Q4 25/26

Jun 4, 2026

Summary

FY26 total income rose 15.71%, while EBITDA and PAT nearly doubled, with margins expanding. Management targets 25%-30% growth and a higher retail mix, supported by showroom expansion and premium products.

Ladies and gentlemen, good day and welcome to the Khazanchi Jewellers Limited, H2 FY26 and FY26 results conference call. As a reminder, all participant lines will be in a listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note, this conference is being recorded. I now hand the conference over to Mr. Harshil Ghanshyani from Kirin Advisors. Thank you, and over to you, sir. Yes, thank you. On behalf of Kirin Advisors, I welcome you all on the Q4 FY26 and FY26 conference call of Khazanchi Jewellers Limited. From the management team, we have Mr. Rajesh Mehta, Chairman and Managing Director. We have Mr. Vikas Mehta, Chief Financial Officer. With that, now I hand over the call to Mr. Rajesh Mehta. Over to you, sir. Thank you. Thank you so much, Harshil. Thank you. A very good afternoon, everyone, and thank you for joining us today. It's a pleasure to welcome you to discuss our performance for the second half and full year ended FY26. For those joining us for the first time, Khazanchi Jewellers is a legacy-driven jewelry company with over five decades of experience, operating across both wholesale and retail segments. We offer a diversified spanning gold, diamond, and precious stone jewelry, supported by a strong design library and asset-light manufacturing model, and a growing retail presence. Our focus remains on combining traditional craftsmanship with modern design while maintaining strict quality and hallmarking standards. FY26 has been a landmark year for the company, reflecting strong growth momentum, improved operating efficiency, and successful execution of our strategic priorities. The second half of the year was particularly encouraging, supported by sustained festival and wedding demand, improved realization, and a better product mix across both our segments, wholesale and retail. Our integrated business model and disciplined approach to cost and inventory management has enabled us to deliver consistent and profitable growth. On the B2B front, we continue to strengthen our relationship with a growing network of over 1,000 clients across India. Our ability to cater to large-volume orders with design differentiation and timely execution remains a key driver of our scale and stability. In the B2C segment, FY26 marks a significant step forward with a successful launch and scaling of our large-format flagship showroom in Delhi. This expansion not only enhances our brand visibility, but also position us strongly to capture higher-margin opportunities and improve overall realization. Furthermore, our strategic focus on premiumization, particularly through our diamond jewelry segment under the brand Vajraa Diamonds, is gaining traction. The positive response from customers and I am sorry. The positive response from customers and trade channels reinforces our confidence in driving value-led growth through design innovation and category expansion. At the same time, we remain highly confident about the long-term outlook for the jewelry industry. Gold is not merely a commodity in India. It is deeply embedded in our culture, tradition, wedding, and festival. Recently, PM Modi ji, our Prime Minister, has urged citizens to stop gold purchases for a year to help manage the current account deficit and currency pressures. Completely stopping gold buying is unlikely. In India, many customs and ceremonies are considered incomplete without gold. Gold serves a dual purpose. It is not only essential for tradition and wedding, but also acts as a secure long-term asset and financial safety net. Although consumers may temporarily reduce discretionary purchases, the long-term demand and emotional values attached to gold are expected to remain strong. The government and industry stakeholders are working on policies to bring a large portion of household gold in the formal financial system. Initiatives such as expanding the gold monetization ecosystem and granting license to eligible entities for gold collection, recycling, and monetization are aimed at mobilizing idle gold holdings. This could help reduce India's dependence on gold imports, improve the current account deficit, and create a more sustainable domestic gold supply chain. Now, let me brief or touch upon our financial performance. During FY26, we reported healthy improvement in overall financial performance, with total income increasing by 15.71% year-on-year to INR 2,051.02 crore. EBITDA stood at INR 126.99 crore, reflecting a year-on-year growth of 95.69%, while EBITDA margin improves by 253 basis points year-on-year to 6.19%. Profit after tax to that INR 89.42 crore registered a growth of 98.87% year-on-year, while PAT margin improved by 182 basis points year-on-year to 4.36%. Our EPS has increased by 98.57% year-on-year to INR 36.10. For H2 FY26, total income stood at INR 1,098.26 crore, reflecting a year-on-year growth of 8.1%. EBITDA stood at INR 73.21 crore, registering a growth of 102.79% year-on-year, while EBITDA margins improved by 312 basis points year-on-year to 6.67%. Profit after tax stood at INR 50.72 crore, reflecting a year-on-year growth of 103.6%, while PAT margin improved by 217 basis points year-on-year to 4.62%. EPS for the half year stood at INR 20.46, registered a growth of 103.18% year-on-year over the corresponding period last year. This performance