Khazanchi Jewellers LimitedQ1 FY27 Results & Financial Update

Khazanchi Jewellers Limited: Q1 FY27 results and company financials – total income ₹586.36 Cr, PAT ₹27.83 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

BSE: 543953Published 7 Sep 2026Updated 5 Oct 2026~6 min read
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Total income change+45.2%Year-on-year
PAT change+83.7%PAT · year-on-year
EBITDA margin change+158 bpsYear-on-year

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Gold-coloured bangles, used as a generic jewellery-sector illustration
Illustrative image · Ranjima np · CC0 1.0 · Source

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Quarterly Results AnalysisExplore Khazanchi Jewellers Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

Revenue increased by 45% YoY to INR586.36 crores, EBITDA grew by 89% YoY to INR39.98 crores with margins at 6.82%, and PAT rose by 84% YoY to INR27.83 crores with margins at 4.75%.

02

The company targets reaching a revenue of INR5,000 crores by 2030, with an annual revenue growth rate of 25% to 30% and increasing the B2C retail share to approximately 40%.

01 · Business model

What does Khazanchi Jewellers do?

Khazanchi Jewellers is a Chennai-based jewellery business operating in gold retail and wholesale. Its company materials also describe diamond, precious-stone and bullion products. The business traces its roots to 1971 and was incorporated in 1996.

Jewellery results can be shaped by gold prices, inventory value, product mix, wholesale versus retail mix and working-capital intensity. That makes margin movement especially important when revenue grows quickly.

02 · Historical context

What shaped the business before this quarter

The company said it had completed three years since listing on the BSE SME platform in August 2023.

Management said its B2C expansion plan envisages 8 to 10 stores over the next three to four years and targets retail contribution of about 40% of revenue by FY2030.

03 · Financial snapshot

Current quarter vs the available comparable

MetricQ1 FY27Year-ago
Total income₹586.36 Cr₹403.84 Cr
EBITDA₹39.98 Cr₹21.15 Cr
PAT₹27.83 Cr₹15.15 Cr
EPS₹11.16—
EBITDA margin6.82%5.24%

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Total income increased about 45% YoY.

Management discussed an 8–10 store B2C expansion plan over three to four years and a target for retail to contribute about 40% of revenue by FY2030.

What drove margins

Segment Margin Profiles

B2B segment operating margins are around 5% to 6%, whereas retail store margins are north of 10%.

Marketing Spend

The overall marketing budget is maintained at 5% to 7% of total earnings.

05 · Demand, customers & order book

Where demand is coming from

Old Gold Exchange Contribution

Old gold exchange accounts for 15% to 20% of total sales, which has increased compared to the previous year.

Jewellery Volume Growth

Underlying growth in jewellery quantum/volumes sold during Q1 was around 15%.

B2B Client Concentration

None of the B2B clients account for more than 5% to 6% of total revenue, reflecting a diversified portfolio of roughly 1,000 clients across South India.

Bridal and Wedding Sales Share

Approximately 60% of retail sales come from bridal and wedding collections, including Antique Nagas, temple jewellery, and designer collections.

06 · Segments, products & geography

Which parts of the business are doing the work

Geography and market mix

Retail Footprint Expansion

Initial retail store expansion will focus on Tamil Nadu before exploring other states such as Andhra Pradesh.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Retail Expansion Plan

The company plans to open 8 to 10 stores over the next 3 to 4 years, combining flagship stores and minimal jewellery boutiques primarily in Tamil Nadu initially.

ERP Implementation

Dedicated ERP systems implemented in the new showroom track fast-moving products and reordering levels to replicate across upcoming stores.

Main Board Migration

Shareholders approved the resolution to migrate from the BSE SME platform to the main boards of both BSE and NSE, expected to complete within 2 months.

08 · Reported developments

What changed operationally

Flagship Showroom Traction

The new flagship showroom is running at a monthly revenue run rate of approximately INR30 crores to INR35 crores, closely meeting expectations.

Margin Expansion

EBITDA and PAT grew considerably faster than revenue due to improving business mix, operating leverage, and economies of scale.

09 · Pressure points & risks

What is not going smoothly

Cash Flow Impact from Inventory

Cash flows turned negative due to inventory addition and stock buildup for the new retail store.

Short-Term Demand Pause

Steep surges in gold prices typically lead to a short-term slowdown in demand lasting 5 to 10 days or two weeks as customers digest price levels.

10 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Inventory Turnover Ratio

Inventory turnover days moved from 63 days in Q4 FY26 to 73 days in Q1 FY27 due to new retail store inventory buildup.

Working Capital Cycle

The average working capital cycle is around 40 to 45 days in wholesale and nearly 100 to 120 days in the retail segment.

