Khazanchi Jewellers Ltd (543953)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Khazanchi Jewellers' revenue was ₹586 Cr (+45.0% year on year, +15.3% on the previous quarter), and net profit ₹27.8 Cr (+85.5% year on year); the operating margin was 6.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹586 | +45.0% | +15.3% |
| Operating profit | ₹39.3 | +87.3% | +6.3% |
| Net profit | ₹27.8 | +85.5% | +7.0% |
| EPS (₹) | 11.16 | +82.4% | +7.9% |
| Operating margin | 6.7% | — | — |
📢 Recent Corporate Announcements
Khazanchi Jewellers reported a strong Q1 FY27 performance with revenue growing 45% YoY to ₹586.36 Cr and PAT surging 84% YoY to ₹27.83 Cr. Operating performance strengthened as EBITDA jumped 89% YoY to ₹39.98 Cr, expanding EBITDA margins by 158 bps to 6.82%. Management laid out a long-term roadmap targeting ₹5,000 Cr revenue by FY30 with 25-30% annual growth, supported by opening 8-10 retail stores to lift B2C contribution to 40%. The company expects to complete its mainboard migration from BSE SME to BSE/NSE within the next two months.
- Q1 FY27 Revenue increased 45% YoY to ₹586.36 Cr vs ₹403.84 Cr in Q1 FY26
- PAT surged 84% YoY to ₹27.83 Cr with EBITDA margin expanding 158 bps to 6.82%
- Targeting ₹5,000 Cr top-line by FY30 with retail (B2C) targeted to reach ~40% of total revenue
- Plans to launch 8 to 10 retail stores over the next 3 to 4 years across flagship and minimal jewellery formats
- Mainboard migration application process underway; expected completion within 2 months
Khazanchi Jewellers has made available the audio recording of its investor conference call conducted to discuss Q1 FY27 financial results. The call was attended by Chairman and Joint Managing Director Rajesh Mehta along with CFO Vikas Mehta. The company confirmed that no unpublished price sensitive information was shared during the meeting.
- Audio recording of Q1 FY27 earnings call uploaded to the company website
- Meeting attended by Chairman & Jt. Managing Director Rajesh Mehta and CFO Vikas Mehta
- Call follows prior intimation letter dated August 19, 2026
- Company confirmed no unpublished price sensitive information was discussed
Khazanchi Jewellers Ltd has announced an earnings conference call scheduled for Tuesday, August 25, 2026, at 04:00 PM IST to discuss its Q1 FY27 financial results. The call is hosted by Kirin Advisors and will feature Chairman & Joint Managing Director Rajesh Mehta along with CFO Vikas Mehta. For Q1 FY27 (quarter ended June 2026), the company reported revenue of Rs 585.72 crore and net profit of Rs 27.83 crore.
- Earnings conference call scheduled for Tuesday, August 25, 2026, at 04:00 PM IST
- Hosted by Kirin Advisors for discussing Q1 FY27 financial performance
- Management representation includes Chairman & Joint MD Rajesh Mehta and CFO Vikas Mehta
- Q1 FY27 baseline financials include revenue of Rs 585.72 crore and PAT of Rs 27.83 crore
Khazanchi Jewellers announced the appointment of Mrs. Simran Lodha as an Additional Director (Non-Executive Independent) for a 3-year term effective August 18, 2026, subject to shareholder approval. Concurrently, Non-Executive Non-Independent Director Mrs. Rithika Bohra has resigned from the board effective August 18, 2026. The company has also reconstituted its Audit, Nomination & Remuneration, Stakeholders Relationship, and CSR committees to reflect these board changes.
- Appointment of Mrs. Simran Lodha as Non-Executive Independent Director for a 3-year tenure effective August 18, 2026
- Resignation of Non-Executive Non-Independent Director Mrs. Rithika Bohra effective August 18, 2026
- Reconstitution of 4 key board committees: Audit, NRC, Stakeholders Relationship, and CSR
- Board meeting commenced at 06:40 PM IST and concluded at 07:30 PM IST on August 18, 2026
Khazanchi Jewellers reported a robust Q1 FY27 with revenue increasing 45.2% YoY to ₹586.36 Cr. Profitability significantly outperformed revenue growth, with PAT surging 83.7% to ₹27.83 Cr and EBITDA margins expanding by 158 bps to 6.82%. The performance was bolstered by the flagship showroom's contribution and a strategic shift toward retail. The company is also actively pursuing migration from the SME platform to the Main Board of BSE and NSE.
