Q1 26/27

Aug 25, 2026

Quarterly report

Summary

Q1 FY2027 revenue rose 45% YoY and PAT grew 84%, with EBITDA margin reaching 6.82%. The growth plan targets INR 5,000 crore revenue and 40% retail contribution by 2030.

Ladies and gentlemen, good day and welcome to the Q1 FY 2027 results conference call of Khazanchi Jewellers Limited, hosted by Kirin Advisors. As a reminder, all participant lines will be in the 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 and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Parth Acharya from Kirin Advisors. Thank you, and over to you, sir. Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Khazanchi Jewellers Limited. From the management team, we have Mr. Rajesh Mehta, Chairman and Joint Managing Director, Mr. Vikas Mehta, Chief Financial Officer. With that, I now hand over the call to Mr. Rajesh Mehta. Over to you, sir. Thank you. Yeah. Hello, everyone. A very happy good afternoon, and thank you for joining us today. It is our pleasure to welcome you to Khazanchi Jewellers Limited Q1 FY earning call. For all those joining us for the first time, Khazanchi Jewellers is a legacy jewelry company with over five decades of experience across B2B and B2C segment. Over the years, we have built a strong presence through our design capabilities, traditional craftsmanship, stringent quality standard, and dependable execution across gold, diamond, and precious stone jewelry. Q1 FY 2027 has been a strong start to the financial year, with healthy momentum across both our B2B and B2C operation. We are particularly encouraged by the progress following the launch of our flagship showroom and the implementation of dedicated ERP systems. The strong customer response and increasing retail scale reinforce our confidence in Khazanchi's growth strategy. Coming to our Q1 FY 2027 financial performance, revenue increased by 45% year-on-year to INR 586.36 crore versus INR 403.84 crore in Q1 FY 2026. EBITDA increased by 89% year-on-year to INR 39.98 crore versus INR 21.15 crore. EBITDA margins improved by 158 basis points to 6.82%. Profit after tax increased by 84% year-on-year to INR 27.83 crore versus INR 15.15 crore. PAT margins improved by 99 basis points to 4.75%. EPS increased by 82.35% year-on-year to INR 11.16. The fact that EBITDA and PAT grew considerably faster than revenue during the quarter is particularly encouraging. It reflects an improving business mix, operating leverage, and benefits of scale as we continue to expand the business. Now I am going to recap our growth journey since listing. I am very happy and delighted to share that your company has successfully completed 3 years since its listing on the BSE SME platform in August 2023, and is now progressing towards migration to the main board, including a proposed listing on the main board of both BSE and NSE, subject to necessary regulatory approvals and fulfillment of all applicable requirements. Over this period of 3 years, our revenue grew nearly 5X from INR 481 crore to FY 2028 to INR 2,049 crore in FY 2026, while our PAT grew 10X from INR 8 crore to INR 89 crore. The progress we have achieved over the past 3 years reflect the continued confidence of our shareholders in the management and strategy of the company, the trust of our customers and business partners, and the sustained commitment of our employees. We thank all our stakeholders for their support, and we build the next phase of Khazanchi's growth story. Your company is poised to achieve a revenue mark of INR 5,000 crore by 2030. We are targeting annual revenue growth of approximately 25%-30%, supported by our strong B2B foundation, expanding B2C and digital ecosystem, and value creation across every segment of the business. We have always delivered more than our projection. Our growth outlook on our B2B business. Our B2B business continues to provide scale, stability, and consistency to the company. Over the years, we have built strong and enduring relationships with the jewelry houses, wholesalers, and organized retailers across India. These relationships are supported by our ability to meet large volume requirements, offer differentiated designs, maintain stringent quality standards, and ensure reliable and timely execution. Going forward, our focus will be on strengthening and broadening our geographical reach while expanding our client base across existing and new markets. We aim to deepen engagement with existing customers by increasing our share of business and product offerings while also adding new customers across geographies. This will enable us to grow both the breadth of our customer network and the depth of our relationship, reinforcing the long-term scalability and resilience of our B2B business. Now, growth outlook for our B2C segment. B2C business will be the key growth driver going forward, and we have a very aggressive plan to launch 8 to 10 stores over the next 3 to 4 years across geographies. These stores will be a combination of our flagship store and premium boutique minimal jewelry stores for minimal jewelry and our latest lightweight design. Our retail expansion is aimed to accelerating our B2C growth and increasing the B2C contribution to approximately 40% of overall revenue by FY 2030. I would also like to