RETAIL - JHS Svend.Retail
📢 Recent Corporate Announcements
JHS Svendgaard Retail Ventures Limited has announced the appointment of M/s R. Khattar & Associates as the company's Internal Auditor. The appointment, approved during the board meeting on February 13, 2026, covers a three-year tenure from FY 2025-26 to FY 2027-28. The auditing firm is led by Ranjit Khattar, a Chartered Accountant with over 30 years of experience across various sectors including hospitality and automobiles. This move is a standard regulatory compliance procedure under SEBI guidelines.
- Appointment of M/s R. Khattar & Associates as Internal Auditor for a 3-year period.
- The audit tenure spans from financial year 2025-2026 to 2027-2028.
- Managing Partner Ranjit Khattar brings over 30 years of experience in financial services and audit.
- Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
JHS Svendgaard Retail Ventures reported a standalone net loss of ₹2.46 Lakhs for the quarter ended December 31, 2025, a decline from a marginal profit of ₹0.97 Lakhs in the preceding quarter. Total standalone income for the quarter was ₹23.95 Lakhs, with core operational revenue contributing only ₹7.83 Lakhs. The company is currently utilizing proceeds from a preferential warrant issue, having deployed ₹861.70 Lakhs into investments and ₹448.76 Lakhs as advances to its subsidiary. The board also appointed M/s R. Khattar & Associates as the Internal Auditor for a three-year tenure.
- Standalone revenue from operations remains minimal at ₹7.83 Lakhs for Q3 FY26 compared to ₹6.77 Lakhs in Q2 FY26.
- Reported a standalone net loss of ₹2.46 Lakhs for the quarter, down from a profit of ₹0.97 Lakhs in the previous quarter.
- For the nine-month period ended Dec 31, 2025, the company recorded a standalone net loss of ₹17.18 Lakhs on a total income of ₹155.65 Lakhs.
- Out of ₹1,608.92 Lakhs raised via warrants, ₹861.70 Lakhs was used for investments and ₹448.76 Lakhs was advanced to a subsidiary.
- Appointment of M/s R. Khattar & Associates as Internal Auditor for FY 2025-26 to 2027-28 approved.
JHS Svendgaard Retail Ventures Limited has responded to a clarification request from the National Stock Exchange regarding discrepancies in its financial results for the quarter ended September 30, 2025. The company explained that it inadvertently filed half-yearly figures instead of specific second-quarter results in its initial XBRL submission on November 14, 2025. A revised filing was submitted on January 12, 2026, to rectify the error. The exchange has acknowledged the revised submission, and the company has requested that the matter be treated as duly complied with.
- NSE sought clarification on January 9, 2026, regarding discrepancies in the XBRL filing for the quarter ended September 30, 2025.
- The company admitted to a clerical error where half-yearly figures were selected instead of Q2 results during the November 14, 2025, filing.
- Revised integrated financial results were filed and broadcasted on the NSE portal on January 12, 2026.
- The company has provided the NSE confirmation email as proof of the rectified submission.
JHS Svendgaard Retail Ventures Limited has filed its Structured Digital Database (SDD) compliance certificate for the quarter ended December 31, 2025. The company confirmed that it maintains a non-tamperable internal database to track Unpublished Price Sensitive Information (UPSI) in accordance with SEBI regulations. During the quarter, one specific event requiring UPSI tracking was identified and successfully recorded in the system. No instances of non-compliance were reported, demonstrating adherence to insider trading prevention protocols.
- Confirmed full compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter ended December 2025.
- Successfully captured 1 event involving Unpublished Price Sensitive Information (UPSI) during the period.
- Maintains a non-tamperable internal database with an audit trail capability of 8 years.
- Reported zero non-compliance issues regarding the maintenance of the Structured Digital Database.
JHS Svendgaard Retail Ventures Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended December 31, 2025, all physical share certificates received for dematerialization were duly processed. The company's Registrar, Alankit Assignments Limited, verified that these certificates were mutilated and cancelled. This is a mandatory procedural update ensuring the transition from physical to electronic shareholding is recorded correctly.
- Quarterly compliance certificate submitted for the period ending December 31, 2025.
- Confirmation provided by Registrar and Share Transfer Agent, Alankit Assignments Limited, on January 7, 2026.
- Physical share certificates received for dematerialization were mutilated and cancelled as per SEBI guidelines.
- The name of the depository has been substituted in the records as the registered owner for the processed shares.
JHS Svendgaard Retail Ventures Limited has announced the closure of its trading window for all insiders and designated persons starting January 1, 2026. This action is in compliance with SEBI insider trading regulations ahead of the upcoming financial results. The closure pertains to the un-audited financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the results are officially declared to the stock exchanges.
- Trading window closure begins on January 1, 2026, for all designated persons and their relatives.
