PRAXIS - Praxis Home
📢 Recent Corporate Announcements
Praxis Home Retail Limited has submitted its quarterly Reconciliation of Share Capital Audit Report for the period ending March 31, 2026. The report confirms that the total issued capital is 18,58,17,428 shares, while the listed capital on BSE and NSE is 18,58,12,210 shares. The minor difference of 5,218 shares is attributed to shares held in abeyance following a Scheme of Arrangement involving Future Retail Limited. Nearly 99.99% of the company's equity is held in dematerialized form, ensuring high transparency and ease of trading.
- Total issued capital stands at 18,58,17,428 equity shares with a face value of Rs. 5 each.
- 99.99% of the total shares are dematerialized, with 67.94% held in NSDL and 32.05% in CDSL.
- A discrepancy of 5,218 shares exists between issued and listed capital due to shares held in abeyance from a prior Scheme of Arrangement.
- Physical shareholding is negligible at 24,033 shares, representing only 0.01% of the total capital.
Praxis Home Retail Limited has appointed Mr. Ravi Venkatraman as the Chairperson of the Company, effective April 15, 2026. Mr. Venkatraman, who is already an Independent Director, brings over 40 years of extensive experience in the BFSI sector, including a long tenure as the CFO of Mahindra & Mahindra Financial Services. His expertise spans corporate strategy, capital raising, and governance, which is expected to strengthen the board's oversight. This leadership transition aims to leverage his deep financial background to guide the company's future growth and regulatory compliance.
- Mr. Ravi Venkatraman appointed as Chairperson effective April 15, 2026, in addition to his Independent Director role.
- He possesses over 40 years of experience and is a qualified Chartered Accountant and Cost Accountant.
- Previously served as Executive Director & CFO of Mahindra & Mahindra Financial Services Limited until July 2020.
- He holds directorships in other notable entities including SBFC Finance Limited and SML Mahindra Limited.
- The appointment was based on the recommendation of the Nomination and Remuneration Committee.
Praxis Home Retail Limited has informed the exchanges that Mr. Jacob Mathew has completed his first term of five consecutive years as an Independent Director on March 25, 2026. Consequently, he has ceased to be a director of the company effective from the close of business hours on the same date. The company confirmed that Mr. Mathew did not seek re-appointment for a second term. This transition appears to be a routine completion of tenure in accordance with SEBI regulations.
- Mr. Jacob Mathew completed a full 5-year term as an Independent Director on March 25, 2026.
- The director has officially ceased his role as of the close of business hours on the tenure completion date.
- The company stated that the director did not seek re-appointment for a second consecutive term.
- The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Praxis Home Retail Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This restriction applies to promoters, directors, and designated persons ahead of the company's Q4 and FY2026 financial results. The window will remain closed until 48 hours after the audited financial results are declared. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window closure effective from Wednesday, April 1, 2026.
- Closure pertains to the Audited Financial Results for the Quarter and Financial Year ending March 31, 2026.
- Restriction applies to Promoters, Directors, KMPs, and Designated Persons.
- Trading window will reopen 48 hours after the official declaration of financial results.
The NCLT Mumbai Bench has directed Praxis Home Retail to hand over possession of its leased premises at 'The Acropolis Mall' in Ahmedabad within 30 days. This order follows a petition by the Resolution Professional of Ojas Tradelease, where the lease deed was scrutinized under Section 66 of the IBC. The company is also required to settle all outstanding lease rentals for the property. Management indicates that the store was financially unviable with minimal revenue contribution, suggesting a marginal impact on overall turnover.
- NCLT orders handover of Ahmedabad mall premises within a 30-day deadline
- Lease deed held as a transaction under Section 66 (Fraudulent/Wrongful Trading) of the IBC
- Company directed to pay all outstanding lease rentals for the specified premises
- Management claims the store had minimal revenue contribution and high operating costs
- Praxis Home Retail is currently seeking legal advice to determine its next course of action
Praxis Home Retail Limited has reported the sudden passing of Mr. Vijai Singh Dugar, who served as the Chairman and Independent Director, on March 14, 2026. Mr. Dugar had been associated with the company since August 12, 2024, providing expertise in financial accounting and strategic planning. His demise results in immediate vacancies in the Audit Committee and the Stakeholders Relationship Committee. The company will now need to appoint a new Chairman and fill the independent director position to maintain regulatory compliance.
