Revenue Update

The Company delivered a strong performance in Q1 FY27, reporting robust revenue growth of 41% YoY.

The Retail segment grew 56% YoY, with robust same-store sales growth (SSSG) of 46% YoY as the primary driver, indicating that the growth was substantially organic in nature, driven by deeper customer engagement at existing stores. As a result, the Retail segment contributed around 78% of the total revenue, which is meaningfully higher on a YoY basis.

Franchise and E-com business grew by 8% and 20% respectively YoY.

Share of gold bullion sales in Retail revenue is normalized and on a stable level of ~22% as compared to a higher share in the previous quarter. The consistent reduction in the lower-margin bullion business, alongside the rising contribution of retail and studded jewellery, continues to drive a structural improvement in the overall quality of revenue.

Product Mix

The Company recorded strong growth across categories. Diamond jewellery growth reflects the growing consumer preference for studded jewellery across our existing and new markets. As a result, the studded jewellery mix improved, with the retail stud ratio rising to 10.9%.

Notably, our recently launched stores across Northern and Central India, though still contributing around 3.4% of Retail sales, are already recording a meaningfully higher stud ratio than our established network in Maharashtra and Goa. This early evidence validates our strategy of expanding into new geographies where the preference for studded jewellery is structurally stronger. As the contribution of these stores rises with the planned expansion over the coming quarters, this mix advantage is expected to scale meaningfully at the company level.

Operational Highlights

During the quarter, our focus remained on strengthening the performance of the existing network, advancing site identification and franchise partner onboarding for upcoming launches, and building the operational readiness required to execute the expansion pipeline for the remainder of the year.

The total store count as of June 30, 2026, stood at 78 (77 in India and 1 in the U.S.A.), with the store rollout for the year planned from the subsequent quarters onwards, in line with our phased expansion calendar.

Outlook for FY27

Financial performance for the quarter remains in line with our previously stated Gross Margin and EBITDA Margin guidance for FY27, and we remain confident of delivering on the same.

Further, we remain on track with our stated plan of opening ~25 new stores during the fiscal year, taking the total store count to ~103 by the end of FY27. The rollout will be phased across the remaining three quarters of the year, with a progressively accelerating launch calendar and a franchise-led approach across both Legacy and LiteStyle formats, deepening our presence in Maharashtra while progressively expanding into Uttar Pradesh, Bihar, Central India and the NCR region.

Note: This update provides a summary of the company’s financial performance for the quarter ended June 30, 2026. The results are subject to limited review by the Statutory Auditors. Upon approval by the Board of Directors, a detailed information update will follow. The revenue figures mentioned above represent revenue from the sale of goods.