P N Gadgil Jewellers Limited — Q4 FY26

P N Gadgil Jewellers Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=uY8tgffQ_f8 Published: 1d ago

0:00 Ladies and gentlemen, good day and welcome to the PNG Guardgill Journalist Limited Q4 FY26 earning conference call. 0:08 8 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask question after the presentation 0:16 16 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:26 26 seconds note that this conference has been recorded. I now hand the conference over to Mr. Aayush Adulky from Noah Wealth 0:33 33 seconds Management Limited. Thank you to you sir. 0:37 37 seconds Thank you Julius. Uh good afternoon everyone. On behalf of NUMA it's a pleasure to welcome you uh to Penville 0:45 45 seconds QR conference call from the management today we have Dr. Sor Badville chairman and MD and Mr. Deepak Vijay CFO. Uh I 0:55 55 seconds would like to hand over the call to the management for their opening remarks. Over to you SK. 1:01 1 minute, 1 second Thank you Aush. Good afternoon everyone and a very warm welcome to the Q4 and a full year FI26 earning conference call 1:09 1 minute, 9 seconds of Pink Garders Limited. I hope all of you had opportunity to review our quarterly results, press releases and investor presentation which have been 1:18 1 minute, 18 seconds made available on the stock exchanges as well as on the company's website. Before I take you through the presentation, uh 1:25 1 minute, 25 seconds I would like to begin by expressing my heartfelt gratitude to our customers, employees, our vendors, our partners, shareholders, bankers, and all you 1:33 1 minute, 33 seconds well-wishes whose unwavering trust has been the cornerstone of everything we have achieved so far this year. FY26 has been truly a defining year for PNG, a 1:43 1 minute, 43 seconds year in which we crossed several meaningful milestones, expanding to new geographies and reinforce uh the depth of our 195 194 year old legacy. Most 1:52 1 minute, 52 seconds importantly, FI26 marks a year in which we cross 10,000 crores of revenue, a milestone for the first time, reporting 2:00 2 minutes a full year consolidated revenue of 10,739 crores, a growth of 40% year-over-year. 2:07 2 minutes, 7 seconds This is a moment of great pride for the entire PNG family, an aspiration we have nurtured for many years and one which we are deeply humbled to have achieved. 2:15 2 minutes, 15 seconds This performance was meaningfully supported by an outstanding fourth quarter in which the total consolidated revenue grew by 1 23% year-over-year to 2:25 2 minutes, 25 seconds 3544 cr a clear reflection of the strong festive and continued demand across each of our core business segments. The 2:33 2 minutes, 33 seconds quarter benefited from a strong wedding and festive season complemented by record-breaking eventless sales. 2:39 2 minutes, 39 seconds Starting with the foundation day, we recorded a sale of 365 crores with healthy contribution across all product categories. This was followed by Guri 2:47 2 minutes, 47 seconds Paradwa, a culturally important festival in Maharashtra where we recorded sales of 171 cr 2:54 2 minutes, 54 seconds yi growth. Subsequently, we to commensurate our 10,000 cr milestone. We celebrated a gratitude day offer with 3:03 3 minutes, 3 seconds our customers in which we delivered a sale of 225 crores. A heartwarming response from our patrons that reaffirmed the emotional connect our 3:12 3 minutes, 12 seconds brand enjoys across markets. Coming to operational performance, the store expansion including geography uh geographical diversification remained a 3:20 3 minutes, 20 seconds key theme throughout the year. During the F5 of F5 of Q4 2026, we added 12 new 3:27 3 minutes, 27 seconds stores, eight Coco in which three legacy and five lifestyle and four and four Coco, one legacy and three lifestyle, 3:34 3 minutes, 34 seconds taking our total store count to 78 as of 31st March 2026. 3:40 3 minutes, 40 seconds On a year on a full year basis, we added 25 new stores, reinforcing our position as one of the fastest growing organized jewelry brands in the country. Our Q4 3:49 3 minutes, 49 seconds expansion also included sending a present uh in Maharashtra and entering new potential markets like UP with the launch of stores in Gorakpur and Bonaras. 4:03 4 minutes, 3 seconds Further uh I would like to briefly address uh on the uh on the margins uh which we have uh the cal which also uploaded on the on the stock exchanges. 4:13 4 minutes, 13 seconds Um so as of when you compare uh Q4 of FI26 4:20 4 minutes, 20 seconds uh versus Q4 FI25 the g there's a gross margin dilution of almost uh 2.3 uh% 230 4:28 4 minutes, 28 seconds basis points the company had consolidated gross margins of in for Q4 FI26 uh which went down by 2.3 2.3% 4:37 4 minutes, 37 seconds year-over-year so the three factors primary which can identify to this are higher share of gold bars and coins in 4:45 4 minutes, 45 seconds the overall sales mix. This has uh this can be attributed to a 150 basis point or 1.5% decline. Uh the share of gold 4:54 4 minutes, 54 seconds bars and coin sales in the overall revenue mix rose 28% in Q4 FI25 to 40% 5:00 5 minutes in Q4 FI26. In value terms, uh it rose from 450 crores to,400 crores. uh as 5:08 5 minutes, 8 seconds this segment operates on a structurally very thin spread. The company's overall core retail jewelry business the 5:16 5 minutes, 16 seconds elevated contribution compress the consolidated gross margins due to consumer shift of gold from consumption 5:22 5 minutes, 22 seconds to gold for investment. uh in Q4 FI26 all gold bar I would like to once again reiterate that all go the gold bar and 5:31 5 minutes, 31 seconds coin sales in the in this period are purely B2C to customers and there is no refinary or B2B business in this 5:41 5 minutes, 41 seconds uh in the continuing the same point u in Q4 of FI26 5:47 5 minutes, 47 seconds uh we we saw a a 1% lowering in the studied jewelry mix now this was a one-time impact due to the 5:55 5 minutes, 55 seconds foundation day and the gratitude they offer wherein there were heavy discounting on the gold making charges and which led to almost 1% drop in the 6:03 6 minutes, 3 seconds stud ratio as compared to Q4 FI25 FI26 so Q3 versus Q4 there was a 1% lower in 6:10 6 minutes, 10 seconds stud ratio also as to mention as I mentioned ahead with the promotional activities targeting Guri Parua and with 6:19 6 minutes, 19 seconds the uh with the foundation day and gratitude day offer uh the marketing promotion and and trade discounts were 6:26 6 minutes, 26 seconds excess of 50 crores which again had impact on the margins. So so these three together have been having been able to 6:33 6 minutes, 33 seconds we were able to demonstrate why we are deep in margins in in Q4. But if you look at on a year-on-year basis, we 6:40 6 minutes, 40 seconds still we we are still able to stick to our estimate of you know 12% gross margins and with almost a 3.75 to 4% PAT 6:49 6 minutes, 49 seconds levels. Going ahead there's also a question on the Q4 FI26 versus uh Q3 of 6:56 6 minutes, 56 seconds FI26. Uh here too uh I would like to point out that the franchisee sales proportion had had gone up by almost 200 7:05 7 minutes, 5 seconds crores in this quarter as we added five new franchises and franchisee gross margins in the range of 2 and a half to 7:12 7 minutes, 12 seconds 3%. So this was again one of the reasons why the margin saw dip uh as compared to Q3 versus Q4. Um again uh so gold the 7:22 7 minutes, 22 seconds the the sale of gold bars and gold coins was again one of the factors which uh which which led to a a decline in the 7:30 7 minutes, 30 seconds margins in in Q4 as compared to Q3 if if you look at uh the the business in 7:38 7 minutes, 38 seconds terms of value uh it would have the gold bars and coins in Q3 was were 1,100 crores which increased to 1,400 crores 7:47 7 minutes, 47 seconds in Q4 And the in a similar way the the studed ratio went down by 1% which again had a negative impact on the margins in Q4. 