45% growth, retail store ramping; 5,000Cr target by 2030

Delivered ₹585.7 Cr, 45.1% YoY growth; variance <0.1%

Delivered ₹27.8 Cr, 83.7% YoY growth; virtually exact match

OPM delivered 6.7%; variance ~12 bps; margin expansion confirmed

Currently running ₹30-35 Cr/month = ₹360-420 Cr annualized; still ramping after ~6 months

45% revenue growth at 15% volume = 30% from price/mix; consistent

Prior: 25% within 2 years (by FY28). New: 40% by 2030. Higher ambition, longer runway; reflects aggressive retail strategy.

Prior guidance: 25-30% CAGR (implicit). New: ₹5,000 Cr by 2030 (2.5x from FY26's ₹2,049 Cr), requiring 25-30% CAGR, now explicitly stated.

8-10 stores over 3-4 years; asset-light model (leased properties); blend of flagship and boutique formats; initially Tamil Nadu, then multi-state.

Submission process underway; expect completion in 2 months. Subject to regulatory approvals.

Expansion of B2B and B2C; constant 25-30% growth on both legs; retail showroom expansion by FY 2030; all growth strategies combined will achieve ₹5,000 Cr target.

Volume growth was ~15%. [Mgmt deferred providing exact gram figures, offered to share separately]

Showroom targeting ₹500 Cr annual revenue; currently running 80-85% of that. Monthly run rate ₹30-35 Cr.

Confident of achieving already-defined targets (25-30%). Expecting 25% B2B growth + retail contribution; overall 30% growth achievable if current pace continues.

Diversified portfolio; no client contributes >5-6% of total revenue. Strong, long-standing relationships across ~1,000 customers (500 actively used).

8-10 stores by 2030; blend of flagship and boutique formats. Exact capex per store TBD based on venue finalization.

Wholesale 40-45 days; retail 100-120 days. Negative CF due to inventory buildup for new store; will improve and turn positive this FY with correct fund plans.

Total bank limit ₹100 Cr. No long-term debt; working capital limit only. Will use internal earnings for expansion; debt/other means as needed.

Retail share rising to 40% by FY 2030. Retail margins higher than B2B; as B2C share increases, blended EBITDA and PAT margins will improve.

Design is key lever; creating designs with high profit value. Competitive cost advantage via direct manufacturing and dual B2B-B2C volume. Offer better making charges than peers.

Inventory ~₹460 Cr. Delivery lead times 7-21 days depending on handmade design complexity and order type.

Q1 beat at 45%, but mgmt guided for 30% full-year (bottom of range). Implies Q2-Q4 slowdown to absorb exceptional Q1.

Requires 25-30% CAGR from FY26 base of ₹2,049 Cr over 4 years. Dependent on successful retail expansion (8-10 stores) and B2C growth to 40%.

Retail margins north of 10% vs B2B 5-6%. Q1 showed expansion (OPM +158 bps, PAT +99 bps). No specific 2030 margin target stated.

Initial focus Tamil Nadu, then multi-state. Asset-light model (leased properties). Exact per-store capex TBD upon venue finalization.

Currently ₹100 Cr bank limit (working capital). No long-term debt. Expansion may require incremental financing.

8-10 stores by 2030 ambitious for ₹600 Cr quarterly run-rate company. Requires capex, talent, real estate negotiation, inventory management. Flagship success proof but not guarantee for scale.

Q1 volume growth 15% vs 45% revenue shows pricing power, but also demand sensitivity. Recent gold spike caused 1-2 week slowdown per mgmt. Cycles repeat; hedging not practical for retail B2C.

Inventory ₹460 Cr (73 days) up from 63 days; working capital negative YoY due to retail store buildup. Retail expansion will require more inventory; risk of cash strain if margins compress or sales slow.

B2B has 1,000 clients but only 500 actively used; no client >5-6% revenue (good diversification). But mgmt acknowledged 20% churn rate: 'In a business cycle, we do not have clients which have been running with us for or there is a possibility that 20% of the client can move on.' Need continuous new client additions to hit 25-30% growth.

Competition intensifying from Tanishq, Malabar Gold, and strong regional jewellers. Mgmt acknowledged competitive pressure on making charges and customer acquisition. Large competitors have scale, brand, and distribution advantages.

Q1 beat 45% vs 25-30% prior guidance, yet mgmt reaffirmed full-year 25-30%. Signals either: (a) caution/conservatism, (b) expected Q2-Q4 slowdown, or (c) macro headwinds. Creates credibility risk if FY27 misses revised downside.