• Revenue growth driver: First-half revenue grew 75% year-on-year excluding gold sales, driven by middle-class demand shifting toward affordable studded diamond jewelry as rising gold prices make heavy plain gold items costlier.
• EBITDA margin outlook: Management expects to maintain FY27 EBITDA margins between 25% and 27%, though marketing expenses for new store rollouts could cause an initial 100 to 200 basis points drag.
• Store expansion plan: The company plans to open 15 company-owned and company-operated stores over the next 24 months, funding the expansion entirely through IPO proceeds without adding debt.
• New store economics: Each new store is targeted to achieve break-even within 15 to 18 months with an annual revenue run rate of ₹9 to ₹10 crore, scaling to at least ₹15 crore per year within two to three years.