Deepa Jewellers Q1 FY27 Revenue Up 39% YoY

Date: 30.09.2026

Financial Results (Standalone)

Quarterly Standalone Income Statement (INR Mn)

| Particulars | Q1-FY27 | Q1-FY26 | YoY Change | Q4-FY26 | QoQ Change |

| Operational Revenue | 4,311 | 3,101 | 39.0% | 5,409 | (20.3)% |

| Total Expenses | 3,924 | 2,812 | 39.5% | 5,019 | (21.8)% |

| EBITDA | 387 | 289 | 33.9% | 390 | (0.8)% |

| EBITDA Margins (%) | 8.98% | 9.32% | (34) Bps | 7.21% | 177 Bps |

| Other Income | - | - | NA | 9 | NA |

| Depreciation | 5 | - | NA | 3 | 66.7% |

| Finance Cost | 24 | 6 | NA | 23 | 4.3% |

| PBT | 358 | 283 | 26.5% | 373 | (4.0)% |

| Tax | 90 | 72 | 24.7% | 93 | (2.2)% |

| PAT | 268 | 211 | 27.0% | 280 | (4.3)% |

| PAT Margins (%) | 6.22% | 6.80% | (58) Bps | 5.18% | 104 Bps |

| Other Comprehensive Income | - | - | NA | (1) | NA |

| Total Comprehensive Income | 268 | 211 | 27.0% | 279 | (3.9)% |

| Basic/Diluted EPS (INR) | 3.26 | 2.57 | 26.8% | 3.41 | (4.4)% |

Historical Standalone Income Statement (INR Mn)

| Particulars | FY24 | FY25 | FY26 | Q1-FY27 |

| Operational Revenue | 10,264 | 13,968 | 19,272 | 4,311 |

| Total Expenses | 9,888 | 13,410 | 17,804 | 3,924 |

| EBITDA | 358 | 560 | 1,463 | 387 |

| EBITDA Margins (%) | 3.49% | 4.01% | 7.59% | 8.98% |

| Other Income | 12 | 31 | 10 | - |

| Depreciation | 3 | 3 | 7 | 5 |

| Finance Cost | 40 | 43 | 63 | 24 |

| PBT | 327 | 545 | 1,403 | 358 |

| Tax | 84 | 139 | 355 | 90 |

| PAT | 243 | 406 | 1,048 | 268 |

| PAT Margins (%) | 2.37% | 2.91% | 5.44% | 6.22% |

| Other Comprehensive Income | 1 | 1 | 1 | - |

| Total Comprehensive Income | 244 | 407 | 1,049 | 268 |

| Basic/Diluted EPS (INR) | 2.97 | 4.95 | 12.78 | 3.26 |

Historical Standalone Balance Sheet (INR Mn)