reflects our company's strong revenue growth, margin resilience, and continuous focus on operational discipline. Looking ahead with these strategic initiatives, we are building a strong foundation for sustainable growth by creating a well-balanced revenue mix across B2B, B2C, and e-commerce channels in near future. Our increasing focus on gold, diamond, and premium silver jewelry in the B2C segment is expected to enhance margins, while our omnichannel strategy, expanding showroom network, and strong B2B presence will help us strengthening our brand and establish a true pan-India footprint. With a strong foundation, improving brand positioning, and a clear strategic roadmap, we are confident in sustaining our 25%-30% growth trajectory and creating long-term value for all our stakeholders. With these remarks, I now open the floor for questioning. Thank you so much. Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Manoj Jha with VS Ventures. Please go ahead. Yeah. Hi, good afternoon, sir. Am I audible? Yes, sir. Good afternoon. Yes, sir. I just have a couple of questions. The EBITDA margins are expanding, like with the gold price. Let's just say the gold price remains same in this range. Do we expect the margin to sustain in this range over a medium term? Yeah, that's what. We have shifted from a lower margin segment to a higher margin segment, and we have come up with all the designer jewelry, and we have improved our share of higher margin items in the overall top line. Our margins have improved, and we are improving on that on an unrestrained and sustainable basis. In near future also, the margins will surely improve. The bottom line will surely improve. Okay. And sir, as the retail contribution increases, like to, let's just say, 25%, what impact- Okay What impact do you believe that will have on margins? That is what, on the longer run, when we have already defined that in upcoming 2 financial years, we will be reaching at least 25% of the total sale as via retail contribution. In that, we have surely a higher margin bracket, that is somewhere around 10%-12%. So it is going to add up an additional bottom line improvement. Okay. Perfect. That is it, sir. Thank you. Thank you so much. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1. Participants, if you wish to ask a question to the management, you may press star and 1. The next question comes from the line of Mayur Parekh with Agle Capital. Please go ahead. Yeah. Hi. Can you hear me? Hello. Yes, sir. Yeah. Thank you for the opportunity. I just wanted to know, the jewellery industry is highly competitive with several organized and regional players. What differentiates Khazanchi Jewellers from its peers, and how do you sustain your competitive advantage? That is what, as you know, our company has been operating as having a long legacy of more than five decades, and we have been producing our own design. It has been widely accepted, and it has been on the longer run, we have been creators of the, what to say, latest design with the market requirement. We have been expertized in that for a very long time. That makes us different from all other competitive players. We have been sustainably understanding the market requirements and manufacturing products according to the needs of the consumers. We are first to analyze the correct market scenario and manufacturing those goods which are in high demand. That makes Khazanchi at a different level from all other competitors. Okay, got it. Can you also walk us through the entire value chain, like from gold procurement to the final customer purchase? Can you highlight where Khazanchi creates the most value? That is what, as we are procuring gold or gold bullion from the direct sources, there we have a proportionate of margin. Then we hand over the designing part, we design in our in-house designing, we manufacture in such a fashion that we get the lowest cost to manufacture. Primarily, we deal in handmade jewelry, so it adds an additional value to that. So, that makes our work unique from all other competitors, where that our high margins come from. Okay. Can you also highlight where do you envision Khazanchi Jewellers in terms of revenue scale, retail footprint, and brand positioning over the next 3 to 5 years? That is what, as from the date of listing, Khazanchi has made a sustainable growth. You could go through that. At the constraint level, we always define that we will be growing at a pace of 25% to 30%, but we have always delivered better returns and better growth. As we have stepped in a bigger step of opening up of new showroom in the retail segment, there the margins are high, so it is once again going to add up an additional increment in our bottom line. Okay, got it. Historically, the company has been a wholesale-driven. What execution risks do you foresee in transitioning towards a higher retail mix? That is what, this is, since I have told you that our founders have been working in the industry, and we have a legacy of more than five decades. In that decades, in such a long period of time, we have been into B2B and B2C segment, both the segments parallelly. Now we are planning to expand B2C also so that we can improve our bottom line and match with the competitions of B2B also. In that case, this, what they say, having into B2C market is not new for the company. It is a long legacy, and it is carry forward. Okay, got it. Fine, I will join back soon. Thank you. The next question comes from the line of Raj Shah Ventures. Please go