Khazanchi Jewellers Ltd. (KHAZANCHI) — Tipsheet

Khazanchi Jewellers slashes showroom targets, flags dilution risk

Tipsheet Editorial — Mon, 29 Jun 2026 12:42:30 GMT

Management pushed back retail mix timeline by a year and cut Chennai flagship showroom FY27 revenue goal from ₹500-550 crore to ₹125-150 crore, while reversing internal-funding stance to consider equity or debt.

What’s new

Retail mix target delayed to two to three years from previous one to one-and-a-half years.
Chennai flagship showroom FY27 revenue guidance cut to ₹125-150 crore from ₹500-550 crore.
Management now open to equity dilution or debt to fund expansion, reversing earlier internal-funding stance.

Why it matters

A sharp cut in showroom revenue guidance and a year-long timeline slip on retail mix suggest the company is far from executing its B2C strategy. The funding reversal also opens the door to equity dilution, which would hit earnings per share even as headline profits double. Credibility takes a hit.

What we’re watching

Any concrete expansion plan details in next quarter's concall.
Balance sheet: how debt or dilution funded, given negative cash flow of ₹151 crore.
Showroom ramp-up metrics: whether the Chennai flagship revenue trajectory improves.

The full read

Profit doubled to ₹89.4 crore. That's where the good news ends. Management slashed the Chennai flagship showroom's FY27 revenue target from ₹500-550 crore to ₹125-150 crore, delayed the 25% retail mix goal by a year, and reversed its internal-funding stance to now consider equity or debt. Nearly three-quarters less. The ₹151 crore negative cash flow from inventory build explains the caution, but the pattern of bold projections followed by rapid revisions does more than dent guidance — it chips away at management's credibility. At 17.4x trailing earnings, the multiple reflects a growth story that just got rewritten.

Primary source: BSE · NSE

Khazanchi expects 25%-30% revenue growth in FY27 after profit nearly doubled

Tipsheet Editorial — Mon, 08 Jun 2026 08:33:26 GMT

The jeweller is leaning on a new Chennai showroom and a bigger retail mix to sustain momentum after a strong FY26.

What’s new

Management guided for 25%-30% revenue growth in FY27, targeting a retail sales share of 25% within two years.
A new 10,000 sq ft Chennai showroom is expected to contribute ₹450-500 crore in annual revenue.
Gross margins are rising as sales shift toward higher-margin diamond jewellery under the Vajraa brand.

Why it matters

Khazanchi is taking a ₹2,051 crore business and pushing for 25%-30% growth in a single year. The plan hinges on a new flagship store hitting ₹450-500 crore in sales, a figure that would represent nearly a quarter of last year's total revenue. That is an ambitious ramp from a standing start.

What we’re watching

The first-quarter sales trajectory of the new Chennai flagship.
Whether the retail sales mix actually climbs to 25% as planned.
Any demand softening from the Prime Minister's call to pause gold buying.

The full read

Khazanchi Jewellers closed FY26 with profit after tax of ₹89.4 crore on revenue of ₹2,051 crore. Now, management is guiding for 25%-30% revenue growth in FY27. The growth plan rests on two pillars. The first is a new 10,000 sq ft showroom in Chennai, which management says will hit ₹450-500 crore in annual sales. That would make the single store responsible for nearly a quarter of last year's entire revenue. The second is a long-term push to lift the retail share of total sales to 25% from its current level, a shift expected to improve gross margins as the mix tilts toward diamond jewellery under the Vajraa brand. On the macro headwind, management played down the Prime Minister's call to halt gold purchases, citing cultural traditions and the recyclability of household gold. For a company that just posted near-100% profit growth, the guidance is ambitious but specific. The first test is the Chennai ramp.

Primary source: BSE · NSE

Khazanchi Jewellers doubles FY26 profit as board plans main-board shift

Tipsheet Editorial — Fri, 22 May 2026 18:24:33 GMT

The SME jeweler reports a 99% profit surge to ₹89.4 cr while initiating a move to the main BSE board.

What’s new

Net profit grew to ₹89.4 cr on revenue of ₹2,049 cr.
The board authorized a migration from the BSE SME platform to the main board.
Statutory auditors PSDY & Associates issued an unmodified opinion.

Why it matters

Profit growth outpaced revenue gains, shifting the firm into a higher earnings bracket. A move to the main board aims to shed the liquidity constraints typical of SME-listed entities.

What we’re watching

Timeline for regulatory approval regarding the main board migration.
Cost management to see if the current net profit trend persists.
Dividend payouts following the policy revision.

The full read

Khazanchi Jewellers ended FY26 with a profit of ₹89.4 crore, nearly doubling the ₹45.0 crore it recorded the prior year. Revenue climbed 16% to ₹2,049 crore. Auditors PSDY & Associates signed off with an unmodified opinion. The board also authorized the compliance officer to start migrating the stock from the BSE SME platform to the main board. This graduation move marks an attempt to gain institutional attention and trade liquidity. With new secretarial and internal auditors and a revised dividend policy, the company is preparing for a larger market stage. The growth is plain. The next test is how the business performs once it leaves the SME board and faces broader market scrutiny.

Primary source: BSE · NSE