Earnings call Transcript Q1FY26
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Khazanchi Jewellers reported Q1 FY26 total income of INR 403.8 crores (up 5.94% YoY), with EBITDA rising 57% to INR 21.15 crores and PAT up 65% to INR 15.15 crores, driven by margin expansion from lightweight and premium jewellery categories. EBITDA margin improved from 3.53% to 5.24% and PAT margin from 2.41% to 3.75%, partly aided by a strong Akshaya Tritiya season. Management pegged steady-state growth at 25-30% and highlighted an upcoming 10,000 sq ft flagship B2C showroom in Sowcarpet, Chennai, expected to open in Q2 FY26 and add INR 150 crores in revenue at 13-14% margins. Current revenue mix is 90% B2B and 10% B2C, with the flagship seen as a catalyst to rebalance towards higher-margin direct retail.
Sharp YoY jump in EBITDA and PAT despite modest revenue growth signals better operating leverage and mix shift, which is positive for shareholders. The flagship showroom launch in Q2 FY26 and management's 25-30% forward growth guidance could support sentiment, though execution and timing of retail ramp-up remain the key watchpoints.