on Wednesday reported a 77.4 per cent year-on-year increase in consolidated revenue from operations to ₹6,294.9 crore for FY2025-26, compared to ₹3,548 crore in the previous year. Net profit for the full year rose 112.4 per cent to ₹281.8 crore, while EBITDA more than doubled to ₹434.3 crore, with margins expanding 140 basis points to 6.9 per cent.
For the January-March quarter, revenue grew 80.6 per cent to ₹1,911.5 crore. Quarterly PAT jumped 137.4 per cent to ₹90.7 crore, and EBITDA rose 123.3 per cent to ₹140.7 crore.
The Navi Mumbai-based jewellery manufacturer revised its FY27 revenue guidance upward to approximately ₹8,100 crore, with EBITDA margin expected between 7.0–7.5 per cent and PAT margin guided at 4.5–4.75 per cent. The company also set a longer-term FY30 target of ₹18,000–19,000 crore in revenue, with a PAT margin of 5.25 per cent and ROCE above 27 per cent.
On the operational side, operating cash outflow narrowed sharply to ₹44.9 crore in FY26 from ₹272.2 crore in FY25, with the company targeting positive operating cash flows from FY27 onwards. Net working capital days improved to 59 from 71 a year earlier. The advance gold business model, under which customers supply gold and the company charges only making fees, grew to 11.5 per cent of volumes in FY26 from nil in FY24, targeting 30 per cent by FY30.
The company announced several governance measures. India Ratings upgraded its bank loan credit rating from IND A-/Stable to IND A/Stable. The promoters — Mangesh, Mahendra, and Darshan Chauhan — voluntarily decided to forgo salaries from April 2026, with future compensation limited to dividends from operating cash flows. BDO International member firm MSKA & Associates has been appointed as a statutory auditor, subject to shareholder approval.
The company also decided to monetise its land assets and shift to leased manufacturing facilities, a move it said would reduce net borrowings by approximately 20 per cent and improve capital efficiency.