Transcript of first earnings call: Q2 revenue up 25% YoY to INR 626 crores, PAT up 37%
Deepa Jewellers has released the transcript of its first earnings conference call, covering Q2 and H1 FY27.
By ScoutQuest · · 3 min read
- Q2 FY27 Revenue
- INR 626 crores, up 25% YoY
- Q2 FY27 PAT
- Rs. 37 crores, up 37%
- H1 FY27 Revenue
- INR 1057 crores, up 30%
A first earnings call
This transcript records the company's first ever earnings conference call, held after its listing, covering the quarter and half year ended September 30, 2026. Management was represented by Whole-Time Director Dev Agarwal and Chief Financial Officer G. K. Srinivas.
What the company does
- A South India focused B2B jewellery manufacturer, with a strong presence in traditional vaddanam (a gold waist belt) and CNC machine cut bangles.
- Operates mainly across Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and Kerala.
- Portfolio of 16 product categories, approximately 110 SKUs and more than 24,000 designs.
- Around 373 customers, including 47 jewellery retail chains.
- Management said South India accounts for approximately 40% of India's gem and jewellery market.
Q2 FY27 financials
- Revenue from operations: INR 626 crores, a YoY growth of 25%.
- EBITDA: INR 45 crores, up 17% YoY, with EBITDA margin at 7.24%.
- Profit after tax: Rs. 37 crores, up 37% YoY, with PAT margin at 5.96%.
H1 FY27 financials
- Revenue from operations: INR 1057 crores, up 30% YoY.
- EBITDA: INR 84 crores, up 24% YoY, with EBITDA margin at 7.95%.
- Profit after tax: INR 64 crores, up 32% YoY, with PAT margin at 6.07%.
On margins, the CFO said EBITDA margins were impacted by lower gross margins and a marginal increase in employee expenses, while PAT margins improved YoY, supported by higher other income and a lower tax outflow.
The CFO attributed the moderation in growth during the second quarter primarily to the shift in festive demand. He said the business typically follows a seasonal pattern in which the first half contributes around 40% of annual revenue, with a larger share accruing in the second half.
Volumes
- Q2 FY27 total operating volume: 809 kgs, up 13% YoY.
- Q2 processing and manufacturing volumes: 491 kgs, described as broadly stable.
- Q2 job work volumes: 318 kgs, up 44% YoY.
- H1 FY27 total operating volume: 1327 kgs, up 12% YoY.
- H1 processing and manufacturing volumes: 783 kgs, down 5% YoY.
- H1 job work volumes: 544 kgs, up 51% YoY.
Management said growth in job work volumes is strategically positive because the segment offers higher margins, lower working capital requirements and no exposure to gold price fluctuations, since the gold is provided by the customer.
Operational developments during the period
- In-house manufacturing facility in Hyderabad commenced in September 2026, spread across approximately 6,700 square feet. Management said this should give greater operational flexibility and a stronger base to scale the business.
- A second sales office in Chennai is planned at the end of the third quarter, in December.
- From 1st October onwards, both promoters and executive directors, Ashish Agarwal and Dev Agarwal, plan to not draw any salaries from the business, which management linked to encouraging business profitability and long-term growth.
What management said about the road ahead
- The shift in festive demand into the second half, along with the fresh issue proceeds, is expected to support the growth trajectory in the second half of FY27.
- Priorities remain sustainable revenue growth, operational efficiency and prudent management of working capital.
- Focus areas include strengthening the core manufacturing business, expanding job work operations and improving utilisation of manufacturing capabilities.
Also from Deepa Jewellers
CIN changed from U-prefix to L-prefix; MCA listing status now shows Yes
5 Nov 2026
Deepa Jewellers makes audio recording of Oct 27, 2026 earnings conference call on Q2/H1 FY2026 results available
27 Oct 2026
Deepa Jewellers Q2 FY27 revenue up 24.6% to INR 6,256 Mn, PAT up 37.1%; Hyderabad manufacturing facility starts operations
26 Oct 2026
More numbers
- Q2 FY27 revenue from operationsINR 626 crores
- Q2 FY27 EBITDAINR 45 crores
- Q2 FY27 profit after taxRs. 37 crores
- H1 FY27 revenue from operationsINR 1057 crores
- H1 FY27 EBITDAINR 84 crores
- H1 FY27 profit after taxINR 64 crores
- Q2 FY27 total operating volume809 kgs
- H1 FY27 total operating volume1327 kgs
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