Understanding Shariah Compliance in IPOs and Stocks:
Investing wisely is essential for both financial growth and ethical alignment. For those interested in making investments that comply with Islamic law, understanding the Shariah status of Initial Public Offerings (IPOs) and stocks is crucial. This article aims to provide insights into the Shariah compliance of Kiaasa Retail Ltd, a modern choice for ensuring that your investment choices are not only profitable but also ethical.
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Analyzing The Company
Company Name: Kiaasa Retail Ltd
Listing At: BSE (SME)
Overview
Kiaasa: Celebrating the Modern Indian Woman
Kiaasa stands as a fashion brand dedicated to telling the story of the new-age Indian woman who embodies freedom, independence, and awareness. The brand’s constant endeavor focuses on providing a fashionable, stylish, and unbeatable collection of ethnic and fusion wear, carefully curated to align with current fashion trends across India. Kiaasa believes in transforming special memories into precious moments, ensuring every woman celebrates her attire with complete confidence and enthusiasm.
The brand’s mission centers on curating collections that resonate with contemporary fashion trends while honoring traditional values. Kiaasa recognizes that fashion extends beyond mere clothing—it represents a powerful medium for expressing personality, values, and individual attitude. The brand aims to provide garments that not only enhance physical appearance but also reflect the wearer’s spirit and unique identity.
Kiaasa views every occasion as an opportunity to create lasting memories, whether during weddings, festivals, or everyday moments. The brand’s primary goal involves making every woman feel confident and beautiful in their outfits, ensuring their clothes become integral parts of personal stories and symbols of individual style. With beautifully designed store interiors and courteous staff, Kiaasa strives to deliver memorable and enjoyable shopping experiences, fostering a special community that values individuality, self-expression, and personal style.
With over 100 stores spanning 80 Indian cities across 16 states, Kiaasa maintains an unwavering commitment to customer-centric service. The brand operates with a clear vision of revolutionizing the ethnic wear market by establishing new benchmarks in customer experience. Kiaasa dedicates itself to building a loyal community of clients who appreciate the unique blend of traditional craftsmanship and modern styling, positioning itself as the premier destination for authentic, high-quality ethnic wear that reflects individual personality and style.
Shariah Status
The IPO is Shariah Compliant, please see the below image.
IPO Timeline (Tentative Schedule)
| IPO Open Date | Feb 23, 2026 |
| IPO Close Date | Feb 25, 2026 |
| Tentative Allotment | Feb 26, 2026 |
| Initiation of Refunds | Feb 27, 2026 |
| Credit of Shares to Demat | Feb 27, 2026 |
| Tentative Listing Date | Mar 02, 2026 |
Financials
Based on the restated financial data, the company demonstrates a robust growth trajectory characterized by aggressive asset expansion and strengthening profitability. Total Assets have surged significantly from ₹54.26 Crore in March 2023 to ₹181.81 Crore by September 2025, indicating substantial capital investment and business scaling.
Revenue momentum is consistent, with Total Income rising from ₹50.18 Crore (FY23) to ₹120.70 Crore (FY25). Notably, the half-year performance ending September 2025 (₹58.01 Crore) suggests sustained demand. Operational efficiency has improved markedly, evidenced by EBITDA growth to ₹15.49 Crore in FY25, with the recent half-year alone contributing ₹12.26 Crore. Consequently, Profit After Tax (PAT) has consistently compounded, reaching ₹8.38 Crore in FY25.
Financially, the balance sheet has solidified with Net Worth expanding over 15-fold to ₹47.31 Crore, supported by healthy Reserves and Surplus of ₹34.57 Crore. While Total Borrowing increased to ₹43.03 Crore to fund this expansion, the overall financial picture reflects a highly scalable and financially stable organization.
SEBI Disclaimer
Investing in IPOs involves risks. Please read the offer document carefully before investing. This article is for informational purposes only and does not constitute financial advice. Investors should consult their financial advisors before making any investment decisions.