Date: 7th October 2026

Performance Snapshot (Standalone Basis)

Financial Metrics:

  • Total Revenue Growth (including corporate, e-commerce, export etc): 31% YoY for Q2 FY27 (48% for H1 FY27)
  • Retail Revenue Growth: 29% YoY for Q2 FY27 (40% for H1 FY27)
  • Same-Store Sales Growth (SSSG): 19% for Q2 FY27 (30% for H1 FY27)
  • Diamond Jewellery Revenue Growth (Value): 31% YoY for Q2 FY27 (37% for H1 FY27)
  • Diamond Jewellery Growth (Volume): 7% for Q2 FY27 (12% for H1 FY27)
  • Stud Ratio: 12.2% for Q2 FY27 (11.6% for H1 FY27)

Operational Metrics:

  • New Showrooms Launched: 6 in Q2 FY27 (14 in H1 FY27)
  • Gold Price Rise (Period Average): 28% YoY for Q2 FY27 (51% for H1 FY27)

Performance Commentary

Gold Price Environment:

  • Domestic 24K gold prices rose ~1.4% from ₹1.44 lakh/10 gm at beginning of Q2 to ₹1.46 lakh/10 gm at quarter-end
  • International gold prices increased ~3% from $4031/Oz to ~$4,153/Oz
  • Gold prices remained elevated and volatile during Q2 FY27, ~28% higher YoY with insignificant change QoQ

Marketing Initiatives:

  • Focused on driving footfall through festive, cultural and occasion-led campaigns
  • Monsoon Campaign highlighting diamond jewellery
  • Azadi Utsav showcasing chains for Independence Day
  • Launched "Ti22 Collection" under Aham collection - first-ever titanium jewellery crafted with gold and diamonds by pan-India jeweller

Expansion:

  • Total network reached 215 showrooms
  • Q2 additions: 6 showrooms (3 COCO and 3 Franchisee)
  • H1 additions: 14 showrooms
  • Expected H2 launches: 10-12 showrooms

Sales Performance:

  • Q2 performance supported by festive calendar (Ratha Yatra, Rakhi, Janmashtami, Onam, Ganesh Chaturthi, Independence Day)
  • Reduced impact of Pitri Paksha (only 4 days in Q2 vs 15 days last year)
  • E-commerce and digital channel sales grew 53% YoY
  • Coin and bullion sales remained below 7%
  • TTM sales reached ₹10,000+ crore milestone

Diamond Performance:

  • Stud ratio improved from 11% in Q1 to 12.2% in Q2
  • Reflects upscaling in ticket mix

Old Gold Exchange:

  • Special campaigns promoted old gold exchange following Prime Minister's appeal
  • Old Gold Exchange rose to 50%+ level in Q2
  • Higher exchange may put slight pressure on margins

Q3 & H2 Outlook

Demand Drivers:

  • Strong seasonal demand expected in Q3 FY27
  • Wedding demand (~1.35 crore weddings in CY 2026) providing structural demand backdrop
  • Favourable festive calendar including Dhanteras, Diwali, Durga Puja, Karwa Chauth, Chhath Puja, Christmas
  • Improving rural sentiment with monsoon season behind

Business Strategy:

  • Focus on driving lightweight and 9K collections
  • Improving inventory turns and reducing inventory days
  • Replenishment discipline and faster conversion of non-moving inventory
  • Managing growth through value, design and customer affordability rather than gold-price-led revenue growth

Market Position:

  • Elevated gold prices create opportunity for organized players with strong brands, sourcing capabilities, exchange programs and disciplined inventory management to gain market share

Additional Information

Note: All numbers and metrics are subject to Quarterly Limited Review and Annual Statutory Audit. A detailed Investor Presentation will be issued post publication of quarterly results.

Signatories:

  • Mukund Chandak, Company Secretary & Compliance Officer
  • Sanjay Banka, Group CFO and Head IR