Consolidated Financial Performance

  • Revenue from operations: ₹3,056 Cr, up 67% YoY
  • EBITDA: ₹213.1 Cr, up 16% YoY
  • EBITDA Margin: 7.0% (down 310 bps YoY from 10.1%)
  • Profit After Tax (PAT): ₹101.1 Cr, down 3% YoY
  • PAT Margin: 3.3% (down 240 bps YoY from 5.7%)
  • Average gold price: ₹15,280 per gram, up 61% YoY
  • Quarter-end gold price: ₹14,253 per gram, up 48% YoY
  • TTM sales reached ₹9,660 Cr level

Standalone Performance

  • Standalone sales: ₹3,006.7 Cr, up 65% YoY
  • Retail sales: ₹2,651.5 Cr, up 50% YoY
  • Same Store Sales Growth (SSSG): 39% YoY
  • Old jewelry exchange contributed 43% of total sales quantity
  • Diamond jewelry sales grew 43% YoY in value and 18% in volume terms

Subsidiary Performance

  • SFL (in growth phase) incurred losses
  • Dubai entity (SGJTL) incurred losses due to geopolitical uncertainty and war
  • SGAPL reported profit

Operational Highlights

  • Showroom network expanded from 201 to 209 showrooms (net addition of 8)
  • New openings: 4 COCO, 4 FRN, and 1 Sennes showroom
  • 1 COCO showroom closed during the quarter
  • Plans to open another 12-15 showrooms during remainder of FY27

Business Environment Factors

  • Demand supported by Akshaya Tritiya, Poila Boishakh, Baisakhi, Bihu and summer wedding season
  • Custom duty increased from 6% to 15% during the quarter
  • Gold price volatility and geopolitical uncertainty affected operations
  • Focus on lightweight collections, affordability, and design innovation

Management Commentary

Mr. Suvankar Sen, MD & CEO, highlighted:

  • Strong Q1 performance building on FY26 momentum
  • Customer preference toward lightweight, fancy, daily wear, gifting and design-led jewelry
  • Everlite range performing well with offerings below ₹50,000
  • Introduction of Aham Ti22 Titanium jewelry range for men
  • Targeting 20%+ value growth in FY27

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

  • Highest Q1 performance in last few years
  • Inventory reduced by ₹300 Cr during the quarter
  • Full impact of Labour code considered in Q1
  • Blended borrowing cost increased marginally due to gold price volatility and GML unavailability
  • FY27 guidance: EBITDA margin of 7.5%-7.8%, PAT margin of 4.0%-4.5%
  • Focus on Return on Capital Employed (RoCE)