Key Financial Performance - Q2 FY27

  • Revenue: ₹7,381 million, representing 43.9% year-on-year growth
  • Pre-IndAS EBITDA: ₹535 million, showing 234.2% year-on-year growth
  • Pre-IndAS EBITDA Margin: 7.3%, expanding by 413 basis points year-on-year
  • Adjusted PAT: ₹196 million (2.7% margin), a significant improvement from loss of ₹268 million (-5.2%) in Q2 FY26
  • Gross Margin: 36.6% (Q1 FY27: 40.7%, Q2 FY26: 39.5%)
  • Contribution Margin: 32.2% (Q1 FY27: 36.1%, Q2 FY26: 34.9%)
  • Contribution Margin excluding inventory gains/losses: 31.3% (Q1 FY27: 32.7%, Q2 FY26: 31.8%)

H1 FY27 Performance

  • Revenue: ₹14,713 million, representing 46.3% year-on-year growth
  • Pre-IndAS EBITDA: ₹1,083 million, showing 175.1% year-on-year growth
  • Pre-IndAS EBITDA Margin: 7.4%, expanding by 345 basis points year-on-year

Operational Highlights

  • Same-store sales growth (SSSG): 28% YoY for Q2 FY27, 32.9% YoY for H1 FY27
  • Store network expanded to 379 stores as of September 2026 (vs 352 in Q1 FY27 and 311 in Q2 FY26)
  • Geographic coverage expanded to 146 cities (vs 139 in Q1 FY27 and 127 in Q2 FY26)
  • Added 27 stores in Q2 FY27, all in Tier 2 and Tier 3 markets
  • No store closures in the quarter (relocations within an area not counted as closures)

Customer Metrics

  • Number of customers (life to date): 1,024,220
  • Average Order Value (AOV): ₹77,290 (Q1 FY27: ₹78,081, Q2 FY26: ₹59,907)
  • Studded Revenue: 55.7% of total revenue (Q1 FY27: 57.3%, Q2 FY26: 62.0%)
  • Repeat Revenue Ratio: 56.3% (Q1 FY27: 59.7%, Q2 FY26: 51.4%)

Strategic Initiatives

  • Opened new 3,200 sq. ft. flagship store on Park Street, Kolkata featuring over 2,000 unique designs
  • Introduced new range of handcrafted and antique jewellery with traditional elements (Kundan setting, antique finishes)
  • Focus on entry-level price points to address gold price inflation impact

Marketing and Expenses

  • Advertising and marketing cost: ₹444 million (5.7% YoY growth)
  • A&P as percentage of revenue: 6.0% (Q1 FY27: 6.9%, Q2 FY26: 8.2%)
  • Rent payment: ₹513 million (Q1 FY27: ₹497 million, Q2 FY26: ₹393 million)
  • Employee benefits expense: ₹678 million (including ESOP expenses of ₹139 million)

Debt Position

  • Gross debt: ₹8,919 million (Q1 FY27: ₹6,995 million, Q2 FY26: ₹7,322 million)
  • Net debt: ₹5,395 million (Q1 FY27: ₹4,536 million)
  • Net debt/equity (without GML): 0.3

Financial Reconciliation

Pre-IndAS EBITDA Reconciliation (₹ million):

  • Profit/(Loss) before tax: 17
  • Add: Finance cost: 576
  • Add: Depreciation and amortization: 623
  • Less: Other income: (245)
  • Add: ESOP expenses: 139
  • Add: Franchise commission: 6
  • Less: Rent payment: (513)
  • Post rental EBITDA: 604 (8.2% margin)
  • Less: Inventory gain/(loss): 68
  • Pre-IndAS EBITDA: 535 (7.3% margin)

Adjusted PAT Reconciliation (₹ million):

  • Reported Profit/(Loss) before tax: 17
  • Add: ESOP expenses: 139
  • Add: Net impact of Ind AS 116: 107
  • Pre-IndAS non-GAAP profit/(loss): 264
  • Less: Inventory gain/(loss): 68
  • Adjusted PAT: 196

Additional Metrics

  • Inventory turnover ratio: 1.16 (TTM basis)
  • ROCE: 7.2% (annualized for Sep 2026)
  • Cash PAT: ₹454 million

Consolidated Performance (Q2 FY27)

  • Revenue: ₹7,450 million (45.1% YoY growth)
  • Gross Margin: 37.6%
  • EBITDA: ₹935 million (12.5% margin)
  • Adjusted EBITDA: ₹1,081 million (14.5% margin)
  • PAT: (₹44) million (-0.6% margin)