Khazanchi Jewellers Ltd Q2 FY26 – From Chennai Showrooms to Bullion Thrones: ₹549 Cr Sales, 118% PAT Surge, and Diamonds with an Attitude
1. At a Glance
Welcome to the glittering world of Khazanchi Jewellers Ltd (KJL) — a name that’s now as loud in Chennai as a Bigg Boss contestant’s exit speech. Founded in 1996, this gold and diamond powerhouse has been polishing its balance sheet and ego in equal measure. The stock currently trades around ₹742, giving it a market cap of ₹1,837 crore — and no, that’s not a typo; that’s pure 24-carat confidence.
The latest quarterly fireworks? Q2 FY26 saw revenues at ₹549 crore, up 46.2% YoY, and PAT rocketing 118% to ₹23.6 crore. Even Titan and Kalyan might’ve paused polishing their ornaments for that kind of jump. The operating profit margin rose to 6%, and EPS shot up to ₹9.52 for the quarter. With an ROE of 21.4% and ROCE at 24.1%, KJL has quietly entered the elite gold league while still operating from a modest 1,200 sq. ft showroom in Chennai.
Oh, and here’s the best part — this Chennai jeweller isn’t just selling bangles; it’s distributing 22K gold jewellery studded with Swarovski Zirconia as the sole distributor in Tamil Nadu. Clearly, this is not your average family-run shop anymore.
2. Introduction
Let’s be honest — in India, gold is less of a commodity and more of a family member. And Khazanchi Jewellers has been attending that family reunion for almost three decades. From temple jewellery that looks ready for a Rajinikanth movie to bullion trading that would make even the RBI nod in approval, KJL is covering the entire gold value chain like it’s their family WhatsApp group.
2025 has been particularly shiny for them. The company launched its Lab-Grown Diamond (CVD) vertical — basically the “vegan version” of real diamonds, just with better margins. They’ve also secured an expansion plan for a massive 10,000 sq. ft. three-floor showroom, opening in May 2025, funded by IPO proceeds. And given their penchant for design (a library of 5 lakh+ designs!), one can expect this new space to resemble a jewellery Disneyland.
In a world where jewellers struggle to look modern, Khazanchi is busy partnering with Malabar Gold & Diamonds, onboarding tech via a Gold Saving App, and securing ₹85–90 crore orders from trade fairs. Clearly, they aren’t polishing old necklaces — they’re polishing their future.
3. Business Model – WTF Do They Even Do?
Khazanchi Jewellers Ltd isn’t your typical local “Anna jewellery shop.” Think of it as a hybrid model — half bling, half bullion.
The business is divided into two major segments:
Ornaments: ~82% of FY24 revenue comes from selling jewellery across gold, diamonds, and precious stones.
Bullion: The remaining ~18% comes from trading gold and silver bars and coins — the stuff serious money hides in lockers.
They sell both retail and wholesale, which means they can cater to aunties buying wedding bangles and traders importing kilos of gold in the same breath. Their sourcing is efficient — most of their gold comes from group entity Pathik Sales Pvt Ltd, which streamlines procurement like an internal supplier network.
Their retail presence is currently limited to Chennai, but their design library (5 lakh+ options) screams expansion potential. Also, their BIS Hallmark certification and authorization from the India International Bullion Exchange (IIBX) make them look less like a family-run jeweller and more like a mini commodity exchange with chandbalis.