8:00 8 minutes As as far as the company's hedging is concerned uh our monthly sales is in the range of around average of 600 kilos. 8:08 8 minutes, 8 seconds The inventory we hold is around 2,000 kilos and our hedging as we speak uh as of Q4 was around 67%. 8:17 8 minutes, 17 seconds this hedging uh uh in the in the Q in the Q4 FI 205 was in the range of 55%. So as committed 8:26 8 minutes, 26 seconds we increase the hedging by 10 to 12%. Uh so uh the the gain from uh unhedged 8:33 8 minutes, 33 seconds portion of sales uh in Q in the in the Q4 FI25 was 74 crores in Q3 Fi 26 was 45 8:42 8 minutes, 42 seconds crores and in Q in Q4 FI 26 was 20 crores. So this was another reason why we we have seen the dip in the margins. 8:50 8 minutes, 50 seconds Uh but having said this, the company remains committed to the gross margins guidance of around 12 to 13% with a bit 8:56 8 minutes, 56 seconds of 7 to 7.5% and a path of 4%. Which also is in line with the current year's performance. 9:04 9 minutes, 4 seconds I would now ask to further continue with the with the uh commentary ahead. Thank you S and everyone. I will take you through the 9:12 9 minutes, 12 seconds financial performance of PNG cuts limited for Q4 and the full year ended March uh March 31, 2026. We are pleased 9:21 9 minutes, 21 seconds to have crossed the landmark of 10,000 cr revenue milestone during FI26, a defining achievement in the company's growth journey. For FI26, consolidated 9:29 9 minutes, 29 seconds revenue grew 40% yearonear to 10,739 crores. Gross profit grew 83% yearonear 9:37 9 minutes, 37 seconds to 1,32 crores with gross margin expanding by 200 pips to to 12% on a 9:44 9 minutes, 44 seconds yearly level reflecting structural improvement in the product mix. Abita grew 90% yearon year to 704 crores with 9:52 9 minutes, 52 seconds AITA margin improving by 180 bits to 6.6% which is uh in line with the earlier guidance as well. T grew 88% 10:01 10 minutes, 1 second yearonear to 410 crores while tax margin expanded by 100 bits to 3.8 crores in this year versus last year. ROC and roe 10:10 10 minutes, 10 seconds improved to 30.5% and 21% respectively year on year on a fullear basis. Uh 10:17 10 minutes, 17 seconds while coming back to the segmental uh performance, our retail segment continued to remain the primary god 10:24 10 minutes, 24 seconds driver reporting a revenue growth of 51% yearonear to 8,131 crores led by healthy 10:32 10 minutes, 32 seconds uh same store sales growth of 43% driven by wedding and festival demand improved product makes and contribution from 10:39 10 minutes, 39 seconds newly added stores. The start ratio for the full year has also increased to 9.9 uh%. The e-commerce segment delivered 10:47 10 minutes, 47 seconds robust growth of 105% yearonear to 529 crores reflecting increasing digital adoption and rising consumer preference 10:56 10 minutes, 56 seconds for convenience le jewelry purchases. We continue to strengthen our digital capabilities to further enhance customer engagement and accessibility. The 11:04 11 minutes, 4 seconds franchises segment also demonstrated strong momentum growing 83% year-onear to 1,292 crores driven by store 11:12 11 minutes, 12 seconds expansion and healthy traction across existing operational markets. The franchise late model continues to support our asset light expansion 11:19 11 minutes, 19 seconds strategy while strengthening brand reach across diverse geographies. 11:25 11 minutes, 25 seconds uh our our average transaction value ATV for FY26 stood at over one lakh uh 11:32 11 minutes, 32 seconds reflecting both pay premiumization in our basket and the rising aspirational quotient of our customer base. Our key 11:38 11 minutes, 38 seconds operational metric includes average revenue per store of 137.7 crores, revenue per square ft of 41,000, 11:48 11 minutes, 48 seconds net profit per store of 5.25 25 cr and inventory uh turnover ratio of 3.8x 11:55 11 minutes, 55 seconds uh together under uh scoring sustained operational efficiency. 12:00 12 minutes Now now uh coming on the Q4 performance Q4 FI26 was particularly played a key role in helping us surpass 10,000 cr 12:09 12 minutes, 9 seconds revenue milestone. Consolidated revenue from operations for the quarter grew 123% year-onear to 3,544 12:17 12 minutes, 17 seconds crores driven by robust demand across retail, franchisee and e-commerce channels. Gross profit for the quarter 12:24 12 minutes, 24 seconds grew 80% to 344 crores. Gross margin is stood at 9.7%. The modernization in F Q4 12:32 12 minutes, 32 seconds FY26 was primary driven by higher share of gold parts and coins, a lower state jewelry mix in the overall uh sales mix 12:40 12 minutes, 40 seconds and a target customer acquisition discounts in the new market and a bit of the uh the gains on the unhedged portion 12:48 12 minutes, 48 seconds uh which are coming in the sales. The higher sales of gold bars and coins contribution reflected a temporary demand shift towards gold as an 12:55 12 minutes, 55 seconds investment rather than consumption and further elevated by geopolitical situation. However, with the honorable prime minister's appeal and the increase 13:03 13 minutes, 3 seconds in import duty, we expect consumer behavior to gradually shift with a greater flow of old goals being exchanged for new jewelry. Over time 13:12 13 minutes, 12 seconds these gold bars and coins is also expected to find its way into jewelry demand um as conditions stabilize. We 13:19 13 minutes, 19 seconds therefore view the gross margin impacted largely one time and mixdriven not structural and remain focused on improving product mixing margins as a 13:27 13 minutes, 27 seconds store matures. AITA grew 53% yearonear to 166 kores with AITA margin at 4.7 13:34 13 minutes, 34 seconds while fat grew 46% year on year to 90 crores translating into a pack margin of 2.5. Retail grew 102% yearonear to 2,600 13:44 13 minutes, 44 seconds crores. Franchise grew 132% to 430 crores driven by asset light expansion across tier 2 and tier three markets. 13:53 13 minutes, 53 seconds E-commerce grew 67% to 152 KE and other segments contributed 357 K. Our same 14:00 14 minutes store sales growth for Q4 F56 stood at robust 86% year on uh year. Despite the 14:09 14 minutes, 9 seconds sharp run in gold uh prices, we saw positive traction in volume. Gold grew 27% yearonear by volume in Q in Q4. 