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.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Khazanchi Jewellers price & chart
Market price₹736.80
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
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
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%.
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
| Metric | Q1 FY27 | Year-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 margin | 6.82% | 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
B2B segment operating margins are around 5% to 6%, whereas retail store margins are north of 10%.
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 accounts for 15% to 20% of total sales, which has increased compared to the previous year.
Underlying growth in jewellery quantum/volumes sold during Q1 was around 15%.
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.
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
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
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.
Dedicated ERP systems implemented in the new showroom track fast-moving products and reordering levels to replicate across upcoming stores.
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
The new flagship showroom is running at a monthly revenue run rate of approximately INR30 crores to INR35 crores, closely meeting expectations.
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 flows turned negative due to inventory addition and stock buildup for the new retail store.
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 days moved from 63 days in Q4 FY26 to 73 days in Q1 FY27 due to new retail store inventory buildup.
The average working capital cycle is around 40 to 45 days in wholesale and nearly 100 to 120 days in the retail segment.
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
The company targets INR5,000 crores in revenue by 2030, aiming for a 25% to 30% CAGR.
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 pointsThe company targets INR5,000 crores in revenue by 2030, aiming for a 25% to 30% CAGR.
Initial retail store expansion will focus on Tamil Nadu before exploring other states such as Andhra Pradesh.
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 accounts for 15% to 20% of total sales, which has increased compared to the previous year.
Underlying growth in jewellery quantum/volumes sold during Q1 was around 15%.
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.
Approximately 60% of retail sales come from bridal and wedding collections, including Antique Nagas, temple jewellery, and designer collections.
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.
Dedicated ERP systems implemented in the new showroom track fast-moving products and reordering levels to replicate across upcoming stores.
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.
B2B segment operating margins are around 5% to 6%, whereas retail store margins are north of 10%.
The overall marketing budget is maintained at 5% to 7% of total earnings.
The average working capital cycle is around 40 to 45 days in wholesale and nearly 100 to 120 days in the retail segment.
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.
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 pointsManagement clarified that underlying volume growth for the quarter was around 15%, while full-year top-line growth is projected at 30%.
Management confirmed the target to take retail contribution up to 40% of overall revenue by FY2030 to enhance blended profitability.
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
- 01
Progress on the proposed BSE SME-to-mainboard migration and the required regulatory steps.
- 02
Store openings and the changing mix between retail and wholesale revenue as disclosed by the company.
- 03
Whether EBITDA margin holds as the business scales and gold-price conditions change.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.