- Demise of Chairman and Independent Director Vijai Singh Dugar occurred on March 14, 2026
- Mr. Dugar had been a member of the board since August 12, 2024
- Vacancies created in the Audit Committee and Stakeholders Relationship Committee
- Company must now seek a replacement to comply with SEBI board composition regulations
Praxis Home Retail Limited has announced the successful passage of three key resolutions via postal ballot. Shareholders approved the appointment of Mr. Ravi Venkatraman as an Independent Director and Mr. Shashwat Nigam as a Director. Most significantly, Mr. Shashwat Nigam has been appointed as the CEO & Whole-time Director, with his remuneration package also receiving approval. The resolutions passed with over 91% of the votes cast in favor, although the overall voter turnout was extremely low at 0.0003% of total shares.
- Mr. Shashwat Nigam appointed as CEO & Whole-time Director with 91.2% votes in favor.
- Mr. Ravi Venkatraman appointed as an Independent Director with 92% approval.
- Total of 27,335 shareholders were on record as of the cut-off date, January 30, 2026.
- All resolutions passed with requisite majority via electronic voting concluded on March 8, 2026.
Praxis Home Retail has received shareholder approval to appoint Shashwat Nigam as CEO and Whole-time Director for a three-year term starting February 03, 2026. Mr. Nigam, an IIT and ISB alumnus with 18 years of experience at HUL and Entero Healthcare, has been consulting with the company for seven months on turnaround strategies. Additionally, Ravi Venkatraman, the former CFO of Mahindra & Mahindra Financial Services with 40 years of experience, joins as an Independent Director for five years. These appointments bring significant corporate governance and operational expertise to the company's leadership.
- Shashwat Nigam appointed as CEO and Whole-time Director for a 3-year term effective Feb 03, 2026
- Ravi Venkatraman, ex-CFO of Mahindra & Mahindra Financial Services, appointed as Independent Director for 5 years
- Mr. Nigam previously managed a ₹3,000 crore national retail business at Entero Healthcare and spent 14 years at HUL
- Turnaround initiatives including organizational restructuring and cash-flow prioritisation have already been initiated by the new CEO
- Appointments were approved by shareholders via Postal Ballot on March 08, 2026
Praxis Home Retail reported a revenue decline to ₹26.20 crore for Q3 FY26, with net losses widening to ₹15.89 crore from ₹8.33 crore YoY. The auditors issued a Disclaimer of Conclusion, highlighting a ₹101 crore unprovided security deposit from a related party currently in insolvency. Despite a ₹95.40 crore debt waiver turning net worth positive, auditors raised significant doubts about the company's ability to continue as a going concern. The company also faces a ₹45.77 crore legal claim regarding lease rentals from Future Enterprises Limited's Resolution Professional.
- Revenue from operations fell 22.8% YoY to ₹26.20 crore in Q3 FY26.
- Net loss for the quarter widened to ₹15.89 crore compared to ₹8.33 crore in the previous year.
- Auditors flagged ₹101 crore in security deposits and ₹127.43 crore in ROU assets with no impairment or loss provisions.
- Exceptional gain of ₹95.40 crore recognized in 9M FY26 due to waiver of principal and interest on Inter-Corporate Deposits.
- Company received an insolvency application notice from an operational creditor, threatening its going concern status.
Praxis Home Retail Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Shashwat Nigam as CEO and Whole-time Director for a three-year term starting February 3, 2026. The proposed annual remuneration for the CEO ranges from ₹95 lakhs to ₹2 crores, plus eligibility for stock options under the Praxis ESOP Plan 2024. Additionally, the company is seeking approval for Mr. Ravi Venkatraman as an Independent Director for a five-year term. Shareholders can cast their votes electronically between February 7 and March 8, 2026.
- Proposed appointment of Shashwat Nigam as CEO & Whole-time Director for a 3-year term.
- CEO remuneration scale set between ₹95 Lakhs and ₹2 Crores per annum.
- Appointment of Ravi Venkatraman as Independent Director for a 5-year term starting Dec 30, 2025.
- E-voting period scheduled from February 7, 2026, to March 8, 2026.
- CEO is entitled to additional benefits including ESOPs and standard perquisites.
