Key Financial Figures - Q1 FY27

  • Revenue from Operations: ₹548.5 crore (64.9% YoY growth from ₹332.6 crore in Q1 FY26)
  • Gross Profit: ₹57.0 crore (17.5% YoY growth from ₹48.5 crore)
  • Gross Margin: 10.4% (declined 420 bps from 14.6% in Q1 FY26)
  • EBITDA: ₹48.9 crore (18.7% YoY growth from ₹41.2 crore)
  • EBITDA Margin: 8.9% (declined 350 bps from 12.4% in Q1 FY26)
  • Profit Before Tax: ₹46.9 crore (20.8% YoY growth from ₹38.3 crore)
  • PBT Margin: 8.6% (declined 290 bps from 11.5% in Q1 FY26)
  • Profit After Tax: ₹34.0 crore (19.3% YoY growth from ₹28.5 crore)
  • PAT Margin: 6.2% (declined 240 bps from 8.6% in Q1 FY26)
  • Tax Expense: ₹12.9 crore

Cost Breakdown Q1 FY27

  • Raw Material Cost: ₹567.2 crore
  • Purchase of Finished Goods: ₹70.6 crore
  • Employee Cost: ₹4.5 crore
  • Other Expenses: ₹3.5 crore
  • Depreciation: ₹1.3 crore
  • Finance Cost: ₹2.1 crore
  • Other Income: ₹1.3 crore

Historical Financial Performance

Profit and Loss Statement (INR Crores)

| Particulars | FY26 | FY25 | FY24 | FY23 |

| Revenue from Operations | 2,245.8 | 1,429.8 | 1,101.5 | 950.2 |

| Gross Profit | 212.1 | 114.8 | 67.0 | 53.6 |

| Gross Margin % | 9.4% | 8.0% | 6.1% | 5.6% |

| EBITDA | 158.7 | 92.3 | 49.6 | 37.8 |

| EBITDA % | 7.1% | 6.5% | 4.5% | 4.0% |

| Profit Before Tax | 152.3 | 81.8 | 42.2 | 31.4 |

| PBT Margin % | 6.8% | 5.7% | 3.8% | 3.3% |

| Profit After Tax | 115.5 | 61.1 | 31.1 | 23.4 |

| PAT Margin % | 5.1% | 4.3% | 2.8% | 2.5% |

Balance Sheet Highlights (INR Crores)

| Particulars | FY26 | FY25 | FY24 | FY23 |

| Total Assets | 891.7 | 375.7 | 265.0 | 211.5 |

| Inventories | 439.4 | 228.1 | 143.8 | 103.8 |

| Trade Receivables | 235.7 | 87.8 | 60.5 | 47.0 |

| Cash & Cash Equivalents | 26.2 | 1.0 | 2.1 | 5.8 |

| Bank Balances (other) | 101.1 | 2.1 | 1.8 | 0.6 |

| Total Equity | 677.8 | 200.8 | 136.8 | 105.7 |

| Borrowings (Current) | 179.3 | 118.5 | 101.4 | 72.1 |

| Borrowings (Non-Current) | - | 26.0 | 5.6 | 17.1 |

Cash Flow Statement (INR Crores)

| Particulars | FY26 | FY25 | FY24 | FY23 |

| Net Cash from Operating Activities | (281.7) | (7.1) | (14.1) | 13.1 |

| Net Cash from Investing Activities | (103.4) | (3.0) | (1.7) | (2.9) |

| Net Cash from Financing Activities | 410.3 | 9.0 | 12.1 | (9.1) |

Business Updates and Strategic Initiatives

Manufacturing Capacity Expansion

  • Relocated operations to new manufacturing facility with commercial production resuming from February 23, 2026
  • Approximately ₹15 crore invested via internal accruals for capacity expansion, machinery upgrade, and efficiency improvements
  • Current capacity utilization at 57% as of presentation date, expected to ramp up in coming quarters
  • Blended annual capacity: 2,625 kgs with actual utilization at 87%
  • New factory focuses on innovative, contemporary designs for Mangalsutras and bridal jewellery

Market Expansion

  • Strategic entry into bridal jewellery segment, which accounts for 23-25% of total Indian wedding costs
  • Opened branch offices in Delhi and Pune to coordinate operations across North India and Marathwada/Vidarbha regions
  • Expanding pan-India hub-and-spoke network targeting Tier-2 to Tier-4 markets
  • Currently present in 5 cities with more identified for rollout

Bullion Management Strategies

  • Established long-term relations with trusted bullion suppliers
  • Practice immediate gold purchase after client orders to hedge against price fluctuations
  • Secured Gold Metal Loan (GML) facilities from two private banks
  • Advanced Gold Model (AGM) accounts for approximately 30% of bullion requirements
  • Derivative contracts for gold purchase through exchanges

Quality Control and Operations

  • Quality control at every stage using XRF machines and steel pin detectors
  • End-to-end manufacturing from design to final production
  • In-house design strength with skilled karigars base
  • Complements in-house capacity with outsourced production to meet demand

Management Team

  • Chetan N Thadeshwar: Chairman & Managing Director, 40+ years experience, Zonal Committee member of All India Gem and Jewellery Domestic Council
  • Viraj C Thadeshwar: Executive Director & CEO, 15+ years experience, involved in production and business expansion
  • Balraj C Thadeshwar: Whole-time Director & COO, oversees day-to-day administrative and operational functions
  • Mamta C Thadeshwar: Non-Executive Director, involved since incorporation
  • Additional directors include independent directors and key officers: Ritesh Ashokkumar Doshi (CFO) and Rachit S Sinha (Company Secretary & Compliance Officer)

Industry Overview and Market Position

  • Organized manufacturers accounted for 10.9% share in wholesale gold jewellery market in CY23
  • Market expected to reach ₹489 billion by CY29, representing 9.0% CAGR from CY24
  • Mangalsutra symbolizes marital status with traditional designs dominating (62.3% share)
  • South India leads regional demand with 39.7% market share
  • Corporate clients are leading jewellery brands with store networks across India and overseas

Growth Strategies

  • Building nationwide supply chain through third-party intermediaries/facilitators
  • Strengthening existing client relationships for recurring sales
  • Investment in marketing and brand building through B2B exhibitions and trade shows
  • Focus on reducing operating costs and improving operational efficiency
  • Augmenting fund-based capacities to support business expansion
  • Continuing expansion into different gold jewellery segments including bridal jewellery

Investor Relations Contacts

  • MUFG Intime India Private Limited as investor relations advisors
  • Contacts: Ms. Pradnya Singh and Mr. Sumeet Khaitan