highlight an important development in Khazanchi's capital market journey. At the recently concluded annual general meeting, our shareholders approved the resolution for migration from the BSE SME platform to the main board of both the exchanges, BSE and NSE. This remains subject to necessary regulatory approvals and fulfillment of all applicable requirements. The proposed migration comes to an important stage in the company's journey, following a significant expansion in scale and profitability since our BSE SME listing in August 2023. Looking ahead, we will continue to strive and deliver beyond our conservative outlook by strengthening our B2B business, expanding our B2C presence, and increase the contribution for higher-value categories, particularly natural diamond jewelry, enhance our product and brand portfolio, and explore opportunities in silver jewelry category. Overall, our aim is to build Khazanchi into a stronger consumer-facing jewelry brand while retaining the scale, relationship, and execution capabilities developed over several decades. We sincerely thank our shareholders for their continued trust, support, and confidence in the company. Your encouragement remains central to our commitment to create sustainable long-term value. We will continue to focus on disciplined execution, responsible growth, strong governance, and transparent communication. We look forward to your continued support as we pursue the next phase of our journey. With these remarks, I would now like to open the floor for questioning. Thank you so much. Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and then one on their touch-tone phone. 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. Your first question comes from the line of Rajesh Mehta, an individual investor. Please go ahead. Thank you for the opportunity. Sir, first of all, congrats on the strong Q1 performance. My first question is- Okay, thank you. Where are we currently in the main board migration process, and can we expect the listing in the next month or two months? Yeah, we are into the submission process of the application and all the documentation part. We are going to submit the documentation very shortly. Surely, the migration process will be completed in another two months, we believe. Okay. My last question is, you just mentioned a INR 5,000 crore target. What will Yes drive us to that scale, and when do you expect to achieve it? That's what, as you all know that we were able to achieve INR 2,000-plus crores this financial year, and we have been into the expansion part of both our legs, B2B and B2C. We have been seeing a constant growth of 25% to 30% on both these segments, and on the expansion plan, we have already defined that we are coming up with a few more showrooms by FY28. So, all these expansion plans and all these growth strategies will help us to achieve our top line of INR 5,000 crores. Okay, that's it from my end, and all the best for the future. Thank you. Thank you. The next question comes from the line of Kewal Mehta from Mehta Securities. Please go ahead. Kewal Mehta, your line is unmuted. Please proceed with your question. Yeah. Hi. Good evening, sir. Congrats on the Yes, sir. good set of numbers. Thank you. Sir, Q1 FY 2027 revenue grew by 45% year-over-year to INR 586 crore. What was the underlying growth in jewelry volumes or grams sold during the quarter? That's what the growth in the quantum was around 15%. Okay. Yeah. Yeah. Can you also tell me what was the underlying growth in jewelry volumes, or tell me how many grams you have sold during the quarter? The quantum numbers, if you want, I can share on a later date. You please drop in a mail so that I can share the numbers. Yeah, sure, sir. Yeah. Q1 was the first full quarter of new flagship showroom. Yeah. What revenue and store-level EBITDA did the showroom generate? That is what we are in, what they say, match with the target. We have already defined that the showroom is going to fetch us the revenue of around INR 500 crore, and somewhere around 80%-85% of that we have been working, and we are achieving that. Okay. And where does its current monthly revenue run rate stand? What? I couldn't get you, sir. Sir, that new showroom, which is your new flagship showroom, right? Yeah. Where does its current monthly revenue run rate stand? Sir, it is around, monthly figure you said, it would approximately around INR 30 crore to INR 35 crore. Okay. Yeah. After delivering about 45% revenue growth in Q1 versus earlier FY 2027 guidance of 25% to 30%. Yeah What growth range are you now targeting for the full year? We are going to attain the top line if it still grows at the same pace, and we are very confident of achieving the already defined figures with our retail sales and 25% growth we are expecting in our B2B segment also. In that case, yes, that overall, the today's top line, if you consider, we would be able to achieve 30% growth. Okay. Got it, sir. Yeah. That's all from my side, sir. Thank you. Thank you so much. Thank you. Participants, you may press star and then one to ask a question. The next question comes from the line of Rohit with Nirant Capital. