Key Financial Figures

Quarterly Performance (Q2 FY2026 vs Q2 FY2025)

  • Revenue from operations: ₹1,205.41 million (Q2 FY2026) vs ₹1,029.69 million (Q2 FY2025) - 17.1% increase
  • Total income: ₹1,257.44 million (Q2 FY2026) vs ₹1,030.81 million (Q2 FY2025)
  • Profit before tax: ₹310.27 million (Q2 FY2026) vs ₹169.75 million (Q2 FY2025)
  • Net profit: ₹232.94 million (Q2 FY2026) vs ₹126.84 million (Q2 FY2025)
  • Basic EPS: ₹7.35 (Q2 FY2026) vs ₹5.10 (Q2 FY2025)

Half-Year Performance (H1 FY2026 vs H1 FY2025)

  • Revenue from operations: ₹2,385.14 million (H1 FY2026) vs ₹1,567.18 million (H1 FY2025) - 52.2% increase
  • Total income: ₹2,493.33 million (H1 FY2026) vs ₹1,571.17 million (H1 FY2025)
  • Profit before tax: ₹674.25 million (H1 FY2026) vs ₹268.22 million (H1 FY2025)
  • Net profit: ₹505.04 million (H1 FY2026) vs ₹201.33 million (H1 FY2025)
  • Basic EPS: ₹15.93 (H1 FY2026) vs ₹9.21 (H1 FY2025)

Revenue Breakdown

For Q2 FY2026:

  • Sale of diamond studded jewellery including precious stones: ₹1,205.41 million
  • Gold sales: ₹0 million (compared to ₹19.86 million in Q1 FY2026 and ₹205.50 million in Q2 FY2025)

The gold sales represent excess gold received from customers as part consideration for diamond jewellery purchases, used primarily in manufacturing new jewellery. The company does not engage in gold bullion or commodity trading.

Balance Sheet Position (as of September 30, 2026)

  • Total assets: ₹7,907.99 million
  • Inventories: ₹4,604.13 million
  • Cash & cash equivalents: ₹720.57 million
  • Total equity: ₹5,606.29 million
  • Paid-up equity share capital: ₹316.91 million (Face value ₹10 per share)
  • Current liabilities: ₹2,239.59 million

Cash Flow Statement (H1 FY2026)

  • Net cash used in operating activities: ₹(52.18) million
  • Net cash from investing activities: ₹170.81 million
  • Net cash used in financing activities: ₹(540.23) million
  • Net decrease in cash and cash equivalents: ₹(421.60) million

IPO Proceeds Utilization

As of September 30, 2026:

  • Total IPO proceeds: ₹3,491.23 million
  • Amount utilized: ₹655.23 million
  • Unutilized amount: ₹2,836.00 million (temporarily retained in fixed deposits & monitoring account)

Breakdown of utilization:

  • Funding for 15 new stores: ₹412.53 million utilized of ₹2,865.64 million allocated
  • Marketing for new stores: ₹6.59 million utilized of ₹354.00 million allocated
  • General corporate purposes: ₹236.11 million utilized of ₹271.59 million allocated

Operational Highlights

  • Store count: 39 stores as of October 26, 2026 (34 SIS stores with P. N. Gadgil & Sons Limited and 5 exclusive brand stores)
  • Previous store count: 36 stores as of March 31, 2026 (34 SIS stores and 2 exclusive brand stores)
  • Tax payments: ₹100.00 million advance tax paid for FY2026-27 up to October 26, 2026

Regulatory and Compliance Information

  • Financial results reviewed by MSKA & Associates LLP, Chartered Accountants (ICAI Firm Registration: 105047W/W101187)
  • Review conducted under Standard on Review Engagement (SRE) 2410
  • Unmodified conclusion issued by auditors
  • Board meeting held on October 26, 2026 from 11:10 AM to 11:57 AM
  • Company CIN: L32111PN2024PLC236494
  • GST Number: 27AAPCP2937H1Z0

Notes and Qualifications

  • The unaudited financial results for Q2 FY2025 were compiled by management and approved by the Board but not reviewed by auditors
  • Figures for H1 FY2025 are based on audited special purpose financial statements with unmodified opinion dated December 19, 2025
  • The company operates as a single segment (diamond jewellery trading) with operations only in India
  • No single customer accounts for more than 10% of total revenue