1. PAT margin - 25-30% better than current 4.1% On track - At the Q3 FY26 call, management guided PAT margin to be "somewhere around 25% to 30% better" than the current 4.1% once retail reaches 25% of top line. PAT margin has improved from 4.26% in Q3 FY26 to 4.36% in Q4 FY26 and 4.75% in Q1 FY27; the implied \~5.1-5.3% level awaits the 25% retail share trigger.
2. Volume growth - 25-30% on quantum basis On track - At the Q1 FY27 call, management expects growth of around 25% to 30% on a quantum (volume) basis if prices stay at the same level. Q1 FY27 volume growth was \~15%, below the 25-30% target with the full year not yet complete.
3. FY27 B2B growth - 25% Pending - At the Q1 FY27 call, management said it expects 25% growth in the B2B segment for FY27. No B2B-specific growth figure was disclosed for Q1 FY27, where overall revenue grew 45% YoY and volume growth was \~15%.
4. Brand ambassador - Ms. Bhagyashri Borse appointed Delivered - During FY26, the company committed to appointing film actress Ms. Bhagyashri Borse as brand ambassador to support retail expansion and Vajraa Diamonds premium positioning. The appointment was completed during FY26.
5. H2 FY26 - better than H1 with better margins Delivered - At the Q2 FY26 call, management expected H2 to be better than H1 with better margins as the new retail showroom adds a few months of sale, with ornament volume growth better than the 12% achieved in H1. H2 FY26 revenue was ₹1,098.26 crores against H1's ₹952.76 crores, with EBITDA margin improving from 5.64% to 6.67%.
6. FY26 revenue growth - 25% to 30% Missed - At the Q4 FY25 call, management reiterated FY26 top-line guidance of 25% plus, and at Q1 FY26 guided FY26 revenue growth of 25% to 30% on a constant basis, calling FY26 "a very good year". FY26 total income rose 15.71% YoY to ₹2,051.02 crores, below the 25% floor.
7. FY26 retail share - double from 5% to 10% Missed - At the Q4 FY25 call, management said the B2C revenue mix would improve by a 10% addition by year-end (i.e., to \~20% from 10%), if everything works right. FY26 retail share was 10%, doubled from 5% in FY25 but short of the \~20% target.
8. Showroom capex - additional ₹7.16 crore from internal accruals Delivered - The company committed that additional funds of ₹7.16 crore required for the new showroom capex, over the original ₹8.62 crore object, would be generated through internal accruals. Capex incurred for the 10,000 sq ft flagship showroom was around ₹12 crores and the showroom opened in February 2026.
9. IPO proceeds variation - GCP funds to working capital Delivered - The company proposed varying IPO proceeds, redirecting the ₹1,200 lakh raised for General Corporate Purposes to working capital due to a sudden sales increase. The board approved the variation of ₹19.16 crore on 5th February 2024, shareholders approved on 9th March 2024, and ₹1,915.71 lakhs was utilized for working capital.
10. Related party transactions - Pathik Sales Pvt Ltd up to ₹2,500 Cr per year Pending - The company sought shareholder approval for related party transactions with Pathik Sales Pvt Ltd - purchase and sale of goods at market rates - estimated at up to ₹2,500 Cr in each of the four years FY2025-26 to FY2028-29. No actual related party transaction figures have been disclosed in the record.
11. B2B client base expansion - 1,000+ clients Delivered - At the Q2 FY26 call, the B2B customer base had expanded to 2,000 active customers, and at Q4 FY26 the company described a network of over 1,000 clients across India. By Q1 FY27 the base stood around 1,000 clients with about 500 actively billed, with Malabar Gold & Diamonds added as a client.
12. ERP implementation - analyze product demand and manage stock Delivered - At the Q4 FY26 call, management said the company is working on ERP to analyze product demand and manage stock varieties. By Q1 FY27, ERP was live in the new showroom - tracking fast-moving products, customer demand and reordering levels - and is to be replicated in upcoming showrooms.
13. Gold Savings Scheme App - launch Delivered - At the Q3 FY25 call, management had launched the Gold Savings Scheme App. The Jewellery Purchase Plan mobile application was launched during FY25 with an encouraging adoption rate, and the customer gold saving plan was in operation from Q1 FY27, being promoted to all retail clients.
