Earnings call Transcript Q3 & 9M FY26
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Khazanchi Jewellers reported strong Q3 FY26 results with revenue of INR589.26 crores (up 49.6% YoY) and PAT of INR25.13 crores (up 103% YoY), driven by margin expansion and improved product mix. For 9M FY26, revenue grew 34% to INR1,542 crores with EBITDA margins expanding 185 bps to 5.78%. Management opened a new 10,000 sq ft flagship showroom in Chennai on Feb 7, generating INR20 crores in sales within the first 10 days. The company plans to scale retail contribution from 10% to 25% over the next 2-3 years, guided by a target of INR500-550 crores in annual revenue from the new showroom. Management guided for ~30% growth across verticals and expects EBITDA margins to improve 20-30% from current 6% levels as retail mix rises.
Strong margin expansion (EBITDA up 114%, PAT up 103% in Q3) combined with clear retail-led growth strategy and new store traction signals robust business momentum. The retail pivot from 10% to 25% mix could materially lift profitability, though execution risk on the showroom ramp-up and dependence on gold price stability remain key variables for shareholders.