Key Quantitative Figures

FY26 Consolidated Performance:

  • Revenue from Operations: ₹84,300.3 Mn (₹8,430.03 Cr), up 33% YoY from ₹63,280.7 Mn
  • Cost of Goods Sold: ₹67,620.6 Mn
  • Gross Margin: ₹16,679.7 Mn (19.8%)
  • EBITDA: ₹9,690.1 Mn (11.5%), up 164% YoY from ₹3,676.3 Mn
  • PAT: ₹5,743.2 Mn (6.8%), up 261% YoY from ₹1,593.1 Mn
  • Total Inventory: ₹52,960.9 Mn, up 61% YoY
  • Net Debt: Not explicitly quantified but working capital borrowings increased to ₹15,690.5 Mn from ₹5,861.2 Mn

Q4 FY26 Consolidated Performance:

  • Revenue from Operations: ₹19,966.6 Mn (₹1,996.66 Cr), up 45% YoY
  • EBITDA: ₹2,743.5 Mn (13.7%), up 116% YoY
  • PAT: ₹1,568.8 Mn (7.9%), up 151% YoY

Operational Metrics:

  • Showroom Network: 201 showrooms (116 Company-owned, 85 Franchisee, 12 Sennes, 2 UAE)
  • Retail Area: 5.86 lakh sq. ft.
  • Same Store Sales Growth (SSSG): 24% for FY26, 35% for Q4 FY26
  • Average Ticket Value (ATV): ₹95,100, up 30% YoY
  • Average Selling Price (ASP): ₹62,200, up 29% YoY
  • Old Gold Exchange Contribution: 44% of FY26 revenue, 50% of Q4 revenue
  • Gold Price: Domestic average at ₹1,51,783/10gm, up 79% YoY and 20% QoQ

Credit Rating:

CareEdge upgraded credit rating to CARE A+ (Stable) for Long Term and CARE A1 for Short Term.

Dividend:

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

Parties Involved

  • Regulators: SEBI, BSE, NSE
  • Rating Agency: CareEdge
  • Banks: Various for Gold Metal Loans and working capital facilities

Purpose/Rationale

The presentation provides a comprehensive overview of the company's financial and operational performance for Q4 and FY26, highlighting growth drivers, strategic initiatives, and future outlook.

Financial Impact

Explicitly Quantified:

  • Revenue growth of 33% YoY in FY26 and 45% YoY in Q4 FY26
  • PAT growth of 261% YoY in FY26 and 151% YoY in Q4 FY26
  • Inventory increased by 61% YoY primarily due to gold price rise and expansion
  • Operating profit before working capital changes increased 2.7x to ₹1,028 Cr

Capital Structure Impact:

  • Equity: ₹25,136.8 Mn as of March 2026, up from ₹19,702.9 Mn in March 2025
  • Working Capital Borrowings: ₹15,690.5 Mn, up from ₹5,861.2 Mn
  • Gold Metal Loan: ₹7,762.1 Mn, down from ₹11,817.7 Mn

Cash Flow Implications:

  • Net cash used in operating activities: ₹(7,892.7) Mn, primarily due to inventory build-up
  • Net cash from financing activities: ₹7,163.8 Mn, mainly from working capital borrowings

Forward-Looking Guidance

Management provided FY27 guidance:

  • Revenue growth: 20%+
  • EBITDA margin target: 7.5-7.8%
  • PAT margin target: 4-4.5%
  • Plan to launch 18-20 new showrooms
  • Focus on cost optimization, inventory management, and franchise expansion

Material Changes

  • FY26 revenue accelerated to 33% growth from previous years
  • EBITDA margins expanded significantly to 11.5% from 5.8% in FY25
  • PAT margins improved to 6.8% from 2.5% in FY25
  • Inventory days increased to 186 days due to gold price rise and expansion needs
  • ROE improved to 25.7% and RoCE to 22.5%

Operational Highlights

  • Entered new geographies in Rajasthan, Central Maharashtra, Western UP
  • Strong growth in diamond volumes (9% YoY) and silver volumes (35% YoY)
  • Robust performance in non-East markets, crossing ₹1,600 Cr revenue
  • Successful expansion of retail footprint with 26 new showrooms in FY26
  • Continued focus on lightweight jewellery and 9K/14K portfolio