Khazanchi Jewellers Ltd

BSE: 543953

₹ 709.9-1.40%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,757 crWebsite: www.khazanchi.co.inUpdated: 24 Oct 2026

About

Khazanchi Jewellers Ltd is a Chennai-based jewellery manufacturer and retailer operating across B2B wholesale (gold ornaments, bullion, Kundan Jadau and diamond jewellery) and B2C retail segments. The company reported revenue of ₹2,049.22 Cr in FY26, with a 2,000-strong active B2B customer base served across India. It is listed on the BSE SME platform and has approved migration to the main boards of BSE and NSE.^[1][2][3]

Business segments

B2B wholesale accounted for ~75% of FY26 revenue, down from 84% in FY25, supplying gold ornaments and bullion to trade customers across India.^[4]
B2C retail rose to 25% of FY26 revenue from 16% in FY25, anchored by the flagship 10,000 sq ft showroom in Sowcarpet, Chennai that opened in approximately April 2026.^[4]
In Q1 FY27, B2C retail revenue mix continued to expand; management has raised the B2C target to 40% of total revenue by FY2030, up from a prior guidance of 20 - 25%.^[3]

Products and brands

Core product range covers gold ornaments (plain, lightweight, close-setting, Kundan Jadau, Polki) sold across both B2B and B2C channels.^[5][2]
Vajraa Diamonds is the company's natural diamond jewellery brand; it debuted at the German Jewellery Fair 2025 and secured an order book within one month.^[2]
Kundan Jadau and diamond jewellery have been added to the B2B product mix to improve B2B segment margins alongside volume growth.^[3]
An e-commerce platform covering lightweight, minimal, diamond, rose gold and silver jewellery is planned for launch; a gold saving scheme for retail customers went live in Q1 FY27.^[3]

Operations and distribution

The flagship retail showroom spans 10,000 sq ft in Sowcarpet, Chennai, opened ~April 2026; it is the company's first large-format B2C outlet.^[4]
B2B customer base stands at 2,000 active customers as of Q2 FY26, with approximately 80% repeat rate; no single client exceeds 5 - 6% of total volume.^[2][4][3]
The company holds IIBX membership (India International Bullion Exchange) as a qualified jeweller, receiving gold allotments at below-market prices.^[5]
An ERP system is live at the flagship showroom tracking fast-moving items and reorder levels; management is standardising it as a template for replication across future stores.^[3]

Key operating numbers

Jewellery volume (quantum) grew ~15% in Q1 FY27; the remaining ~30 percentage points of the 45% revenue growth were driven by gold price and mix.^[3]
Inventory turnover days were 73 days in Q1 FY27, up from 63 days in Q4 FY26 and 70 - 75 days in FY26, reflecting new showroom stocking.^[3][4]
Old-gold exchange accounted for 15 - 20% of retail sales in Q1 FY27; bridal/wedding jewellery ~60% of retail sales.^[3]
Working capital days in Q1 FY27: 40 - 45 days for wholesale and 100 - 120 days for retail; total inventory ~₹460 Cr.^[3]
Bullion contributed ~25% of total volume in Q2 FY26; the company is deliberately reducing this lower-margin category to improve blended margins.^[2]
ROCE expanded to 29.39% in FY26 from 21.76% in FY25 and 17.11% in FY24, reflecting leverage of the asset-light model.^[4]

Flagship showroom performance

In its first full quarter (Q1 FY27), the flagship showroom generated a monthly revenue run-rate of approximately ₹30 - 35 Cr, representing 80 - 85% of the ₹500 Cr annual target.^[3]
Management's long-run revenue target for the flagship showroom is ₹500 Cr annually; an earlier guidance of ₹550 - 600 Cr was cited in Q2 FY26.^[3][2]

Expansion and new stores

8 - 10 new retail stores are planned by FY2030, with an initial focus on Tamil Nadu before expanding pan-India; formats will include flagship and boutique minimal jewellery.^[3]
Future stores will use an asset-light leased model, funded through internal accruals with debt as a contingency; no external fundraising is planned.^[3][4]
Management targets ₹5,000 Cr in total revenue by FY2030, implying sustained multi-year growth from the FY26 base.^[3]

Recent developments

Shareholders at the FY26 AGM approved migration from the BSE SME platform to the main boards of BSE and NSE; management expects completion within approximately 2 months of August 2026.^[3]
Malabar Gold & Diamonds was confirmed as a new B2B client as of Q1 FY26; specific revenue contribution was not disclosed.^[5]
A customer gold saving scheme was launched in Q1 FY27 to drive repeat purchases among retail clientele.^[3]

Market Cap

₹1,757 Cr

High / Low

₹813 / 608

Stock P/E

19.6

Price / Book

5.5

Book Value

₹129

EPS

₹36.1

No. of Shares

2.47 Cr

ROCE

34.8%

ROE

32.5%

OPM

6.2%

Debt / Equity

0.35

Sales

₹2,049 Cr

Net Profit

₹89 Cr

Promoter holding

74.5%

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