Revenue up 54% YoY but margin squeeze limits PAT growth to 26%; EPS ₹1.94

Radhika Jeweltech's standalone revenue from operations rose 53.9% YoY to ₹152.54 Cr (₹99.15 Cr in Q1 FY26), while standalone net profit grew a slower 25.5% YoY to ₹22.85 Cr (₹18.21 Cr), with basic EPS at ₹1.94 versus ₹1.54 a year ago. Because profit growth trailed revenue growth, operating margin (OPM) compressed to ~20.1% from ~25.5% a year earlier (~540 bps), and net margin (NPM) fell to ~14.98% from ~18.35% (~340 bps) — the squeeze sits mainly in cost of materials consumed (₹102.94 Cr, up from ₹57.18 Cr YoY) and stock-in-trade purchases, consistent with the revenue mix skewing toward lower-margin bullion/gold trading as gold prices moved through the quarter. Sequentially, revenue fell 21.1% from the seasonally heavy March quarter (₹193.36 Cr) and PAT rose 203% QoQ from ₹7.53 Cr, but Q4 FY26 was itself a low-margin quarter for the company (OPM 5.74%, NPM 3.89%), so the QoQ jump mostly reflects a reversal of that seasonal dip rather than fresh operating improvement — the YoY comparison is the one that matters. There is no prior management guidance, outlook, or concall commentary on record to grade this print against, and no separate management press release accompanied this filing; Note 1 of the results confirms the Board approved the numbers and statutory auditors Panchal S K & Associates completed a limited review with a clean, unqualified conclusion. No analyst/street estimates could be identified for this filing given the company's small size, so vsStreet is marked unknown rather than inferred. There were no exceptional items in either the current or year-ago quarter, so no adjustment to reported PAT growth is required. This quarter's other developments — the August 11, 2026 board meeting approving these results and the July 22, 2026 appointment of two independent directors — are governance-related and not tied to the P&L movement. The company operates in a single reportable segment (manufacturing and trading of gold & diamond jewellery), so no segment-level detail beyond the P&L lines above is disclosed.