Earnings call transcript Q2 & H1 FY26
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Khazanchi Jewellers reported strong Q2 FY26 results with revenue at INR 548.92 crores (up 46.25% YoY), EBITDA at INR 32.62 crores (up 112.86% YoY), and PAT at INR 23.54 crores (up 119.41% YoY). H1 FY26 revenue stood at INR 952.76 crores (up 25.94% YoY) with EBITDA margins expanding 184 bps to 5.64% and PAT up 93.66% at INR 38.70 crores. Management highlighted B2B growth with 2,000 active customers, the upcoming launch of a 10,000 sq ft flagship showroom in Chennai in mid-January 2026 (expected INR 550-600 crores annual revenue), and the new Vajraa natural diamond brand targeting 5-10% of topline in 2-3 years. FY26 revenue is targeted at INR 2,000+ crores, with plans to lift the B2C revenue mix from current 10% to 20-25% by FY27 and improve retail margins from 9-10% to 12-13%. Volume growth in ornaments was 11-12% in H1 as the company reduced low-margin bullion sales and shifted focus to higher-margin jewellery.
Strong margin expansion, a clear shift toward higher-margin retail and diamond segments, and the new showroom launch in January 2026 are positive signals for shareholders. The FY26 revenue target of INR 2,000+ crores and B2C mix expansion roadmap could support further upside, though execution of the new store ramp-up remains the key thing to watch.