14:19 14 minutes, 19 seconds Silver volume rose 37% yearonear and diamond volume shows an exceptional 155% 14:23 14 minutes, 23 seconds [clears throat] 14:24 14 minutes, 24 seconds year on year. We're also pleased to share that during the quarter our long-term trade rating was upgraded to 14:30 14 minutes, 30 seconds uh to A1 uh to to A+ stable from uh from A while the short-term rating was 14:38 14 minutes, 38 seconds reaffirmed at A1. The rating upgrade depicts the distancing of the commission to provide a healthy balance position 14:46 14 minutes, 46 seconds and discipline the tool towards capital and tax management. This purpose enhances our ability to access capital at competitive terms as we go as we 14:54 14 minutes, 54 seconds continue to scale the business. In summary, FYI26 has an has been a year of strong and profitable performance. Year 15:03 15 minutes, 3 seconds in which we cross the milestone revenue, expanded our network to 78 stores across 36 cities, delivered an AITA margin of 15:12 15 minutes, 12 seconds 6.6 and a PAT margin of 3.8. As we stepped into FI26 with with strong momentum, a clear strategic playbook and 15:20 15 minutes, 20 seconds a healthy balance sheet to support a continued growth. While it is still early to to fully assess the overall impact of of our evolving situation and 15:28 15 minutes, 28 seconds we continue to calibrate our strategy accordingly, we are currently maintaining a guidance of 13,500 K revenue along with an AITA margin of 7 15:37 15 minutes, 37 seconds to 7.5% and a fact margin of 4% for FI27. 15:42 15 minutes, 42 seconds However, depending on how the market situation evolves during the ongoing quarter, we'll update the guidance if required in the next quarter. We believe 15:50 15 minutes, 50 seconds our strong operational execution, improving business mix and resilient demand environment position us well to navigate the evolving landscape. As we 15:58 15 minutes, 58 seconds step into FY27, we do so with strong momentum, a clear strategic road map uh road map. With that, we now conclude our 16:06 16 minutes, 6 seconds opening remarks. We can open the floor for questions. Thank you so much. 16:12 16 minutes, 12 seconds Thank you. We'll now begin the question and answer session. Anyone who wishes to ask question may press star and one on 16:20 16 minutes, 20 seconds your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. 16:26 16 minutes, 26 seconds Participants are requested to use handset while asking your question. 16:31 16 minutes, 31 seconds Ladies and gentlemen, we'll wait for a moment while the question Q assemble. 16:41 16 minutes, 41 seconds The first question is from the line of Eucha from Bimana Capital. Please go ahead. 16:49 16 minutes, 49 seconds Uh hi. Uh thank you sir for taking us through the presentation. Uh I just had one quick question. uh due to the recent 16:57 16 minutes, 57 seconds increase in customs DOA and the advanced authorization that was announced yesterday on import of gold do you see any impact on the sh the margins on account of this? 17:08 17 minutes, 8 seconds Yeah, thank you for the question. Uh see uh as far as the advanced authorization is concerned it is mainly for exporters 17:15 17 minutes, 15 seconds uh people who are importing gold for uh exporting jewelry. We don't fall in that category. So it's not applicable to us. 17:23 17 minutes, 23 seconds Our business is purely domestic. Um as far as import duty is concerned, it's a it's directly passed on to the consumer. 17:30 17 minutes, 30 seconds Uh so it will not have impact on the margin. But what it may have a positive rub off is it may induce people to buy 17:38 17 minutes, 38 seconds less of bars and coins which are which typically carry lower margins and may may push the interest further to gold jewelry by exchanging old jewelry for 17:47 17 minutes, 47 seconds new. So we are hoping that the jewelry sales will see a further uptake in the year and would be a positive contribution to margins. 17:56 17 minutes, 56 seconds Uh thank you. Thank you sir. 18:02 18 minutes, 2 seconds Thank you. The next question is from the line of Yand Priya from address public. 18:08 18 minutes, 8 seconds Thank you and you hi team thank you for taking my question. Yes from Edite. So uh thanks 18:16 18 minutes, 16 seconds for the detailed press release by the way. So I have few questions. So basically in the press release as you 18:23 18 minutes, 23 seconds already mentioned about the gross margin impact because of different advertisements or the schemes we provided. So earlier you have guided 18:33 18 minutes, 33 seconds about the BTL like 1.5% we budget for advertisement cost. How should we think about budgeting ATL like what you 18:42 18 minutes, 42 seconds provide as a scheme because we are entering into new regions. So how you guys budget for the same? 18:49 18 minutes, 49 seconds Uh see uh thank you for the question. 18:52 18 minutes, 52 seconds This was not regard regarding more about advertising spend. It was on the trade discount offer which we had for the buri 18:59 18 minutes, 59 seconds parva and primarily for a foundation and gratitude day. So these offers were discount on making charges. So we had a fixed making charge of 399 rupees per 19:07 19 minutes, 7 seconds gram which was uh which uh costed the company in the range of around 40 to 45 crores. So this is what is the impact 19:15 19 minutes, 15 seconds which has and this is a one-time impact for Q4. Uh so we don't see this impact being carried forward ahead. uh guiding 19:22 19 minutes, 22 seconds on the on the&p spend both and retail uh 1.5 is what we would stick to or in fact we will try to go a little lower 19:30 19 minutes, 30 seconds considering uh the year wherein we are seeing uh the import duty where the focus will move more towards exchanging old gold for new gold. 19:38 19 minutes, 38 seconds Got it. Got it. Which means ideally going ahead the schemes which we will provide on different festivals will also be included in in this 1.5% budgeting. 19:48 19 minutes, 48 seconds Absolutely. 19:50 19 minutes, 50 seconds Got it. Got it. And my second question uh please correct me if I'm wrong but basically the lifestyle business was not 19:58 19 minutes, 58 seconds in our base and that is right now 5 6% of our revenue which is like 30% plus 20:04 20 minutes, 4 seconds studied ratio. So ideally still y the decrease in studded ratio if I if I adjust for lifestyle the studed ratio has decreased more in the core business. 20:17 20 minutes, 17 seconds So is my understanding correct and uh follow up on that uh any assessment you would like to provide how to think about 20:25 20 minutes, 25 seconds this? Yeah. So the lifestyle business is is like a around a 70 cr business. So it's only a 7% of the entire turnover. 20:34 20 minutes, 34 seconds It's not what you're talking uh you know 30%. So out of out of out of this around 20:43 20 minutes, 43 seconds 30% would be studied. So it's a very small portion of the entire solid business. 20:50 20 minutes, 50 seconds Got it. Got it. Thanks. Thanks for taking the question. Thank you. 20:56 20 minutes, 56 seconds Thank you. The next question is from the line of Jani from MC Research. Please go ahead. 