1. Opening Hook

What’s shinier than a diamond? A CFO explaining tariffs with a straight face. Renaissance Global’s Q1 FY26 wasn’t just a financial call—it was a Netflix drama where lab-grown diamonds saved the plot, tariffs played villain, and Bhavnagar facility got written off like a side character. Revenue soared 43%, but margins still played peekaboo. The US consumer apparently doesn’t mind higher jewelry prices—because why worry about rent when you can still buy a shiny rock? Keep reading, the fun lies in tariffs, tariffs, and yes—more tariffs.

2. At a Glance

• Revenue ₹530 Cr – Glittering +43% YoY.
• PAT ₹19 Cr – Up 20%, diamonds stayed loyal.
• Adjusted PBT ₹32 Cr – Without tariffs, story looks like a blockbuster.
• EBITDA ₹41 Cr – Grew 13%, still not Oscar-worthy.
• Cost Savings ₹12 Cr – Bhavnagar shutdown = annual diet plan of ₹50 Cr.
• Net Debt-Equity 0.19 – Debt reduced, lenders less cranky.

3. Management’s Key Commentary

Quote: “Revenue grew 43% despite tariffs.”
(Translation: We’re shining even when Uncle Sam taxes us for existing.)

Quote: “Bhavnagar facility closed, saved ₹12 Cr this quarter.”
(Translation: Sometimes cutting costs = firing the ugly duckling plant.)

Quote: “US tariffs add ~₹11 Cr hit, but we adjusted.”
(Translation: We sent the bill to customers. They didn’t unfollow us yet.)

Quote: “D2C business up 37%.”
(Translation: Millennials still buying jewelry on Instagram ads.)

Quote: “Customer brands revenue grew 67%.”
(Translation: Part tariff pre-booking, part lab-grown diamond glow-up.)

Quote: “Receivables at 124 days, will normalize to 90.”
(Translation: Relax, our clients aren’t ghosting us forever.)

Quote: “Domestic brand IRASVA stuck at ₹25 Cr.”
(Translation: India doesn’t want our bling yet, we’re in ‘wait and watch’ mode.)

4. Numbers Decoded

5. Analyst Questions

Paresh Shah: “Topline same for 8 yrs, working capital worse. What’s up?”
(Mgmt: Old