Purple Style Labs IPO Review: Revenue Jumped 15%, Loss Widened to ₹285 Cr & Full Analysis

Updated on 26.08.2026

Purple Style Labs Limited, incorporated in 2015 and based in Mumbai, operates Pernia’s Pop-Up Shop, an omnichannel platform for apparel, jewellery, accessories and other lifestyle products from designer brands.

The Group also owns and operates apparel and lifestyle brands and provides technology, branding, marketing, sales and other value-added services to third-party designer and fashion brands.

As of July 31, 2026, Pernia’s Pop-Up Shop had 1,109 designers on its platform. The Group operates through its online platform and physical stores under the Pernia’s Pop-Up Studio brand.

Purple Style Labs IPO comprises a fresh issue of up to ₹680 crore, with no Offer for Sale. The equity shares will be listed on BSE and NSE.

In this Purple Style Labs IPO analysis, we examine the company's business, financial performance, valuation, industry outlook, strengths and risks. We will also update the page with the latest GMP, IPO subscription numbers, allotment details, listing price and listing performance as the IPO progresses.

Briefs of Purple Style Labs IPO Details

• Price Band: To be updated
• IPO Open / Close Dates: 31 August 2026 / 2 September 2026
• Lot Size: To be updated
• Issue Size: Up to ₹680 crore
• Fresh Issue / OFS: Fresh Issue of up to ₹680 crore / OFS: Nil
• Face Value: ₹10 per share
• Registrar: KFin Technologies Limited
• Listing Exchange: BSE, NSE

Shareholders Quota

• Anchor Investor Portion: Up to 60% of the QIB Portion
• QIB Shares: Not less than 75% of the Issue
• NII Shares: Not more than 15% of the Issue
• Retail Individual Investor Shares: Not more than 10% of the Issue

What is the GMP of Purple Style Labs IPO?

The latest GMP of Purple Style Labs IPO can be tracked through our GMP Hub page, where we provide daily updates for IPOs.

GMP is an unofficial market indicator influenced by demand and sentiment in the grey market and is not regulated by SEBI, NSE or BSE. It should therefore not be treated as a guaranteed indication of the IPO's listing price or returns.

For a broader assessment of how GMP has compared with actual IPO listing performance, investors can also refer to our GMP vs Listing Performance Study 2026.

What is the Purple Style Labs IPO Timeline, Including Key Dates and Allotment?

• IPO Open & Close Date: 31 August 2026 to 2 September 2026
• Basis of Allotment Date: On or about 3 September 2026
• Refund / Unblocking of Funds: On or about 4 September 2026
• Credit of Shares: On or about 4 September 2026
• Listing Date: On or about 7 September 2026

How Will the Funds Raised through the Purple Style Labs IPO Be Utilised?

The company proposes to utilise the Net Proceeds from the fresh issue for three main purposes:

• Investment in PSL Retail: Funds will be invested in the wholly owned subsidiary PSL Retail towards lease liabilities of Experience Centers and back-end offices in India. The RHP has earmarked ₹371.126 crore for this purpose.
• Sales and Marketing: ₹138.90 crore will be used towards sales and marketing expenses of the company.
• General Corporate Purposes: The balance Net Proceeds will be used for general corporate purposes. The amount will be finalised after determination of the Issue Price and will not exceed 25% of the Gross Proceeds.

How Has Purple Style Labs' Financial Performance Evolved?

Provided below is a summary of the financial performance of Purple Style Labs, presented in Indian Rupees (in crores). FY26, FY25 and FY24 are based on Restated Consolidated Financial Information.

Source: RHP Purple Style Labs Limited

Financial Observations

Total Income

• Total income increased 14.79%, from ₹494.00 crore in FY25 to ₹567.07 crore in FY26.
• Revenue from operations increased 13.87%, from ₹489.91 crore in FY25 to ₹557.84 crore in FY26.
• The increase in FY26 total income was primarily due to higher revenue from operations and other income.

Profit After Tax

• Loss after tax widened to ₹285.40 crore in FY26, compared with ₹188.38 crore in FY25 and ₹47.71 crore in FY24.
• FY26 included an exceptional expense of ₹117.93 crore, compared with ₹122.77 crore in FY25.
• The RHP reports no tax expense/credit for these periods.

EBITDA

• EBITDA declined from ₹41.99 crore in FY25 to ₹30.37 crore in FY26.
• EBITDA margin declined from 8.57% in FY25 to 5.44% in FY26.
• EBITDA stood at ₹31.63 crore in FY24, with a margin of 6.27%.

Total Borrowings

• Total borrowings increased sharply to ₹371.40 crore in FY26, from ₹112.79 crore in FY25 and ₹115.32 crore in FY24.
• The total borrowings-to-total-equity ratio stood at (7.10)x in FY26, compared with 0.96x in FY25 and 2.94x in FY24.

Assets

• Total assets increased from ₹458.39 crore in FY24 to ₹497.05 crore in FY25 and ₹829.60 crore in FY26.

What Are the EPS, RoNW and NAV of Purple Style Labs Limited?

Purple Style Labs reported a loss in FY26, resulting in negative earnings per share.