- Total Income grew 45.20% YoY to ₹586.36 Cr in Q1 FY27
- EBITDA surged 89.02% YoY to ₹39.98 Cr, reflecting improved operational efficiency
- PAT jumped 83.66% YoY to ₹27.83 Cr compared to ₹15.15 Cr in Q1 FY26
- EBITDA margins expanded by 158 basis points to reach 6.82%
- Quarterly EPS rose to ₹11.16 from ₹6.12 in the previous year's corresponding quarter
The Board of Directors of Khazanchi Jewellers approved the unaudited financial results for the quarter ended June 30, 2026, in a meeting held on August 13, 2026. While the specific quarterly P&L figures were not detailed in the cover letter, the company enters this period with a TTM revenue of Rs 2,050 Cr and a PAT of Rs 90 Cr. Investors should monitor the detailed filing for progress on the company's 25-30% growth guidance and its strategy to diversify beyond its 71.1% revenue concentration in Tamil Nadu. The company remains heavily reliant on the B2B segment, which currently accounts for 90% of its revenue.
- Board meeting conducted on August 13, 2026, between 03:40 PM and 03:50 PM to approve Q1 results.
- Company maintains a TTM revenue base of Rs 2,050 Cr with an operating margin of 6.1%.
- Promoter holding remains stable at 74.51% as of the June 2026 quarter.
- Business remains highly concentrated with 71.1% of revenue originating from Tamil Nadu.
- B2B wholesale segment continues to drive 90% of total company revenue.
The Board of Directors of Khazanchi Jewellers met on August 13, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The meeting was brief, lasting only 10 minutes from 03:40 PM to 03:50 PM. While specific quarterly figures were not detailed in this outcome filing, the company reported a strong TTM revenue of Rs 2,050 Cr and PAT of Rs 90 Cr leading into this period. Investors should review the full results to see if the 25-30% growth guidance is being maintained.
- Board approved unaudited financial results for the quarter ended June 30, 2026
- Meeting duration was exactly 10 minutes, concluding at 03:50 PM IST
- Statutory Auditors issued a Limited Review Report on the financial results
- Company reported TTM revenue of Rs 2,050 Cr and PAT of Rs 90 Cr as per latest context
- Promoter holding remains stable at 74.51% as of June 2026
Khazanchi Jewellers Ltd has scheduled a board meeting for August 13, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The company enters this quarter following a strong FY26, where revenue reached Rs 2,049 Cr and net profit doubled to Rs 89 Cr compared to FY25. Investors will be monitoring if the company maintains its 6.1% operating margin and its progress in expanding beyond its 71.1% revenue concentration in Tamil Nadu. The trading window for insiders remains closed until August 15, 2026.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results.
- Trading window for designated persons closed from July 01, 2026, to August 15, 2026.
- Company reported a TTM revenue of Rs 2,050 Cr and TTM PAT of Rs 90 Cr.
- Previous quarter (Mar 2026) saw revenue of Rs 508 Cr with an EPS of Rs 10.34.
Khazanchi Jewellers reported a landmark FY25-26 with total income crossing ₹2,000 Cr, driven by a 5-year PAT CAGR of 129%. Net profit margins improved significantly to 4.36% from 2.54% in the previous year, aided by favorable gold price movements and a shift toward higher-margin products like Vajraa Diamonds. The company is aggressively expanding its retail footprint, having opened a 10,000 sq ft flagship showroom and targeting ₹500 Cr in retail sales. Crucially, the management has initiated preparations to migrate from the SME platform to the Main Board in August 2026.