14. CEPA bullion quota - maximum quantum applied Delivered - At the Q3 FY25 call, management said it had applied for "whatever the quantum, maximum quantum required" under the CEPA bullion quota. FY25 bullion sales rose to 48% of sales against 16% the prior year, driven by the CEPA allotment carrying an additional 1% to 1.25% margin on bullion sales.
15. Asset-light model for future showrooms - leased properties Pending - At the Q4 FY25 call, management said future expansions beyond the flagship will be asset-light (leased, not owned), a process that may take another 1 year after the flagship opens, reiterated at Q1 FY27. No additional stores have opened; location search for smaller-format stores was underway as of Q4 FY26.
16. Vajraa diamond brand - separate brand/retail identity Pending - At the Q2 FY26 call, management planned to expand the Vajraa diamond brand into a separate brand/retail identity "on a later stage". The Vajraa premium natural diamond jewellery brand launched during Q2 FY26 and by Q4 FY26 had given "an additional improvement in our bottom line", but no separate brand/retail identity has been established.
17. Stock split / bonus - measures for retail investors Pending - At the Q2 FY26 call, management stated that "on a future date" it will plan measures - responding to a stock split/bonus question - so retail investors can invest given SME-segment lot-size trading; at Q1 FY25 any split or bonus was not yet decided. No stock split or bonus has been announced as of Q1 FY27; authorised share capital was altered from ₹25 Cr to ₹35 Cr during FY26.
18. Quarterly results reporting - going forward Delivered - At the Q4 FY24 call, management planned to report quarterly results going forward. Quarterly results have been reported consistently across Q1 FY25 through Q1 FY27.
19. Diamond and retail segment expansion - upcoming year Delivered - At the Q4 FY24 call, management committed to expanding the Diamond and Retail segments, plus Kundan/Jadau/Polki high-margin exclusive items, in the upcoming year. The Vajraa diamond brand launched in Q2 FY26, retail share doubled from 5% in FY25 to 10% in FY26, and Kundan/Jadau/Polki items were added to the B2B segment.
20. B2B margin - 3-5% sustainable Delivered - At the Q4 FY24 call, an analyst noted the stated B2B margin of 3-5% and asked if it was sustainable going forward; Rajesh Mehta affirmed it is sustainable. B2B gold ornaments margin was 4.5-5% in Q2 FY26 and B2B EBITDA margins were \~6% in Q3 FY26, at or above the guided band.
21. Regional diversification - in next 2 years Partial - At the Q4 FY24 call, management planned regional diversification "in next 2 years", later clarifying expansion would be South India/Tamil Nadu first with other states considered later. The two-year horizon lapsed by March 2026 with no showroom outside Tamil Nadu, though revenue from other states rose to 25% in FY26 from 16% in FY24.
22. New showroom inventory - ₹150 crores planned Delivered - At the Q2 FY26 call, inventory for the new showroom was planned at roughly ₹150 crores, already funded internally, reiterated at Q3 FY26. Total inventory rose to \~₹408 crores at Q4 FY26 and approximately ₹460 crores by 30th June.
23. New showroom capex payback - 1.5 years On track - At the Q3 FY26 call, management stated capex of the new showroom "can be covered in 1.5 years". Capex incurred was around ₹12 crores with the showroom opening in February 2026, and the Q1 FY27 monthly run-rate of approximately ₹30-35 crores supports the payback math; no explicit payback calculation has been disclosed.
24. Retail store-level operating expense - 1-1.5% of EBITDA Pending - At the Q3 FY26 call, management guided retail store-level operating expense at "somewhere around 1% to 1.5% of the EBITDA". No store-level operating expense disclosure has been made in the record to verify this.
25. Marketing spend - 4-5% of revenue for B2C store Pending - At the Q4 FY25 call, management set marketing spend for the B2C store at around 4% to 5%, regional marketing only; this was later revised to 0.75%-1% of total revenue at Q3 FY26 and a 5% to 7% budget at Q1 FY27. No actual marketing spend figures have been disclosed in the record.
26. Hedging policy - frame clear transparent policy Pending - At the Q2 FY26 call, management stated it will continue to evaluate structural hedging mechanisms and frame a clear transparent hedging policy for gold price volatility. By Q3 FY26 the company described a refilling strategy - whatever is sold is bought back - with margins intact, but no formal hedging policy has been disclosed as of Q1 FY27.
