FY26 Revenue Growth: 18-20%
Management guided for 18-20% revenue growth for full year FY26 despite Q1 exceeding 30% growth, citing Q2 will see softer growth due to tough base effect and lack of duty cut boost.
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FY26 EBITDA Margin: 6.8-7.3%
Full year sustainable EBITDA margin guidance maintained at 6.8-7.3%, conservative versus Q1's 10.1% as margin normalization expected in Q2/Q4.
Q2 Revenue Growth: 16-18%
Q2 growth expected at 16-18% as prior year Q2 had duty cut tailwind creating high base effect; no similar catalyst expected this year.
Store Expansion: 20 Stores FY26
Target of 20 stores for FY26 maintained (10 own + 10 franchise), though internal efforts aim for 11-12 franchise stores versus 10 planned.
FY27 Revenue Growth: 18-20%
Management maintains conservative guidance citing gold price volatility, PM's announcement impact, and Adhik Maas season, though April showed 40-50% growth before slowdown.
FY27 EBITDA Margin: 7.5% (normalized)
Excluding one-time inventory gains of 2.5-3% from customs duty hike, sustainable EBITDA margin guidance is 7.5-7.8% factoring competition intensity and pricing pressures.
Sustainable PAT Margin: 4-4.5%
Normalized PAT margin target of 4-4.5% for FY27, down from reported margins boosted by inventory gains, to be achieved through diamond jewelry mix improvement and 9/14 karat sales expansion.
Store Expansion: 18-20 Stores (Franchise-Heavy)
FY27 store additions skewed toward franchise model to accelerate Tier 2/3/4 penetration, with 60% expansion focus on East India (Bengal) and 40% on North/Central regions.