Financial Performance - Q4 FY26 (Year-over-Year)

  • Revenue before bullion sales grew 33.3% YoY to ₹685.6 crore
  • US D2C business revenue increased 24.8% YoY to ₹62.8 crore
  • EBITDA rose 40% YoY to ₹57 crore
  • US D2C EBITDA margin improved to 14.8% from 12.1%
  • Profit Before Tax (PBT) grew 82.6% YoY to ₹36.5 crore
  • Profit After Tax (PAT) grew 33% YoY to ₹30.2 crore
  • Bullion sales amounted to ₹87.8 crore for Q4 FY26

Financial Performance - FY26 (Year-over-Year)

  • Revenue before bullion sales increased 29.3% YoY to ₹2,571.5 crore
  • US D2C revenue recorded strong growth of 43.8% YoY
  • EBITDA rose 22.5% YoY to ₹204 crore
  • US D2C EBITDA increased to ₹34.7 crore from ₹21.7 crore in FY25
  • US D2C EBITDA margin expanded to 12.6% from 11.3%
  • Profit Before Tax (before exceptional items) grew 45% YoY to ₹123.5 crore
  • Adjusted PAT surged 35.8% YoY to ₹100.1 crore
  • Bullion sales amounted to ₹241.6 crore for FY26
  • Exceptional non-recurring expense of ₹11.97 crore incurred for discontinuation of operations at Bhavnagar facility

Operational Highlights

  • Achieved cost savings of approximately ₹40 crore through cost optimization initiatives and operational efficiencies
  • Successfully consolidated operations following closure of Bhavnagar facility in FY25
  • Integrated Jean Dousset acquisition and expanded retail footprint with additional Jean Dousset store in New York in November 2025
  • Reduced gross debt by approximately ₹123 crore during Q4 FY26 through disciplined financial management

Strategic Initiatives and Outlook

  • Plans to open four additional Jean Dousset stores across key metropolitan markets in the United States in FY27
  • Each existing JD store generates approximately ₹25-30 crore in annual sales depending on location
  • Expects US D2C revenues to grow between 35% to 40% YoY to reach ₹375 crore by end of FY27
  • Focus on profitable growth, strengthening brands, and improving profitability

Balance Sheet Position (as of March 31, 2026)

  • Shareholder's Funds: ₹1,543.5 crore (Mar-25: ₹1,422.3 crore)
  • Equity Share Capital: ₹21.5 crore (Mar-25: ₹21.4 crore)
  • Reserves & Surplus: ₹1,487.2 crore (Mar-25: ₹1,369.6 crore)
  • Borrowings: ₹53.5 crore (Non-current) + ₹436.8 crore (Short-term) = ₹490.3 crore total
  • Inventories: ₹941.0 crore (Mar-25: ₹964.8 crore)
  • Trade Receivables: ₹840.7 crore (Mar-25: ₹708.0 crore)
  • Cash & Bank Balances: ₹107.5 crore (Mar-25: ₹145.8 crore)

Management Commentary

Mr. Sumit Shah, Chairman and Global CEO, stated that FY26 marked a year of strong operational execution and efficiency enhancement. The performance underscores growing consumer affinity towards the company's brands, the strength of the business model, and the agility of teams in navigating a dynamic global environment.

Conference Call Details

Scheduled for May 29, 2026 at 4:00pm IST, led by Mr. Kapil Yadav of Dolat Capital.