Q1 FY27 earnings call transcript: management explains the business model and its three growth phases

Purple Style Labs has shared the transcript of its Q1 FY27 earnings conference call, held on September 29, 2026, its first such call as a listed company 📞.

Tue 6 Oct 2026

Average order value (Q1 FY27)

INR86,000

Average order value (FY26)

INR76,000

Annual platform GMV (FY26)

INR722 crores, up from INR622 crores in FY24

What the update contains

Purple Style Labs has submitted the transcript of its Q1 FY27 earnings conference call, held on September 29, 2026, on the financial results for the quarter ended June 30, 2026. The call was addressed by Mr. Abhishek Agarwal, Whole-Time Director and Chief Executive Officer, along with the company's investor relations advisors. Management noted this was its first earnings call as a listed company.

How management described the business

• Pernia's Pop-Up Shop is described as a multi-brand luxury omni-channel fashion platform serving customers in India and international markets.
• The portfolio spans women's wear, men's wear, jewellery, accessories and kidswear, with a focus on the occasion wear segment.
• Online discovery is combined with large-format experience centres; management said online and offline are complementary rather than competing channels.
• Inventory follows a breadth-over-depth approach, with mostly singular quantities of individual products at stores, using a mix of outright purchase, backorder and consignment models.
• In the backorder model the customer places the order with upfront payment and the product is then procured from the designer within a stated delivery window.

The three generations of growth

• First generation (FY19 to FY21): building the omni-channel base and opening experience centres, including London.
• Second generation (FY22 to FY24): scaling the footprint, moving to large-format experience centres, with Delhi and Mumbai emerging as the largest markets.
• Third generation (from FY24 onwards): trimming the long tail of designers and customers and sharpening the luxury focus. After March 2025, management said it changed growth gears and opened four large experience centres during FY26.

The numbers management put on the table

• Average order value has moved from INR27,000 in FY19 to INR46,000 in FY24, INR76,000 in FY26 and INR86,000 in Q1 FY27.
• Annual platform GMV rose from INR622 crores in FY24 to INR722 crores in FY26.
• Within FY26 GMV, Mumbai contributed INR205 crores and Delhi contributed INR166 crores.

On the year ahead

Management stated that FY27 is the first full year in which the company has started realising the growth trajectory of the investment made in the last financial year.

How this can be read

This is management's own account of how the business is built and how it has evolved. Retail investors get the company's explanation of its model and its operating history, which is the context management has placed ahead of the discussion of the quarter's numbers.

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