- Total income crossed the ₹2,000 Cr milestone in FY25-26
- Net Profit Ratio improved by 72% year-on-year to reach 4.36%
- Achieved a 5-year CAGR of 68% in Total Income and 129% in PAT
- Return on Capital Employed (ROCE) increased to 29.38% from 21.76%
- Retail segment currently contributes 10% of business with a target of ₹500 Cr
Khazanchi Jewellers reported a robust FY25-26 with total income crossing ₹2,000 Cr, supported by a 5-year PAT CAGR of 129%. The company's net profit margin improved significantly to 4.36% from 2.54% YoY, primarily due to favorable gold price movements and a shift toward higher-margin products like the new 'Vajraa Diamonds' line. A key strategic milestone is the planned migration from the SME platform to the Main Board, with eligibility expected in August 2026. The company is also targeting ₹500 Cr in retail sales, up from the current ~10% contribution to total business.
- Total income crossed the ₹2,000 Cr mark in FY25-26.
- Net Profit Ratio increased by 72% YoY, rising from 2.54% to 4.36%.
- Return on Capital Employed (ROCE) improved to 29.38% from 21.76% in the previous year.
- Retail sales target set at ₹500 Cr, aiming to accelerate from the current 10% business share.
- Main Board migration eligibility is scheduled for August 2026.
Khazanchi Jewellers has recommended a dividend of ₹0.50 per share (5% of face value) for FY 2025-26, pending shareholder approval at the upcoming AGM on August 10, 2026. A significant strategic move was announced with the board approving the migration of the company's listing from the BSE SME platform to the Main Boards of both BSE and NSE. This transition is subject to shareholder and regulatory approvals. Additionally, the company has revised its Dividend Distribution Policy to align with its current financial standing.
- Dividend of ₹0.50 per equity share of ₹10 face value (5%) recommended for FY26
- Proposed migration from BSE SME platform to the Main Board of both BSE and NSE
- 31st Annual General Meeting (AGM) scheduled for August 10, 2026
- Dividend payment to be completed within 30 days from the date of AGM approval
- Board meeting concluded within 21 minutes, reflecting efficient decision-making on these items
Khazanchi Jewellers has recommended a final dividend of ₹0.50 per share (5% of face value) for the financial year ended March 31, 2026. A significant structural update is the board's approval to migrate the company's listing from the BSE SME platform to the Main Boards of both BSE and NSE. This migration and the dividend are subject to shareholder approval at the upcoming 31st Annual General Meeting (AGM) scheduled for August 10, 2026. The company has also revised its Dividend Distribution Policy to align with its current growth and payout objectives.
- Recommended a dividend of ₹0.50 per equity share of ₹10 face value (5%) for FY26
- Approved migration from BSE SME Platform to the Main Board of both BSE and NSE
- Scheduled the 31st Annual General Meeting for August 10, 2026
- Dividend payment to be completed within 30 days of shareholder approval at the AGM
- Board meeting conducted efficiently within a 21-minute window (02:30 PM to 02:51 PM)
Khazanchi Jewellers Ltd has scheduled a board meeting for July 13, 2026, to consider and recommend a final dividend for the financial year 2025-26. This is a routine regulatory intimation under Regulation 29 of SEBI (LODR) Regulations. The meeting will determine the specific payout amount to be proposed to shareholders. Investors should note that the actual dividend distribution is subject to board approval and subsequent shareholder confirmation.
- Board meeting scheduled for July 13, 2026, to discuss shareholder payouts.
- Agenda specifically includes the recommendation of a Final Dividend for FY 2025-26.
- Intimation issued on July 08, 2026, providing the required advance notice to exchanges.
- The proposal pertains to the completed financial year ending March 2026.
Financial Performance
Revenue Growth by Segment
Total revenue grew by 115.7% YoY to INR 1,772.53 Cr in FY25. Segmental performance shows Bullion at 48% (INR 850.53 Cr), Wholesale at 47% (INR 833.81 Cr), and Retail at 5% (INR 88.59 Cr). H1 FY26 revenue continued to grow at 25.94% YoY reaching INR 952.76 Cr.
Geographic Revenue Split
The company has a high regional concentration with Tamil Nadu contributing 71.1% (INR 1,259.91 Cr) of FY25 revenue. Other cities and states account for the remaining 28.9% (INR 512.02 Cr), reflecting an early-stage national expansion strategy.
Profitability Margins
Profit After Tax (PAT) increased by 64.5% YoY to INR 44.92 Cr in FY25. For H1 FY26, PAT grew by 93.66% YoY to INR 38.70 Cr, driven by a better product mix and higher contribution from premium categories.
