Board approves Q2 and H1 FY27 results, notes Rs. 47,200 fines paid to BSE and NSE
Board approved unaudited standalone and consolidated results for Q2 and H1 FY27.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,054.47 | 825.25 | +27.8% | 877.04 | +20.2% |
| Total income | 1,090.03 | 894.93 | +21.8% | 879.27 | +24% |
| Profit before tax | 330.61 | 206.08 | +60.4% | 224.81 | +47.1% |
| Profit after tax | 330.66 | 209.54 | +57.8% | 221.88 | +49% |
| Total comprehensive income | 334.72 | 214.11 | +56.3% | 214.74 | +55.9% |
| Basic EPS | 0.34 | 0.30 | +13.3% | 0.23 | +47.8% |
- PAT YoY growth
- +57.8%
- Period
- 3 months ended 30 September 2026
Also decided at the meeting
- Board took note of fines of ₹ 47,200/- (including GST) each imposed by BSE and NSE for a 2-day delay in submission of trading approval application; fines already paid.
Auditor's review
Conclusion: Unmodified
- Emphasis of Matter: Note 5 on realisation of certain outstanding export receivables, additional discounts approved by AD banks; management does not anticipate any material penalty.
- Emphasis of Matter: Note 6 on management's assessment of ECL allowance on outstanding export trade receivables as at September 30, 2026, involving judgement on recoverability.
- Other Matter: subsidiaries and step-down subsidiary reviewed by other auditors, reflecting ₹ 144.15 Crore total revenue and TCI of ₹ 94.54 Crore for the quarter.
Notes to the results
- During the quarter the Company realised ₹ 142.14 crore from export receivables; bankers approved additional discounts of ₹ 13.16 crore to foreign buyers.
- Company fully repaid dues to consortium of 14 banks on 25 September 2026 under Settlement Agreement dated 30 September 2024; bank liability derecognised, securities released on 8 October 2026.
- During the quarter 9,72,22,222 equity shares of ₹1 each were allotted to Shri Balram Garg in 5 tranches on conversion of warrants at ₹ 18 issue price.
The board met on October 21, 2026 and approved the unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2026, along with limited review reports from the statutory auditor.
Quarter and half-year numbers (consolidated, as printed)
- Sales: Rs 1,054 crores in Q2FY27 against Rs 825 crores a year earlier, an increase of 28%
- Gross Profit: Rs 325 crores against Rs 193 crores, up 68%
- Operating EBITDA (excludes other income): Rs 310 crores against Rs 178 crores, up 74%
- Operating PBT: Rs 295 crores against Rs 136 crores, up 116%
- Operating PAT: Rs 299 crores against Rs 144 crores, up 107%
For the six months, Sales were Rs 1,932 crores (up 25%), Gross Profit Rs 585 crores (up 74%), Operating EBITDA Rs 551 crores (up 81%), Operating PBT Rs 518 crores (up 139%) and Operating PAT Rs 512 crores (up 129%).
On a standalone basis, Revenue from operations was Rs 910.32 crores for the quarter, Total income Rs 945.98 crores and Profit for the period Rs 240.16 crores.
What the auditor said
The review conclusion is unmodified. The auditor drew attention, as an Emphasis of Matter, to the realisation of outstanding export receivables during the quarter and the approval of additional discounts by the Authorised Dealer banks, and to the management's assessment of the Expected Credit Loss allowance on outstanding export trade receivables as at September 30, 2026. An Other Matter paragraph refers to the settlement and discharge of the company's secured banking facilities and the derecognition of the related bank liabilities.
Debt-free status
The company states it discharged the entire outstanding debt of its 14 consortium banks ahead of the scheduled due dates under the settlement agreement dated September 30, 2024, and now carries zero bank borrowings. All charges, securities, guarantees (personal and corporate) and undertakings provided by the company and its guarantors are described as fully released. The lender banks released the mortgaged assets, original title deeds and related charges on October 8, 2026.
Export receivables
Remittances of about Rs 142 Cr were received from export debtors during the quarter following negotiations. The notes state that the company realised Rs 142.14 crore from export receivables against outstanding export bills, and that bankers approved additional discounts of Rs 13.16 crore to foreign buyers. The management does not presently anticipate any material penalty in this regard.
Growth plans mentioned
- Up to 100 large-format showrooms across Tier I, Tier II and Tier III cities over the next 12–18 months, as a mix of own and asset-light franchise outlets
- MoUs with NSDC under the Government of India and with the Government of Uttar Pradesh under the CM YUVA scheme, for onboarding up to 2,00,000 and 1,000 franchisee partners respectively, aimed at Tier 4 and below markets
- A new jewellery brand focused on demi-fine and lightweight jewellery and lab-grown-diamond fine jewellery for younger and self-purchasing buyers
- On-site development work has begun at the gold mining licence in the Republic of Chad held by PCJ Mining SARL, a step-down subsidiary
Fines noted by the board
The board took note of fines imposed by BSE Limited and National Stock Exchange of India Limited of ₹ 47,200/- (including GST) each for delay in submission of a trading approval application. The update states the delay of 2 days was unintentional and that the fines have been paid to both exchanges within the prescribed time.
Share allotment
During the quarter, the board allotted 9,72,22,222 equity shares of Rs 1 each to Shri Balram Garg in five tranches, upon conversion of warrants, after receipt of the balance 75% of Rs 18 each as the issue price per warrant. The tranches were 30,50,000 shares on 30 July 2026, 1,10,50,000 on 3 August 2026, 74,07,500 on 22 September 2026, 1,18,52,500 on 23 September 2026 and 3,63,62,222 on 24 September 2026.
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More numbers
- Consolidated Sales, Q2FY271,054
- Consolidated Operating PAT, Q2FY27299
- Consolidated Sales, H1FY271,932
- Fine imposed by each exchange, including GST₹ 47,200/-
- Export receivables realised during the quarter₹ 142.14 crore
- Equity shares allotted on warrant conversion9,72,22,222
- Planned large-format showrooms100
- Standalone Revenue from operations, Q2FY27910.32
- Total income, latest quarter1,090.03 (₹ in crores)
- Total income, year-ago quarter894.93 (₹ in crores)
- Total income, previous quarter879.27 (₹ in crores)
- Total comprehensive income, latest quarter334.72 (₹ in crores)
- Total comprehensive income, year-ago quarter214.11 (₹ in crores)
- Total comprehensive income, previous quarter214.74 (₹ in crores)
- Profit after tax, latest quarter330.66 (₹ in crores)
- Profit after tax, year-ago quarter209.54 (₹ in crores)
- Profit after tax, previous quarter221.88 (₹ in crores)
- Revenue from operations, latest quarter1,054.47 (₹ in crores)
- Revenue from operations, year-ago quarter825.25 (₹ in crores)
- Revenue from operations, previous quarter877.04 (₹ in crores)
- Profit before tax, latest quarter330.61 (₹ in crores)
- Profit before tax, year-ago quarter206.08 (₹ in crores)
- Profit before tax, previous quarter224.81 (₹ in crores)
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