Transcript of Conference Call held on July 28, 2026

AI summary - Q1 FY27 revenue grew 41% y-y to INR2,413 Cr; EBITDA up 57% to INR192.4 Cr (8% margin); PAT rose 52% to INR105.3 Cr (4.4% margin) - Retail revenue grew 56% with 46% same-store sales growth; franchise and e-commerce grew 8% and 20% respectively - Studded jewellery ratio improved to 10.9% overall; Litestyle format studded ratio at 32.9%, targeting 50%+ in 2 years - Plan to open ~25 stores in FY27, reaching ~103 stores; expansion focused on franchise-led growth in Maharashtra, UP, Bihar, Central India, NCR - Gross margin adjusted for hedging gains improved by 40-50 bps; retail gross margin target 12.5%-13.5% with current studded mix - Other expenses controlled, increased only 5% in Q1 due to conservative marketing and no new store openings; annual other expenses guided around INR400 Cr (~3% of sales) - Borrowings stable at ~INR1,200 Cr excluding gold metal loans; plan to reduce total debt by INR500-600 Cr by FY29 and be debt-free in 4-5 years - Hedging target: 80% by Q3 FY27, 90-100% by next year; hedging gains expected to normalize - PAT margin guidance for FY27 around 4.1%-4.25% excluding hedging gains - No cannibalization expected in Maharashtra due to strategic store placement; gaining market share from unorganized players - Franchise revenue growth muted due to timing and B2B nature; focus on improving B2C data access and economics - Inventory turns stabilized around 3.5-4x after refinery and B2B sales rationalization - Promoter shareholding >75%; plans for QIP…