Therefore, a P/E ratio is not meaningful and is not included in the analysis. The company's FY26 basic and diluted EPS was -₹41.98, while RoNW was not applicable because the company had negative net worth and a loss attributable to equity shareholders.

The NAV per Equity Share was -₹7.69 as of March 31, 2026.

The RHP states that there are no listed companies in India or internationally with a similar or comparable size, scale and business model. Accordingly, it does not provide an industry peer comparison for Purple Style Labs.

What is the Industry Outlook of Purple Style Labs Limited?

Growth Potential

• The Indian luxury market has entered a phase of resurgence, corporatisation, digital adoption and accessible luxury, with growth supported by rising disposable incomes, aspirational spending and lifestyle changes.
• The RHP's 1Lattice Report projects India's overall luxury market to grow from ₹1,499 billion in 2026 to ₹2,570 billion by 2031, indicating significant medium-term growth potential.
• Tier 2 and Tier 3 cities are increasingly participating in luxury consumption, while Indian business houses are supporting the expansion of homegrown designers and global luxury brands through organised retail and strategic investments.

Market Trends

• Digital adoption and omnichannel retail are important developments in India's luxury market, alongside the expansion of structured retail.
• The RHP highlights the growing importance of the Indian diaspora as a consumer segment for Indian luxury and wedding-wear brands, with international markets contributing 25–30% of search interest across price tiers.
• Luxury and bridge-to-luxury platforms such as Pernia’s Pop-Up Shop attract significant international traffic, particularly from the US, UK and Canada.
• The RHP also highlights the corporatisation of luxury, with Indian business houses investing in designers and global brands and helping them expand through structured retail.

What Are the Strengths and Potential Risks of Purple Style Labs IPO?

Strengths

• Growing Retail Footprint: During FY26, the Group opened new stores in Mumbai, Delhi and New York, expanded stores in Kolkata and Surat, and was in the process of expanding its overseas retail network.
• Exposure to a Growing Luxury Market: The RHP highlights the resurgence of India's luxury market, supported by digital adoption, corporatisation, rising disposable income, aspirational spending and lifestyle changes.
• International Presence: The Group has wholly owned subsidiaries in the UK and USA, giving it an international operating presence.

Risks

• Continued Losses: The Group reported losses after tax of ₹285.40 crore in FY26, ₹188.38 crore in FY25 and ₹47.71 crore in FY24, with negative retained earnings of ₹710.29 crore as of March 31, 2026.
• High Borrowings: Total borrowings stood at ₹371.40 crore as of March 31, 2026, compared with ₹112.79 crore in FY25 and ₹115.32 crore in FY24.
• Working Capital Deficit: As of March 31, 2026, the Group's current liabilities exceeded current assets by ₹255.12 crore.
• Dependence on Funding: The Group raised ₹411.30 crore of debt during FY26 and received additional debt funding of ₹137.37 crore between April 1 and June 17, 2026. The RHP also states that the Group expects to raise additional debt as required to fund cash-flow requirements.

Key Considerations for Investors

• Persistent Losses: The Group reported a loss of ₹285.40 crore in FY26, compared with ₹188.38 crore in FY25 and ₹47.71 crore in FY24.
• Current Liabilities Exceed Current Assets: Current liabilities exceeded current assets by ₹255.12 crore as of March 31, 2026, highlighting short-term liquidity pressure.
• Debt Funding Dependence: The Group raised ₹411.30 crore of debt during FY26 and received additional debt funding of ₹137.37 crore between April 1 and June 17, 2026. The RHP states that it expects to raise additional debt as required to fund its cash-flow requirements.
• Expansion Execution: During FY26, the Group opened new stores in Mumbai, Delhi and New York and expanded stores in Kolkata and Surat. Investors should consider the execution and funding requirements associated with this expansion.

important IPO Resources

1. IPO Allotment Status – How to Check Allotment Status of IPO Shares

2. Latest Mainboard & SME IPOs in India

3. IPO Market Analytics

4. July 2026 IPO Subscription Review: 32 IPOs Data, Demand Patterns & Key Trends

5. July 2026 IPO Review: 33 IPOs, ₹21140.52 Cr Raised & 56.37x Average Subscription

Key Takeaways

• IPO Price Band: To be updated
• Lot Size: To be updated
• Minimum Retail Investment: To be updated
• IPO Opening Date: August 31, 2026
• IPO Closing Date: September 2, 2026
• Allotment Date: September 3, 2026
• Listing Date: September 7, 2026

Purple Style Labs IPO – FAQs

When is the Purple Style Labs IPO opening and closing?

The IPO is scheduled to open on August 31, 2026 and close on September 2, 2026.

What is the Purple Style Labs IPO price band?

The price band will be updated once announced. The RHP states that the price band and minimum bid lot will be advertised separately.

When will Purple Style Labs IPO allotment be finalised?

The Basis of Allotment is scheduled for September 3, 2026.

Where can I check Purple Style Labs IPO allotment?

Investors can check allotment through the KFin Technologies registrar or the BSE and NSE websites using their application details.

When will Purple Style Labs shares list?

Trading is scheduled to begin on or about September 7, 2026 on BSE and NSE.

Is Purple Style Labs IPO valuation attractive?

A conventional P/E assessment is not meaningful because the company reported a FY26 loss of ₹285.40 crore and negative EPS of ₹41.98.