27. Silver jewellery line - dedicated fine silver foray in coming quarters Pending - At the Q2 FY26 call, management planned a dedicated fine silver jewellery line foray "in coming quarters", having earlier said expansion into silver would follow demand with the major portion remaining gold. No dedicated fine silver line has been launched by Khazanchi Jewellers as of Q1 FY27; the silver business sits with sister concern Khazanchi Silvers Private Limited since 2018.
28. B2B diamond distribution - start very shortly Delivered - At the Q2 FY25 call, management said the company will "start up B2B distribution in diamonds also very shortly". The Vajraa diamond brand launched in Q2 FY26, debuted at German Jewellery Fair 2025 with an order book within one month, and carries B2B margins of \~10-12%.
29. Bullion sales reduction - to around 20% of sales Missed - At the Q2 FY25 call, management guided that bullion sales will gradually reduce to somewhere around 20% for the whole year as ornament sales improve. FY25 bullion sales instead rose to 48% of sales against 16% the prior year, driven by the CEPA allotment, moderating to around 25% of total volume by Q2 FY26.
30. No additional debt for new showroom - funded internally Delivered - At the Q4 FY24 call, management committed no additional debt for the new showroom, with working capital shifted from existing showroom stock, reiterated at Q3 FY25. FY26 non-current borrowings reduced to nil, with a ₹100 crores working-capital bank limit and no long-term debt, though working capital borrowings rose for the store and D/E moved from 0.28x to 0.35x.
31. Positive operating cash flow - FY26 and FY27 Missed - At the Q2 FY25 call, management stated operating cash flows will be positive for FY25 and, since the new store will be funded with current capital, positive the next year also; at Q1 FY27 it again expected positive cash flow. FY26 cash flow was negative - management confirmed the outflow was cash converted to inventory for the new retail store.
32. Dividend policy - 5% to 20% of annual standalone PAT Delivered - The company adopted a dividend policy to endeavor to maintain a total dividend pay-out ratio in the range of 5% to 20% of annual standalone PAT. For FY26, the board recommended a final dividend of ₹0.50 per share, about ₹12.37 crores or \~13.8% of FY26 PAT of ₹89.42 crores, within the policy range.
33. Main board migration - BSE and NSE listing On track - At the Q1 FY27 call, management announced main board migration - proposed listing on the main board of both BSE and NSE - approved by shareholders at the AGM, with the process to be completed in another 2 months and documentation to be submitted "very shortly". The board approved migration on 22nd May 2026 and 13th July 2026, and as of 13th August 2026 the company is "progressing towards migration" with the application in submission.
34. Store expansion - 8 to 10 stores over next 3 to 4 years On track - At the Q1 FY27 call, management planned to launch 8 to 10 stores over the next 3 to 4 years across geographies, a combination of flagship stores and premium boutique minimal jewellery stores. Only the flagship showroom - opened February 2026 - operates so far, with location search for smaller-format stores underway as of Q4 FY26.
35. Retail/B2C share - 40% of revenue by FY 2030 On track - At the Q1 FY27 call, management targeted increasing B2C contribution to approximately 40% of overall revenue by FY 2030, superseding earlier targets of 20-25% by FY27 and 25% over 2-3 years. FY26 retail share was 10%, with the flagship showroom running at approximately ₹30-35 crores monthly.
36. Revenue target - ₹5,000 crores by 2030 On track - At the Q1 FY27 call, management targeted a revenue mark of ₹5,000 crores by 2030, with annual revenue growth of approximately 25% to 30%. FY26 revenue was ₹2,051.02 crores and Q1 FY27 revenue grew 45% YoY to ₹586.36 crores, ahead of the \~25% CAGR pace required from FY26.
37. FY27 PAT growth - 35% On track - At the Q4 FY26 call, management said they are "confident of achieving 35%" PAT growth for FY27, with the new retail store lifting margins. Q1 FY27 PAT grew 84% YoY to ₹27.83 crores, ahead of the 35% pace with the full year not yet complete.
