1. Jean Dousset revenue potential of ₹400 crore by FY29 On track - At the Q3 FY26 PPT, management set a Jean Dousset revenue potential of ₹400 crore by FY29, from 15 stores at \~₹20 crore average plus ₹100 crore online. Jean Dousset revenue was ₹85.1 crore in 2024, with the brand growing about 30% in FY26 after acquisition.
2. Exit of consignment-heavy customer businesses, accelerating into FY27 On track - At the Q3 FY26 call, management guided that over the next couple of years it will exit consignment-heavy customer businesses that drag on inventory days, with scaling down accelerating into FY27. Q1 FY27 revenue excluding bullion was ₹690 crore, with customer brand revenue guided down sequentially in Q2 and tapering through Q3 and Q4 FY27.
3. ₹1,000 crore D2C revenue by FY29 with at least 15% operating margin On track - At the Q1 FY27 call, management reiterated the ambition to build a ₹1,000 crore D2C brand by FY29 with at least 15% operating margin. D2C revenue grew from ₹6 crore in Q1 FY21 to ₹287 crore in FY26, \~13% of sales at Q3 FY26, and Q1 FY27 owned brand revenue was ₹89 crore, up 29% YoY.
4. FY27 cash flow from operations of more than ₹300 crore Pending - At the Q1 FY27 call, management expected generation of cash flow from operations of more than ₹300 crore during FY27. No FY27 cash flow figure is yet available in our record.
5. FY27 working capital improvement of approximately ₹250 crore On track - At the Q1 FY27 call, management expected working capital improvement initiatives to deliver approximately ₹250 crore of improvements in FY27. Q1 FY27 working capital days reduced to 220 days from 253 days in Q1 FY26, an improvement of 33 days YoY.
6. FY27 PAT growth of equal to or greater than \~30% On track - At the Q1 FY27 call, management guided bottom line (PAT) to grow equal to or greater than \~30% for FY27. Q1 FY27 PAT grew \~288% YoY to ₹25.6 crore, against a weak Q1 FY26 that included restructuring costs.
7. Jean Dousset expansion to 7 stores by end of FY27 On track - At the Q3 FY25 call, management planned 3 additional Jean Dousset stores in FY26, later revised to 5 stores by end of calendar 2026, then 7 by end of FY27. The New York store opened in November 2025 and San Francisco opened end of July 2026, with 3 stores currently operating.
8. U.S. D2C revenue of ₹375 crore by end of FY27 On track - At the Q4 FY26 call, management guided U.S. D2C revenues to grow 35%-40% to ₹375 crore by end of FY27. U.S. D2C revenue was ₹275.2 crore in FY26, and Q1 FY27 owned brand revenue was ₹89 crore, up 29% YoY.
9. FY26 profitability growth of 20-30% Delivered - At the Q4 FY26 call, management guided strong growth in profitability of 20%-30% for FY26. FY26 adjusted PAT grew 35.8% to ₹100.1 crore, with PBT before exceptional items up 45% to ₹124 crore.
10. Bullion sales wind-down by Q4 FY26 Delivered - At the Q2 FY26 call, management guided bullion sales to normalize by Q4 FY26, then \~₹80 crore in Q4 FY26 with wind down from Q1 FY27. Q4 FY26 bullion sales were ₹87.8 crore, and Q1 FY27 revenue was reported excluding bullion at ₹690 crore.
11. UAE manufacturing facility on stream around December 2025 Delivered - At the Q2 FY26 call, management expected the UAE manufacturing facility to come on stream around December 10, 2025. At Q3 FY26 the facility was "now ready and operational", with bullion sales expected to stop around February 20, 2026.
12. FY26 D2C revenue target of ₹305 crore Missed - At the Q3 FY25 call, management guided D2C/Owned Brands to exceed ₹300 crore in FY26, reiterated at Q2 FY26 as "firmly on track" for ₹305 crore. FY26 Owned Brands (D2C) revenue was ₹286.9 crore, below the target.
13. Interest cost reduction given reduced debt Delivered - At the Q4 FY25 call, management expected interest costs to be lower than last year given reduced debt, with Q4 interest costs 16% lower YoY, reiterated at Q2 FY26. FY26 finance costs and interest on leases were ₹47.1 crore, down 9.5% YoY.
