Renaissance Global Ltd(RGL)

NSE: RGLBSE: 532923

₹ 151.6-5.46%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,628 crWebsite: www.renaissanceglobal.comUpdated: 24 Oct 2026

About

Renaissance Global Ltd is an India-listed jewellery company that designs and manufactures fine jewellery across three segments: owned D2C brands, licensed brands (primarily Disney), and customer brands (B2B manufacturing). The company operates manufacturing in India and a UAE facility that became operational in February 2026, and sells primarily into the United States market through its D2C portfolio including Jean Dousset and WithClarity. It reported revenue of 2813.03 (Rs crore) for FY26.^[1]

Business segments

Owned Brands (D2C) segment revenue grew 28.8% YoY to ₹88.5 crore in Q1 FY27, with EBITDA margin of 11.5% vs 10.1% in Q1 FY26.^[2]
U.S. D2C revenues grew 43.8% YoY to ₹275 crore in FY26, with EBITDA margin of 12.6% vs 11.3% a year earlier.^[3]
Licensed Brands revenue fell 21.5% YoY to ₹308 crore in FY26 and 47.8% YoY to ₹44 crore in Q4 FY26, reflecting exit from fringe licences.^[3]

Brands and products

Jean Dousset is a U.S. luxury engagement-jewellery boutique brand; RGL owns 65% after raising its stake from 38.7%, making it a fully consolidated subsidiary as of Q1 FY27.^[2]
WithClarity is a digital-first diamond jewellery brand with an annualised revenue run rate of ~₹220 crore in Q1 FY27, growing about 20% a year.^[2]
Licensed Brands centre on Disney, including Enchanted Disney Fine Jewelry sold D2C; that D2C channel was growing 30 - 40% organically as of FY26.^[3]
Lab-grown diamonds were about 40% of consolidated revenue (excluding bullion) as of Q2 FY26; natural diamonds form the balance.^[4]

Operations and manufacturing

RGL manufactures in India and at a UAE facility operational from around 20 February 2026, enabling UAE country-of-origin for U.S.-bound goods and ending bullion pass-through sales from Q1 FY27.^[5]
The Bhavnagar unit was closed in FY25 to rebalance manufacturing capacity in line with product mix, contributing to about ₹40 crore of annualised cost savings delivered in FY26.^[6][3]
Jean Dousset operates 3 boutiques as of Q1 FY27 (Los Angeles; New York, opened November 2025; San Francisco, opened 29 July 2026); each existing store generates ₹25 - 30 crore in annual sales.^[2]

Key operating metrics

Working capital days were 220 in Q1 FY27 vs 253 in Q1 FY26.^[2]
Over FY26, debtor days fell from 124 to 109 and inventory days from 169 to 122.^[3]
Licensed Brands EBITDA margin was 10.9% in Q1 FY27 vs 13.6% in Q1 FY26 and 15.5% in FY24.^[2]
Customer Brands EBITDA margin was 6.0% in Q1 FY27 vs 6.3% in Q1 FY26.^[2]
Advertising and promotion spend was ₹148.7 crore in FY26 (+11.1% YoY) and ₹36.6 crore in Q1 FY27 (+22.4% YoY).^[3]

Customers and distribution

The United States is the primary end market; U.S. D2C was ₹275 crore of FY26 revenue and is targeted at ₹375 crore in FY27.^[3]
Customer Brands serves third-party retail and branded jewellery clients B2B; RGL is exiting customers with high consignment or receivable days and sub-cost-of-capital returns.^[2]
India D2C revenue fell 59.6% YoY to ₹2.4 crore in Q2 FY26; management has no immediate plans to scale India, focusing on U.S. Jean Dousset boutiques.^[4]
Renaissance Retail Ltd was incorporated (FY25) for own-brand jewellery retail via an e-commerce website and offline stores.^[6]

Expansion and capex

Four more Jean Dousset stores (Washington D.C., Boston, Chicago, Dallas) are planned for FY27, targeting 7 boutiques by end-FY27; store payback is under 1 year.^[2]
A further 6 Jean Dousset stores are planned for FY28 (about 13 total); long-term target is about 15 stores by FY29 with ₹400 crore omnichannel revenue potential.^[2]
D2C revenue is targeted at ₹1,000 crore by FY29 with at least 15% operating margin, from about ₹500 crore in FY27.^[2]
Jean Dousset store capex including working capital is about ₹25 crore for the CY2026 expansion programme.^[5]

Recent developments

Exits from Customer Brand relationships with high consignment days are expected to cut annualised revenue by ₹300 - 400 crore by end-FY27.^[2]
Non-Disney licences (NFL, Netflix, Harry Potter, Hallmark) are being wound down; Licensed Brands refocus on Disney and Star Wars, with EBITDA margin expected to recover to 14 - 15%.^[2]
Gross debt was reduced by about ₹123 crore in Q4 FY26; net debt was about ₹200 crore against equity of about ₹1,550 crore at end-FY26.^[3]
Per the FY26 annual report, Neville Tata is re-appointed Whole-Time Director for 5 years, February 2027 to January 2032.^[7]
Per the FY26 annual report, promoter-director Hitesh Shah's consultancy fee is being raised; it will exceed 50% of all non-executive director pay in FY27.^[7]

Market Cap

₹1,628 Cr

High / Low

₹174 / 85

Stock P/E

14.9

Price / Book

1.1

Book Value

₹141

EPS

₹8.4

No. of Shares

10.73 Cr

ROCE

8.0%

ROE

6.2%

OPM

6.0%

Debt / Equity

0.33

Sales

₹2,813 Cr

Net Profit

₹90 Cr

Promoter holding

61.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Renaissance Global Ltd(RGL)

About

Business segments

Brands and products

Operations and manufacturing

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions