Capital and IIFL Capital Services.
• Compliance officer for the issue is Gulshan Mumtaz Khan. 

Profile of the company

Purple Style Labs, together with its subsidiaries, is primarily engaged in the retail of apparel, jewellery, accessories, and other lifestyle products from various designer brands. The company provides a one stop solution to all shopping and styling needs of customers under the brand name, Pernia’s Pop-Up Shop (PPUS) through its online presence (i.e. www.perniaspopupshop.com and a mobile application) and physical stores in the name and style of Pernia’s Pop-Up Studio. It also owns and operates apparel and lifestyle brands and provides technical and other value-added services to third party designer/ fashion brands.

Pernia’s Pop-Up Shop is one of the largest and fastest growing multi-brand luxury omni-channel fashion platform in India, serving customers in India and abroad. Its omni-channel platform includes Experience Centers, the online platforms of Pernia’s Pop-Up Shop including website, mobile application, other telephonic and digital sales channels and events and exhibitions, among others. It offers Indian luxury Designer Brands visibility and access to a large, global customer base, while providing control over brand image and pricing integrity. Furthermore, its platform addresses key challenges faced by Designer Brands in the luxury fashion industry, particularly around visibility, distribution, and access to premium retail environments.

Proceed is being used for: 

• Investment in its wholly owned subsidiary, PSL Retail for expenditure towards lease liabilities of experience centers, and back-end offices in India
• Funding towards sales and marketing expenses to be incurred by the company
• General corporate purposes

Industry overview

The Indian retail market stands between Rs 110 to Rs 115 trillion in FY 2026 and has grown at a CAGR of 9% from Rs  67 trillion in FY 2020. It is further projected to expand at a CAGR of 8% to reach Rs 165 to 170 trillion in FY 2030. This growth is being fuelled by rising disposable incomes, an expanding middle class, and increasing urbanization across the country. Consumers are increasingly aspirational, digitally engaged, and conscious of brands and quality. The rapid rise of e-commerce, the spread of modern retail formats, and deeper brand penetration into Tier 1 plus cities are also driving momentum. Furthermore, improvements in infrastructure, greater access to financing, and supportive government initiatives aimed at boosting retail and entrepreneurship are creating a more conducive environment for sustained growth across the sector. The Indian retail market is dominated by food and non-alcoholic beverages, which account for 60.5% of the total market size. However, clothing and footwear stand out as the second-largest retail segment, contributing 10% to the overall market.

The Indian apparel market is at Rs 10.3 trillion in FY 2026, growing at a CAGR of 11% from Rs 5.6 trillion in FY 2020. It is further projected to expand to Rs 15.3 trillion by FY 2031, at a CAGR of 8%. This strong growth trajectory reflects evolving consumer lifestyles, increasing fashion consciousness, and the rising influence of global trends. Menswear holds the largest share of the Indian apparel market in FY 2026, accounting for 42%, followed by womenswear at 37% and kids wear at 21%. The Indian luxury apparel market is projected to grow at a CAGR of 11% from Rs 645 billion in FY 2026 to Rs 1,096 billion by FY 2031. Within this market, the premium segment forms the largest share, expected to grow at a CAGR of 12%, followed by the bridge-to-luxury and luxury segments, both growing steadily at 11% CAGR. This growth is being fuelled by increasing aspirations among affluent consumers, greater brand awareness, and exposure to global fashion trends. The rise of high-income households, expanding urban affluence, and a growing desire for exclusivity and experiential purchases are further driving the uptake of luxury fashion in India.

India’s luxury market continues to be concentrated in its major metropolitan hubs, with Delhi NCR, Mumbai, Bangalore, Chennai, and Hyderabad accounting for 65-70% of the total market in FY 2020, moderating to around 60-65% by FY 2026. These cities have long been the epicentres of luxury consumption, supported by mature retail infrastructure, high-income consumer bases, and established brand presence. However, the landscape is gradually shifting. The share of mini metros and Tier 1 plus cities is expected to increase from 30-35% in FY 2020 to 35-40% by FY 2026. While mini metros are contributing, the primary driver of this growth is Tier 1 plus cities, emerging urban centres witnessing rising disposable incomes and lifestyle aspirations. This shift is being accelerated by the influence of social media and digital platforms, which have played a pivotal role in shaping consumer aspirations beyond the metros.

Pros and strengths 

Multi-brand omni-channel luxury platform with wide portfolio of products: The company is one of the largest and fastest growing multi-brand luxury omni-channel fashion platform in India, serving customers in India and abroad. It has 208,490 SKUs representing products from 1,109 Active Designer Brands available on its platform. Its platform offers an extensive range of products across various categories, including womenswear, menswear, and others such as jewelry, accessories and kidswear. This wide product portfolio ensures that customers have access to a diverse selection of quality products, catering to different tastes and preferences. It has successfully diversified its product portfolio across categories. Additionally, it has also introduced real jewelry to its portfolio in 2024. By diversifying its product portfolio, it is better able to meet the evolving needs of its customers while also reducing its reliance on any single category and capturing new growth opportunities across the market.