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, you have given a guidance of about 25%-30% growth, and on an absolute basis, you said INR 5,000 crore. So, if I take 30% growth, then it comes to about INR 5,800 crore. Just trying to understand, the growth here, earlier you had given a split of target of taking your retail share to about 20%, 25%. So, would that now change with the target that we have in our mind? Because earlier you said that you expect both verticals to grow equally. Hmm. That is what now we are, since we have plans of improving our bottom line to a greater strength, and we have been working on the growth of both the segments, and we have been focusing on expanding our retail leg also. So, in that case, our bottom line will be very much better, and we would be able to give a high PAT margin. Ultimately, we are also planning- 25%-30% CAGR was for Sorry, 25%-30% CAGR was for PAT, and INR 5,000 crore revenue was for This was the CAGR was not for revenue, right? Just to understand. Yeah, it was both you can define at the same pace, 25%-30%. We are trying to achieve it. We are already defining it at a conservative basis. Okay. Yeah. Now, sir, let's say within these two segments, B2B, let me just take first B2B. Okay. Do you expect the growth to come from the existing clients that we have? We have somewhere around 1,000 clients, right? But we are able to actively bill only 501. Are you expecting more of the revenues or more of this growth coming from wallet share gains from existing ones, or do you have, or have you taken any steps to drive the growth from the clients which are not able to bill? Or have you hired more people in your teams? That we have been continuously doing it. In a business cycle, we do not have clients which have been running with us forever. There is a possibility that, say, 20% of the clients may move on, and once again they will join, and we are into the process of adding up new clients also. In that whole process, we are adding up clients so that that growth strategy can be achieved. Hmm. Just trying to understand, have you hired more people in your team? Therefore, it gives you the confidence that we will be able to drive more growth even on the B2B side, which probably was a little subdued earlier. Yeah, already we are on the increasing our staff strength and all the approaching with all our product line and marketing strategies to add up more clients. Okay. Regarding your retail strategy, sir, as you said that you still hold this target of about taking the retail share to 20%-25%, which would mean at INR 5,000 crore, about INR 1,250 crore revenue or INR 1,200-odd crore revenue from retail stores, right? Yes. Your current store, this flagship store will do somewhere around INR 500 crore peak revenue. So, INR 700 crore of revenue obviously will come from the new stores that you are targeting. For that, again, have you hired a retail and merchandising team? Regarding your experience from the current flagship store, what you can take to your newer stores, right? Do you want to open the stores only in Tamil Nadu, or you want to expand in other geographies as well? Sir, initially we have plans of opening up stores in Tamil Nadu. Since we have defined a period of, say, 3 to 4 years period, and based on that, initially we are planning to open up in Tamil Nadu alone. Later on, as per the management decision and as per the expansion plans, we can even have stores in some other states also. That is our base plan. Okay. What has been the experience from the implementation of the ERP that we did? I think it was on PAT. We have been having a great experience with regards to the ERP implementation in our new showroom. Here, we are able to understand which product is moving fast, what is the average customer's demand. Based on that demand, we are modifying our product requirements, reordering levels, and everything. We are making a concrete ERP system so that it can be replicated on a replica basis for the upcoming showrooms. Understood. That is what gives you the confidence that to scale other new stores, sir, it will not take as much time as this one. Yes. Because the past learning will get replicated over there. Yes. And just last one or two questions, sir. On this growth part, sir, 25% to 30%, how much of the growth do you expect to come from volume, and how much do you expect from price realization? And obviously, price realization can come from the mix you have, like this virtual diamond and those kind of things, right? Virtual jewelry. But that is there. Generally, it is actually already digested in the minds of the clients, our customers, that when there is a growth of, say, nominal 10% to 15%, they try to invest into the same type of quantum, or they can even increase their quantum requirement. But if the prices are very high, say there is a price increase of, say, 25% to 30%, then there is a correction in the volume quantum. In that case, you will be able to achieve volume, I believe. Later on, as per the price movements, we can decide things. Okay. Under this volume and price realization, any idea you have, sir, any ballpark figure you have in mind that approximately how much could come from volume growth and how much from this price realization? No, when we are into the expansion plan and we are adding up additional stores and all, because we are