ahead. Hello, sir. Good afternoon, sir. Good afternoon. Yes, I have a couple of questions. What is the current working capital cycle in terms of inventory days, receivable days, and payable days? That is what, the average inventory cycle for the current year is 52 days. 52 days. Hello? Yeah. Yeah. Okay. What is your- Inventory, sorry, inventory cycle ends around 70 to 75 days, and overall, the working capital cycle is 52 days. Since we have entered an additional stock for our retail store now, the inventory turnover cycle has been little increased. Number of days have increased. Okay. So far, inventory days is 70, 72 days. Yes Receivable days are how much? That is what, overall working capital days are 52, but debtors are now we receive in a week maximum. Okay. Yeah. What is your target over the next three years also, sir? That's what, in the upcoming years, we are targeting a growth of at least 25%-30%, and in that, we are going to improve the overall share of our retail participation, that we are planning to improve it from 10% to 25%. So, it is going to give a strong bottom line. So, our profit, our PAT margins would be at a very improved state. Okay. So, it could be much more higher growth in retail segment as well. Can you also give some limelight on what is the average ticket size in wholesale and retail segment, sir? Wholesale, we cannot define as a ticket size because it differs according to client to client, and there are clients which are purchasing a very small quantity from us, which are a small jeweler. Because we have a diversified range of clients. None of our clients is more than 5% of the total volume. In that case, the ticket size cannot be defined exactly. But yes, for the retail segment, the average invoice size is somewhere around INR 1.5 lakh-INR 1.7 lakh. Okay. But why do wholesalers continue buying from Khazanchi instead of sourcing directly from manufacturers, sir? That's what, sir. Khazanchi, we have a good stock product, and we have been into designing of jewelry from a very long period of time. We have designers and our manufacturing units spread across all over India. From there, we get our goods manufactured. That gives a different product to them. That is the way that makes us different from all others, please. Okay. Can you also tell us what is the impact of PM Modi ji's request of not purchasing the gold for a year? Even though they are confident, what is the impact now and how it will improve? Yeah, there is a statement given by our Prime Minister PM Modi ji, which says he has requested people to stop buying of gold. That would be a short-term impact. They have increased the duties also, but the duties have been increasing, decreasing. It has been happening in the trade from a very long period of time, when there is a deficit of cash and trade deficit. In that period, it has been already various times has been revised by the government authorities. It's on a, what they say, shorter period of time, it has a little impact of the business. On a longer run, it is going to get as usual. Since there is a huge quantity of household golds already, if a certain percentage of gold also comes into circulation, then there would be no impact. Because in India, no occasion is without gold. So, obviously people have their own alternatives, their own resource, their own savings to invest in gold and do their all requirements fulfilled. We do not see much impact. Maybe, yes, for a shorter period of time, say one or two months, we get a clear idea about how things are operating on the recyclable household gold. Okay. So, in this currently do you see any decline in margins as well in this quarter, sir, due to this impact of PM Modi ji? No, there is no decline in margins at all. Yes, there is a possibility that for a certain period of time, smaller period of time, yes, the business, the top line may be, the sales may reduce, but even then the consumers are ready to exchange their gold. That exchange recycling of household gold will add up business only, and there are no impacts on margins. Okay. So, is management deliberately sacrificing margins in B2B to acquire customers who may later become retail partner or ask? It is not that we are compromising with the margins. B2B, as and when their demands and their system of working differs, and product to product, when we introduce a new product, the margins are generally higher. Whenever there is a competitive product alternative available in the market, then we reduce certain percent of margin to have our clients and overall portfolio of our business intact. It is not that, it is not new that that is happening. B2B margins are already, since we have been into the designing and requirement of the client and upgrading our all products and strategies each and every time. We add up new products. It is a blend of existing product range with the new product. The new product gives a higher margin, and existing product has their own margin segment. It is a blend of all. There is no compromising the margins much. Once again, we have been expanding into the retail segment where we have an additional margin. We have been introducing various other brands, and we have also entered into a higher margin segment for both type of B2C and B2B businesses. In that case, margins have also been improving. These are the reasons that last year also our bottom line has improved so much. We have been working on increasing our margins with creating lots of new designs, unique designs with higher value additions. Okay. That's