Khazanchi Jewellers Migrates to Mainboard, Targets ₹5,000 Cr Revenue by FY2030
Khazanchi Jewellers Limited issued a press release highlighting its successful migration from the BSE SME platform to the Main Board of BSE and NSE, effective October 27, 2026. Following the migration, the company laid out a roadmap to scale revenue from ~₹2,000 crore to over ₹5,000 crore by FY2030, driven by a 25% to 30% annual revenue growth rate. The strategic shift aims to expand high-margin B2C retail to 35%-40% of revenues (from ~10% currently) by rolling out 8 to 10 new stores and raising operating margins to 8%-9%.
high confidence
What changedFormalized public vision following successful Mainboard migration from BSE SME on October 27, 2026, outlining targets to reach ₹5,000 crore revenue by FY2030.
Why it mattersMainboard listing broadens institutional visibility and equity liquidity, while the pivot from low-margin wholesale (90% B2B) to retail (40% B2C) could structurally expand operating margins.
Current Revenue Base: approximately ₹2,000 croreTarget Revenue by FY2030: over ₹5,000 croreTarget Operating Margins: 8% to 9%Target Annual Revenue Growth: 25% to 30%Target B2C Share of Revenue: 35% to 40%Planned Store Openings: 8 to 10 new stores
📅 Short termEnhanced liquidity and trading visibility following migration to NSE and BSE Mainboard.
📈 Long termSuccess depends on execution of retail expansion, scaling the 'Vajraa' studded jewellery brand, and managing working capital while opening 8-10 large-format stores.
⚠ Risk flags
- Execution risk in retail store rollout and geographic expansion beyond the home state
- Working capital intensity typically required for retail jewellery inventory
👀 What to Watch
Track quarterly progress on store additions (8-10 planned), revenue mix shifts toward B2C, and operating margin trajectory toward the guided 8%-9% range.