21:03 21 minutes, 3 seconds Yes sir. Uh thank you for the opportunity. Uh so first question is uh uh the what was the inventory uh the 21:12 21 minutes, 12 seconds proportion of inventory hijing uh in FI26 and what is your plan going forward in FI27 because uh the typically we have 21:21 21 minutes, 21 seconds seen uh the when the inventory hedging is on the lower side there is uh you know a fluctuation in the margin uh 21:28 21 minutes, 28 seconds which is not liked by the markets. So just wanted to understand your strategy on the hing side what the top portion 21:36 21 minutes, 36 seconds was in S26 and what is your what is your plan for F27. Thank you. 21:48 21 minutes, 48 seconds Ladies and gentlemen, the management line has been disconnected. Please hold while we quickly reconnect them. 21:59 21 minutes, 59 seconds [music] 22:05 22 minutes, 5 seconds [music] 22:12 22 minutes, 12 seconds [music] 22:19 22 minutes, 19 seconds Ladies and gentlemen, thank you for being on hold. The management line has been reconnected. Thank you and over to you Mr. Vat please continue. 22:30 22 minutes, 30 seconds Okay. U sir I'm audible now. Yes sir you. Hello. Yeah. Uh sir mic. 22:37 22 minutes, 37 seconds Yeah. Okay. So my question was uh regarding uh the proportion of aging that was there in F26. 22:44 22 minutes, 44 seconds uh and you know what is the plan for FR27 because as we have seen like you know when uh the edging is is on the 22:51 22 minutes, 51 seconds lower side typically it leads to margin volatility which is not liked by the markets. So that was my first question. 22:58 22 minutes, 58 seconds What was your hygiene proportion in 26 and what was your plan for? 23:03 23 minutes, 3 seconds Hi Bar uh I would like to take this question for you. So as sort of has already explained 23:10 23 minutes, 10 seconds that our monthly sales is in the range of 600 600 kgs of gold on a monthly 23:16 23 minutes, 16 seconds basis we at the end of March 26 we are covered for 1,300 kgs of gold on the 23:23 23 minutes, 23 seconds hedging through various GMLs and MCX and and other instruments. So this is 67%. 23:31 23 minutes, 31 seconds When I talk about last year uh FYI 25 quarter 4 we were at 57%. 23:38 23 minutes, 38 seconds So there's improvement of 10% year on year quarter uh on the quarterly latencies year on year it's a 10% improvement. Now if I go back to quarter 23:47 23 minutes, 47 seconds 3 this year at 56 we include from 57 to 63%. 23:53 23 minutes, 53 seconds So that's a gradual increase which we we know we don't want a margin volatility in our business. So we there's an 24:01 24 minutes, 1 second endeavor to completely mitigate this and bring this hedging to over 70% 24:07 24 minutes, 7 seconds 75% maybe 80%. Right now what has happened also in the last year that the margin and the premiums on the MC has 24:17 24 minutes, 17 seconds has gone up to 15 20%. Which was blocking a lot of the cash there was a cash burden on uh from that point of 24:25 24 minutes, 25 seconds view if we we lock the margin this was very expensive. 24:30 24 minutes, 30 seconds And we also needed funds for the operations. If you block everything there then the funds get wrapped up there. That's even considering that to cut down the volatility in the margins. 24:42 24 minutes, 42 seconds We have improved from 57 to 67 already in this year and that also you will see the margin 24:51 24 minutes, 51 seconds which was there in FI25 hading bigger shares of unhed uh gain and respective to this year for FI. 25:04 25 minutes, 4 seconds Okay. So this 67% uh just to hop on this further 67% you gave that was for quarter four. uh actually I wanted the 25:13 25 minutes, 13 seconds uh hedging margins uh hedging portion for for the entire FA 26 like Q1 Q2 Q3 Q4 combine what was for F 26 and F 27 25:21 25 minutes, 21 seconds you have already given an indication that you'll probably try to move to 75 to 80%. So just wanted the aging number 25:27 25 minutes, 27 seconds on for 26 and Ladies and gentlemen, the management has 25:36 25 minutes, 36 seconds been disconnected. Please hold while we quickly reconnect them. 25:45 25 minutes, 45 seconds [music] 25:56 25 minutes, 56 seconds [music] 26:04 26 minutes, 4 seconds [music] 26:05 26 minutes, 5 seconds feeling. 26:11 26 minutes, 11 seconds [music] 26:20 26 minutes, 20 seconds [music] 26:24 26 minutes, 24 seconds down. [music] 26:32 26 minutes, 32 seconds [music] 26:38 26 minutes, 38 seconds [music] 26:44 26 minutes, 44 seconds [music] 26:44 26 minutes, 44 seconds Me Oh, 26:53 26 minutes, 53 seconds [music] 26:59 26 minutes, 59 seconds hey. [music] 27:06 27 minutes, 6 seconds [music] 27:11 27 minutes, 11 seconds [music] 27:21 27 minutes, 21 seconds [music] 27:27 27 minutes, 27 seconds [music] 27:32 27 minutes, 32 seconds [music] 27:41 27 minutes, 41 seconds [music] 27:44 27 minutes, 44 seconds Ladies and gentlemen, we have the management line reconnected. Sir, could you please go ahead and repeat your question? 27:56 27 minutes, 56 seconds Mr. Mju Bashini, please go ahead and repeat your question. 28:04 28 minutes, 4 seconds Hello. Yes, go ahead with your question. 28:08 28 minutes, 8 seconds Yeah, this is this is from MCS. Yeah, sir. Uh my question was uh that uh that 67% hedging percentage that you gave 28:18 28 minutes, 18 seconds that was for quarter 4. So I wanted the hedging proportion for entire year after 26. So all the four quarters combined 28:25 28 minutes, 25 seconds what average uh was the hedging proportion for entire 26. 28:31 28 minutes, 31 seconds So uh last year uh in quarter 4 last year we were at 57. So we gradually increased to 63 28:39 28 minutes, 39 seconds in quarter 3 then to 67 in quarter 4. So on an averagely basis we were at around about 60% for the full year. 28:49 28 minutes, 49 seconds Okay. Okay. And this uh you plan to take it to 75 to 80% uh in this year if I understand right we plan to take it to 28:58 28 minutes, 58 seconds 80% to remove the complete solubility in the margin. 29:04 29 minutes, 4 seconds Okay. So this 80% will be by FY 27 or uh will it take more time? 29:10 29 minutes, 10 seconds No we already at 67 70%. So this is what we want to continue at. So so next year we we should be at 75 to 80. 29:19 29 minutes, 19 seconds Okay. Okay. And sir, the last question from my side. Uh what is your sense that uh because of the customs duty uh 29:26 29 minutes, 26 seconds increase uh how will it impact the demand uh in the short term uh and uh any comments you would make to you on the same? 29:36 29 minutes, 36 seconds We have we have already launched a program called uh sura barrage where we're trying to encourage people to come up with old gold lying in 29:43 29 minutes, 43 seconds lockers lying into homes to make to remake into new jewelry. This entire year the flavor will be towards that. Uh 29:51 29 minutes, 51 seconds I'm expecting that the the sale of coins and bars will go down drastically. 