EBITDA Margin
EBITDA grew 55% YoY to INR 64.92 Cr in FY25. EBITDA margins saw significant expansion in H1 FY26, rising 184 bps YoY to 5.64%, while Q2 FY26 margins reached 5.94% (up 186 bps) due to strong operating leverage.
Capital Expenditure
Long-term borrowings increased from INR 18.64 Cr to INR 25.60 Cr in FY25, suggesting investment in long-term assets or store infrastructure. Specific planned CAPEX figures for FY26 were not disclosed.
Credit Rating & Borrowing
Finance costs decreased by 22.3% YoY to INR 3.73 Cr in FY25 from INR 4.80 Cr, despite a doubling of revenue, indicating highly efficient debt management and potentially improved borrowing terms.
Operational Drivers
Raw Materials
Gold (ornaments and bullion) and Silver (bullion) constitute the primary raw materials, accounting for the bulk of the cost of goods sold (estimated >90% of total expenses).
Import Sources
Raw materials are sourced through the India International Bullion Exchange (IIBX) and structured metal loan arrangements to ensure steady supply and price stability.
Key Suppliers
The company utilizes IIBX as a primary procurement platform and maintains strong banking relationships for gold metal loans.
Capacity Expansion
The company is focusing on expanding its national presence beyond its 71.1% Tamil Nadu base and increasing its footprint in the B2B wholesale segment which currently drives 90% of revenue.
Raw Material Costs
Raw material costs are highly sensitive to global commodity prices. The company manages this through a prudent hedging policy and procurement through IIBX to minimize exposure to price volatility.
Manufacturing Efficiency
H1 FY26 performance was characterized by higher inventory efficiency and disciplined growth, particularly in premium product categories.
Logistics & Distribution
The company operates a structured traceable business process from procurement to final sales across retail, wholesale, and bullion segments.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be achieved through aggressive expansion of organized retail, increasing the share of high-margin premium categories, and leveraging digital-first platforms to capture evolving customer preferences.
Products & Services
Gold ornaments, Gold bullion, and Silver bullion sold through retail and wholesale channels.
Brand Portfolio
Khazanchi Jewellers.
New Products/Services
Focus on premium jewellery categories and digital-first engagement platforms to drive higher margin sales.
Market Expansion
Expanding national presence beyond Tamil Nadu to reduce geographic concentration risk (currently 71.1% in one state).
Market Share & Ranking
Not disclosed, though the company identifies as a significant player in the South Indian market with a 50-year legacy.
External Factors
Industry Trends
The industry is shifting toward organized players and digital platforms. Khazanchi is positioning itself by expanding its wholesale reach and adopting digital-first customer engagement.
Competitive Landscape
Highly competitive with organized national players expanding aggressively and digital-first platforms gaining market share.
Competitive Moat
The company's moat is built on a 50-year legacy of trust, 100% BIS hallmarking, and deep-rooted craftsmanship, which are difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
High sensitivity to discretionary spending; any economic downturn or inflationary pressure could temper consumption of luxury items like jewellery.
Consumer Behavior
Shift toward premium categories and digital savings experiences (online payments for installment schemes).
Geopolitical Risks
Global geopolitical tensions directly impact gold procurement costs and supply chain stability, as gold is a primary safe-haven asset.
Regulatory & Governance
Industry Regulations
Strict adherence to BIS hallmarking, Anti-Money Laundering (AML) norms, and evolving customs duty policies for gold imports.
Taxation Policy Impact
The company complies with GST and Income Tax Act requirements; no undisclosed tax transactions were found in recent assessments.
Legal Contingencies
The company reports no pending litigations that would materially impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Commodity price volatility and regulatory changes regarding gold imports/GST are the primary business uncertainties.
Geographic Concentration Risk
71.1% of revenue is concentrated in Tamil Nadu, creating a high risk of regional economic or regulatory impact.
Third Party Dependencies
Significant dependency on banking relationships for liquidity and metal loans to fund the capital-intensive inventory.
Technology Obsolescence Risk
Growing reliance on digital platforms introduces cybersecurity risks; mitigated by multi-layer access controls and regular IT audits.
Credit & Counterparty Risk
High exposure in the B2B segment (90% of revenue) necessitates disciplined credit management for wholesale creditors.
