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Revenue
₹589.26 Cr
verification pending
Revenue YoY
49.6%
reported change
EBITDA
₹35.34 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Khazanchi Jewellers delivered a strong Q3 FY26 with revenue of ₹589.26 crore (+49.6% YoY) and EBITDA of ₹35.34 crore (+114.5% YoY), driven by festival demand, improved product mix, and operating leverage. EBITDA margin expanded 181 bps YoY to 6.0% as the company shifted toward higher-margin verticals and reduced low-margin volumes. PAT nearly doubled to ₹25.13 crore (+103% YoY). The new 10,000 sq ft Chennai flagship showroom (opened Feb 7) recorded ₹20 crore sales in its first 10 days, and management targets retail contribution rising from 10% to 25% over 1-1.5 years, which should further lift margins. The company guides for 25-30% overall revenue growth and expects EBITDA margins to improve 20-30% from current levels as retail share increases. Key risk: gold price volatility could dampen volume growth if prices remain elevated, though management hedges effectively.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects all verticals to grow at 25-30% year-on-year, with a conservative stance but potential to outperform.
- Retail share of revenue to increase from current 10% to 25% within 1-1.5 years, driven by the new Chennai showroom and potential additional stores.
- As retail mix increases, EBITDA margins are expected to improve 20-30% from the current 6% level, implying 7.2-7.8%.
- The Chennai flagship showroom is expected to generate ₹500-550 crore in annual retail revenue with 10-11% margins.
Risks flagged
- High gold prices may shift consumer preference to lighter-weight jewelry, potentially compressing volume growth despite value growth.
- Some players offer jewelry at 3% making charges, which could pressure margins if consumers prioritize price over design.
- Scaling retail from 10% to 25% contribution requires successful store operations and consumer traction; any underperformance could delay margin improvement.
- Expansion into higher-value diamond jewelry carries risk of slow-moving inventory if designs don't match demand.
Key quotes
- Our new 10,000 ft² large format showroom in Chennai was successfully inaugurated on 7th Feb. In the first 10 days since its opening, we recorded a sale of approximately 20 crores.
- We aim to increase our retail contribution from 10 to 25%. As our retail mix improves, it will naturally enhance our margin profile, drive strong profitability and create greater operating leverages.
- We have grown on the volume base if you take up we have grown around 7 to 10% in between but overall the margins have been improved so much because we are working on the various verticals.
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