Financial Performance - FY26 (Consolidated)

  • Revenue: Rs 8,430 Crore, up 33% YoY (from Rs 6,328 Crore in FY25)
  • EBITDA: Rs 969 Crore, up 164% YoY (from Rs 368 Crore in FY25)
  • EBITDA Margin: 11.5%
  • PAT: Rs 574 Crore, up 261% YoY (from Rs 159 Crore in FY25)
  • PAT Margin: 6.8%
  • 5-Year Revenue CAGR: 24%

Financial Performance - Q4 FY26 (Consolidated)

  • Revenue: Rs 1,997 Crore, up 45% YoY (from Rs 1,378 Crore in Q4 FY25)
  • EBITDA: Rs 274 Crore, up 116% YoY (from Rs 127 Crore in Q4 FY25)
  • EBITDA Margin: 13.7%
  • PAT: Rs 157 Crore, up 151% YoY (from Rs 62 Crore in Q4 FY25)
  • PAT Margin: 7.9%
  • Retail Sales: Highest-ever Q4 retail sales of Rs 1,731 Crore, up 35% YoY

Operational Metrics

  • Same-Showroom Sales Growth (SSSG): Q4 at ~35%, FY26 at ~24%
  • Showroom Network: Expanded to 201 showrooms as of March 2026 (102 Company-Owned, 85 Franchisee, 12 Sennes, 2 Dubai)
  • New Showrooms in FY26: 26 total (6 Company-Owned, 14 Franchisee, 6 Sennes)
  • New Showrooms in Q4 FY26: 7 total (1 Company-Owned, 2 Franchisee, 4 Sennes)
  • Non-East Revenue: Crossed Rs 1,600 Crore mark
  • Average Transaction Value (ATV): Increased 30% YoY to Rs 95,100
  • Average Selling Price (ASP): Increased 29% YoY to Rs 62,200
  • Sales Channels: Own channel grew 28%, franchise channel grew 34%
  • Other Revenue Streams: Export, e-commerce, and corporate sales contributed ~6% of total sales; coin/bullion sales were marginal at 6%

Commodity Performance

  • Gold Prices: Average prices surged 79% YoY and 20% QoQ, peaking at historic high of Rs 1,69,403/10gm
  • Gold Volumes: Normalized ~6% YoY reduction in FY26 due to price rise
  • Silver Volumes: Surged ~35% YoY in FY26
  • Diamond Volumes: Grew ~9% YoY in FY26; value grew 32%
  • Old Gold Exchange: Contributed ~50% to Q4 revenue and ~44% to FY26 revenue

Working Capital & Financial Position

  • Total Inventory: Increased 61% YoY to Rs 5,296 Crore due to gold price rise, inventory for new showrooms, and increased value at existing stores
  • Inventory Days: Increased to 186 days
  • ROE: Improved to 25.7%
  • ROCE: Improved to 22.5%
  • Interest Coverage Ratio: Improved to 4.3
  • Operating Profit before Working Capital Changes: Increased 2.7x to Rs 1,028 Crore

Credit Rating Update

CareEdge upgraded credit rating to CARE A+; Stable (Long Term) / CARE A1 (Short Term) from previous ICRA rating of [ICRA]A (Stable) (Long Term)/ [ICRA]A2+ (Short Term).

Dividend Declaration

Proposed final dividend of 20% in addition to earlier interim dividend of 15%.

Management Commentary & FY27 Guidance

From Mr. Suvankar Sen, MD & CEO:

  • Q4 saw extraordinary gold price volatility with international prices peaking at USD 5,595/Oz before retracting to USD 4,500/Oz
  • Domestic average gold prices at ₹1,51,783/10gm, up 79% YoY and 20% QoQ
  • Company maintains 40-50% hedging to manage price volatility and liquidity risk
  • Consumer demand remained resilient with shift toward lightweight jewellery or lower caratage
  • Expanded into new geographies including Rajasthan, Central Maharashtra, Western UP
  • 9K/14K portfolio attracting younger and modern consumers
  • FY27 Plans: Launch 18-20 new showrooms, elevate franchise roll-out, enhance lightweight jewellery performance, implement strict cost and stock optimization
  • FY27 Guidance: ~20% revenue growth, EBITDA margin guidance of 7.5-7.8%

From Mr. Sanjay Banka, Group CFO & Head IR:

  • Gross Margin and EBITDA for Q4 were higher than guidance range of 7.5-7.8% due to gains from gold and silver price rise
  • EBITDA margin of 11.5% for FY26 includes sustainable margin of 7.5-7.7% with balance from commodity price gains and improved product mix
  • FY27 Targets: 20%+ value growth, EBITDA margins of 7.5%-7.8%, improve blended borrowing cost, maintain strong capital allocation, improve inventory days
  • PAT Expectation: Minimum sustainable PAT of 4-4.5%

Additional Information

  • Company has 88+ year legacy with over 2,18,000 gold designs and 1,22,000 diamond designs
  • Achieved 67% YoY growth in Akshay Tritya FY27 readiness
  • The press release will be available on the company website