Khazanchi Jewellers · forward-looking guidance across the available source record.
Guidance tracker
Management targets 25-30% YoY revenue growth across both B2B and B2C segments, supported by retail expansion and deepened client engagement. Q1 FY27 45% growth ahead of this range but full-year expectations remain at 25-30%.
Company plans to open 8-10 company-owned stores (combination of flagship showrooms and minimal jewelry boutiques) over 3-4 years, initially in Tamil Nadu before expanding to other states. All stores will operate on asset-light satellite model.
Retail contribution targeted to increase to 40% of total revenue by 2030 from current low-single-digit levels, driven by flagship store scaling and new store launches. This mix shift expected to improve overall EBITDA margins significantly.
Ambitious topline target of ₹5,000 crore by 2030 implying ~2.4x growth from FY26 base of ~₹2,049 crore, requiring sustained 25-30% CAGR over four years with execution risk on retail expansion plan.
Management guided achieving 2,000+ crore in total revenue for FY26, driven by H2 festive seasons, wedding demand in South India, and the new showroom contribution starting January 2026.
Current retail segment operates at 9-10% margins. With the new showroom carrying premium collections (kundan, jadau, polki, diamond) and high-margin gemstone jewelry, management targets 12-13% retail margins as B2C mix improves to 20-25%.
Starting FY26 with single-digit B2C contribution (~10%), management targets reaching 20-25% B2C revenue mix by FY27 as the new 10,000 ft² showroom scales up, improving blended margins structurally.
The 10,000 ft² Chennai flagship (opening mid-January 2026) with ₹150 crore initial inventory investment is expected to generate ₹550-600 crore annual revenue, contributing meaningfully to both top line growth and profitability.
Management expects all verticals to grow at 25-30% year-on-year, with a conservative stance but potential to outperform.
Retail share of revenue to increase from current 10% to 25% within 1-1.5 years, driven by the new Chennai showroom and potential additional stores.
As retail mix increases, EBITDA margins are expected to improve 20-30% from the current 6% level, implying 7.2-7.8%.
The Chennai flagship showroom is expected to generate ₹500-550 crore in annual retail revenue with 10-11% margins.
Management reiterated its guided growth rate of 25-30% for FY27, noting it has historically delivered better than this range. The retail expansion is expected to provide additional boost to both top-line and bottom-line performance.
The company targets increasing retail's share of total sales from current ~10% to 25% within the next two financial years. Retail margins are expected to be in the 10-12% range, significantly higher than wholesale.
With higher-margin retail segment scaling up and premium Vajra diamond brand gaining traction, management expects PAT margins to continue improving beyond the current 4.36% level.
Management stated that all current expansion plans including new retail store openings in Tamil Nadu will be funded through internal accruals. No equity or debt fundraising has been planned at this stage.