US D2C Revenue
₹89 Cr
+50% YoY
Direct-to-consumer revenue in the US grew 50% year-over-year to ₹89 crore in Q3.
RENAISSANCEGLOBAL
Other
10 Feb 2026
Renaissance Global Ltd — Q3 FY26
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).
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2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
D2C EBITDA Margin
11%
+300bps YoY
D2C segment EBITDA margin expanded to 11% from 8% last year, driven by operating leverage.
Inventory Days
140 days
-26 days QoQ
Inventory days reduced to 140 from 166 in September, reflecting improved working capital management.
Own Brand D2C Annualized Run Rate
~₹300 Cr
+50% YoY
9-month D2C revenue of ₹220 crore implies an annualized run rate of approximately ₹300 crore.
Management Guidance
Double-digit EBITDA margin target over 2-3 years
Management aims to achieve double-digit EBITDA margins as D2C proportion increases, currently at ~8%.
Management guidance marginsD2C to reach 20-25% of sales over long term
D2C currently 13% of sales; target is to double its share to 20-25% over the long term.
Management guidance growthThree new Jean D'Arc stores in CY2026
Expanding from two to five stores by end of calendar year 2026, with capex of ~₹25 crore including working capital.
Management guidance expansionBullion sales to stop by February 20, 2026
Bullion sales will wind down in Q4 FY26 and cease from Q1 FY27 as own UAE manufacturing is operational.
Management guidance otherKey Risks
Gold price increase impact on B2B demand
Rising gold prices may dampen consumer demand in the B2B segment, though impact is not yet visible due to lag in price pass-through.
medium · management_commentaryWorking capital cycle elongation
Cash conversion cycle has increased due to tariff-related supply chain changes and shift to lab-grown diamonds, pressuring free cash flow.
medium · analyst_questionLicense brand margin compression
Margins in licensed brands compressed from 14.8% to 13.3% due to exit of fringe licenses and associated costs.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was Renaissance Global's revenue in Q3 FY26?
Renaissance Global reported revenue of ₹963 Cr in Q3 FY26, representing a +16% change compared to the same quarter last year.
What guidance did Renaissance Global management give for FY27?
Double-digit EBITDA margin target over 2-3 years: Management aims to achieve double-digit EBITDA margins as D2C proportion increases, currently at ~8%. D2C to reach 20-25% of sales over long term: D2C currently 13% of sales; target is to double its share to 20-25% over the long term. Three new Jean D'Arc stores in CY2026: Expanding from two to five stores by end of calendar year 2026, with capex of ~₹25 crore including working capital. Bullion sales to stop by February 20, 2026: Bullion sales will wind down in Q4 FY26 and cease from Q1 FY27 as own UAE manufacturing is operational.
What are the key risks for Renaissance Global in FY27?
Key risks include Gold price increase impact on B2B demand — Rising gold prices may dampen consumer demand in the B2B segment, though impact is not yet visible due to lag in price pass-through.; Working capital cycle elongation — Cash conversion cycle has increased due to tariff-related supply chain changes and shift to lab-grown diamonds, pressuring free cash flow.; License brand margin compression — Margins in licensed brands compressed from 14.8% to 13.3% due to exit of fringe licenses and associated costs..
Did Renaissance Global meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Renaissance Global Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.