• Q1 FY27 performance: Revenue increased by roughly 51% year-on-year to around ₹126 crore, with normalized PAT rising about 70%. Bottom-line results included an ₹11 crore one-time notional loss from a warehouse fire, which is fully covered by insurance.
• EBITDA margin stability: Normalized EBITDA margin held steady at approximately 41% despite operating leverage being reinvested into awareness and retail store expansion. The company’s physical retail footprint reached 89 stores by the end of the first quarter.
• Cash flow and leverage: Operating cash flow reached approximately ₹175 crore in FY26, covering nearly all of the ₹170 crore in capex and sustaining an EBITDA-to-cash flow conversion rate of 105%. Net debt-to-equity closed at around 0.6 following a ₹150 crore primary fundraise.
• Geographic and category expansion: Growth is expanding beyond major metros into tier-2 cities like Lucknow and Indore, alongside newer verticals such as water purifiers. Management plans to leverage existing logistics, refurbishment, and collection infrastructure to onboard additional product categories.