Financial Performance - Standalone (Q2 FY27)

Revenue & Profitability:

  • Revenue from Operations: ₹2,625.41 crore, up 21.9% YoY (Q2 FY26: ₹2,154.36 crore)
  • Gross Profit: ₹331.68 crore, up 30.9% YoY
  • Gross Profit Margin: 12.6% (80 bps improvement YoY)
  • EBITDA: ₹221.28 crore, up 55.5% YoY
  • EBITDA Margin: 8.4% (180 bps improvement YoY)
  • PAT: ₹119.73 crore, up 50.2% YoY
  • PAT Margin: 4.6% (90 bps improvement YoY)
  • Basic EPS: ₹8.59
  • Diluted EPS: ₹8.59

Half-Yearly Performance (H1 FY27):

  • Revenue from Operations: ₹5,005.98 crore, up 29.8% YoY
  • PAT: ₹222.59 crore, up 50.6% YoY
  • Basic EPS: ₹15.97

Financial Performance - Consolidated (Q2 FY27)

Revenue & Profitability:

  • Revenue from Operations: ₹2,666.38 crore, up 22.4% YoY
  • Gross Profit: ₹339.81 crore, up 31.7% YoY
  • Gross Profit Margin: 12.7% (89 bps improvement YoY)
  • EBITDA: ₹224.61 crore, up 57.1% YoY
  • EBITDA Margin: 8.4% (186 bps improvement YoY)
  • PAT: ₹121.11 crore, up 52.7% YoY
  • PAT Margin: 4.5% (90 bps improvement YoY)

Half-Yearly Performance (H1 FY27):

  • Revenue from Operations: ₹5,079.36 crore, up 30.5% YoY
  • PAT: ₹226.45 crore, up 52.3% YoY

Balance Sheet Position - Standalone (Sep-26)

Assets:

  • Total Assets: ₹6,418.15 crore (Mar-26: ₹4,924.80 crore)
  • Inventories: ₹4,374.64 crore (Mar-26: ₹3,612.38 crore)
  • Cash & Cash Equivalents: ₹46.01 crore
  • Other Bank Balances: ₹1,056.48 crore
  • Trade Receivables: ₹185.80 crore

Liabilities & Equity:

  • Total Equity: ₹2,870.59 crore (Mar-26: ₹1,971.71 crore)
  • Borrowings: ₹19,340.22 crore (Non-current: ₹50.43 crore, Current: ₹18,835.79 crore)
  • Lease Liabilities: ₹17.32 crore (Non-current: ₹13.53 crore, Current: ₹3.79 crore)

Cash Flow Statement - Standalone (H1 FY27)

  • Cash from Operating Activities: -₹324.21 crore
  • Cash from Investing Activities: -₹635.25 crore
  • Cash from Financing Activities: ₹970.03 crore
  • Net Change in Cash: ₹10.58 crore

Strategic Business Updates

Brand Transformation:

  • Rebranded LiteStyle to YOOU - lightweight diamond jewellery brand targeting younger consumers
  • YOOU offers 9, 14, 18, and 22 karat gold jewellery for everyday wear
  • Positioning: "Lightweight diamond jewellery that takes fashion seriously"

Silvostyle Acquisition:

  • Acquired Silvostyle (fashion silver jewellery brand) on October 1, 2026
  • 18 independent stores and ~68 shop-in-shops at PNG & YOOU stores
  • Presence in 5 states
  • Financial Performance: Revenue grew from ₹27.1 crore (FY24) to ₹72.8 crore (FY26), PAT from ₹1.6 crore to ₹6.1 crore

Expansion Strategy:

  • Pan-India store expansion focusing on Haryana, Uttar Pradesh, Madhya Pradesh, Delhi NCR, and Bihar
  • Asset-light FOCO (Franchise-Owned, Company-Operated) model for Tier 2/3 markets
  • Digital and e-commerce acceleration targeting quick-commerce platforms

Capital Raising:

  • Successful QIP of ₹700 crore oversubscribed approximately 1.5x
  • Completed on August 4, 2026

Credit Rating:

  • CRISIL A+ Stable (reaffirmed)

Historical Context

  • 6-generation heritage since 1832
  • 100+ Karagir Associations
  • 180+ Vendor Associations
  • One of India's oldest and most trusted jewellery brands