Key Financial Performance - Q4 FY26

  • Revenue from Operations: ₹725.6 crore, up 106.5% YoY from ₹351.4 crore in Q4 FY25 and up 10.1% QoQ from ₹658.9 crore in Q3 FY26
  • Gross Profit: ₹64.5 crore, up 122.9% YoY with Gross Margin at 8.9% (65 bps improvement YoY)
  • EBITDA: ₹44.7 crore, up 93.7% YoY with EBITDA Margin at 6.2% (41 bps decline YoY)
  • Profit Before Tax: ₹43.9 crore, up 115.6% YoY with PBT Margin at 6.0%
  • Profit After Tax: ₹34.0 crore, up 123.5% YoY with PAT Margin at 4.7%
  • Tax Expense: ₹9.9 crore

Key Financial Performance - Full Year FY26

  • Revenue from Operations: ₹2,245.8 crore, up 57.1% YoY from ₹1,429.8 crore in FY25
  • Gross Profit: ₹212.1 crore, up 84.7% YoY with Gross Margin at 9.4% (141 bps improvement YoY)
  • EBITDA: ₹158.7 crore, up 72.0% YoY with EBITDA Margin at 7.1% (61 bps improvement YoY)
  • Profit Before Tax: ₹152.3 crore, up 86.1% YoY with PBT Margin at 6.8%
  • Profit After Tax: ₹115.5 crore, up 89.0% YoY with PAT Margin at 5.1%
  • Tax Expense: ₹36.8 crore

Operational Metrics

  • Quantity Sold: 2,285 kgs in FY26 (not disclosed for Q4)
  • Revenue Contribution: 100% from manufacturing and trading of gold jewellery

Manufacturing Capacity and Expansion

  • New manufacturing facility became operational from February 23, 2026
  • ₹15 crore invested via internal accruals to expand capacity and upgrade machinery
  • Blended capacity for full year: 2,625 kgs
  • Capacity utilization: 87% for FY26, 57% for new facility (as of presentation)
  • Production expected to ramp up in coming quarters

Strategic Initiatives

  • Entry into bridal jewellery segment, which accounts for 23-25% of total Indian wedding costs
  • Expansion of pan-India presence through branch offices in Delhi and Pune
  • Third-party facilitators onboarded in 5 cities: Nagpur, Agra, Durg, Ahmedabad, Pune
  • Targeting unorganized and underserved Tier-2 to Tier-4 markets

Inventory Management and Bullion Sourcing

  • About 30% of bullion requirements fulfilled through Advanced Gold Model (clients supply bullion)
  • Gold Metal Loan facilities from two private banks
  • Established long-term relations with trusted bullion suppliers
  • Company enters into derivative contracts for gold purchase through exchange

Balance Sheet Position (as of March 31, 2026)

  • Total Assets: ₹891.7 crore (vs ₹375.7 crore in FY25)
  • Inventories: ₹439.4 crore (vs ₹228.1 crore in FY25)
  • Trade Receivables: ₹235.7 crore (vs ₹87.8 crore in FY25)
  • Cash & Cash Equivalents: ₹26.2 crore (vs ₹1.0 crore in FY25)
  • Total Borrowings: ₹179.3 crore (current) + ₹0 (non-current) = ₹179.3 crore (vs ₹121.1 crore in FY25)
  • Total Equity: ₹677.8 crore (vs ₹200.8 crore in FY25)

Cash Flow Statement FY26

  • Cash Flow from Operating Activities: -₹281.7 crore (vs -₹7.1 crore in FY25)
  • Cash Flow from Investing Activities: -₹103.4 crore (vs -₹3.0 crore in FY25)
  • Cash Flow from Financing Activities: ₹410.3 crore (vs ₹9.0 crore in FY25)
  • Net increase in Cash: ₹25.2 crore (vs -₹1.1 crore in FY25)

Management Team

  • Chetan N Thadeshwar - Chairman & Managing Director (40+ years experience)
  • Viraj C Thadeshwar - Executive Director & CEO (15+ years experience)
  • Balraj C Thadeshwar - Whole-time Director & COO
  • Mamta C Thadeshwar - Non-Executive Director
  • Independent Directors: Radhamanalan, Anilkumar Mohanraj Marlecha, Nitesh Mahendra Kothari
  • Dr. Ruchika Agarwal - Non-Executive Director
  • Ritesh Ashokkumar Doshi - Chief Financial Officer (appointed Nov 21, 2024)
  • Rachit S. Sinha - Company Secretary & Compliance Officer (appointed Nov 21, 2024)