• Revenue growth outlook: First-half revenue excluding gold sales grew 75% year-on-year, with the second half expected to maintain strong growth momentum. Demand is increasingly driven by consumers shifting to diamond-studded jewelry, which costs about 60% of plain gold pieces of comparable size.
• EBITDA margin protection: The company aims to sustain FY27 EBITDA margins of 25% to 27%, funding new store rollouts through IPO proceeds without taking on debt. However, upfront marketing expenses for new outlets could create a 100 to 200 basis point margin drag over the initial two to three years.
• Store rollout economics: The 15 planned company-owned stores are expected to break even in 15 to 18 months at an annual revenue run rate of ₹9 to ₹10 crore per store. Over a 24- to 36-month horizon, annual top-line contribution is projected to scale to at least ₹15 crore per mature store.