Transcript of Conference Call held on May 15, 2026

P N Gadgil Jewellers crossed INR10,000 crores revenue for the first time in FY26, reporting consolidated revenue of INR10,739 crores (40% YoY). Q4 FY26 revenue was INR3,544 crores, up 123% YoY, driven by strong festive demand and event-led sales (Foundation Day INR365 crores, Gudi Padwa INR171 crores, Gratitude Day INR225 crores). The company added 12 new stores in Q4, taking total count to 78 stores across 36 cities. Gross margin for Q4 declined to 9.7% due to higher share of gold bars and coins (40% of Q4 sales vs. 28% in Q4 FY25), lower studded jewellery mix, promotional discounts (INR50+ crores), and increased franchise proportion (franchise margins 2.5-3%). Full-year gross margin stood at 12% with EBITDA margin of 6.6% and PAT margin of 3.8%. FY27 guidance is INR13,500 crores revenue with EBITDA margin 7-7.5% and PAT margin 4%. Management views Q4 margin dip as largely one-time and mix-driven. Inventory hedging was increased from 57% (Q4 FY25) to 67% (Q4 FY26), with a target of 75-80% in FY27.