- Closure is linked to the declaration of financial results for the quarter and nine months ended December 31, 2025.
- The window will reopen 48 hours after the financial results are made public.
- The specific date for the Board Meeting to approve the results will be communicated at a later date.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew by 23.7% YoY, increasing from INR 1,304.81 Lakhs in FY24 to INR 1,614.14 Lakhs in FY25. Total income, including other income, rose 26.4% to INR 2,097.92 Lakhs.
Profitability Margins
Net profit margin for FY25 stood at 0.56% (INR 11.75 Lakhs). Profit before tax (PBT) margin saw a sharp decline from 1.75% in FY24 to 0.05% in FY25, primarily due to a 34.8% increase in employee costs and a 214.9% surge in finance costs.
EBITDA Margin
Operating profit before working capital changes was INR 307.85 Lakhs in FY25, representing an EBITDA-equivalent margin of 14.7% of total income, compared to 2.8% in FY24.
Capital Expenditure
Depreciation and amortization expenses were INR 278.31 Lakhs in FY25, a significant increase from INR 226.18 Lakhs in FY24, indicating recent additions to fixed assets or retail infrastructure.
Credit Rating & Borrowing
Finance costs increased by 214.9% YoY to INR 101.20 Lakhs in FY25, suggesting a substantial increase in debt levels or higher interest rates on borrowings.
Operational Drivers
Raw Materials
Stock-in-trade (Retail inventory) represents the primary cost of goods, totaling INR 837.45 Lakhs in FY25.
Capacity Expansion
The company expanded its corporate structure by acquiring a new subsidiary, PJHS Entertainment Private Limited, during the H1 FY26 period.
Raw Material Costs
Purchases of stock-in-trade accounted for 51.9% of revenue from operations in FY25 (INR 837.45 Lakhs), compared to 54.3% in FY24.
Manufacturing Efficiency
Not applicable as the company operates in the retail/trading sector; however, employee efficiency is a concern as employee benefits expense reached 45.3% of revenue.
Logistics & Distribution
Other expenses, which include distribution and operational costs, rose 42.8% to INR 192.22 Lakhs in FY25.
Strategic Growth
Expected Growth Rate
23.70%
Growth Strategy
Growth is being driven by the acquisition of subsidiaries like PJHS Entertainment Private Limited and a 23.7% increase in operational revenue. The company is focusing on scaling its retail ventures while maintaining internal financial controls to manage the risks associated with rapid expansion.
Products & Services
Retail trading goods and services provided through its retail venture outlets.
Brand Portfolio
JHS Svendgaard Retail Ventures.
New Products/Services
Expansion into entertainment-related retail through the newly acquired subsidiary PJHS Entertainment Private Limited.
Market Expansion
The company transitioned from a Private Limited to a Limited company (JHS Svendgaard Retail Ventures Limited) to facilitate broader market participation.
Strategic Alliances
Acquisition of PJHS Entertainment Private Limited as a subsidiary.
External Factors
Industry Trends
The retail sector is evolving towards stricter regulatory compliance, evidenced by the mandatory implementation of audit trail software for all transactions from April 2024.
Competitive Landscape
Operates in a competitive retail environment requiring high working capital, as seen in the INR 179.21 Lakhs operating profit before working capital changes being offset by inventory and receivable adjustments.
Competitive Moat
The company's moat is currently weak, characterized by low margins (0.56% net) and high sensitivity to operational costs like employee benefits and interest rates.
Macro Economic Sensitivity
Highly sensitive to consumer spending trends and interest rate fluctuations due to the 214.9% increase in finance costs.
Consumer Behavior
Shift towards organized retail ventures, supporting the 23.7% revenue growth.
Regulatory & Governance
Industry Regulations
Compliance with Section 143(3) of the Companies Act 2013 and Rule 3(1) of the Companies (Accounts) Rules 2014 regarding audit trails and internal financial controls.
Taxation Policy Impact
The company benefited from a deferred tax credit of INR 10.75 Lakhs in FY25, which turned a PBT of INR 1.01 Lakhs into a Net Profit of INR 11.75 Lakhs.
Legal Contingencies
The auditor reported that there are no instances of tampered audit trails and the company has maintained proper books of account as required by law.
Risk Analysis
Key Uncertainties
Management override of controls and collusion are noted as inherent limitations that could lead to undetected material misstatements.
Third Party Dependencies
Dependency on the parent company and the newly acquired subsidiary PJHS Entertainment Private Limited for consolidated performance.
Technology Obsolescence Risk
Risk of inadequate internal financial controls if accounting software and audit trail features are not continuously updated to meet changing conditions.
Credit & Counterparty Risk
Trade receivables decreased by INR 6.82 Lakhs in H1 FY26, suggesting active management of credit exposure.