Omni-channel business model with focus on operational efficiency: The company has implemented an omni-channel model that seamlessly integrates its online platform with physical Experience Centers. This integration ensures a consistent and cohesive shopping experience for customers, whether they choose to shop online or in-store. This approach helps it caters to customers’ preferences and convenience and helps to ensure that shopping with the company is a personalized experience. Its platform’s robust online presence, which garnered 19.14 million Unique Visitors in Fiscal 2026, combined with strategically located Experience Centers in key cities such as Mumbai, Delhi, Bengaluru, and Hyderabad in India, London in the UK and New York in the US, enhance customer convenience and engagement. Its Experience Centers provide customers with the opportunity to interact with products physically, try on apparel, and receive personalized styling advice from in-store personnel. This personalized shopping experience is complemented by the convenience of online shopping, where customers can explore a wide product portfolio, view detailed product descriptions, and make seamless payments. The omni-channel model enables its customers to browse collections at their convenience, after which they can visit its Experience Centers to try on apparel, enhancing their overall shopping experience.

Powerful network effects resulting in robust customer retention and high monetization: The company has established itself as a premier luxury fashion destination for Indian Designer Brands. Its brand presence attracts both Designer Brands and customers, creating a cycle of growth and engagement. Its platform has 1,109 Active Designer Brands as of March 31, 2026, and its product categories span womenswear, menswear, and others such as jewelry, accessories and kidswear, highlighting its ability to cater to a broad base of customer needs. Furthermore, its top 10,000 customers’ contribution towards Total PPUS GMV has grown between Fiscals 2024 to 2026, indicating that its customers are more engaged and are deriving increasing value from its platform. This growth in contribution suggests that its platform is not only retaining valuable customers but also deepening their engagement. Not only have it achieved robust retention rates with its customers, the high monetization of its business is also evident from the consistent growth in its average annual sales per customer, which further reflects its ability to not only attract but also deepen the financial engagement of each customer over time. An increasing Average PPUS GMV per customer indicates that customers are finding greater value in its offerings, leading them to spend more each year.

Robust international presence: The company has established a strong and growing international presence, serving a diverse global customer base across multiple continents. In Fiscal 2026, it served customers from around 100 countries through its online channels and Experience Centers in the UK and US. It has established a strong foothold in key international markets, including the United States, United Kingdom, the Middle East, Canada, and other regions. In Fiscal 2026, international PPUS GMV accounted for 20.29% of its Total PPUS GMV, with the US contributing 10.65%, the UK 5.58%, and the rest of the world contributing 4.06%. Its online platform attracted 19.14 million Unique Visitors in Fiscal 2026, with significant online traffic from the US (3.19 million), UK (0.6 million), Canada (0.32 million), and the Middle East (0.32 million), which demonstrates its global appeal. Its international strategy is further strengthened by its physical presence, which includes a flagship Experience Center in London, UK and New York, USA. By offering a curated selection of 1,109 Active Designer Brands as of March 31, 2026, and retailing products of various Designer Brands globally, it addresses the unique needs of the Indian diaspora and international clientele seeking authentic Indian luxury fashion.

Risks and concerns

High dependence on womenswear sales: Its business is dependent on the sale of womenswear for significant portion of its revenues. It derives a substantial portion of Total PPUS GMV from the womenswear category (77.70%, 75.66% and 77.88% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024). Any downturn or negative trends in its womenswear product categories, including due to reasons such as consumer demand, consumer confidence, disposable income levels, employment levels, changes in national and international trade policies, and geopolitics and trade tariffs could result in loss of business or reduction in the volume of business from its customers.

Reliance on Mumbai and Delhi experience centers for a significant portion of GMV: The company operates through an omni-channel model that comprises an online platform together with Experience Centers - ‘Pernia’s Pop-Up Studios’. The company operates 14 Experience Centers, 12 of which are in India, one Experience Center is in the UK and one Experience Center is in New York, US. it derives a significant portion of its revenues from its Experience Centers and in particular, it derives a significant portion of its revenues from its Experience Centers located in Delhi and Mumbai in India. PPUS GMV derived from its Mumbai Experience Center was 28.42%, 20.76% and 20.49% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively. PPUS GMV derived from its Delhi Experience Center was 22.94%, 21.27% and 20.36% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively. Any disruptions to the operations of these Experience Centers or limitations on its ability to expand and grow these Experience Centers may adversely affect its business, financial condition, cash flows, results of operations and prospects.

