Trading Window Closure

The trading window for trading in securities of the Company was closed and will reopen on July 22, 2026, in accordance with the Company's Code of Conduct for Prohibition of Insider Trading and SEBI (Prohibition of Insider Trading) Regulations, 2015.

Key Financial Performance (Standalone)

  • Revenue from Operations: ₹7,332 million in Q1 FY27, up 48.8% from ₹4,926 million in Q1 FY26
  • Pre-IndAS EBITDA: ₹548 million in Q1 FY27, up 134.6% from ₹233 million in Q1 FY26
  • Pre-IndAS EBITDA Margin: 7.5% in Q1 FY27, expanded by 273 basis points from 4.7% in Q1 FY26
  • Adjusted PAT: ₹138 million profit in Q1 FY27 compared to ₹(213) million loss in Q1 FY26
  • Adjusted PAT Margin: 1.9% in Q1 FY27 compared to -4.3% in Q1 FY26
  • Gross Margin: 40.7% in Q1 FY27 (43.3% in Q4 FY26; 41.1% in Q1 FY26)
  • Contribution Margin: 36.1% in Q1 FY27 (39.1% in Q4 FY26; 36.5% in Q1 FY26)
  • Contribution Margin (excl. inventory gains/losses): 32.7% in Q1 FY27 (31.5% in Q4 FY26; 31.8% in Q1 FY26)

Operational Metrics

  • Number of stores: 352 as of June 2026 (340 in March 2026; 292 in June 2025)
  • Number of cities: 139 as of June 2026 (134 in March 2026; 122 in June 2025)
  • Same Store Sales Growth (SSSG): 39.0% YoY in Q1 FY27 (34.0% in Q4 FY26; 18.4% in Q1 FY26)
  • Advertising and marketing cost: ₹508 million (6.9% of revenue) in Q1 FY27
  • Number of Customers (Lifetime): 984,766 as of June 2026
  • Average Order Value (AOV): ₹78,081 in Q1 FY27
  • Studded Revenue Share: 57.3% in Q1 FY27 (55.3% in Q4 FY26; 63.6% in Q1 FY26)

Debt Position (Standalone)

  • Gross Debt: ₹6,995 million as of June 2026 (₹7,443 million in March 2026; ₹7,345 million in June 2025)
  • Net Debt: ₹4,536 million as of June 2026 (₹3,469 million in March 2026; ₹6,419 million in June 2025)

Management Commentary

CEO Gaurav Singh Kushwaha highlighted strong performance despite gold customs duty increase from 6% to 15%. The company delivered standalone cash profit of ₹567 million for the quarter. All 5 new cities entered were Tier 2 and Tier 3 regions. Repeat consumers represented 59.7% of revenues.

Consolidated Financial Performance

  • Revenue from Operations: ₹7,368 million in Q1 FY27, up 49.6% YoY
  • Profit After Tax: ₹60 million in Q1 FY27 compared to ₹(347) million loss in Q1 FY26
  • Basic EPS: ₹0.46 in Q1 FY27

Corporate Actions

  • The company allotted 170,416 equity shares of ₹1 each on exercise of stock options by employees
  • Invested ₹30.00 million in seed 5 Compulsorily Convertible Preference Shares (CCPS) in associate Redefine Fashion Private Limited

IPO Proceeds Utilization

As of June 30, 2026:

  • Working capital requirement: ₹7,499.00 million utilized of ₹7,500.00 million allocated
  • General corporate purpose: ₹207.50 million fully utilized
  • Issue expenses: ₹227.80 million utilized of ₹492.50 million allocated
  • Total unutilized amount: ₹265.70 million, with ₹200 million temporarily invested in fixed deposits and ₹65.70 million held in public account

Auditor Review

The financial results were reviewed by MS KA & Associates LLP, Chartered Accountants (ICAI Firm Registration Number: 105047W/W101187), who issued an unmodified conclusion.