Khazanchi Jewellers Ltd (543953) — concall transcript | 30 June 2026

Khazanchi Jewellers reported Q1 FY27 revenue of INR586.36 crores, up 45% YoY, with EBITDA at INR39.98 crores (+89% YoY) and PAT at INR27.83 crores (+84% YoY). EBITDA margin expanded to 6.82% (up 158 bps) and PAT margin to 4.75% (up 99 bps). Management highlighted strong B2B momentum, successful flagship showroom launch generating ~INR30-35 crores monthly revenue, and plans to open 8-10 new stores by FY2030 to push retail contribution to 40% of revenue. Revenue growth target of 25-30% CAGR is supported by B2B expansion and B2C retail scaling. Migration to main board exchanges is underway with completion expected within 2 months. Capex for retail expansion will be funded through internal earnings, with no new debt planned beyond existing INR100 crore working capital limit. Inventory turnover improved to 73 days from 63 days in Q4 FY26. Management expects margin improvement as retail share rises, targeting higher EBITDA and PAT margins despite near-term investments.