Date: November 02, 2026

Financial Results (Unaudited)

Q2 FY27 Performance (₹ in lakh)

  • Revenue from Operations: ₹5,880.97 (Q2 FY26: ₹4,768.79), up 23.32% YoY
  • Other Income: ₹29.47 (Q2 FY26: ₹0.20)
  • Total Income: ₹5,910.44 (Q2 FY26: ₹4,768.99), up 23.93% YoY
  • EBITDA: ₹1,642.83 (Q2 FY26: ₹1,383.18), up 18.77% YoY
  • EBITDA Margin: 27.80% (Q2 FY26: 29.00%)
  • Finance Costs: ₹50.53 (Q2 FY26: ₹159.51)
  • PBT: ₹1,557.78 (Q2 FY26: ₹1,207.70)
  • Tax: ₹281.87 (Q2 FY26: ₹210.72)
  • Net Profit: ₹1,275.91 (Q2 FY26: ₹996.98), up 27.98% YoY
  • Net Profit Margin: 21.59% (Q2 FY26: 20.91%)
  • Earnings Per Share: ₹2.83 (Q2 FY26: ₹3.11) [on larger share base]

H1 FY27 Performance (₹ in lakh)

  • Revenue from Operations: ₹9,413.07 (H1 FY26: ₹7,346.16), up 28.14% YoY
  • Other Income: ₹37.61 (H1 FY26: ₹0.40)
  • Total Income: ₹9,450.68 (H1 FY26: ₹7,346.56), up 28.64% YoY
  • EBITDA: ₹2,815.28 (H1 FY26: ₹2,264.58), up 24.32% YoY
  • EBITDA Margin: 29.79% (H1 FY26: 30.83%)
  • Finance Costs: ₹195.74 (H1 FY26: ₹309.42)
  • PBT: ₹2,546.54 (H1 FY26: ₹1,924.37)
  • Tax: ₹451.96 (H1 FY26: ₹333.54)
  • Net Profit: ₹2,094.58 (H1 FY26: ₹1,590.83), up 31.67% YoY
  • Net Profit Margin: 22.16% (H1 FY26: 21.65%)
  • Earnings Per Share: ₹5.29 (H1 FY26: ₹4.97)

Historical Financial Performance (₹ in lakh)

| Particulars | FY24 | FY25 | FY26 |

| Revenue from Operations | 6,944.26 | 12,493.73 | 16,701.56 |

| Net Profit | 1,471.04 | 2,536.71 | 3,438.79 |

| Net Profit Margin (%) | 21.18% | 20.30% | 20.59% |

| EPS | 4.60 | 7.92 | 10.74 |

Balance Sheet Highlights (₹ in lakh)

| Particulars | FY24 | FY25 | FY26 |

| Equity Share Capital | 1.00 | 1.00 | 3,201.00 |

| Other Equity | 3,279.29 | 5,811.01 | 6,058.25 |

| Total Equity | 3,280.29 | 5,812.01 | 9,259.25 |

| Long Term Borrowings | - | 1,060.27 | 948.53 |

| Short Term Borrowings | 1,969.51 | 6,419.57 | 6,153.70 |

| Inventories | 4,491.67 | 10,723.91 | 13,819.93 |

| Trade Receivables | 757.50 | 1,477.54 | 899.90 |

| Cash and Cash Equivalents | 385.12 | 263.17 | 26.25 |

Business Operations Update

Manufacturing Capabilities

  • Integrated manufacturing facility in Jaipur, Rajasthan
  • Built-up area: 6,450 sq ft
  • Annual installed capacity: 400 kg
  • In-house processes: design, casting, stone setting, polishing, finishing
  • Equipment: 3D printers, casting machines, jewellery manufacturing equipment
  • Workforce: 56 skilled artisans for handcrafted jewellery production

Product Portfolio

  • Specializes in Kundan, Polki, Diamond & Studded Jewellery
  • Product categories: Bridal, antique, and customized jewellery pieces
  • Design development using CAD and prototype development

Sales & Distribution

  • B2B sales to jewellery retailers and dealers across India
  • B2C customized orders through display centre and appointment-based consultations
  • Customer presence across 21 Indian states
  • Recent expansion: Leased showroom space in New Delhi

Quality Control

  • Multi-stage quality assurance framework
  • Order verification against approved design specifications
  • Stone setting inspection with micro and normal inspections
  • Frame (Ghaat) inspection for metal purity, weight, dimensions
  • Post-manufacturing microscope checks
  • Diamond & Polki testing using CVD testing machines
  • Final quality approval before dispatch

Management Team

  • Mr. Nitin Gilara - Chairman & Managing Director (26 years experience)
  • Mr. Abhishek Gilara - Joint Managing Director (25+ years experience)
  • Mr. Prateek Gilara - Whole Time Director (18 years experience)
  • Mr. Vipul Gilara - Whole Time Director & CEO (14+ years experience)
  • Mr. Amit Bardia - Independent Director
  • Mr. Divyank Bader - Independent Director
  • Mr. Deepesh Sharma - Chief Financial Officer
  • Ms. Pratibha Soni - Company Secretary Cum Compliance Officer

Industry Context

  • Indian gems and jewellery retail market valued at USD 80-85 billion in FY2024
  • Projected to reach USD 140-155 billion by FY2028
  • Contributes 7% to India's GDP and employs 4.6-5 million people
  • Bridal jewellery accounts for around 60% of domestic gold jewellery consumption
  • Organized segment expected to grow from 36-38% market share in FY2024 to 42-43% by FY2028