Advit Jewels Q4 PAT slides 46% YoY to ₹8.7 Cr; but FY26 profit still up 36% to ₹34.4 Cr

Advit Jewels (Rambhajo), the Jaipur-based gold, Kundan and Polki jeweller, posted a soft March quarter in its first set of results since listing. Q4 FY26 standalone revenue fell 27.8% YoY to ₹43.23 Cr and net profit dropped 45.9% to ₹8.74 Cr, with net margin compressing to 20.2% from 27.0% a year earlier. The profit decline outpaced the revenue decline because cost of service (materials) consumed stayed elevated even as the topline shrank; the ₹0.008 Cr exceptional item is immaterial, so adjusted growth mirrors the reported fall. These Q4 figures are balancing numbers (full-year audited less the 9-month YTD), and for a jeweller the Dec quarter (festive/wedding season) is seasonally the strongest — so part of the 14% sequential dip is a seasonality artefact, but the ~46% YoY profit drop is the real signal and it is a weak quarter.

Against that soft quarter, the full-year FY26 picture is one of strong growth: revenue rose 33.7% to ₹167.02 Cr and PAT rose 35.6% to ₹34.39 Cr (FY26 EPS ₹10.74). Notably, 9M FY26 alone (~₹123.8 Cr revenue, ~₹25.4 Cr PAT) had already matched the whole of FY25 — implying the deceleration is concentrated in this final quarter. These are maiden results after a ₹165.16 Cr IPO (shares allotted 29 June 2026, listed on BSE/NSE 1 July 2026), and the statutory auditor (Keyur Shah & Co.) gave an unmodified opinion. There is no analyst consensus or management guidance on record for this newly-listed microcap to benchmark the print against, and no management commentary/press release accompanied the numbers. Concurrent board actions were housekeeping — appointment of ATCS & Associates as secretarial auditors and, separately this month, the resignation of the HR head; neither bears on the financials.

Q4 EPS ₹2.79 (basic) — paid-up equity now ₹32.01 Cr after a 3.2 cr-share bonus issue (Aug 2025).

Inventories climbed to ₹138.20 Cr (from ₹107.24 Cr) even as revenue fell YoY, and year-end cash dropped to ₹0.26 Cr.