Khazanchi Jewellers (543953) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 growth was supported by festival demand, a richer product mix and operating leverage.

• Management cited Q3 volume growth of 7%-10%, with higher-margin verticals growing as some lower-margin volumes were reduced.

• Retail expansion, premium and diamond jewellery, B2B growth, and investment in design and technology are central strategic priorities.

• Unaudited results for the quarter and nine months ended Dec. 31, 2025 were approved; the limited review found no indication of material misstatement.

Financial highlights

• Q3 FY26 revenue from operations was ₹58,902.18 lakh vs ₹39,372.25 lakh, up 49.6% YoY; EBITDA was INR 35.34 crore, up 114.51%.

• Q3 PAT before OCI was ₹2,512.84 lakh vs ₹1,237.15 lakh, up 103.02% YoY; EPS was ₹10.12 vs ₹5.00.

• 9M FY26 revenue was ₹1,54,136.19 lakh vs ₹1,14,995.38 lakh; EBITDA was INR 89.12 crore, up 96.91%.

• 9M PAT was ₹6,382.41 lakh vs ₹3,240.92 lakh; EPS was ₹25.76 vs ₹13.10.

• 9M total comprehensive income was ₹6,374.37 lakh vs ₹3,242.54 lakh.

Outlook and guidance

• Revenue growth guidance is 25%-30% YoY; management characterized 30% growth as a constrained target across business verticals.

• Retail contribution is targeted to rise from 10% to 25%; management cited a 1- to 1.5-year estimate in Q&A and a 2- to 3-year vision.

• Chennai showroom revenue is expected to reach INR 500-550 crore in upcoming years; Q4 FY26 includes only ~1.5 months of contribution.

• Margins are expected to improve with higher retail share, premium products and higher-value designs; retail EBITDA margins were cited at 10%-12%.