Inventory and Bank Limits

Total inventory stood at approximately INR460 crores at the end of June, supported by a total bank working capital limit of INR100 crores with no long-term debt.

11 · Management guidance & targets

What management is targeting from here

Long-Term Revenue Milestone

The company targets INR5,000 crores in revenue by 2030, aiming for a 25% to 30% CAGR.

Full-Year Growth Targets

Management targets an overall top-line growth of 30% for the full year, backed by 25% growth in B2B and strong retail performance.

12 · Management call deep dive

What management said on the conference call

Operating takeaways

15 key points
Long-Term Revenue Milestone

The company targets INR5,000 crores in revenue by 2030, aiming for a 25% to 30% CAGR.

Retail Footprint Expansion

Initial retail store expansion will focus on Tamil Nadu before exploring other states such as Andhra Pradesh.

Inventory Turnover Ratio

Inventory turnover days moved from 63 days in Q4 FY26 to 73 days in Q1 FY27 due to new retail store inventory buildup.

Old Gold Exchange Contribution

Old gold exchange accounts for 15% to 20% of total sales, which has increased compared to the previous year.

Jewellery Volume Growth

Underlying growth in jewellery quantum/volumes sold during Q1 was around 15%.

B2B Client Concentration

None of the B2B clients account for more than 5% to 6% of total revenue, reflecting a diversified portfolio of roughly 1,000 clients across South India.

Bridal and Wedding Sales Share

Approximately 60% of retail sales come from bridal and wedding collections, including Antique Nagas, temple jewellery, and designer collections.

Retail Expansion Plan

The company plans to open 8 to 10 stores over the next 3 to 4 years, combining flagship stores and minimal jewellery boutiques primarily in Tamil Nadu initially.

ERP Implementation

Dedicated ERP systems implemented in the new showroom track fast-moving products and reordering levels to replicate across upcoming stores.

Main Board Migration

Shareholders approved the resolution to migrate from the BSE SME platform to the main boards of both BSE and NSE, expected to complete within 2 months.

Segment Margin Profiles

B2B segment operating margins are around 5% to 6%, whereas retail store margins are north of 10%.

Marketing Spend

The overall marketing budget is maintained at 5% to 7% of total earnings.

Working Capital Cycle

The average working capital cycle is around 40 to 45 days in wholesale and nearly 100 to 120 days in the retail segment.

Inventory and Bank Limits

Total inventory stood at approximately INR460 crores at the end of June, supported by a total bank working capital limit of INR100 crores with no long-term debt.

Full-Year Growth Targets

Management targets an overall top-line growth of 30% for the full year, backed by 25% growth in B2B and strong retail performance.

Important analyst Q&A

3 key points
Keval Mehta on Volume vs Value Growth

Management clarified that underlying volume growth for the quarter was around 15%, while full-year top-line growth is projected at 30%.

Rohit on Retail Share Target

Management confirmed the target to take retail contribution up to 40% of overall revenue by FY2030 to enhance blended profitability.

Miten Shah on Cash Flows and Debt

Management stated that cash flows were negative due to inventory investments for new stores, but positive cash flows are expected going forward through internal accruals.

13 · Key Q&A

The quarter, answered directly

What does Khazanchi Jewellers do?

Khazanchi Jewellers is a Chennai-based jewellery business operating in gold retail and wholesale. Its company materials also describe diamond, precious-stone and bullion products. The business traces its roots to 1971 and was incorporated in 1996.

What is the clearest takeaway from Q1 FY27?

Revenue increased by 45% YoY to INR586.36 crores, EBITDA grew by 89% YoY to INR39.98 crores with margins at 6.82%, and PAT rose by 84% YoY to INR27.83 crores with margins at 4.75%.

What drove revenue or demand?

Total income increased about 45% YoY.

What mattered most for margins or profitability?

B2B segment operating margins are around 5% to 6%, whereas retail store margins are north of 10%.

What changed operationally beyond the headline numbers?

The company plans to open 8 to 10 stores over the next 3 to 4 years, combining flagship stores and minimal jewellery boutiques primarily in Tamil Nadu initially.

What is management guiding or targeting from here?

The company targets INR5,000 crores in revenue by 2030, aiming for a 25% to 30% CAGR.

14 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

Starting point

Build your own next-quarter scenario

Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.

Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.

Scenario output
Scenario revenue / income₹0 cr
Scenario operating profit₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%

The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.

15 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Progress on the proposed BSE SME-to-mainboard migration and the required regulatory steps.

  2. 02

    Store openings and the changing mix between retail and wholesale revenue as disclosed by the company.

  3. 03

    Whether EBITDA margin holds as the business scales and gold-price conditions change.

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