Deepa Jewellers Q1 FY27: standalone PAT +27% YoY to ₹26.8 Cr, revenue +39%, margin squeeze
PAT +27% YoY · revenue +39% · margins compressing
₹431.11 Cr
+39% YoY
₹26.76 Cr
+27% YoY
6.21%
₹3.26
Deepa Jewellers reported standalone revenue of ₹431.1 Cr for Q1 FY27 (quarter ended June 30, 2026), up 39% year-on-year from ₹310.1 Cr, with PAT up 27% YoY to ₹26.76 Cr from ₹21.07 Cr. Profit growth trailing revenue growth means net margin compressed to 6.2% from 6.8% a year ago; PBT margin also slipped to 8.3% from 9.1%. The squeeze traces to three lines that all jumped sharply faster than revenue: finance costs rose to ₹2.40 Cr from ₹0.48 Cr (~5x), employee benefits expense to ₹1.64 Cr from ₹0.35 Cr (~4.7x), and depreciation to ₹0.45 Cr from ₹0.04 Cr (~11x) — consistent with a company scaling up headcount, borrowings and fixed assets ahead of and around its listing, rather than any one-off charge (none is disclosed).
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
Sequentially, revenue fell 20% from ₹540.9 Cr in the seasonally stronger Q4 FY26 quarter (Jan-Mar, which typically captures Akshaya Tritiya and wedding-season gold demand), and PAT dipped 4% from ₹27.97 Cr — but the sequential net margin actually expanded to 6.2% from 5.2%, so the QoQ revenue drop reads as seasonal normalisation rather than a demand problem. Basic EPS came in at ₹3.26 versus ₹2.57 a year ago, tracking the PAT growth once adjusted for the November-2025 stock split and bonus issue.
This is the company's first results announcement as a listed entity: it completed a ₹250 Cr fresh-issue-plus-₹209.7 Cr OFS IPO at ₹177/share, listing on the NSE and BSE on September 8, 2026, about three weeks before this results were approved. Net IPO proceeds are currently parked in bank deposits with utilisation "as per object clause" just beginning (Note 4). The board also used this meeting to formalise post-listing governance — authorising KMPs for materiality disclosures and adopting a Fair Disclosure Code for UPSI (Sept 23, 2026) — standard housekeeping for a newly listed company, not a signal on operations. Deepa Jewellers has no formal guidance on record (pre-IPO, no public outlook exists) and a web search turned up no analyst previews or consensus estimates for this print — unsurprising given the stock has traded publicly for barely three weeks — so both vsGuidance and vsStreet are marked unknown here; there is no management press release accompanying this filing to cross-check against.
W1
Utilisation of the ₹250 Cr fresh-issue proceeds against the IPO prospectus's stated objects — currently sitting in bank deposits (Note 4)
W2
Whether finance costs (₹2.40 Cr this quarter, ~5x YoY) come down in Q2 FY27 as IPO proceeds are deployed and any debt is repaid
W3
Whether Q2 FY27 revenue reverts toward the ₹540.9 Cr Q4 FY26 run-rate as the effect of this quarter's seasonal dip normalises
Company has no subsidiary/associate/JV (Note 11), so no consolidated statement is filed — standalone only. Source figures are in INR million; converted to ₹ Cr by dividing by 10. Cover letter and auditor's report pages have heavy OCR noise from a photocopy scan, but the financial results table (page 4) and explanatory notes (page 5) are clean and the column headers are unambiguous. June-2025 quarter EPS was retrospectively adjusted (Note 8) for the Nov-2025 face-value split (₹10→₹2) and 3:1 bonus issue, so the YoY EPS comparison is on a like-for-like basis. No exceptional/one-off items appear on the P&L in any of the four columns.