Praxis Home Retail has announced a leadership transition with Mr. Shashwat Nigam taking over as CEO from Mr. Ashish Bhutda, effective February 3, 2026. Mr. Nigam brings over 18 years of experience, including a 14-year tenure at Hindustan Unilever and leading a ₹3,000 crore business at Entero Healthcare. Having consulted for Praxis for the last 7 months, he has already initiated turnaround strategies focused on cash-flow prioritisation and organizational restructuring. This move is aimed at stabilizing the business and driving a value-creation agenda for the retail entity.
- Mr. Shashwat Nigam appointed as CEO and Additional Director effective February 3, 2026
- Outgoing CEO Mr. Ashish Bhutda resigned effective close of business on February 2, 2026
- New CEO has 18+ years of experience, including leading a ₹3,000 crore retail business at Entero Healthcare
- Mr. Nigam has already served as a consultant to the company for the past 7 months, initiating key turnaround actions
- Educational background includes degrees from IIT BHU and ISB Hyderabad
Mr. Ashish Bhutda has resigned from his dual role as CEO and Whole Time Director of Praxis Home Retail Limited, effective from the close of business hours on February 02, 2026. The resignation is attributed to his decision to pursue external opportunities, and he has confirmed there are no other material reasons for his departure. The company must now identify a successor to lead its operations and strategic direction in the competitive home retail market. This leadership transition will be a key period for investors to monitor for potential shifts in corporate strategy.
- Mr. Ashish Bhutda (DIN: 10810844) resigned as CEO and Whole Time Director.
- The resignation is effective from the close of business hours on February 02, 2026.
- The reason for departure is to pursue opportunities outside the organization.
- The outgoing director confirmed there are no other material reasons for the resignation.
- The company is expected to follow its HR policy for a smooth transition of responsibilities.
Praxis Home Retail has appointed Mr. Shashwat Nigam as CEO and Additional Director for a three-year term effective February 03, 2026. Mr. Nigam brings over 18 years of experience, including leading a ₹3,000 crore retail business at Entero Healthcare and a 14-year tenure at Hindustan Unilever. Having served as a consultant to the company for the last seven months, he has already initiated critical restructuring and cash-flow prioritisation measures. This leadership change is specifically aimed at stabilizing the business and executing a comprehensive value-creation agenda.
- Appointment of Shashwat Nigam as CEO and Additional Director for a 3-year term starting February 03, 2026
- Mr. Nigam previously managed a ₹3,000 crore national retail business at Entero Healthcare
- Spent 14 years at Hindustan Unilever in leadership roles across supply chain and digital transformation
- Has already spent 7 months as a consultant at Praxis, initiating KPI-driven execution and category availability improvements
- Educational credentials include an MBA from ISB Hyderabad and a B.Tech from IIT BHU
Praxis Home Retail has appointed Shashwat Nigam as CEO and Whole-time Director, effective February 3, 2026, bringing 17 years of experience from firms like Unilever and Entero Healthcare. The company reported no deviations in the utilization of Rs 49.58 crore raised via a rights issue, with Rs 10 crore used for debt repayment and Rs 16.45 crore for trade payables. Additionally, Rs 2.92 crore was raised through warrant conversions for working capital. These moves indicate a focus on leadership renewal and balance sheet deleveraging.
- Appointment of Shashwat Nigam (IIT/ISB alumnus) as CEO for a three-year term starting February 2026.
- Utilization of Rs 10.00 crore from Rights Issue proceeds to reduce borrowings and current liabilities.
- Deployment of Rs 16.45 crore from Rights Issue funds to settle outstanding trade payables.
- Conversion of 901,526 warrants raising Rs 2.92 crore for working capital and general corporate purposes.
- Confirmation of zero deviation in the utilization of funds raised through preferential and rights issues.
Praxis Home Retail reported a net profit of ₹8,104.26 lakhs for Q2 FY26, which was entirely driven by an exceptional gain of ₹9,540 lakhs, masking a decline in core operations. Revenue from operations fell to ₹2,121.71 lakhs from ₹2,634.56 lakhs year-on-year. Crucially, the statutory auditors issued a 'Disclaimer of Conclusion,' citing inability to verify the recoverability of a ₹10,100 lakh security deposit from a related party in insolvency. The company also faces a ₹4,577.35 lakh claim from the Resolution Professional of Future Enterprises Limited, further straining its financial outlook.