29:56 29 minutes, 56 seconds Prices have gone up and we'll see a lot of you know exchange gold coming in. it would be beneficial because it will come out with you know making charges started 30:05 30 minutes, 5 seconds I think diamond should be doing well for the year so I don't see say impact uh you know on the business but yes bars and coins I think will will definitely 30:14 30 minutes, 14 seconds have an impact okay okay thank you and all the best thank you 30:22 30 minutes, 22 seconds thank you next question is from the line of Palvid Pandi from Sashma please go ahead 30:29 30 minutes, 29 seconds Yes. Just wanted to know what is the share of the old gold exchange in mix for 56 30:37 30 minutes, 37 seconds and second what would be the share of customized sales in the total old 30:46 30 minutes, 46 seconds so old today is around 40% of entire business and we're expecting that the old gold trend picks up we should be at 30:55 30 minutes, 55 seconds around 50% plus as far as old jewelry to new jewelry is concerned. made to order again is at around 30 35%. 31:03 31 minutes, 3 seconds I think that should continue at the same level. Maybe you know if we're looking at a greater exchange of old gold uh 31:10 31 minutes, 10 seconds maybe 3 4% can be a further rise in the make to order business and overall we are seeing that you know jewelry 31:17 31 minutes, 17 seconds contribution in the overall mix would definitely see a increase in this in this financial year. 31:23 31 minutes, 23 seconds My last question would be what would be the share of I mean you mentioned in F25 there were some inventory. So if you could share their absolute amount it 31:32 31 minutes, 32 seconds would help us in the analysis and the absolute amount for 26 and 25 31:40 31 minutes, 40 seconds FI so the Q4 FI 25 the gains were in the range of around 70 cr wherein if you 31:47 31 minutes, 47 seconds look at Q4 of FI26 the gains were around 20 crores. So as we increase hedging the gains have come down. 31:56 31 minutes, 56 seconds All right sir. Thank you sir. 32:01 32 minutes, 1 second Thank you. The next question is from the line of uncle Aurora from invite research. Please go ahead. 32:12 32 minutes, 12 seconds This call will be recorded. Yeah. Hi sir. I'm audible. Yes sir. Yeah. Please go ahead sir. 32:20 32 minutes, 20 seconds Yeah. Uh so sir I had few question uh sir what is our volume growth in Q4 and if you can share your outlook for volume 32:27 32 minutes, 27 seconds growth for the next year 32:40 32 minutes, 40 seconds so on gold as an category we have grown on the 32:46 32 minutes, 46 seconds quarter on quarter yeah this is Q4 Q4 FY25 versus Q4 FY26 27% on the entire 32:56 32 minutes, 56 seconds gold uh uh segment. Silver we have grown 37%. Diamond we have grown 125%. 33:07 33 minutes, 7 seconds Okay sir and if you can just highlight what will be the outlook for the volume I'm talking about. Yeah, part of this has been due to our new 33:14 33 minutes, 14 seconds store addition and also like Deepak had mentioned before the same store growth also has been you know quite strong. So it's a combination of a new store and 33:23 33 minutes, 23 seconds the same store growth. So in volumes we have grown by 27% in in gold volumes 33:30 33 minutes, 30 seconds and that's it. Any outlook on volume for the coming year FI 27? 33:37 33 minutes, 37 seconds FI27 know I volume are a percentage of jewelry and volume bars and coins. I think bars and coins would see a you 33:45 33 minutes, 45 seconds know a slowdown in this year. So it's very difficult to uh you know talk on the exact uh volume side but we feel that you know margins which come from 33:54 33 minutes, 54 seconds making charges should be healthy and I think when you look at the on the level of gross margin I beta and pat I think 34:01 34 minutes, 1 second the guidance can be on on that front net volumes which include jewelry and you know ban exactly to quantify right now 34:09 34 minutes, 9 seconds is difficult because we have just been it's already been a week after import duty has been hiked. So let us see you know how much of new gold is being fresh new gold is being bought. 34:21 34 minutes, 21 seconds Understood sir. Understood. And uh I think another question would be sir uh you had earlier guided for a 12,000 cr 34:28 34 minutes, 28 seconds topline for fi27 but in your initial opening comments you have mentioned for 13,500 crores of topline. So uh what would be driving this uh higher growth? 34:41 34 minutes, 41 seconds Uh why have we revised our guidance afterwards? what would be the driving force for this? 34:48 34 minutes, 48 seconds So, uh for the year ended uh you know March 2026 uh we are guided for a 9,500 cr top line. We we crossed that by a,000 crores and we were at 10,700. 34:59 34 minutes, 59 seconds Uh the good factor has been the response which received outside Maharashtra primarily in UP uh where the 35:06 35 minutes, 6 seconds non-Marashtra states today contribute 10% of the entire business. uh also the same store growth has been very healthy. 35:13 35 minutes, 13 seconds So if we looking at these positive uh you know uh we feel that 12,500 can be stretched to 13,500 and that's where the guidance is coming from. 35:25 35 minutes, 25 seconds Understood sir that would be really great sir. Uh another question would be on the side I think our B2B boolean sales have increased significantly. So 35:34 35 minutes, 34 seconds how should we think about this segment going forward and it can explain the nature of this business? 35:40 35 minutes, 40 seconds See this is not B2B you know pre IPO we had we had a component called uh you know old gold which was sold for 35:48 35 minutes, 48 seconds refining. So we sell gold to refinary and purchase back new gold. As of September 30th 2024 that has been discontinued and post that we have not 35:57 35 minutes, 57 seconds been we not had any sales of refinary uh gold. Uh this primarily this year the hike has been due to people interest in 36:05 36 minutes, 5 seconds gold as a investment. So we have added a lot of new consumers especially in Q4 of this year which are looking at investing 36:13 36 minutes, 13 seconds in bars and coins. So these are all B2C sales. uh they are not sale which were for you know you know uh B2B but uh the 36:21 36 minutes, 21 seconds the hike has been very high and with our strong penetration in Maharashtra uh we have been we have been able to gather a 36:28 36 minutes, 28 seconds lot of new customers and hence you know the the gold bar gold coins and what we call as gold vney or gold rings which in 36:36 36 minutes, 36 seconds pure gold is what has really led to a sharp rise in bars and coins which we also see as a as a investment for this 36:43 36 minutes, 43 seconds year because people normally use bars and coins to to make new jewelry. So I think this would be advance for us that 36:51 36 minutes, 51 seconds register people should come with that to you know convert that into new jewelry. 