great, sir. Coming to the inventory part. Inventory is nearly INR 408 crore, right? How much of this inventory is fast-moving versus slow-moving? Generally, since we are into both the segments, B2B and B2C, our rolling cycle is fast only. Since we have added an additional stock for our retail store recently, we have opened the store just 2 months back only. In that case, we have added up additionally. There is an impact in the number of days of inventories now currently, if you could see. Overall, there is nothing like slow-moving or fast-moving. The ratio between fast-moving and slow-moving can be 90:10 only, because we have been focusing on the designs, and we have been eliminating all the slow-moving designs each and every time. Okay. That is great. Inventory has also been increased substantially in FY 2026. How should the investors view inventory requirements as the retail business scales up? Yeah, we have a suffice inventory for the current scale of business, even if we haven't, because we have opened the stores just 2 months back only. In the books, you have seen the inventory for what we have put up for the current store. This store revenue has already been defined that we are going to achieve somewhere around INR 450 crore to INR 500 crore in the store, in the retail segment. This inventory alone will give an additional rolling cycle, and this inventory will be suffice for the current, what they say, current retail business. Okay. If the gold prices fall from 15%-20%, what would be the impact on inventory value and profitability? As we have an already, what they say, inventory management and pricing policies and all, and we have a very vast experience of managing all those. It will not have much impact because everywhere when it is whatever we sell, we buy it back, and we have an inventory management system. Whatever the price corrections happens, it is not going to impact our margins or our business. Okay. Sir, as you said that inventory is nearly at INR 408 crore, right? So, it will be increased to INR 440 crore-INR 450 crore. So, almost it will be 10% jump, right? Correct? How is this? I could not understand you. Yeah, currently, last, our inventory is valued at somewhere around INR 400 odd crore. Yeah, correct. That's correct. Got it. Yeah. Yeah. Yeah. That's all from my side, sir. Yeah. Thank you. Thank you so much. Thank you. The next question comes from the line of RS Agarwal with SMIFS Limited. Please go ahead. Hello? Yes, sir. Thank you for the opportunity. Thank you so much. I have two questions. Given the relatively mature nature of the jewelry industry, what are the structural factors that enable the company to sustain growth significantly above the industry average? That is what primarily, if you take up a general jewelry industry, the key point is that designing. People should like the variety, the range, the design, what you manufacture. As the gold prices increase, we have to focus on manufacturing lightweight jewelry, and even some low-carat jewelries are also preferred. We have been working on all these segments, and management has a very vast experience of managing all that. In that case, yes, we are very confident of growing at a pace of 25%-30% at a constrained level. We are defining it, and we always have delivered better. That way, we are going to take the company in an upper state. Okay. What are the KPIs that the management tracks internally to assess the future growth visibility? That's what. There are various key points which we have been focusing on. As we have stepped up into the retailing segment, we have been primarily focusing on marketing strategies and the retailing, expanding our brand value by advertising and all, and various marketing strategies. B2B segment, we have been working on the designing requirement of the client. As the prices have increased, we have already started manufacturing lots of lightweight products, which has been widely accepted. For the margin set, we have been focusing on the higher value, higher-margin items, like we have been focusing on our brand, Vajraa Diamonds, which have given an additional improvement in our bottom line. We have been focusing all these type of key points. We have been working on ERP so that we can analyze internally which product is in higher demand, and so that we can constantly change our stock handling things and stock varieties. In that case, we have been working so that we will be constantly able to achieve our top line, what we defined. Okay. Is the company's design library and sourcing ecosystem creating a measurable advantage in the customer acquisition or inventory turns or profitability? See, everything has its own share. Actually, designing is also very much important, and the stock is also very much important. Market analysis each and every time, what are the customer demands, that is also to be understood. It is a routine cycle that the whole channel works on the growth scenario. Mm-hmm. Okay. What are the percentage of sales that has came from repeated customers? As you know that we have a diversified customer range of B2B. We cater at least nearly more than 500 clients every year, B2B clients. Most of the clients are repeated, and we cater all type of jewelers. It is not that the big jewelers we cater or small jewelers we cater. We cater even the chain stores who are having branches pan-India, who are having national business here locally, and who have a legacy business in South India. It is in, what they say, bundle of all type of