• Growth and hedging: Growth normalized back above 40% following gold price stabilization, matching its historical three-year CAGR of 45–47%, while maintaining a consistent 50-50% gold hedging strategy.
• Product strategy: The company has repopulated vacated entry price points below Rs 50,000 and Rs 1 lakh with positive results, while avoiding low-margin, commodity-led products like gold coins and chains to focus on design differentiation.
• Same-store sales growth: Same-store sales growth rebounded to 34% in Q4 from 12% in Q3, returning to normal growth levels after delivering approximately 30% SSSG for the full year FY25.
• A&P spend guidance: Advertising and promotion spends will be pegged at roughly 6% of revenue going forward, which will increase in absolute terms alongside sales to fuel future growth.
• Retail network expansion: Distribution is targeted to grow by approximately 20% year-on-year, building on a store network that closed the year at around 340 stores.