36:58 36 minutes, 58 seconds Understood sir and just a follow up on this like I think your gold bars and coins uh share was around 40% in Q4 so 37:06 37 minutes, 6 seconds that has impacted our margin. So what would be the contribution going forward from from this gold bars and coin segment? we always were in the range of 37:16 37 minutes, 16 seconds 25 to you know previously it was 20% with you know with gold going up as a you know as interest it had gone to 25 37:23 37 minutes, 23 seconds 28%. Uh Q4 had been etc gone to 40% but I think this year it should again stabilize back to the 25% or even lower 37:31 37 minutes, 31 seconds levels and that is what we have been always saying that you know this year is going to be a year of lot of new jewelry being bought using old jewelry and bars 37:40 37 minutes, 40 seconds and coins as a category this year will see a slowdown. So we have so to give an estimate we should be at around 25% for this uh financial year. 37:52 37 minutes, 52 seconds Got it sir that would be great sir. Uh lastly my question uh would be uh on the front of QIP I think uh you had told 38:00 38 minutes that uh the progress is going on. So if you can just highlight what's the progress on the QIP. 38:07 38 minutes, 7 seconds uh I mean in terms of progress like I said there's a enabling board resolution which is uh till the end of August so that is where we are we haven't really 38:16 38 minutes, 16 seconds uh thought uh on you know going ahead on that front at this point of time uh we uh we had a good year so you know as we 38:25 38 minutes, 25 seconds move ahead now there something which we want to explore but it's not a it's CIP is not a impedent for us to grow our business the business is self-sufficient 38:33 38 minutes, 33 seconds so that's something which we will address as we as time goes by looking at the market condition looking at the sector. 38:42 38 minutes, 42 seconds Sorry for interrupting Mr. Anur. Please rejoin the queue for the more question. 38:47 38 minutes, 47 seconds Thank you. The next question is from the line of Nitan Jen from Fair Value Equities Advisory. Please go ahead. 38:55 38 minutes, 55 seconds Yeah. Uh thank you for the opportunity. 38:58 38 minutes, 58 seconds [clears throat] Uh so my first question is uh the clarification that the management has provided for the margin drop. Uh so quite a few reasons uh appear more structural than uh one-off. 39:09 39 minutes, 9 seconds Uh for example, discounts that you mentioned on foundation day and uh the para uh there is a high likelihood that 39:17 39 minutes, 17 seconds they might repeat next year. Uh also discounts you mentioned in the new market uh as the company expands to 39:26 39 minutes, 26 seconds these geographies uh there is a likelihood that they will also continue. 39:30 39 minutes, 30 seconds And the last point is uh the franchise share uh as we open more and more franchise source 39:39 39 minutes, 39 seconds that share also should in so can you elaborate why we think of them as one of 39:48 39 minutes, 48 seconds that's a good observation but if you look at it for from the entire year perspective this this has not affected the entire annual margins when you look 39:56 39 minutes, 56 seconds at the margins for entire year this have already been absorbed into it this was prim primarily Q3 versus Q4 and Q over Q 40:03 40 minutes, 3 seconds where we have seen that we we had a lot of franchisee openings in one quarter that has led to you know the franchisee 40:11 40 minutes, 11 seconds margins being low has has impacted margins um you have rightly mentioned that discounts are a part of it but this 40:18 40 minutes, 18 seconds foundation day offer where we offered uh gold making at 399 and the gratitude offer these were only onetime activities they are not the annual calendar 40:26 40 minutes, 26 seconds activities now that Ladies and gentlemen, the management 40:35 40 minutes, 35 seconds line has been disconnected. Please hold while we quickly reconnect them. 41:14 41 minutes, 14 seconds [music] 41:22 41 minutes, 22 seconds [music] 41:27 41 minutes, 27 seconds Down 41:30 41 minutes, 30 seconds [music] 41:33 41 minutes, 33 seconds here down. 41:40 41 minutes, 40 seconds [music] 41:42 41 minutes, 42 seconds We have the management line reconnected. So you can go ahead. Hello. 41:49 41 minutes, 49 seconds Yes sir. Go ahead, sir. 41:51 41 minutes, 51 seconds Yeah. Yeah. Yeah. Sorry for this uh uh call dropping. Yeah. Go ahead, please. 41:58 41 minutes, 58 seconds Yeah, you were in the process of answering the question. 42:00 42 minutes Yeah. So uh so I was saying that um these these instances for the year are kind of uh not strategic. uh like I 42:08 42 minutes, 8 seconds mentioned uh you know firstly the impact uh is only half a percent when it comes to uh the the the discount side of it 42:16 42 minutes, 16 seconds what what really has been the major driver which has got margins down has been the the bars and coins which which 42:22 42 minutes, 22 seconds typically are in range of 25 to 26% which for the for Q4 had gone to 40% because of people's interest in looking 42:30 42 minutes, 30 seconds at gold from the investment perspective and they've garner a lot of new customers on that front we also expect that these customers would eventually 42:38 42 minutes, 38 seconds convert into jewelry in this uh in the coming years. Uh the gratitude they say and the and the uh foundation they were 42:45 42 minutes, 45 seconds only one time activities. Gratitude mostly was thanking people for for the 75 store success of PNG. So most of 42:54 42 minutes, 54 seconds these numbers would would not be strategic and we and that's why if you look at the entire year uh they have been factored into and the entire year 43:00 43 minutes numbers margins look on track as what we are projecting. 43:08 43 minutes, 8 seconds Right. Uh so you mentioned as one of the corrective measures uh you'll be calibrated. 43:14 43 minutes, 14 seconds So u uh can you elaborate how exactly you would be doing that? 43:20 43 minutes, 20 seconds Sorry you mentioned in uh your clarification uh that you'll be calibrating the gold 43:27 43 minutes, 27 seconds coin sales uh gold bars and coin sale exposure and you'll reallocate the capital uh 43:33 43 minutes, 33 seconds towards jewelry. So uh can you elaborate how exactly you would be doing that? 43:39 43 minutes, 39 seconds It is it is being done by an industry where where the where jewelers are encouraged uh you know of not selling more than five grams gold coins to 43:48 43 minutes, 48 seconds customers on a B2C level and looking at more lightway jewelry and looking at getting old for new. So encourage people 43:56 43 minutes, 56 seconds to buy to exchange old gold jewelry for new. So I think this would be a this would be effort across the industry. 44:02 44 minutes, 2 seconds Also the import duty hike will will have a will have a natural impact on gold investment demand going down and this is 44:10 44 minutes, 10 seconds what we are seeing that jewelry demand is kind of inelastic but uh investment demand is elastic and when you know the 44:16 44 minutes, 16 seconds duty has gone up we'll see a a dip in people's uh interest in gold as a investment in bars and coins 44:26 44 minutes, 26 seconds right uh my next question is on the guidance for FI27 we have guidance for 135 private cr uh so what impact uh do 44:35 44 minutes, 35 seconds you think this import duty hike might have on this guidance the import duty hike primarily would 44:43 44 minutes, 43 seconds have an impact on the bars and coin sale like I mentioned before I uh we don't see an impact much on the jewelry side so if you look at our business in terms 44:51 44 minutes, 51 seconds of uh sales in the red there'll be a portion of bars and coins which would be would see a negative impact and I think that should be in the range of 20 22% of 45:00 45 minutes the total sale uh the balance 80% would be bar would be jewelry and that's where we seeing we'll see a jump so I think uh 45:08 45 minutes, 8 seconds uh they would not there