surely of the confidence that we are going to give, if the prices are on the same stand, then the growth would be around, say, 25% to 30% in the quantum basis also. If there is a certain increase in the prices, and we are trying to achieve on both the sides, volume-wise also and quantum-wise also, the same growth. Understood. That is quite helpful. Sir, last thing. On the margin side, retail stores generally have higher margins. Your B2B is about, let us say, 5% and 6%. Your retail stores have north of 10%, right? Yeah. As the retail contribution goes up, do you expect the margins to inch up significantly? Not significantly, let us say, even from 6% to 7%, 7.5% over the next one or two years? Or because of the investments that you are undertaking, you expect the margins to remain at these levels for next one year, but then can sharply pick up thereafter? Yes. Since the overall share of the retail is going to increase to 40%, we are targeting to reach at least 40% of the retail sale by FY 2030. In that case, the share of retail increases, then our margins of, what they say, retail sale will be. Our margins, retail margins will be high. In that, our bottom line will also improve. In that case, overall, our EBITDA and PAT margins will improve. Okay. You are expecting retail sales to go up to 40% from 25%, right? Not 20%, 25%, you said 40%. 40%. We are going to reach the 40% share by 2030. That is what. Understood. Yes, by 2030, you expect it to go up to 40%. Yes. Understood. That is quite helpful, sir. All the best for your journey. Thank you. Congratulations, sir, for the good quarter. Yes. Thank you. Thank you so much. Thank you. Thank you. The next question comes from the line of Nitin Shah, an individual investor. Please go ahead. Yeah, thank you for giving the opportunity, and congratulations on posting good set of numbers. Thank you. My first question would be regarding this working capital days. What would the blended working capital days, and also secondly, split of working capital days in wholesale and retail separately as well? Yeah, it is, what they say, in wholesale, the average working cycle is around 40-45 days. As in the retail segment, it is nearly 100-120 days. Okay. My question is, if you see the cash flow last year, it looks to be negative as such. Do we see any improvement in the cash flow generating positive cash in the current fiscal and subsequent fiscal as such? Yeah, that's what, sir. Obviously, we have an expansion plan. We had added up additional inventory, stock inventory for the new retail store. That's why the cash was there, and it is converted in the form of stock. So that the cash flow has been negative. But we will be improving the cash flow, and it will be as per the requirements, we will be able to generate cash. Yeah, yeah. Because the reason, I think I understand, because we are in the expansion of retail showrooms, and our aspiration is also to increase the retail showrooms by 40% by FY 2030. In that case, the inventories will always keep on rising, and hence my concern is again the same. Would it still be able to generate positive cash flow? Because as the plan is to increase the retail footprint. Yeah, definitely, sir. This year, we will be having a good cash, positive cash flow, because we have a, what they say, correct fund plans with regards to how we are going to operate with, or fulfill the stock requirement of the upcoming stores. Got it. Recently, say in the last one month or especially last one to two weeks, sir, we see huge surge in the gold price again. Is there any, what you call, slowdown in the traction in the business per se regarding the increase in the gold because of this increase in the gold price? See, that's what, the movement in the gold price has been there from a very long period of time. And every time when there is a steep raise in the prices, yes, there is a certain slowdown of, say, for a fortnight or two weeks. Then that price get digested, and once again, upcoming seasons are coming up, marriage seasons are there, festival seasons are there. So we are seeing a very good demand in the very upcoming near future. So this price raise will be easily digested. Got it. Since we want to increase retail footprint, contributing somewhere around 40% by FY 2030. Is there any, I mean, obviously, CapEx would be required for that. Is there any plan to further increase, I mean, to borrow money or to how would that be planned out to achieve this 40%? I mean, where is the money being We are planning the retail development of 40%. To reach there, we have our internal earnings. We will be utilizing it for expansion. In certain cases, as and when required, the management will be deciding as and when it may be raised by debt or some other means. Got it. So as of now, what is the debt on the company, say, long-term or short-term, separately? Sir, the company is having a total bank limit of INR 100 crores till date. Yeah, yeah. I am talking about any long-term. Nothing, sir. That is only the limit. Except for the working capital? No, no. Okay. That is the working capital we are using from the bank. Yeah. We have, sir, around 1,000 customers in B2B. What would the contribution from top 10 clients in terms of percentage from B2B? Sir, as we