14. Lab-grown diamonds to become majority of business over 2 years On track - At the Q4 FY25 call, management stated lab-grown diamonds were "fully expected to become the majority of the business over the next 2 years". Lab-grown share was in the mid-30s (%) of FY25 revenue and about 40% lab-grown / 60% natural in Q2 FY26.
15. Bhavnagar land sale over 1-2 years On track - At the Q4 FY25 call, management guided Bhavnagar land to be put on the market after 3-6 months of debonding, with sale expected over 1-2 years. The facility was shut down on April 15, 2025, and as of Q4 FY26 the land had not yet been sold.
16. FY26 D2C top line growth of 40-50% Partial - At the Q4 FY25 call, management guided D2C top line to grow 40%-50% in FY26. FY26 Owned Brands (D2C) revenue grew 34.3% YoY to ₹286.9 crore, while U.S. D2C grew 43.8% to ₹275.2 crore.
17. Net debt definitely sub ₹100 crore in FY26 Missed - At the Q3 FY25 call, management committed to net debt "definitely sub ₹100 crore" in FY26. Net debt was ₹250 crore at March 2025, around ₹200 crore at Q4 FY26, and ₹267 crore at FY26.
18. Cost optimization program of ₹40-50 crore annual savings Delivered - At the Q4 FY24 result and Q1 FY25 call, management announced cost control measures of ₹20-25 crore annual savings starting Q3 FY25, raised to ₹40-50 crore at Q3 FY25 and refined to ₹50-60 crore at Q4 FY25. FY26 achieved approximately ₹40 crore in annual cost savings.
19. Irasva India retail breakeven in FY26 Missed - At the Q1 FY25 call, management guided Irasva revenue of ₹30-32 crore in FY25 and breakeven around ₹40 crore revenue, expecting to break even in FY26, reiterated at Q3 FY25. Irasva FY25 revenue was ₹22.2 crore, and FY26 India D2C revenue fell 47.4% YoY to ₹11.7 crore with EBITDA of -₹1.5 crore.
20. India retail expansion - 5 stores in FY26 Missed - At the Q3 FY25 call, management planned to open 5 India retail stores in FY26. Irasva operated 4 stores through FY25 and FY26, no new stores were opened, and management shifted to a "wait and watch" approach on the India business.
21. Inventory at \~6 months Delivered - At the Q1 FY26 call, management guided inventory at \~6 months. Inventory days were 140 at Q3 FY26, down from 166 in September, and FY26 inventory days improved from 169 to 122 days.
22. Receivable days normalization to 90-95 days Partial - At the Q1 FY26 call, management guided receivable days to normalize to 90-95 days, with the September balance sheet showing \~90 days. Debtor days were around 90 days at Q3 FY26, and FY26 debtor days improved from 124 to 109 days.
23. No tariff impact anticipated in the coming quarter Partial - At the Q1 FY26 call, management stated "I do not anticipate any impact due to tariff in the coming quarter" with all customer negotiations concluded. Q2 FY26 showed \~1% margin dilution from higher UAE manufacturing costs under the 10% US tariff, a ₹4-5 crore impact, and Q3 FY26 profit came in slightly below management's own expectations due to tariff-related volatility.
24. Double-digit EBITDA margins over 2-3 years On track - At the Q4 FY24 call, management aspired to double-digit EBITDA margins over 2-3 years, reiterated at Q3 FY26 as "that doesn't change". OPM was 6.95% in FY26 and 5.24% in Q1 FY27, still below double digits.
25. Exit of plain gold business in FY25 Delivered - At the Q4 FY24 call, management committed to exit the plain gold business in FY25, with \~₹75 crore working capital released within 6 months. The Dubai plain gold transaction closed August 1, 2024, with inventory reduction of ₹75 crore from the February 2024 peak.
26. FY25 PBT growth of approximately 25-30% Delivered - At the Q4 FY24 call, management guided FY25 PBT growth of approximately 25%-30%. FY25 PBT was ₹107.0 crore, up 25.2% YoY.
27. FY25 studded revenue growth of 10-15% Missed - At the Q4 FY24 call, management guided overall studded business revenue growth of 10%-15% for FY25. FY25 revenue from continuing operations grew 6.7% to ₹1,988 crore, with studded jewellery 84% of Q1 FY25 revenue.
28. Licensed Brands margins of 16-18% over time Missed - At the Q4 FY24 result, management expected Licensed Brands to deliver 16%-18% EBITDA margins over time, from 15.4% at the time. Licensed Brands EBITDA margin was 14.5% in FY25, 13.1% in FY26, and 10.9% in Q1 FY27.
