Q1 FY27 Financial Performance

Revenue: ₹85.24 crores in Q1 FY27 vs ₹69.44 crores in Q1 FY26, representing 22.7% year-on-year growth.

EBITDA: ₹8.64 crores in Q1 FY27 vs ₹5.10 crores in Q1 FY26, representing 69.30% year-on-year growth.

EBITDA Margin: Improved from 7.35% in Q1 FY26 to 10.14% in Q1 FY27.

Net Profit: ₹5.14 crores in Q1 FY27 vs unspecified amount in Q1 FY26, representing 63.9% year-on-year growth.

Net Profit Margin: Improved from 4.2% in Q1 FY26 to 6.03% in Q1 FY27.

Two-Year Financial Trajectory

Revenue increased from ₹230 crores to ₹281 crores over the last two years.

EBITDA increased by 35% from ₹16.9 crores to ₹22.84 crores over the last two years.

Strategic Business Updates

New Manufacturing Facility: Established at Andheri, Mumbai covering 5,360 square feet with estimated manufacturing capacity of 125-150 kg of jewellery per annum. This represents a 50-60% increase in overall manufacturing capacity.

Revenue Potential: New facility expected to generate additional ₹250-300 crores revenue annually.

Domestic Market Entry: Strategic shift to supply leading retail chains and organized jewellery retailers across major Indian cities. Target of achieving 50% revenue from domestic business by 2030.

Product Portfolio: Company manufactures across natural diamond jewellery, gold jewellery, gemstone jewellery, Jadau, and lab-grown diamond jewellery.

Market Presence

Export Markets: UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, Singapore, Hong Kong, and USA.

FY26 Exports: Approximately ₹272 crores.

Customer Concentration: Top 10 customers contribute 60-65% of revenue.

Lab-Grown Diamond Business

Current Contribution: Less than 5-7% of revenue, primarily from US market.

Future Focus: Significant expansion planned in domestic lab-grown diamond jewelry, including potential B2C entry.

Capital Raising

Preferential Allotment: Raised approximately ₹27 crores through convertible warrants to support new facility expansion, working capital strengthening, and strategic initiatives.

Guidance and Outlook

FY27 Growth Target: 15-20% growth, predominantly from exports.

Domestic Revenue Target: ₹15-20 crores expected in current year from new facility.

Long-term Vision: Revenue expected to more than double in five years, reaching approximately ₹550-600 crores by 2030.

Operational Details

Design Development: Company develops 500+ commercial designs monthly, all ready for production.

Inventory Levels: Typically 10-11 times turnover in export business.

Hedging Policy: Natural hedge for gold imports/exports; forward contract hedging for diamond receivables for 4-6 months.

Geographic Revenue Mix

USA Contribution: Currently below 10% (previously 20-30% before tariff issues).

Middle East: Primary export market, not significantly affected by Hormuz issues except for 15-20 day logistics disruption in February-March 2026.

B2C Expansion Plans

Timeline: Planning to launch B2C operations around Diwali 2026 (current calendar year).

Facility: Third storey of new facility being developed as retail lounge for B2C operations.

Margin Expectation: B2C expected to have better margins than B2B.