reported a mixed performance for the March quarter, with both the top line and bottom line posting strong growth, while margins contracted sharply on both a year-on-year (YoY) and quarter-on-quarter (QoQ) basis.
The company reported a 123.2% YoY jump in consolidated revenue to ₹3,544.3 crore. EBITDA increased 52.5% YoY to ₹166.3 crore, while EBITDA margins contracted sharply by 217 basis points to 4.7%. On the bottom line, net profit surged 45.6% YoY to ₹90.3 crore.
During the quarter, the gold category recorded 120% growth in value and 27% growth in volume, while the silver category delivered 246% growth in value and 37% growth in volume.
The diamond category also posted 84% growth in value and over 125% growth in volume on a YoY basis, resulting in the retail stud ratio reaching 9.9%.
The company also witnessed a 10% increase in footfall, supported by a notable uptick in both transaction volumes and average spending per visit. Transaction count grew 9%, taking the Average Transaction Value (ATV) to ₹100.2 thousand.
The retail segment, contributing 77% of total sales, continues to lead, achieving a 101.5% revenue growth. Meanwhile, the e-commerce segment also posted stronger growth, with revenue rising to ₹151 crore, up 67.3% YoY.
Franchise revenue also grew significantly to ₹429 crore, marking a 132% increase for Q4FY25. The Same-Store Sales Growth (SSSG) of 86% year-on-year during the March quarter, reflecting robust demand momentum across its existing store network.
For FY26, the company’s average revenue per store stood at around ₹137.7 crore, while net profit per store came in at ₹5.25 crore. The profit stood at ₹410 crore, an 88% jump from ₹218.3 crore, while revenue from operations stood at ₹39.6% YoY to ₹10,739.1 crore from Rs7,693.5 crore, and EBITDA margins expanded by 180 basis points to 6.6% in FY26.
Commenting on the performance, Saurabh Gadgil said the company continued to execute its expansion strategy during the year, with one of the key operational highlights being its entry into Madhya Pradesh, Uttar Pradesh, and Bihar, along with continued expansion across Maharashtra, in line with its aspiration to emerge as a leading pan-India jewellery player.
During FY26, the company expanded its retail footprint to 78 stores, further strengthening its presence across key high-potential markets.
Shares remain volatile
The company’s shares remained volatile in May, falling 8% from the month’s high of ₹736 apiece as weakness emerged after the government increased in an effort to protect foreign exchange reserves.
The stock had ended April with a sharp 23% surge after remaining largely stagnant for the previous two months.
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