| PARTICULARS | FY24 | FY25 | FY26 |

| Non-Current Assets | 10 | 9 | 104 |

| - Property, plant and equipment | 8 | 6 | 23 |

| - Capital work in progress (CWIP) | | | 22 |

| - Intangible assets | - | 1 | 1 |

| - Right of use asset | | | 55 |

| - Financial Assets | - | - | - |

| - Deferred tax assets (net) | 2 | 2 | 3 |

| Current assets | 1,736 | 2,168 | 3,468 |

| - Inventories | 723 | 828 | 874 |

| - Contract assets | 1 | 8 | 1 |

| (a) Trade receivables | 884 | 1,317 | 2,523 |

| (b) Cash and cash equivalents | 12 | 1 | 1 |

| (c) Bank balances other than cash and cash equivalents | 102 | - | - |

| (d) Others | 3 | - | - |

| - Other current assets | 11 | 14 | 52 |

| - Current tax assets (net) | - | - | 17 |

| Total assets | 1,746 | 2,177 | 3,572 |

| Equity and Liabilities | FY24 | FY25 | FY26 |

| Equity | 926 | 1,332 | 2,381 |

| - (a) Equity share capital | 41 | 41 | 164 |

| - (b) Other equity | 885 | 1,291 | 2,217 |

| Liabilities | 820 | 845 | 1,191 |

| Non-current liabilities | 414 | 386 | 489 |

| (a) Borrowings | 411 | 382 | 437 |

| (b) Lease liabilities | - | - | 49 |

| (c) Other financial liabilities | - | - | - |

| - Provisions | 3 | 4 | 3 |

| Current liabilities | 406 | 459 | 702 |

| - Contract liabilities | 35 | 12 | 7 |

| (a) Borrowings | 368 | 426 | 675 |

| (b) Lease liabilities | | | 7 |

| (c) Trade payables | - | 6 | 1 |

| (d) Other financial liabilities | 1 | 2 | 8 |

| - Provisions | - | - | - |

| - Other current liabilities | 2 | 2 | 4 |

| - Current tax liabilities (net) | - | 11 | - |

| Total equity and liabilities | 1,746 | 2,177 | 3,572 |

Company Overview

Deepa Jewellers Ltd., incorporated in 2016 by Mr. Ashish Agarwal and Mrs. Seema Agarwal, is an organized B2B designer, processor and supplier of hallmarked gold jewellery. The company specializes in traditional gold waist belts (Vaddanam), CNC Machine cut bangles and other jewellery, with a portfolio spanning 16 product categories and 110 SKUs.

Strong design and product development capabilities, supported by an inhouse team of 15 designers and a wide design repository of 24,000+ designs, enabling customized offerings aligned with regional preferences and evolving customer requirements.

Operates an asset-light processing model supported by external karigars, while expanding into dedicated in-house manufacturing in Hyderabad. Primarily operates across Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and Kerala, with a strong presence in the Southern Indian jewellery market.

Established long-standing relationships with leading jewellery retailers, including Joyalukkas, Kalyan Jewellers, Lalithaa Jewellery, Bhima jewellers and other regional jewellery chains. Established customer network of 373 customers, comprising 47 jewellery retail chains and 326 standalone stores across 13 States and 1 Union Territory. 122 customers associated for 5+ years shows customer stickiness.

Operational Highlights

FY26 Segment Wise Revenue Breakup

CNC machine cut bangles: 31%
Other Products: 27%
Vaddanam: Not specified percentage

Revenue from Processing & Manufacturing (INR Mn)

FY24: Not specified
FY25: Not specified
FY26: 4,246
Q1-FY27: Not specified

Job Work Services

Provides jewellery processing services to customers using customer-supplied gold, converting raw material into ready-to-sell finished jewellery as per specified designs and requirements. Generates fee-based processing income, with the Company undertaking manufacturing activities. Supports an asset-light operating model by enabling jewellery processing without requiring the Company to fund the gold inventory associated with customer-owned material.

Growth Strategy & Expansion Roadmap

Setup In-House Manufacturing Facility

6,696 sq ft facility at Hyderabad
Reduces karigar dependency
Ensures quality consistency
Captures manufacturing margin
Expected benefits: ↓ Cost | ↑ Margin | ↑ Reduction in Pilferage

Expand Southern India Footprint

Established a new sales office in Vijayawada, AP in Nov 2025
Chennai, Bangalore & Coimbatore office planned
Targeting deeper penetration in AP, Karnataka, and Tamil Nadu — high-growth jewellery markets
Expected benefits: ↑ Customer reach | ↑ Market share

Product Portfolio Diversification

Expanding into new categories:

Comprehensive range of Gold & studded jewellery
Paper casting jewellery and Nakshi, Kundan jewellery
Increase the strength of design team from 15 to 20 employees

Technology & Brand Investment

Leveraging mobile app, WhatsApp business catalog, Instagram/Facebook for trade outreach
B2B jewellery exhibitions participation for brand visibility
Introduction of gold recovery mechanism in the proposed manufacturing facility for reduced costing and higher profitability

Operational Performance Commentary

Q1 FY2027 revenue grew 39% YoY, reflecting strong underlying business momentum, while the slight QoQ moderation was primarily attributable to the seasonal nature of the jewellery industry. Gross margins remained stable YoY, supported by consistent pricing discipline and operational efficiency. EBITDA margin declined by 34 bps, primarily due to higher employee costs incurred towards hiring Karigars for new manufacturing facility. Higher finance costs were primarily due to increased working capital utilisation to support inventory requirements for the newly opened Vijayawada sales office, newly commenced Hyderabad manufacturing facility and Registered Office. PAT grew 27% YoY, despite a 58 bps contraction in PAT margin. PAT margin contraction was primarily driven by higher depreciation and finance costs, with depreciation reflecting investments made towards the new manufacturing facility.

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Not Specified