- Reported Q2 net profit of ₹8,104.26 lakhs vs a loss of ₹256.45 lakhs YoY, solely due to ₹9,540 lakhs in exceptional items.
- Revenue from operations declined 19.5% YoY to ₹2,121.71 lakhs for the quarter ended September 30, 2025.
- Auditors issued a disclaimer citing non-provisioning for a ₹10,100 lakh security deposit due from insolvent related party Future Enterprises Limited.
- The company incurred an operational cash loss of ₹1,582.09 lakhs during the first half of the financial year.
- Trade payables worth ₹7,770.27 lakhs remain unconfirmed, and no impairment test was conducted for ₹10,545.38 lakhs in ROU assets.
Financial Performance
Revenue Growth by Segment
Revenue from operations decreased by 45.82% YoY to INR 118.97 Cr (11,896.96 Lakh) in FY25 from INR 219.58 Cr (21,957.77 Lakh) in FY24. This decline was primarily due to non-availability of sufficient inventory and the closure of several stores.
Profitability Margins
Operating Profit Margin decreased from 48.22% in FY24 to 41.55% in FY25. Net Profit Margin improved from -35.22% in FY24 to -29.4% in FY25, though the company remains in a loss position.
EBITDA Margin
EBITDA loss was INR 62.43 Cr in FY25 compared to an EBITDA loss of INR 49.42 Cr in FY24, representing a widening of core operational losses despite cost-cutting measures.
Capital Expenditure
The company has put on hold its plans to incur any new capex to control costs and conserve financial resources during FY25.
Credit Rating & Borrowing
Interest Coverage Ratio stood at -1.09 times in FY25, an improvement from -2.5 times in FY24, though still negative due to ongoing losses.
Operational Drivers
Raw Materials
Stock-in-trade (merchandise) represents the primary cost, with purchases of stock-in-trade totaling INR 49.33 Cr (4,932.85 Lakh) in FY25, accounting for 41.5% of revenue from operations.
Import Sources
The company's procurement strategy is described as 'largely import oriented,' though specific countries of origin are not listed.
Capacity Expansion
The company has put on hold plans to open new stores to conserve cash; current store count is not specified, but revenue was impacted by the closure of 'few stores' during FY25.
Raw Material Costs
Purchase of stock-in-trade decreased by 52.19% YoY to INR 49.33 Cr in FY25 from INR 103.17 Cr in FY24 due to liquidity constraints preventing merchandise procurement.
Manufacturing Efficiency
Not applicable as the company is a retail entity; however, store efficiency was low with most stores running below potential due to poor replenishment of merchandise.
Logistics & Distribution
Supply chain costs were optimized during the year, contributing to a 39.82% reduction in employee benefit expenses and other operational costs.
Strategic Growth
Growth Strategy
Growth will be pursued through cost rationalization, raising funds via rights issues to improve liquidity, and refining store operating systems. Future expansion is currently on hold until the financial position stabilizes.
Products & Services
Home retail merchandise, furniture, and home improvement products sold through retail store formats.
Brand Portfolio
Praxis Home Retail (operates HomeTown format).
Market Expansion
Plans to open new stores are currently on hold to conserve financial resources.
Strategic Alliances
Pledge of equity shares with Catalyst Trusteeship Ltd acting as Security Trustee on behalf of lenders.
External Factors
Industry Trends
The industry is facing challenges related to supply chain management and inventory replenishment; Praxis is positioning itself by consolidating its supply chain network.
Competitive Moat
Moat is based on strategic store locations and established store operating systems, though sustainability is currently challenged by a weak financial position.
Macro Economic Sensitivity
Business is sensitive to general economic and political conditions in India, as well as Indian monetary and fiscal policies.
Geopolitical Risks
Risks include changes in import-related policies and regulations which could disrupt the procurement of merchandise.
Regulatory & Governance
Industry Regulations
The company tracks regulatory changes proactively to ensure compliance; procurement is subject to import policy regulations.
Risk Analysis
Key Uncertainties
Liquidity constraints (impacted stock purchase by 52.19%), inventory shortages, and the ability to sustain operations with negative net worth (Return on Net Worth of -22.74%).
Third Party Dependencies
High dependency on vendors for merchandise and credit periods; liquidity issues have previously strained these relationships.
Credit & Counterparty Risk
Debtors Turnover improved by 281% to 2.4 times in FY25, indicating better collection efficiency despite lower sales.