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Revenue
₹963 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹63 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Renaissance Global reported Q3 FY26 core revenue (ex-bullion) of ₹824 crore, up 16% YoY, with EBITDA of ₹63 crore (+19.6% YoY) and PAT of ₹33 crore (+36.5% YoY). Growth was driven by a 50% YoY surge in US D2C revenue to ₹89 crore, reflecting strong brand traction and operating leverage. EBITDA margin stood at 7.7%, impacted by one-time costs from setting up a UAE manufacturing facility to mitigate US tariffs. Management reiterated a long-term target of double-digit margins as D2C scales to 20-25% of sales. Key risks include potential demand softness from rising gold prices and elevated working capital days (140 inventory days) due to tariff-related supply chain changes. Guidance for FY27 remains uncertain pending metal price impact.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to achieve double-digit EBITDA margins as D2C proportion increases, currently at ~8%.
- D2C currently 13% of sales; target is to double its share to 20-25% over the long term.
- Expanding from two to five stores by end of calendar year 2026, with capex of ~₹25 crore including working capital.
- Bullion sales will wind down in Q4 FY26 and cease from Q1 FY27 as own UAE manufacturing is operational.
Risks flagged
- Rising gold prices may dampen consumer demand in the B2B segment, though impact is not yet visible due to lag in price pass-through.
- Cash conversion cycle has increased due to tariff-related supply chain changes and shift to lab-grown diamonds, pressuring free cash flow.
- Margins in licensed brands compressed from 14.8% to 13.3% due to exit of fringe licenses and associated costs.
Key quotes
- Our direct to consumer business continues to outperform. In Q3, US D2C revenues grew 50% year-over-year to 89 crores.
- The renaissance today is structurally different from the past. We are transitioning from a volume exporter to a premium branded consumer focused jewelry platform.
- I think that as the direct to consumer proportion goes up margins will increase and our endeavor definitely is over a 2-3 year period to get to double-digit margins.
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