have a diversified portfolio of clients, we have been dealing with all the clients who have been there nearly decades and having two showrooms, three showrooms in all the district headquarters of all Tamil Nadu and some parts of South India. We are dealing with all the clients. None of the clients shares more than 5%-6% of our total revenue. Oh, fantastic. Somewhere in the presentation, I heard it is an asset-light model, business model. I did not understand that correctly. I mean, what do we mean by asset-light business model as such? See, since it was like that, because there was a question they stated that since we have been invested the, what they say, capital fund for developing this company-owned flagship showroom. So in the upcoming period, are we going to have the same type of model that all the assets will be owned by the company? We said, "No, we are going to operate with an asset-light model so that we will have a leased property for that and use it for our development. Okay. Any contribution from e-commerce platform as such as of now? No, till now, we have not much contribution from e-commerce, but we are on the run to make a concrete e-commerce platform where we are going to sell lightweight minimal jewelry products of natural diamond jewelry, rose gold, and even silver jewelry also. So, yeah, that is under progress, and it will be launched very shortly. Got it. When you say other states, basically which is roughly around 25%, I mean, which are those other states, and predominantly, which is the highest after Tamil Nadu? After Tamil Nadu, it is Andhra, sir. Andhra. Yeah. Got it. Thanks a lot, sir, for being so candidly, and really appreciate for these candid answers, and wish you all the best. Really, thank you, sir. Thank you. Your next question comes from the line of Vidhi Purohit with Phoenix Capital. Please go ahead. Hello. Hello. Yes. Sir, what were the inventory days and overall working capital cycle at the end of Q1? Now that the flagship showroom is operational, have you started seeing some normalization in the working capital cycle? Yeah, that's what. There is a little increment in the inventory turnover days because we have come up with the new retail stores. There is not much difference. It has all over the last year's, as Q4 FY 2026, if you take the inventory turnover ratio was 63, now it is 73. Also, current borrowings increased meaningfully in FY 2026 along with the rise in inventory. With the new store now operational, should we expect borrowings to stabilize from here, or could they continue to increase as the business scales up? No, no. As we have planned, the borrowings has been increased for the new store only. For the further expansion plan, if we have, we have an internal earnings, and if anything is required, it may increase if further projects of expansion executes. Khazanchi has built a fairly large proprietary design library. How much of your current sales comes from the newer designs, and how quickly do you typically refresh designs that are not moving as expected? We have been analyzing now with the new showroom. We have come up with an ERP system which is analyzing and giving us data with regards to the fast-moving items and the reordering level at the fastest level. In that case, we have been analyzing designs in that fashion. Since we have a very vast experience of more than five decades of designing things into our B2B segments also, and that old designs have been widely accepted all over South India. In that case, we have a very strong profile of designing our own products and giving it. Most of the designs, we do not find anything that are very slow moving. Proportionately, we have been adding up new designs and getting designs from our own, all our manufacturers. We make our own branded products so that it is unique and it is moving very fast. Okay. Thank you, sir. I will be keeping my question. Thank you. Thank you. A reminder to all the participants, if you wish to register for a question, please press star and then one. Also requesting participants to ask questions via handsets. Our next question comes from the line of Yash Rathod with Unique Solution. Please go ahead. Hello, am I audible? Yes, sir. Making charge competition has become aggressive across the jewelry industry. Are you seeing any pressure on making charges in the flagship store, or is design differentiation allowing you to protect them? That's what, since there is an always with regards to design only, the making charges are charged. So, already we have been creating various designs which are adding up good value to our profit. So, in that case, we have been doing very good, and competitively, we are able to source the right product at right making charge, rather than other lower making charge compared to the market. Since we have been dealing with both B2B and B2C segment, and based on our quantum requirement, we are getting better pricing so that we are able to offer it at a manufacturing cost to our clients also. In that case, we are on the better side compared to our peers. Okay, understood. What progress has been made on the app and omnichannel strategy, and is digital currently being used mainly for customer discovery or for actual transactions? You are talking about