Strong YoY growth masks margin pressure and one-off gains

29.3% YoY growth but 20.7% QoQ decline; ₹407 Cr customs duty and 80 bps MTM gains are one-offs

True YoY; but Damas (international) loss-making, buyer growth only 5%, coins decelerating

Correct; 40 bps erosion in GC margin over 4 quarters despite studded resurgence

Damas Core now loss-making due to war (Dubai/Saudi footfall fallen); international overall expected mid-5% margin

Acquisition at 20-30% margin now loss-making; war impact on Dubai/Saudi retail. International overall expected mid-5% EBIT margin vs higher prior expectations

Normalized 10.9% vs 11.3% prior year; 40 bps erosion in gold chain (GC) margin despite studded growth recovery; management stuck with 11% 'center of gravity' without guidance upgrade

5% buyer growth is average including May softness (3-week demand dip); management claims normalized but doesn't re-guide

No change: maintained 11% as 'center of gravity' range; clarified prior 'guidance' was looser than investors assumed

Deferred, not lost. June saw recovery. Adhik Maas technically ended June 17 but traction returned before. No percolation expected into Q2.

War impact. Purchasing jewellery in Dubai/Saudi is last priority. Footfall and ticket sizes fallen. Business at 20-30% margin now makes losses.

No. 11% is center of gravity ±. Many moving parts. Gold prices volatile. Not changing prior guidance.

No. Margin neutral. Deduction on gold brought in takes care of economics. Customer solution, not revenue stream.

Gold price impact over 4 quarters causing margin erosion. Many positives (studded growth, etc.) but still 40 bps GC margin erosion. Gold dynamics ongoing.

11% is range. Initiatives underway (customer acceptability, lower karatages, product mix). Gold stabilization would help. Various things being done.

Normalization already happened in June. Q1 average is post-normalization. Don't read specific margin implications.

Game plan accounts for this. Would go all-out on buyer acquisition. Have playbooks for all scenarios. Double-digit growth to FY30 not in doubt.

No easing. Same as before. Regional dispersion (e.g., Gujarat higher) but nothing to call out either end.

Flat 20% off diamond value, same as Jan/Feb. Some aged products may have higher. No structural change.

Peaked in May (3-week overdrive), now normalized. Don't read specific margin implications.

TEAL lumpy (project business); normalized 12-15% long term. CaratLane at 9.6%, trajectory toward 10%, can reach 11% long term.

Tracking on value basis. Shift from Harvest to Rivaah (rupee cost averaging benefit). Progressing in line with business.

Gold price downward trajectory 'premature' conclusion. Last 2-3 days prices up. But yes, coin growth should moderate from here.

Lower caratage, GC Max program, sourcing strategies. Mix of various things. Won't give more detail.

18-20% range alluded to; FY30 targets guided at Investor Day; this year expected to meet/beat those

Not a point target; quarters can be above/below. Maintained not changed from prior guidance. Various things underway to support.

Low double-digit trajectory; quarter-to-quarter variation expected but should stabilize around 10%

Project business nature; Q1 included high service revenue (refitting); full-year can be higher

Gold prices remain on uncertain trajectory per CFO; impacts buyer sentiment, realization growth, and margins. May saw 3-week demand softness; late July saw plain gold softness.

₹407 Cr Q1 customs duty gain (₹386 Cr TMZ, ₹21 Cr CaratLane) will reverse in Q2-Q3 as inventory gets sold. Headwind to near-term profitability and normalized margin base.

Damas Core (Dubai-based) now loss-making due to war impact on Saudi/UAE retail. Footfall and ticket sizes fallen. Acquisition thesis to enhance international business contradicted. Recovery contingent on geopolitical resolution.

Jewellery EBIT normalized 10.9% vs 11.3% prior year; 40 bps erosion in GC margin despite studded growth resurgence. Competitive intensity not easing; discounting ongoing. Path to 11% guidance unclear.

Management confirmed competitive intensity not easing despite gold price stabilization. Discounting ongoing in making charges, particularly in Gujarat. Limits margin expansion opportunity.