1. Opening Hook
Gold prices are at record highs, weddings are supposedly “postponed,” and analysts keep saying jewellery demand is dead.
Meanwhile, Khazanchi Jewellers walks into Q2 FY26, drops a 46% revenue growth bomb, and casually says, “Demand is fine, thanks.”
This wasn’t a concall; it was a reminder that Indian weddings don’t care about macro theories. Gold goes up, consumers sulk for two months, then come back stronger.
Management sounded confident, margins expanded, and a 10,000 sq. ft. showroom is about to open right in Sowcarpet—because subtle expansion is overrated.
Read on. It gets shinier, heavier, and far more margin-accretive later. 😏
2. At a Glance
- Revenue up 46% – Gold prices screamed, Khazanchi screamed louder.
- EBITDA up 113% – Operating leverage finally flexed at the gym.
- Margins +186 bps – Bullion quietly shown the exit door.
- PAT up 119% – Accountants clearly had a good quarter.
- B2B still 90% – Wholesale runs the show, retail is warming up backstage.
3. Management’s Key Commentary
“We have built a strong presence across wholesale and retail segments.”
(Translation: B2B pays the bills, retail is about to print margins.)
“Our B2B customer base has reached 2,000 active customers.”
(Translation: Designs sell faster than PowerPoint decks.)
“The new 10,000 sq. ft. showroom will contribute ₹550 crore annually.”
(Translation: One store, half-a-billion dreams.) 😏
“Retail margins are 9–10%, expected to reach 12–13%.”
(Translation: Goodbye bullion, hello profitability.)
“Bullion margins are 1–1.5%.”
(Translation: High turnover, low happiness.)
“Diamond jewellery margins are 16–18% in retail.”
(Translation: Sparkles > spreadsheets.) 💎
4. Numbers