app development, right? Yes. Yeah, for B2B segment, we have in our design and selection, product selection app already, so that the client can have a look of all our designs and give orders or select it from our, what they say, from the app and send orders. For the retail segment, yes, we are coming up with an e-commerce. We have been working on it, and very soon we will be launching that too. We have a Gold Saving Scheme App that is very helpful for customers to buy gold at any price and save it in the form of gold. Okay. Sir, how many new stores are you planning? What will be the approximate store format and CapEx per store? What is like the total CapEx and timeline for the rollout? That's what, we are planning to open up 8 to 10 stores by 2030 in the retail segment, which is a blend of both flagship showroom and boutique type of store, coming up with a minimal jewelry boutique store type. Since based on the immediate near timing as what type of store we are opening, then only we could be able to define the exact CapEx required for that particular store. That will be defined as and when it is finalized. Okay. Thank you, sir. That's all from my side. Thank you. Thank you. The next question comes from the line of Priya Jain with Green Capital. Please go ahead. Hi, sir. I have few questions on retail part. For expansion in retail, how do you plan to strengthen Khazanchi's brand visibility beyond Chennai, and how much was spent on marketing and advertising in Q1, and what are your plans for the remaining quarters? That is what, since we have come up with an opening of our new stores, we have always, what they say, have another side of it and advertising agency, and we have been working for marketing. For the Q1, we have spent around Sir, I am not able to hear you. Yeah. Yeah, overall budget, we have, say, of 5%-7% of the total earning for our marketing. Also, sir, on gold correction part, like gold prices have corrected from the recent peaks. Are you seeing any improvement in, like, increase in the gram per bill conversion rate or in jewelry purchase in July and August? Hey, I couldn't get you the question. You're saying that the gold prices have increased or decreased? Yes, yes. It is corrected now from the recent peak. Are you seeing any like more footfalls? No, but this percentage of corrections and upward and downward movement is very normal in regards to gold ornaments. When the prices are low, obviously the people try to buy more quantum of gold compared to when the prices are high. Whenever the prices go up in a shorter while of, say, period of, it is for the saturation period or it is a digestion period for them to digest that raised price. In that case, yes, for a certain period of time, 5 to 10 days or two weeks, the business is little slow or even the quantum requirement is slow. Later on, it is routine and it gets to the normal. What, any strategies or marketing tactics you internally or Khazanchi Jewellers is planning to do for customer retention, repeat purchase? Yeah, we have given lots of different type of offers, different type of schemes we have in our store each and every time based on the festival and based on the item requirements, and we have been creating schemes for them. Based on that, we provide discounts. That has been a regular activity, and it has been done on month-on-month basis. There are always the different type of schemes that we are implementing for improving the sales and retaining the customers. Also, sir, for the next set of retail store launches, what format are you considering in terms of approximate store size and Khazanchi's investment in it, inventory requirements, and break-even period? That is what, we are planning on 2 types of stores based on the, what they say, based on the venue when we finalize. Based on the venue at that place, what is the size of requirement is there. We will be defining things when we finalize that on a later stage. Good to hear, sir. Looking forward to the update. Thank you. Yeah. Thank you. A reminder to all the participants, you may press star and then one to ask a question. Your next follow-up question comes from the line of Kewal Mehta from Mehta Securities. Please go ahead. Yes. Sir, are you planning to expand through franchise model as well, or will the upcoming stores remain company-owned? Initially, we have plans of having a company-owned only, sir. Company-owned only. Okay. Yes. I want to know about retail sales as well. What percentage of retail sales is currently coming from old gold exchange? Sir, the old gold exchange is total, out of the total sale, old gold exchange is somewhere around 15%-20%. Now it has increased. Last year it was less. After the Modi Ji statement, it has increased. Okay. How much of the upcoming festive and wedding season demand is already visible through advance booking or confirmed B2B orders? That's what, as the season starts, now from 15 days, after 15 days, all the order books are already in execution, and there are upcoming shows also where we are planned to participate. In that case, we have a good demand, and the demand is quite feasible, and as per the, what could I say, it is not applied any fixation of orders or something, because the consumers always purchases only ready