Financial Performance Q1FY27

  • Revenue from Operations: ₹1,179.73 million (subject to limited review/audit by Statutory Auditors)
  • Comparative Q1FY26 Revenue: ₹537.49 million
  • Year-over-Year Growth: 119.49% including gold sales; 122.35% excluding gold sales

Gold Sales Details

  • Q1FY27 Gold Sales: ₹19.86 million (included in revenue)
  • Q1FY26 Gold Sales: ₹15.84 million (included in revenue)
  • Nature of Gold Sales: Represents excess gold remaining after consumption for manufacturing new jewellery. Gold is received from customers as part consideration for purchase of diamond jewellery, where customers provide old gold whose value is adjusted against new jewellery price.
  • The company does not engage in gold bullion or commodity trading - gold sales are purely incidental from normal sales operations.

Operational Highlights

  • Second consecutive quarter of over 100% YoY revenue growth
  • Growth drivers: Healthy consumer demand, strong volume growth, festive buying during Akshaya Tritiya, healthy monsoon season sales

Festive Sales Performance

  • Akshaya Tritiya Revenue: ₹127.27 million in Q1FY27
  • Comparative Akshaya Tritiya Revenue: ₹34.63 million in previous year
  • Year-over-Year Growth: 268%

Store Expansion Update

  • Total stores as of date: 37 stores
  • 3 EBO's/COCO stores
  • 34 SIS (Shop-in-Shop) stores
  • Previous count (March 31, 2026): 36 stores (2 EBO's/COCO stores and 34 SIS stores)
  • Recent opening: COCO store at Amanora Mall
  • Newly opened COCO stores performing in line with expectations
  • Expansion plan: ~15 new COCO stores over next 24 months from IPO date
  • Focus areas: Tier 1 cities primarily, selective expansion into Tier 2 cities and metro markets across Maharashtra and key North India markets

Demand Outlook

  • Positive outlook supported by recent correction in gold prices, expected to encourage jewellery purchases ahead of upcoming wedding season
  • Continued shift towards branded jewellery expected to provide favorable demand environment

Business Context

  • Company description: Branded Certified Natural diamond jewellery retailer backed by 190+ years legacy of P. N. Gadgil & Sons Group
  • Current presence: Strong presence in Western India with expanding retail footprint across key markets
  • Operating model: Mix of SIS (Shop-in-Shop) formats and COCO stores
  • Strategic focus: Transitioning towards COCO-led store expansion model to drive scalable growth