segments of clients. In that case, most of the clients are repeated. Yes, at least you can define on percentage wise, if you can say that, yes, 80%-90%, 80% of the clients are repeated clients. We keep on adding clients out of 500, yes, 40 to 50 clients we divert, and we add up 100 clients additionally. All that goes along with the growth of the business. Okay. Has that metric evolved over the last five years? Yeah, what is I couldn't get you. So, the percentage of sales from repeated customers, has that metric evolved over the last five years? Yeah, the customer base has been improving, and the repeated customers are also regularly being our clients. Yeah, that is happening. Okay. One last question. What are the sales per square foot, like does the flagship showroom currently generates? That is what, since the flagship showroom of 10,000 sq ft, we have a sales area of around 6,800 sq ft there. In that case, we cannot define perfectly immediately because only two months have gone with the new store. That cannot be defined as a retail segment. As far as the B2B is concerned, it cannot be measured on square feet at all. Okay. No, I am only concerning about the flagship showroom. What is the projected sales in next maybe a year or two years? That is what, with the new store, we have defined targets of around INR 450 crore to INR 500 crore in the near future. Okay. Okay, sir. That is it from my side. Thank you for answering. I will be joining that quickly. Thank you so much. Thank you. The next question comes from the line of Mayur Parekh with Dhanya Ventures. Please go ahead. Yeah. Hi. Actually, I had a couple of more questions. I wanted to know, like, how does your asset-light manufacturing model help improving scalability and the return ratios while minimizing the execution risk? That's what, we have been operating into an asset-light manufacturing. As you know, our primary, what they say, base is designing. In the jewelry industry, the primary is designing, and we have spread over all over India, various factories which have been working for us. In that case, whatever the items are in demand, we get manufactured there, and the best artisans who are making the best things, we are getting it done from them. It is under, what we say, mutual arrangement. We give our design also, we collect designs from them also. We make a blend of the various designs. We manufacture various accessories in various parts of India, and we fusion and make a finished product at the end stage. In that case, that is the difference, and that makes our product unique. Okay. Got it. Like, if you see our recent performance of last few years Louder please. I couldn't hear you. Yeah. Can you hear me now? Yeah. Yeah. What I was saying that, I'm impressed by the exponential growth in revenue, profitability, and return ratios over the last few years. Like, what gives you the confidence that this growth trajectory can continue sustainably without compromising margin, ROE, working capital efficiency, and balance sheet strength? Yeah, that is what. We have been working on the overall growth of the company, because if you want to grow, we have to look into all the legs and all the aspects. We have been working on marketing, we have been working on designing, we have been working on the customer requirement. As you know, the prices have been increasing. We have been working upon the budgets also. We have to fulfill the ticket size of the customer requirement. In that case, we have been working on the whole segment. Once again, I would define that since our company is having a very good long legacy and long experience with regards to creating of designs and managing all those things. So, we are very confident that we will be growing at a pace of at least 25%-30%, which is the conservative level what we are defining. We have a full confidence of achieving it better. Okay. Got it. Harish, can you also provide some insight into business trends during April and May of FY 2027, particularly in terms of demand, footfall, retail sales, and overall momentum compared to previous year? That is what, we are very positive about the whole segment. As you know, we have been growing at a pace of a better pace than what we have defined. Same way, once again, for the year FY 2027, we are very confident of achieving at least a growth of 25%-30%, as we have expanded our retail participation. Since we are having very repeated footfalls of customers in the retail segment. We are going to improve our margins. So in that way, for the top line and for the bottom line, we are going to have a result by FY 2027 EBITDA. Okay. Got it. I will also add one more question. Are you witnessing any slowdown in customer purchases due to elevated gold prices or demand? Demand has remained resilient? Hmm. See, there has been a, what to say, very wide interest in the gold jewelry, and this is not new for the industry. The prices have been appreciating now and then every time. Each time, yes, for a shorter period of time, there is an impact when the prices goes up or any policy change happens. But that is diluted into the market and diluted in the minds of the consumer in a very short period of time. Maybe, say, one or two fortnights or even one month. Then once again, it's normal. We do not see any, what to say, reduction in demand or thing. Okay. How much of FY 2027 revenue growth was driven by higher gold prices versus actual volume growth? What are your business margins? Since we have been focusing on a, what to say, higher-margin