Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue 2,391 Cr +61% y-y, gross profit 229 Cr +87%, gross margin 9.6% +133 bps y-y - EBITDA 189.8 Cr at 7.9% margin +90%, reported PAT 129 Cr +93%, operational PAT 135 Cr at 5.6% margin +101% - H1 FY27 revenue 4,403 Cr +68%, EBITDA 346 Cr, PAT 234 Cr +112%, operating cash flow 136 Cr vs outflow last year - Working capital cycle improved to 55 days; payables rose to 437 Cr due to diamond credit terms and scale - Advance gold 16% of business adds 110 bps to gross margin with low capital; studded jewelry 2.6% revenue - Net debt 531 Cr, interest cost 0.89% of sales, positive cash flow and margin expansion from process improvements - Management emphasizes capital efficiency, disciplined growth, and strong customer relationships - Fund raise of 1,800 Cr planned; no forward guidance due to SEBI norms but growth and margin targets remain on track