Financial Performance Highlights

Q2 FY27 Performance:

  • Revenue from Operations: ₹818.7 Cr, up 54.8% YoY from ₹528.8 Cr in Q2 FY26
  • Gross Profit: ₹68.0 Cr, up 53.1% YoY from ₹44.4 Cr
  • Gross Margin: 8.3% vs 8.4% in Q2 FY26 (-10 bps)
  • EBITDA: ₹54.9 Cr, up 68.7% YoY from ₹32.6 Cr
  • EBITDA Margin: 6.7% vs 6.2% in Q2 FY26 (+50 bps)
  • Profit Before Tax: ₹52.6 Cr, up 75.0% YoY from ₹30.1 Cr
  • PBT Margin: 6.4% vs 5.7% in Q2 FY26 (+70 bps)
  • Profit After Tax: ₹39.5 Cr, up 73.2% YoY from ₹22.8 Cr
  • PAT Margin: 4.8% vs 4.3% in Q2 FY26 (+50 bps)

H1 FY27 Performance:

  • Revenue from Operations: ₹1,367.2 Cr, up 58.7% YoY from ₹861.4 Cr in H1 FY26
  • Gross Profit: ₹125.0 Cr, up 34.5% YoY from ₹92.9 Cr
  • Gross Margin: 9.1% vs 10.8% in H1 FY26 (-170 bps)
  • EBITDA: ₹103.9 Cr, up 40.8% YoY from ₹73.8 Cr
  • EBITDA Margin: 7.6% vs 8.6% in H1 FY26 (-100 bps)
  • Profit Before Tax: ₹99.6 Cr, up 45.8% YoY from ₹68.3 Cr
  • PBT Margin: 7.3% vs 7.9% in H1 FY26 (-60 bps)
  • Profit After Tax: ₹73.5 Cr, up 43.1% YoY from ₹51.3 Cr
  • PAT Margin: 5.4% vs 6.0% in H1 FY26 (-60 bps)

Balance Sheet Position (H1 FY27 vs FY26)

Assets:

  • Total Assets: ₹1,031.4 Cr vs ₹891.7 Cr
  • Non-Current Assets: ₹77.1 Cr vs ₹73.5 Cr
  • Property, plant and equipment: ₹24.3 Cr vs ₹12.4 Cr
  • Right-of-use assets: ₹21.0 Cr vs ₹22.2 Cr
  • Investment property: ₹30.0 Cr vs ₹30.3 Cr
  • Current Assets: ₹954.3 Cr vs ₹818.2 Cr
  • Inventories: ₹488.8 Cr vs ₹439.4 Cr
  • Trade receivables: ₹357.6 Cr vs ₹235.7 Cr
  • Cash and cash equivalents: ₹4.1 Cr vs ₹26.2 Cr
  • Bank Balances other than cash: ₹76.1 Cr vs ₹101.1 Cr

Equity & Liabilities:

  • Total Equity: ₹751.3 Cr vs ₹677.8 Cr
  • Equity share capital: ₹96.4 Cr (unchanged)
  • Other equity: ₹654.9 Cr vs ₹581.4 Cr
  • Total Liabilities: ₹280.1 Cr vs ₹213.9 Cr
  • Non-Current Liabilities: ₹8.2 Cr vs ₹9.3 Cr
  • Current Liabilities: ₹271.9 Cr vs ₹204.6 Cr
  • Borrowings: ₹226.0 Cr vs ₹179.3 Cr
  • Trade payables: ₹28.1 Cr vs ₹9.3 Cr

Cash Flow Statement (H1 FY27 vs H1 FY26)

  • Cash Flow from Operating Activities: -₹77.9 Cr vs -₹412.1 Cr
  • Cash Flow from Investing Activities: ₹14.5 Cr vs -₹3.1 Cr
  • Cash Flow from Financing Activities: ₹41.3 Cr vs ₹416.2 Cr
  • Net decrease in Cash & Cash equivalent: -₹22.1 Cr vs ₹0.9 Cr
  • Cash and cash equivalents at beginning: ₹26.2 Cr vs ₹1.0 Cr
  • Cash and cash equivalents at end: ₹4.1 Cr vs ₹2.0 Cr

Operational and Strategic Updates

Manufacturing Facility:

  • Relocated operations with commercial production resuming from 23rd February 2026
  • Approximately ₹15 Cr invested via internal accruals for capacity expansion, machinery upgrade, and efficiency improvements
  • New factory focuses on innovative, contemporary designs for Mangalsutras and bridal jewellery

Product Expansion:

  • Strategic entry into bridal jewellery segment
  • Launched four lightweight gold jewellery collections (Aura, Shimmer, Imperia, Prism) at IIJS Bharat Premiere 2026 under theme "SHRINGAR NXT – The Legacy Expands"

Growth Strategies:

  • Establishing pan-India supply chain through third-party intermediaries/facilitators
  • Opened branch offices in Delhi and Pune
  • Strengthening relationships with existing corporate clients
  • Participating in national and regional B2B exhibitions and trade shows
  • Establishment of a wholly owned subsidiary for diversification across jewellery manufacturing, designing and trading with B2B and B2C presence
  • Focus on reducing operating costs and improving operational efficiency
  • Augmenting fund-based capacities to support business expansion

Industry Overview:

  • Organized manufacturers accounted for 10.9% share in wholesale gold jewellery market in CY23
  • Market expected to reach ₹489 billion by CY29, representing 9.0% CAGR from CY24
  • Mangalsutra category dominated by traditional designs (62.3% share)
  • South India leads regional demand with 39.7% market share

Management:

  • 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
  • Ritesh Ashokkumar Doshi - Chief Financial Officer (appointed 21st November, 2024)
  • Rachit S Sinha - Company Secretary & Compliance Officer (appointed 21st November, 2024)

Awards & Recognition:

  • Mr. Chetan Thadeshwar received India International Jewellery Award 2026