segment, you have already seen that even, what to say, our bottom line has improved in multiples. In that case, if there is even a reduction in the, what to say, volume in the top line, we are focusing on a higher-margin segment also, and we are stepping up on expansion plan so that we will be achieving everything as per the defined statement. Okay. Fine. Thank you, Rahul Sir. Thank you. Thank you. Thank you. The next question comes on the line of Rakshi Shinde, HR Consultancy Limited. Please go ahead. Hello, sir. I have few questions regarding expansion. Firstly, do you have any plans to open additional large-format showrooms over the next few years? If yes, what would be the targeted geographies and investment outlay? Yeah, we do have. Since we have started with our flagship showroom, in the upcoming years, we do have plans of expanding into a retail store, not of the same size of what we have done. We also are a smaller size. Since we have a strong presence, our presence in South India, in Tamil Nadu, so initially we are going to expand in surrounding Tamil Nadu, and later on we will be planning to expand pan-India. Also, beyond Chennai and Tamil Nadu, what is the roadmap for expanding? Are you looking for any new regions, specifically in South India? Yeah, our team is on working to have an, what to say, searching of locations where we could start up. Yeah, in the very near future, we are planning, have plans of opening up stores. Sir, as you know that South is actually very competitive when it comes to jewelry business. Any, you know, go-to-market strategy for it? Even if there is a, yeah, there is a competition for everywhere where there is basic production product, there is a competition. But since we have our own designing, our own concepts of working, and, what to say, our own creations, there are unique products we design, and for that, we have a separate market. In that case, surely we will be having better margins. Even then, if it is competitive, most of the, say, nearly 40% of the gold is sold in Tamil Nadu. In that case, volume-wise, it would be there. If it is a higher-margin item, if volume is less also, we can make a strong track. How is new showroom going after this? What next for the expansion, especially in Tamil Nadu and nearby states? Yes, could you repeat the question, please? Yeah, I am sir, I am just asking an update on the new showroom, how it is doing? Yes. Yeah, the new showroom is going very good. As you know that we have come up with a new store, and only 2 months have gone, and it has given as expected results what we are going to have. We are very sure, confident of achieving what we have defined in the very near future. Sir, what inventory turnover benchmark does management target over a medium term? Our inventory turnover ratio for the current year is, last financial year was around 70-plus days. Since we have made an additional stock of inventory for the new store recently only, the turnover days have shown higher. Basically, for the B2B segment, the turnover days are very high. What to say, turnover cycle is very fast. For the retail segment, yes, it would be at least whatever stock we are holding, we are expecting to have 3 to 4 turn. Also, are you looking for any funding, or you all are decided to fund internally for the next expansion? Yeah, initially the management has not planned for any fundraising or anything of that sort. It would be done on any expansion plan. Currently, it is planned on internal funding only. In the near future, if something is required, it would be surely updated. Sir, what is the guidance you want to quote for FY 2027? As the year goes, every year there will be surely we would be, at the constraint level, we are defining that we are going to grow at the pace of 25% to 30%. As we have been promising at this level growth, and we have been giving better results always. In that case, we are very confident that we will be growing at that pace. Since we have come up with our new retail stores, which is going to add an additional boost to our bottom line, our margins are going to be higher, so our PAT would be improved. In that case, we are confident of achieving what we define. Coming to your con calls, since I was there also in the last con calls, just out of curiosity, where I can see you in the next five years? Next five years, yes, we are planning to expand in all the legs as B2B, B2C. Yes, at a constraint level, we are always defining 25%-30% growth. So 30% CAGR growth if you add up, and the bottom line is going to improve as we are going to expand into the retail segment also. In that case, it would be a very good next five years. Sir, are you aiming for any specific market cap? Market cap? That market has to decide. Market has to decide. On the top line and business purpose, management would be always there. Fair enough. Good to know. Looking forward to update. Thank you. Thank you. Thank you. A reminder to all participants that you may press star and one to ask a question. Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Harshil for closing comments. Yes. Thank you, everyone, for joining the conference call of Khazanchi Jewellers Limited. If you have any queries, you can write us at dc@kirinadvisors.com. Once again, thank you, everyone, for joining the conference call. Yeah, thank you so much. On behalf of Khazanchi Jewellers, I thank all the participants. Thank you so much. Thank you, ma'am. Thank you. On behalf of Kirin Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.