purchases. So in that case, always that happens as the season starts. But we foresee a very good quarter next. Okay. Got it. Got it, sir. Yeah. All right. That's all, sir. Thank you. Participants, if you wish to register for a question, you may press star and then 1. Okay. Your next question comes from the line of Aditi Jain with Quest Management. Please go ahead. Hello? Yes. Sir, my question is there scope to improve Sorry to interrupt, Aditi ma'am. You are sounding quite muffled. May we request you to use the handset, please? Okay, sir. Yeah. Is there any scope to improve B2B profitability through higher making charges rather than relying on a volume growth? Are you already seeing this in a newer design? Yeah, we have been improving on B2B segment also. We are into, obviously, expansion of our higher-margin products also. So we have added up Kundan Jadau jewelry and even diamond jewelries for our B2B segment also. So we have been working on improving the margins of B2B. On the both side, we have been working because for a B2B segment, the volume growth is also very much required, so that we have to give work to all our manufacturing units on contract manufacturer. Based on that, we have been working on both sides to improve our top line and bottom line profitability. Okay. What is the current inventory level as of today or June 30? Inventory level, dear? I couldn't get you. Sir, I asked what is the current inventory level as of today or June 30? Inventory level means you are talking about what is the total inventory? Yes. Yeah, inventory is approximately around INR 460 crores. What is the typical lead time from receiving a customized retail order to final delivery? Is there any scope to shorten this as volume scale? It depends upon the type of inventory because we have been primarily working on the handmade designs. Our primary focus is on manufacturing of handmade designs. It depends upon the orders of the clients, so that what type of orders they are giving it, as the delivery times differs from 7 days to 21 days also. Okay. Are you planning to introduce or scale customer advance or gold saving schemes to improve repeat purchases and partially fund retail inventory? Yeah, already with our retail clients, we have already introduced a customer gold saving plan. We have launched already that plan. From this quarter, it has been in operation. We have been promoting to all the clients so that they can save in the form of gold, so that they do not feel the pinch of increased pricing and can make repeater purchases at our store. Okay. Okay, sir. Thank you. That's all. Thank you. Thank you. Thank you. Your next question comes from the line of Mayur Parekh with EY Capital. Please go ahead. Yeah. Hi, can you hear me? Hello, sir. Yeah. I just wanted to know, like, what percentage of retail sales come from bridal and wedding jewelry? That exact splitter we do not maintain, but on a broader scale, if you see, yes, it is 60% of the sale come from bridal and all that sales, because we have a lot of collection and designer collection and antique Nagas jewelry, temple jewelry, and all type of collections, which are for the bridal nature. And we have a huge collection of minimal jewelry also. In that case, our whole turnover comes from the bridal collection. On a broader scale, if you want, we can define that, yes, 60% of the sales coming from the bridal collection. Okay. Like, with competition intensifying from large organized chains and strong regional jewelers, where is Khazanchi seeing the most competitive pressure today? Like, is it in pricing or in other, like, customer acquisition or store expansion? That is what, in all segments, yes, competitions are coming up, but since Khazanchi has a very long legacy creating designs that is widely accepted and focusing on customer requirements, matching their, what they say, budgets and everything, and manufacturing things according to their requirement. As the prices are increasing, we have been producing a very different type of lightweight jewelry, which seems to be heavier, but it is light in budget. All that we have been working in. In that case, since we have a very wide experience of our own manufacturing things and distribution, our products are widely accepted. Since we are into the manufacturing directly, we are able to provide a better pricing compared to others. In all that aspects, Khazanchi stands different from others. Okay. Got it. Like, just to close this out, like, where do you see Khazanchi in next 4 to 5 years? That is what, we are targeting a top line of around INR 5,000 crores by 2030, with a retail participation of 40% in that. Okay. Got it. Thank you for answering. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Mr. Parth Acharya for closing comments. Over to you. Yes. Thank you everyone for joining the conference call of Khazanchi Jewellers Limited. If you have any further queries, you can write us at research@edelweissadvisors.com. Once again, thank you everyone for joining the conference call. Thank you. Thank you, everyone. Thank you, members of the management. Thank you, Parth sir. On behalf of Edelweiss Advisors, that concludes this conference. Thank you, everyone, for joining us, and you may now disconnect your lines.