will be a positive impact if any on the as for import duty is concerned we also like lighter weight jewelry and lighter 45:16 45 minutes, 16 seconds carriage jewelry the company which is on the cards for this year so uh we're looking at 18 karat jewelry also 14 karat jewelry so all this will ensure 45:25 45 minutes, 25 seconds that the jewelry sales remain intact and would not have a negative impact on the margin yeah I would also like to add uh few 45:33 45 minutes, 33 seconds numbers here for you uh for a better understanding. So uh in particular retail we have closed down the year it's 45:40 45 minutes, 40 seconds around about 8,000 kores and the next year targets and the guidance for the retail which we have taken and the in 45:48 45 minutes, 48 seconds our AOP is around about 9,800 KES which is a 23% increase. Now if I break this down into 45:58 45 minutes, 58 seconds uh how this has come up this year we have seen an excss of 43%. Primly driven 46:04 46 minutes, 4 seconds by the ramp up ramp up uh of the stores which are not matured for more than one year and two years. For the stores which 46:14 46 minutes, 14 seconds we have opened for more than 3 years we have taken an excess of in the range of 5 to 10%. Uh for the newer stores the 46:22 46 minutes, 22 seconds wrapup is anyway annualized. So that's very healthy and similar to one and two years when we increase our stock 46:28 46 minutes, 28 seconds turnovers on that. So this 22 23% on an base of 8,000 Kes is very much 46:36 46 minutes, 36 seconds achievable and we do also don't plan to open too many Koko stores this year. 46:44 46 minutes, 44 seconds Yeah. Hello. Hello. Are we audible? 46:52 46 minutes, 52 seconds Yes, I audible. Uh the line has drop. 46:54 46 minutes, 54 seconds I'll uh promote the next participant chi from princual. Please go ahead. 47:01 47 minutes, 1 second Hello. Hello. Yeah. Yeah. Go ahead. 47:06 47 minutes, 6 seconds Yeah. Yeah. Yes. So my question is that you know we have been seeing that inventory turnover ratio has been declining for us compared to the 47:13 47 minutes, 13 seconds previous year and also if you see the trend I just wanted to understand is it due to that you know the investment done in the new stores that is why the 47:21 47 minutes, 21 seconds inventory is high and why turnover ratio has been dropping. Yeah absolutely uh you are right there. 47:27 47 minutes, 27 seconds So if you see most of our stores are open in Q4 we have opened round about uh 47:34 47 minutes, 34 seconds eight stores in cuckoo category for the uh in itself Q4 itself that is what is not matured into the sales right now and 47:42 47 minutes, 42 seconds that's why you see an impact on the stock turnover for the year but having said that 3.8% 8% in this industry is an 47:52 47 minutes, 52 seconds early uh stock term. So you know that's how we see it and also the value has 48:00 48 minutes increased on on the entire um gold as an as a commodity. So having considering 48:07 48 minutes, 7 seconds all those factor 3.8 rate is what we have closed the year on the but yeah you are right the impact of 48:14 48 minutes, 14 seconds new new stores which we opened in H2 is the primary driver of uh this coming down compared to last year 48:22 48 minutes, 22 seconds okay so I just wanted to ask then you know the currently if we see that you know mature stores in our flagship stores so if you see that over the past 48:29 48 minutes, 29 seconds 2 three years have our inventory turnover ratio there has been stable or have we seen decline or you know increase on it 48:38 48 minutes, 38 seconds It has been gradually uh being flat and declining a bit but uh not so 48:46 48 minutes, 46 seconds significantly uh because of the quarter four this year which we have taken the stock stores which have opened site dominantly in 48:54 48 minutes, 54 seconds quarter 4 is been the major impact in the stock turnover and you me 49:02 49 minutes, 2 seconds uh sorry for interrupting Mr. Prince please rejoin the queue for the more question. Ladies and gentlemen, in order 49:09 49 minutes, 9 seconds to ensure that the management is able to address question from all the participants in conference, please limit your question to two. The next question 49:19 49 minutes, 19 seconds is from the line of Jan Barat from Predent Corporate Advisy. Please go ahead. Hello. Am I audible? 49:27 49 minutes, 27 seconds Yeah, you are. Please go ahead. 49:29 49 minutes, 29 seconds Yeah, please go ahead. I just wanted to know the gross margins for the gold coins and bars segment and the normal jewelry segment. 49:41 49 minutes, 41 seconds So the uh we on the gold bar and coins we operate on a very thin margins in the range of half a percent to 1%. 49:51 49 minutes, 51 seconds And on the normal jewelry on the gold jewelry which is not studed uh which is not non-studded jewelry is in the range 49:58 49 minutes, 58 seconds of uh 12 to 13% 12 and a half to 13% is the right right number to to place on 50:04 50 minutes, 4 seconds the margins for the gold jewelry. So there is delta of 12 to 12 and a half% 50:10 50 minutes, 10 seconds between uh bullion uh gold bar and uh the jewelry. So what we have been trying 50:17 50 minutes, 17 seconds to uh also explain that that's with the major driver for the margin drop and once the sales goes down which is 50:26 50 minutes, 26 seconds anticipated for the next quarters in next year because of these recent appeals from the honorable prime minister the margin should anyways pick 50:33 50 minutes, 33 seconds it up that's the guidance and the franchisee gross margins I think 50:40 50 minutes, 40 seconds I heard it was around 2 to 3% am I right that's Right. 50:46 50 minutes, 46 seconds Okay. So, so they kind of franchise it is like a fall through. They know the all the costs are bold by the franchisee. So, the gross margins are almost in the are almost like net margins. 50:56 50 minutes, 56 seconds Okay. 50:58 50 minutes, 58 seconds And it also improves the return on capital employed heavily uh with a lighter balance sheet. 51:05 51 minutes, 5 seconds What would be the ROC on our own store and the focus store sector? 51:15 51 minutes, 15 seconds So our ro for this year 51:28 51 minutes, 28 seconds is the ROC is 30% 30.5% for this year 51:33 51 minutes, 33 seconds and roe as 21% for this year and on the franchises is pretty much 51:42 51 minutes, 42 seconds there is no investment. So everything which flows through contributes to the uptick in the ROC and ROE. 51:54 51 minutes, 54 seconds Hello. 51:56 51 minutes, 56 seconds Okay. No further questions from my side sir. Okay. Thank you. 52:02 52 minutes, 2 seconds Thank you. The next question is from the line of Paris Kakar from Finance Arti. Please go ahead. 