NSE: RGL · BSE: 532923
RENAISSANCE GLOBAL LTD
Jewellery maker and retailer with a growing US direct-to-consumer luxury brand called Jean Dousset. The company reported FY26 consolidated revenue of ₹2,81,303 Lakhs, of which revenue excluding bullion grew 29% YoY to ₹2,572 crore, with the US D2C business contributing ₹275 crore (up 44% YoY) at an EBITDA margin of 12.6%. The business sells luxury bridal and fashion jewellery through Jean Dousset stores to US consumers, alongside other jewellery and bullion operations. The company has opened three Jean Dousset stores so far — including a new San Francisco location in July 2026 — and plans to add stores in Washington DC, Boston, Chicago, and Dallas, taking the network to seven by FY27 end, with each store expected to generate ₹20-25 crore in annual revenue once fully operational. Materials are the single largest cost at 21.8% of revenue, followed by other operating expenses at 14.8% and employee costs at 3.6%. The company closed its Bhavnagar unit during the year (recording a ₹1,197.40 Lakhs exceptional charge), reduced gross debt by approximately ₹123 crore in Q4 FY26, and did not declare a dividend for FY26, citing Jean Dousset expansion, potential acquisitions, and debt reduction as priorities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. US D2C luxury jewellery (Jean Dousset brand), Other non-bullion jewellery, Bullion sales. Jewellery manufacturer and retailer with a growing US luxury D2C store network
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,190 | 2,237 | 2,107 | 2,081 | 2,813 |
| EBITDA (ex other income) | 182 | 162 | 158 | 159 | 183 |
| margin % | 8.3 | 7.2 | 7.5 | 7.7 | 6.5 |
| Owners' profit | 106 | 87 | 72 | 76 | 90 |
| EPS, as reported (₹) | 56.49 | 9.22 | 7.59 | 7.68 | 9.51 |
| ROE % · ROCE % | 11.5 · 15.0 | 8.5 · 11.3 | 6.4 · 10.5 | 5.2 · 8.7 | 5.8 · 9.1 |
| Debt / equity (x) | 0.61 | 0.45 | 0.44 | 0.36 | 0.32 |
| Cash from operations | 88 | 230 | (41) | (1) | 54 |
| Capex | (20) | (39) | (15) | (31) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 412 | 710 | 514 | 530 | 546 | 963 | 773 | 780 |
| Profit before tax | 14 | 32 | 20 | 9 | 24 | 42 | 37 | 30 |
| Net profit | 11 | 24 | 23 | 7 | 20 | 33 | 30 | 26 |
| EPS (₹) | 1.17 | 2.50 | 2.39 | 0.59 | 1.80 | 2.99 | 3.01 | 2.37 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.0 | 23.8 | 7 of 29 | 79% |
| P/B | 1.0 | 2.7 | 5 of 28 | 85% |
| ROCE | 6.4 | 16.7 | 22 of 28 | 22% |
| ROE | 5.8 | 14.6 | 21 of 28 | 26% |
| Debt / Equity | 0.3 | 0.3 | 15 of 28 | 48% |
| EBITDA margin | 6.4 | 10.7 | 24 of 30 | 21% |
| Revenue growth | 47.2 | 45.7 | 11 of 25 | 58% |
| Profit growth | 288.8 | 49.8 | 1 of 25 | 100% |
| Market cap | 1524 | 2932 | 20 of 30 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Renaissance Global appoints Cygnus Partners as IR agency | general | low | — | — |
| 16 Oct 2026 · ESOP allotment of 40,000 shares | capital market events | low | — | — |
| 13 Oct 2026 · Termination of Investor Relations Agency Agreement with Merlin Capital Advisors | business updates | low | — | — |
| 7 Oct 2026 · Renaissance Global gets ESG rating of 65 Strong from CRISIL | business updates | medium | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 23 Sept 2026 · RGL's promoter reclassification application rejected by BSE and NSE | regulatory legal | medium | — | — |
| 21 Sept 2026 · Renaissance Global allots 3,750 shares under ESOP 2021 scheme | capital market events | low | — | — |
| 18 Sept 2026 · Renaissance Global AGM 2026 - all four resolutions passed with over 99% majority | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Renaissance Global: Scrutinizer report on 37th AGM voting results filed | compliance | minimal | — | — |
| 18 Sept 2026 · 37th AGM held on Sep 18, 2026; key resolutions approved | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.