Financial Performance (Consolidated)

Revenue: Consolidated revenue from operations increased 67% YoY to ₹30,560.3 Mn in Q1 FY27 from ₹18,262.8 Mn in Q1 FY26. Quarterly growth was 53% from Q4 FY26 revenue of ₹19,966.6 Mn.

Profitability: EBITDA grew 16% YoY to ₹2,131.4 Mn with EBITDA margin of 7.0% compared to 10.0% in Q1 FY26. PAT declined 3% YoY to ₹1,011.4 Mn with PAT margin of 3.3% compared to 5.7% in Q1 FY26. The decline in profitability was attributed to losses at subsidiaries SFL and SGJTL, while SGAPL reported profit.

Key Financial Metrics:

  • Gross Margin: ₹4,933.2 Mn (16% margin) vs ₹3,489.0 Mn (19% margin) YoY
  • Employee Cost: ₹508.8 Mn, up 22% YoY
  • Marketing Cost: ₹347.3 Mn, down 19% YoY
  • Finance Cost: ₹679.4 Mn, up 58% YoY
  • TTM Sales: ₹9,660 Cr level

Operational Highlights

Retail Performance: Retail sales grew 50% YoY to ₹26,515 Mn. Same Store Sales Growth (SSSG) was 39% YoY. The company operated 209 showrooms as of 30th June 2026 (including 89 Franchisee, 13 Sennes, and 2 UAE showrooms), adding net 8 showrooms during the quarter (COCO-3, FRN-4, and 1 Sennes).

Gold Metrics: Average gold price increased 61% YoY and 1% QoQ to ₹15,280 per gram. Quarter-end gold price was ₹14,253 per gram (up 48% YoY, down 3% QoQ). Old-gold exchange contributed 43% of total sales quantity.

Product Performance: Diamond jewellery sales value increased 43% YoY and volumes grew 18% YoY, supported by offerings below ₹50,000, Everlite range, and wider 9K and 14K assortment.

Inventory Management: Inventory reduced by ₹300 Cr during the quarter, improving inventory days to 152 days.

Management Commentary

Mr. Suvankar Sen, MD & CEO: Highlighted strong Q1 performance building on FY26 momentum, with broad-based demand during festive and wedding seasons despite gold price volatility. emphasized focus on lightweight collections, design innovation, and disciplined pan-India expansion targeting East and North India.

Mr. Sanjay Banka, Group CFO & Head IR: Noted margin stabilization within guided range of 7.5%-7.8% QoQ, impact of full Labour code implementation, and optimized inventory efficiency. Reiterated FY27 guidance of 20%+ value growth and EBITDA margin of 7.5%-7.8%, targeting sustainable PAT margin of 4.0%-4.5% with focus on RoCE.

Forward-Looking Statements

The company remains on track to open another 12-15 showrooms during the remainder of FY27 with increasing focus on franchise-led expansion in Tier-2 and Tier-3 cities. Q2 is seasonally softer, but teams are focused on customer engagement and planning for upcoming festive and wedding seasons.

Subsidiary Performance

  • SFL: Still in growth phase and incurred losses
  • SGJTL (Dubai entity): Incurred losses due to extraordinary market situation in Gulf
  • SGAPL: Reported profit

Capital Structure & Shareholding

Shareholding pattern as of 30th June 2026 shows promoters holding 64.50%, FIIs 6.87%, Mutual Funds 6.47%, QIB 5.10%, and public shareholders 16.25%. Top institutional shareholders include Bandhan Small Cap Fund (3.7%), ICICI Prudential Life Insurance (3.2%), and Tata AIA Life Insurance (2.1%).