Reliance on top designer brands and risks from loss of key brand relationships: The company depends on its top Designer Brands for a significant portion of its Total PPUS GMV (its top 10 Designer Brands contributed 30.24%, 26.54% and 23.44% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024). Further, an increase in the operating costs of its Designer Brands could cause them to raise prices, renegotiate markdown, withdraw discounts or cease operations, which could in turn adversely affect its operational costs and efficiency. It enters into agreements with its Designer Brands typically for one year, with most agreements including provisions for automatic renewal unless terminated. If it fails to retain its existing Designer Brands or add new designer brands to its portfolio in a cost-effective manner, or if its Designer Brands fail to supply quality products, its business, financial condition, cash flows, results of operations and prospects may be adversely affected.

Reliance on international sales and risks from foreign market operations and currency fluctuations: It derives a significant portion of its Total PPUS GMV from outside India (20.29%, 28.38% and 35.07% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024) which exposes it to risks inherent to operations in these foreign jurisdictions. A portion of its revenues comprise revenues from export sales. Any adverse developments in the international markets that it operates or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could have an adverse effect on its business, financial condition, cash flows, results of operations and prospects.

Outlook

Purple Style Labs’ primary business is modelled around retail of apparel, jewellery, accessories and other lifestyle products of various designer brands, providing a one stop solution to all shopping and styling needs of customers under the brand name, Pernia’s Pop-Up Shop through its online presence and physical stores in the name and style of Pernia’s Pop-Up Studio. The company also owns and operates apparel and lifestyle brands and provides technical and other value-added services to third party designer/ fashion brands. On the concern side, it depends on its website and mobile application for its online sales (its PPUS GMV derived from its online channels was 9.05%, 10.75% and 15.68% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively) and rely on mobile operating systems and application marketplaces to make its applications available to participants that utilize its platform. Any disruption to its website or mobile application, including due to technical issues, cyber-attacks, changes in consumer behavior, or adverse changes in mobile operating system policies or application marketplace placements, could adversely affect its business, financial condition, cash flows, results of operations and prospects.

The issue has been offering 1,24,54,212 shares in a price band of Rs 546-575 per equity share. The aggregate size of the offer is around Rs 680.00 crore to Rs 716.12 crore based on lower and upper price band respectively. Minimum application is to be made for 26 shares and in multiples thereon, thereafter. On performance front, its total income increased by 14.79% to Rs 5,670.69 million in Fiscal 2026 from Rs 4,940.01 million in Fiscal 2025. Its net loss for the year was Rs 2,853.99 million in Fiscal 2026 compared to loss of Rs 1,883.83 million in Fiscal 2025.

Meanwhile, the company has built a strong and loyal customer base, and it is dedicated to maintaining and enhancing this loyalty. By carefully curating its product range, it aims to provide its existing customers with more of the products they want. By understanding customer preferences and shopping behaviors through data, it can tailor the product range available on its platforms to better meet their needs. This personalized approach helps it keeps its customers satisfied and strengthens its relationship with them, ensuring they continue to choose it for their fashion needs. Furthermore, its goal is to deepen its relationships with existing customers to improve revenue retention and increase the amount that they spend with the company. This involves offering a diverse and high-quality product range and providing strong customer service, both online and in-store and both before and after sales.

In order to provide relief to common people and control rates, the Centre has started retail sale of onion at Rs 35 per kg in the national capital, a 44 per cent discount from the current market price. The Centre is selling onion from its buffer stock. Consumer Affairs Secretary Nidhi Khare said the prices have risen because of black marketing, hoarding and profiteering. She asserted that the country has adequate supply of onions to meet demand during the festive season. Khare said the government is not considering putting a ban on onion exports, as there is no problem of supply.

During April-June 2026, onion exports stood at around 3.82 lakh tonnes. She flagged off many small trucks carrying onions, marking the start of retail sale of the buffer onion stock at Rs 35 per kg. In Delhi, the price of onion on August 27, 2026, is Rs 62 per kg. The retail sale will be carried out through three agencies - Nafed, NCCF and Kendriya Bhandar. Mother Dairy will also sell through its Safal stores.

To move supplies quickly, the government is transporting bulk onion consignments to the capital via dedicated railway rakes christened “Kanda Express”. The first such rake, carrying 800 tonne of onions, has already left Nashik. Meanwhile, the onion production is estimated at 307.37 lakh tonnes in 2025-26 against 307.67 lakh tonnes in the preceding year. About 1.21 lakh tonnes of onions have been procured by the government for the buffer stock. The Central Warehousing Corporation (CWC) has been engaged for the first time as the storage agency for the onion buffer during 2026-27.

Kuantum Papers has informed that it enclosed copies of Newspaper Advertisement of Form DPT-1 (Circular or Circular in the form of Advertisement inviting Unsecured Deposits) as published in Financial Express (English-all editions) and Desh Sewak (Punjabi) on 28th August, 2026.

The above information is a part of company’s filings submitted to BSE.