Financial Performance Summary

Quarter ended September 30, 2026 (Unaudited Standalone Results)

Revenue Performance:

  • Revenue from operations: ₹83.16 crore, representing 11.3% growth compared to ₹74.71 crore in Q2 FY26
  • 39.5% growth compared to Q1 FY27 revenue of ₹59.63 crore
  • Total income: ₹83.57 crore, up 11.5% YoY

Profitability Metrics:

  • Profit after tax: ₹9.88 crore, up 14.8% from ₹8.61 crore in Q2 FY26
  • Profit before tax: ₹13.25 crore, up 15.2% from ₹11.50 crore in Q2 FY26
  • Earnings per share: ₹4.27, up 14.8% from ₹3.72 in Q2 FY26
  • PAT margin: 11.9%, improved 36 basis points from 11.5% in Q2 FY26

Margin Analysis:

  • Gross profit: ₹18.40 crore, up 4.8% from ₹17.56 crore in Q2 FY26
  • Gross margin: 22.1%, decreased 138 basis points from 23.5% in Q2 FY26
  • Operating EBITDA: ₹13.27 crore, up 13.6% from ₹11.68 crore in Q2 FY26
  • Operating EBITDA margin: 16.0%, improved 33 basis points from 15.6% in Q2 FY26
  • Effective tax rate: 25.5% compared to 25.2% in Q2 FY26

Half Year Performance (H1 FY27):

  • Revenue: ₹142.79 crore, up 14.4% from ₹124.81 crore in H1 FY26
  • Profit after tax: 46.1% growth compared to H1 FY26
  • Earnings per share: ₹7.28 compared to ₹4.98 in H1 FY26

Trailing Twelve Months (TTM) to September 30, 2026:

  • Revenue: ₹266.38 crore
  • Profit after tax: ₹34.07 crore
  • EPS: ₹14.71

Operational Highlights

Store Performance:

  • Company-owned and company-operated stores grew 24.5% in revenue compared to Q2 FY26
  • Footfall in company-owned stores increased 20.3% during the festival fortnight compared to same quarter last year
  • Network comprised 34 authorized stores across eight states as of quarter end

Inventory Position:

  • Inventory stood at ₹11.51 crore as of September 30, 2026, compared to ₹8.05 crore at March 31, 2026
  • Increased inventory levels to stock for the festival season

Campaign Performance - 'Pujo Manei Sreeleathers':

  • Marketing campaign ran across newspaper, outdoor, and social media during 100 days before Durga Pujo
  • Generated 14.2 million organic views across Facebook and Instagram without paid promotion
  • Facebook: 10.0 million organic views (+125% vs prior 90 days)
  • Instagram: 4.2 million organic views (+182% vs prior 90 days)
  • Content interactions: 147,000 (75,000 Facebook, 72,000 Instagram)
  • Newspaper reach: 1.0 million daily circulation across titles carrying campaign

Capital Structure:

  • No borrowings as of September 30, 2026

Management Commentary & Business Context

The company attributed strong quarterly performance to Durga Puja shopping occurring in the weeks leading up to the festival, which fell within the September quarter. Management had previously guided for approximately 45% quarter-on-quarter growth in August (implying revenue around ₹86 crore), but actual results fell slightly short due to warehouse capacity constraints. Wholesale orders bunched in the final days of the quarter exceeded dispatch capacity, causing some sales to be invoiced in the December quarter instead.

Regarding gross margin decline, management noted that dealers' incentive fell to ₹1.13 crore from ₹1.68 crore year-over-year. Net of this incentive, the margin was 20.8% compared to 21.3% last year, a 49 basis point decrease.

Forward Guidance

December Quarter (Q3 FY27) Outlook:

  • Management estimates revenue of ₹67-70 crore for Q3 FY27
  • This represents 10-15% growth compared to Q3 FY26 revenue of ₹60.90 crore
  • Expected to be below Q2 FY27 revenue of ₹83.16 crore due to timing of Puja shopping
  • Festival period (Durga Puja, Diwali, Christmas) falls within December quarter
  • Includes wholesale orders that slipped from September due to warehouse constraints

Basis of Preparation

The Q2 and H1 FY 2026-27 figures are from unaudited standalone financial statements reviewed by the Audit Committee and approved by the Board on November 13, 2026. The results have been subjected to limited review by the statutory auditors. Comparative figures are taken from previously filed unaudited standalone results.

Gross profit is calculated as revenue from operations less cost of materials consumed, purchases of stock-in-trade, and changes in inventories. Operating EBITDA is profit before tax plus finance costs and depreciation, less other income. All figures are standalone.

The December quarter outlook is a management estimate based on rolling growth rates, footfall comparisons, and festival date mapping. Management cautions that this estimate is forward-looking and based on assumptions about consumer demand, festival timing, wholesale ordering, supply chain capacity, and economic conditions that may change.