38. FY27 revenue growth - 25-30% (raised to 30% after Q1) On track - At the Q3 FY26 call, management guided 25%-30% YoY overall revenue growth across all verticals for FY27, calling 30% deliberately conservative, reiterated at Q4 FY26. After Q1's 45% growth to ₹586.36 crores, management raised its full-year expectation to 30%.
39. FY26 revenue - ₹2,000+ crores Delivered - At the Q2 FY26 call, management guided FY26 topline "somewhere around INR 2,000 plus crores" "as things goes good", having guided 25% to 30% growth at Q1 FY26. FY26 total income was ₹2,051.02 crores, up 15.71% YoY, crossing ₹2,000 crores.
40. Diamond sales - 5-10% of total topline in 2-3 years On track - At the Q2 FY26 call, management expected diamond sales to be around 5-10% of total topline over the upcoming 2 to 3 years, up from around 2% as of Q2 FY25. The Vajraa brand launched in Q2 FY26 with an order book within a month of its German Jewellery Fair 2025 debut, but no updated diamond share of topline has been disclosed.
41. Blended margin - reach 5% in coming 2 years Delivered - At the Q4 FY25 call, management stated the blended margin "will not necessarily reach 5% in FY26 itself, but gradually, surely in coming 2 years, it will surely reach", against a framework of B2B \~4% and B2C \~9-10%. FY26 EBITDA margin was 6.19%, up 253 bps YoY, and Q1 FY27 reached 6.82%, already above 5%.
42. B2C / retail margin - 9-11% from flagship showroom Pending - At the Q3 FY25 call, management expected B2C margin at "somewhere around 9% to 11%" from the flagship showroom, later revised through 13-14% gross, 12-13%, and 10%-12% guides. The showroom opened in February 2026 and management says it is "giving as expected results", but no retail segment margin has been disclosed post-opening.
43. New flagship showroom revenue contribution - ₹150 crores incremental B2C On track - At the Q2 FY25 call, management expected \~₹150 crores of retail addition from the new showroom in its first year, revised through ₹550 crores annually "in upcoming years", \~₹500 crores, and ₹450-500 crores. The showroom opened February 2026; the Q1 FY27 run-rate of ₹30-35 crores monthly implies ₹360-420 crores annualized, with management achieving 80-85% of the \~₹500 crores target.
44. Online presence / e-commerce platform - launch shortly Partial - At the Q4 FY24 call, management said online presence "will be implemented very shortly along with the new showroom opening", with the portal and online purchase app promised at subsequent calls and all products to go online after the flagship opens. A Gold Savings Scheme App launched during FY25, but the dedicated e-commerce platform for online sales remains unlaunched as of Q1 FY27.
45. In-house manufacturing - at least 20% of production in two years Missed - At the Q4 FY24 call, management committed that "in the coming two years, at least 20% of the production should be of in-house", reiterated at Q4 FY25 for the coming year. As of Q3 FY26 the company owns no manufacturing unit, working through tie-ups with major factories pan-India, with the FY26 annual report describing an asset-light model via authorised partner manufacturers.
46. Company growth pace - 25-30% annual revenue growth, multi-year Partial - At the Q4 FY24 call, management guided growth of "around 30% to 35% year-on-year", later committed to around 25% annually over 5 years and 25-30% "conservatively". FY25 revenue grew 115.76% but FY26 growth was 15.71% to ₹2,051.02 crores, below the 25% floor, with Q1 FY27 back at 45% YoY.
47. FY25 revenue growth - at least 25-30%, reaching ₹1,000 crores Delivered - At the Q4 FY24 call, management guided "at least 25% to 30% growth" for FY25, stating revenue "will surely reach INR1,000 crores", later refined to "somewhere 25%" at Q3 FY25. FY25 total income was ₹1,772.53 crores, up 115.76% YoY from ₹821.53 crores, crossing ₹1,000 crores by a wide margin.
48. Flagship Sowcarpet showroom - 10,000 sq ft, open by May 2025 Partial - At the Q4 FY24 call, management committed to opening a 10,000 sq ft flagship showroom at 286 NSC Bose Road, Sowcarpet, Chennai by May 2025, funded from IPO net proceeds, with the date pushed repeatedly through FY25 and FY26 before a December 2025 puja. The showroom was inaugurated on 7th February 2026 with \~₹20 crores of sales in the first 10 days and a Q1 FY27 monthly run-rate of approximately ₹30-35 crores.