Khazanchi Jewellers Q1FY27: standalone PAT +84% YoY to ₹27.8 Cr, revenue +45%
PAT +83.66% YoY · revenue +45.07% · margins expanding
₹585.72 Cr
+45.07% YoY
₹27.83 Cr
+83.66% YoY
4.75%
+1pp YoY
₹11.16
Khazanchi Jewellers' standalone Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹585.72 Cr, up 45.1% year-on-year from ₹403.75 Cr and 15.3% sequentially from ₹507.85 Cr in Q4 FY26. Standalone PAT rose 83.7% YoY to ₹27.83 Cr (₹15.15 Cr a year ago) and 8.7% QoQ, with EPS at ₹11.16 against ₹6.12 in Q1 FY26. There is no consolidated statement in this filing — Khazanchi reports standalone only. Neither this quarter nor the year-ago quarter carried any exceptional items, so the growth is on a clean, comparable base; PBT of ₹37.07 Cr less tax of ₹9.25 Cr ties exactly to the reported PAT.
Q1 FY-2027 vs prior quarters
Net profit margin expanded to 4.75% from 3.75% a year earlier, and operating margin (revenue less cost of goods, employee and other operating expense) widened to 6.72% from 5.22% YoY. Sequentially, though, both margins eased — NPM was 5.04% and OPM 7.23% in Q4 FY26 — as purchases of stock-in-trade grew faster than revenue (102.8% of revenue this quarter vs 101.5% in Q4 FY26) and employee costs (+38% QoQ) and depreciation (+74% QoQ) both stepped up. The YoY expansion is the primary read per our convention, but the QoQ give-back is the immediate trend worth flagging.
The stock went into the print at ₹764.9, up 20.9% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
Management is confident in sustaining a 25% to 30% growth trajectory over the next several years, with specific targets of 25%-30% for FY27 and a 30% CAGR over the next five years. This growth is expected to be driven by an increasing contribution from the higher-margin B2C retail segment, which is projected to reach 2
— This quarter: missed
Against management's own FY27 outlook from the June 4, 2026 concall, this quarter's 45.1% YoY revenue growth runs well ahead of the stated 25-30% FY27 growth guidance. The bigger promise from that call was margin: management said PAT margins were expected to reach 35% in FY27 on a richer B2C retail mix and premium (Vajraa Diamonds) products. Actual standalone NPM this quarter is 4.75% — nowhere close to that target, and the gap is large enough (roughly 7x) that it looks inconsistent with typical jewellery-retail economics; we flag it rather than take it at face value. No analyst or brokerage preview specific to Khazanchi for this quarter turned up in search, so vsStreet is unknown. Corporate actions this quarter — a ₹0.50/share dividend and a plan to migrate to the BSE Main Board, both approved July 13, 2026 — sit alongside the results but aren't tied to this P&L print. The results are unaudited, with the statutory auditors' limited review under SRE 2410 finding no material misstatement.
W1
Whether NPM can move toward management's 35% FY27 PAT-margin target from the current 4.75% run-rate — roughly a 7x gap to close over the remaining three quarters.
W2
B2C retail mix progress toward the 25%-of-sales-in-two-years target — no segment data disclosed this quarter (company states IndAS 108 segment reporting is not applicable).
W3
Whether the 45% YoY revenue pace holds through FY27 to meet the 25-30% full-year growth guidance, or moderates from this quarter's above-guidance run-rate.
Standalone-only filing (no consolidated statement, no subsidiaries indicated); no exceptional items in current or year-ago quarter; company states segment reporting under IndAS 108 is not applicable so no B2C/retail mix breakout; OPM computed as revenue less purchases (net of inventory change), employee and other opex since not stated directly — matches DB's year-ago OPM figure within rounding.