Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 22% y-y to INR2,666 Cr; EBITDA rose 57% y-y to INR224.6 Cr with margin expansion of 186 bps to 8.4% - PAT increased 53% y-y to INR121 Cr with PAT margin at 4.5%; H1 revenue up 31%, PAT up 52% - Retail revenue grew 31% y-y; franchisee revenue up 35%, e-com down 84% due to strategic shift - Expansion: 80 stores currently; 23 new stores planned in FY27, with franchisee-led growth in legacy and YOOU brands - Hedging coverage increased to ~80% to mitigate gold price volatility - Northern and Central India stores show strong performance with stud ratio 17.4%, stock turn 1.1x, gross margin ~35% - FY27 revenue guidance INR13,000 Cr+ with PAT margin 4-4.2%; FY29 revenue target ~INR21,000 Cr with 25% CAGR - Franchisee model dilutes gross margin but improves EBITDA margin and ROCE due to lower operating costs - Inventory turnover: legacy stores ~3.7x sustainable; YOOU brand expected 1.8-2x; new stores mature to 3.5-4x stock turn - Focus on premiumization, product mix shift to jewellery from bars/coins, and strong customer engagement with 88.6% conversion rate