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Gold price volatility impacting volume growth
View Risks →Khazanchi Jewellers Ltd — Q3 FY26
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.
bullish
high
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2-Minute Summary
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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.
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Retail contribution to revenue
10%
Targeting 25% in 1-1.5 years
Management aims to increase retail share from 10% to 25% of total revenue within 1-1.5 years.
New showroom revenue run-rate
₹500 crore
New flagship expected to generate ₹500-550 crore annually
The 10,000 sq ft Chennai showroom is expected to contribute ₹500-550 crore in annual retail revenue.
B2B vs B2C EBITDA margin
B2B: ~6%, B2C: 10-11%
B2C margins ~400-500 bps higher than B2B
Retail margins are 10-11% vs wholesale 5-6%, driving overall margin expansion as retail mix increases.
Inventory gain contribution
1-1.5%
Inventory gains contributed 1-1.5% to revenue in Q3
Inventory gains from gold price rise added 1-1.5% to revenue, a normal seasonal factor.
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Guidance and risk preview
Management expects all verticals to grow at 25-30% year-on-year, with a conservative stance but potential to outperform.
High gold prices may shift consumer preference to lighter-weight jewelry, potentially compressing volume growth despite value growth.
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