29. Customer Brands margins return to 7-8% Partial - At the Q3 FY23 result, management expected Customer Brands to return to historical 7%-8% EBITDA margins going forward, from 4% at the time. Customer Brands EBITDA margin was 8.2% in FY25 but fell back to 6.6% in FY26, after 6.2% in FY24.
30. Zero net debt within three years from FY21 Missed - At the Q4 FY21 call, management set a three-year goal of zero net debt, reiterated at Q1 FY22, later revised to "12 to 24 months" at Q4 FY25. Net debt was ₹322 crore in March 2024 and ₹267 crore at FY26.
31. D2C EBITDA margins of 20-22% going forward Partial - At the Q3 FY21 call, management expected D2C EBITDA margins to improve to 20%-22% going forward, reiterated through Q4 FY22 as "eventually to stabilize around 20%, 22%", later revised to 15-20% in 2-3 years at Q4 FY24. D2C margins were 19% in FY22, \~6% in FY24, and 11.6% in FY26.
32. D2C margins return to historic levels in the next few quarters Missed - At the Q3 FY23 result, management expected D2C margins to return to historic levels "in the next few quarters" after Four Mine breakeven. D2C EBITDA margin fell from 12.9% in FY23 to \~6% in FY24, below the historic 20-22% level.
33. FY23 revenue of ₹1,970-2,150 crore and PAT of ₹85-100 crore Delivered - At the Q2 FY23 result in November 2022, management guided FY23 revenue to decrease 2%-10% to ₹1,970-2,150 crore and PAT of ₹85-100 crore. FY23 total income was ₹2,243 crore and PAT was ₹87.3 crore, within the guided PAT range.
34. D2C contribution of 11% of total revenue in FY23 Delivered - At the Q2 FY23 result, management anticipated D2C contribution to improve to 11% of total revenue in FY23, from 8.5% in H1 FY23. FY23 D2C revenue was ₹239 crore against total income of ₹2,243 crore, \~10.7%, and \~13.2% in Q4 FY23.
35. China launch with Lao Feng Xiang - 100-store test, potential 2,000-4,000 stores Missed - At the Q2 FY21 call, management expected the China launch with LFX in Q4 FY21 with an initial launch in about 100 stores and potential rollout to 2,000-4,000 stores. The first order shipped in Q1 FY22, but at Q4 FY22 the test "did not perform to the retailer's or company's expectations" and China was wound up by Q3 FY23.
36. Dividend policy of 15-25% of consolidated profits Partial - At the Q4 FY21 call, management announced a new dividend policy of 15%-25% of consolidated profits going forward. An interim dividend of ₹5.5 per share was declared in Q3 FY22, but no dividend was distributed for FY26, with distribution to commence once zero net debt is reached.
37. FY22 PAT growth of 18-22% over FY20 and more than 100% over FY21 Partial - At the Q4 FY21 call, management guided FY22 PAT to grow 18%-22% over FY20 PAT and more than 100% versus FY21 PAT, reiterated at Q1 FY22. FY22 PAT was ₹106.5 crore versus ₹42.3 crore in FY21, growth of 152%, but \~15.5% over FY20 PAT of ₹92.23 crore.
38. D2C scale-up - 10% of sales milestone, then ₹1,000 crore by FY29 On track - At the Q2 FY21 call, management set a first D2C milestone to cross 10% of sales, later targeted 25% of overall business at Q4 FY22 and the ₹1,000 crore D2C brand by FY29 at Q4 FY26. D2C revenue grew from ₹6 crore in Q1 FY21 to ₹287 crore in FY26, \~13% of sales at Q3 FY26.
39. Net debt-to-equity below 0.5 Delivered - At the Q1 FY21 call, management stated a long-term goal to maintain net debt to equity below 0.5, noting they were already at 0.46. Net debt-to-equity fell to 0.22 by March 2023, 0.18 by March 2025, and 0.17 by FY26.
40. ROE target of 15%+ over 2-3 years Missed - At the Q1 FY21 call, management maintained a long-term ROE target of 18%, later expected to cross 15% in FY22 and "higher than 15% in the course of the next 2 to 3 years" at Q4 FY21. ROE was 8.56% in FY23, 6.41% in FY24, 5.30% in FY25, and 5.98% in FY26, never reaching 15%.