52:12 52 minutes, 12 seconds Yeah. Am I audible? Yes sir. Please go ahead sir. Yes. 52:17 52 minutes, 17 seconds Yeah. So my question is the uh peers in the in the industry uh they have reported uh their gross 52:25 52 minutes, 25 seconds margins avita uh like in the normal range uh as compared to Q3. Uh so I just 52:34 52 minutes, 34 seconds wanted to understand what has led uh specifically the decline on our side. Is it like on the jewelry segment we are 52:42 52 minutes, 42 seconds facing some competition? Uh the demand is low. Uh just wanted the insights on it. 52:52 52 minutes, 52 seconds So uh I think um uh we'll have to recheck that for at your end also. But what we have seen the results the big 53:00 53 minutes players who were leading the industry the gross margins have dropped uh for 53:07 53 minutes, 7 seconds the uh uh for the quarter FI26 versus last year quarter is in the range of 600 53:14 53 minutes, 14 seconds bits that's what has the numbers been which we have looked at translated also the other players also have shown the 53:23 53 minutes, 23 seconds similar trajectory in terms of the margin drop especially in this quarter. 53:29 53 minutes, 29 seconds See like I mentioned it is primarily due to the change in product mix which I think is is primary Q4 had a lot of interest in gold investment which have 53:37 53 minutes, 37 seconds transfer into a into a big rise in bars and coins. So that really has been one of the major factors but uh like we said 53:44 53 minutes, 44 seconds like given the guidance going ahead I think this should be neutralized. Okay thank you. 53:53 53 minutes, 53 seconds Thank you. The next question is from the line of Yes, Sonantia from Advice Public. Thank you. Please go ahead. 54:01 54 minutes, 1 second Hi, thanks for the followups. Just a quick followup like you said 10% of your revenue is from non Maharash region or 54:10 54 minutes, 10 seconds state. So just want some like to like number like what is the make to order mix and inventory turns over there. I 54:17 54 minutes, 17 seconds know it's too early to get any view but still any like to like number see make order is a is a little uh you 54:27 54 minutes, 27 seconds know lower there than compared to Maharashtra but still it's a it's a it's a good proportion around 22% of the 54:33 54 minutes, 33 seconds entire sales outside Maharashtra made to order uh while in Maharashtra the number is at 30% to 32%. 54:43 54 minutes, 43 seconds Got it. and inventory terms. 54:46 54 minutes, 46 seconds Yeah. So I will take the question on the annualized stock turn while most of 54:53 54 minutes, 53 seconds these stores have open only for like 6 months 8 months into the year at the close of the year. We have already 55:00 55 minutes crossing uh stores which are in Bihar at 1, up at one surprisingly and to our 55:08 55 minutes, 8 seconds surprise also Indor has performed at 1.4 before on an annual life basis uh until now. So uh these are very healthy for 55:17 55 minutes, 17 seconds the new stores outside Maharashtra and this gives us encouragement to also venture into these geography. So like a guidance we had projected around8 stock 55:26 55 minutes, 26 seconds turn for the year one. So we have we have surpassed the guidance and all the to UP Bihar and MP are doing analyzed 55:33 55 minutes, 33 seconds stock turns of uh of one in the first year itself. 55:39 55 minutes, 39 seconds Very encouraging. Thanks. Thanks a lot for asking. Thank you. Thank you. 55:44 55 minutes, 44 seconds Thank you. The next question is from the line of Sepangi from LKP Securities. Please go ahead. 55:54 55 minutes, 54 seconds Yes. Uh actually uh thanks for taking my question. Uh wanted to uh check on the outlook of uh 56:03 56 minutes, 3 seconds newer store openings in upcoming uh FY27. 56:07 56 minutes, 7 seconds If you can just throw some light on the newer store uh which are going to come in terms of number of stores as well as 56:15 56 minutes, 15 seconds on the non-Marstra store count in FI27 how many stores are you are planning to open? 56:24 56 minutes, 24 seconds Yeah. Hi uh I will take the question uh Sanji. So in our outlook uh we have 56:31 56 minutes, 31 seconds planned for five Koko stores, two PNG legacy stores and three lifestyle 56:38 56 minutes, 38 seconds stores. The locations which we are venturing into is in Gura uh 56:45 56 minutes, 45 seconds strengthening our position in Lucknau and uh we have uh also venturing into 56:52 56 minutes, 52 seconds Gujarat. We will see now with the new strategy what happens but these are the newer locations which we are venturing 57:00 57 minutes into. Most of all of them which we have planned this year is outside Maharashtra. 57:06 57 minutes, 6 seconds So we plan to open five cocoa and okay 20 franchises for this year. So 57:14 57 minutes, 14 seconds like I mentioned we still we on the asset light model for the year. 57:18 57 minutes, 18 seconds of 25 stores we try to do five to seven cocoa and the balance will be foc we we'll be expanding further spending in 57:25 57 minutes, 25 seconds the state of UP Bihar NP but adding but adding Gujarat uh this year and we'll be also looking at you know Gura which 57:34 57 minutes, 34 seconds again is a I mean neighboring to UP but but Hana okay okay so overall you you just to 57:42 57 minutes, 42 seconds confirm is it 25 stores right and 20 would be approximately Poco I'm sorry Poco. 57:51 57 minutes, 51 seconds So we also have you know a lot of lot of demand for HID. So right now evaluating it but it looks on track. 58:03 58 minutes, 3 seconds Okay. Okay. Oh okay. Thank you. Thank you so much for uh taking my question. Thank you. Thank you. 58:12 58 minutes, 12 seconds The next question is from the line of barani from MC Research. Please go ahead. 58:19 58 minutes, 19 seconds Yeah. Uh thank you for the opportunity once again sir. Uh so just two questions from my side. Uh sir one you said that uh the proportion of gold bars and coins 58:28 58 minutes, 28 seconds in quarter 4 was close to 40%. But I wanted to consider for entire year after 26 what was the proportion of gold bars and coins in our overall sales. 58:46 58 minutes, 46 seconds Hello. Hello. 58:49 58 minutes, 49 seconds Yeah. Hi. So in the overall year my old uh the bar is in the range of 33%. 59:03 59 minutes, 3 seconds Okay. And uh so one more thing uh this uh uh related to this QIP we uh I mean 59:11 59 minutes, 11 seconds the purpose of QIP was that uh we will we will raise obviously capital for growth and also bring down the 59:19 59 minutes, 19 seconds shareholder uh promoter shareholding to the 75% requirement. uh but then uh since uh so I just wanted to check on 59:27 59 minutes, 27 seconds the promoter shareholding uh we have time till September 26 or we have more time for that because September 59:35 59 minutes, 35 seconds we have three years we September 2024 so we have time September 2027 59:43 59 minutes, 43 seconds okay okay thank you due to time constraint we take 59:51 59 minutes, 51 seconds this as a last question I now and the conference or director management for the closing comments. 59:59 59 minutes, 59 seconds Thank you everyone. We truly appreciate all the participants for taking the time out to join us today and for a thoughtful insightful questions. We hope 1:00:06 1 hour, 6 seconds we able to address your queries to your satisfaction. If you have any further queries I would like to know more about the company, please feel free to reach 1:00:14 1 hour, 14 seconds out our investor relations partner XB4 advisory. Wishing all of you a wonderful evening ahead. Thank you so much. 1:00:24 1 hour, 24 seconds Thank you on behalf of Noah Wealth Management Limited. That concludes this conference. Thank you for joining us. 1:00:31 1 hour, 31 seconds You may now disconnect your lines.