Q3 25/26

Feb 18, 2026

Quarterly report

Summary

Q3 FY26 revenue rose 49.6% YoY and PAT more than doubled, with stronger margins from product mix and operating leverage. Retail expansion targets a 25% sales contribution, supported by the new Chennai flagship and 25%-30% revenue growth guidance.

Ladies and gentlemen, good day and welcome to Q3 and nine months FY26 results conference call of Khazanchi Jewellers Limited, hosted by Kirin Advisors Private Limited. 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, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harshil Ghanshyani from Kirin Advisors Private Limited. Thank you, and over to you, sir. Yes, thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Khazanchi Jewellers Limited for Q3 and nine months FY26. From the management team, we have Mr. Rajesh Mehta, Chairman and Joint Managing Director. We have Mr. Apurva Mehta, Chief Financial Officer. Now, I hand over the call to Mr. Rajesh Mehta. Over to you, sir. Hello, everyone. Rajesh Mehta, Chairman and Joint Managing Director of Khazanchi Jewellers. It's our pleasure to welcome you as we discuss our performance for Q3 and the first nine months of FY26. Q3 FY26 marks another milestone quarter for the company, characterized by strong revenue traction, margin expansion, and disciplined execution. The quarter benefits from sustained festival momentum, an improved product mix, and healthy demand across both wholesale and retail channels. Our diversified model once again demonstrates resilience and operating leverage, enabling us to deliver robust growth while maintaining tight control over cost and our inventory cycle. On the B2B front, we continue to expand our partner ecosystem and deepen relationships with jewelry houses, wholesalers, and organized retail chains across India. Our ability to execute large-volume orders with precision, timely delivery, and design differentiation remains a key competitive strength in the wholesale gold segment. Our B2C business also delivered encouraging traction during the quarter, supported by festival demand and improved realization. I am pleased to share that our new 10,000 square feet large-format showroom in Chennai was successfully inaugurated on 7th February. In the first 10 days since its opening, we recorded a sale of approximately INR 20 crores. This strategic addition significantly strengthens our retail footprint, enhances the customer experience, and positions us strongly in the premium jewelry segment. This new flagship showroom will play a pivotal role in driving higher retail contribution and margin expansion going forward. Our expansion into the natural diamond category under our premium brand, Vajra by Khazanchi, continues to gain momentum. The positive response at trade exhibitions and subsequent orders inflows validate our strategic move into higher-value categories, which are expected to meaningfully support profitability and brand premiumization over the medium term. Looking ahead, we have a clear strategic vision. Over the next 2-3 years, we aim to increase our retail contribution from 10% to 25%. We plan to achieve this by expanding our product portfolio, onboarding new brands, and further strengthening our retail presence. As our retail mix improves, it will naturally enhance our margin profile, drive strong profitability, and create better operating leverages in the years ahead. Let me now briefly walk you through our financial performance. Nine months FY 2026 financial highlights are as total revenue of INR 1,542.02 crores, year-on-year growth of 34.04%, EBITDA of INR 89.12 crores, year-on-year growth of 96.91%, EBITDA margin of 5.78%, year-on-year expansion of 185 basis points, PAT of INR 63.82 crores, year-on-year growth of 96.92%, PAT margin of 4.14%, year-on-year expansion of 132 basis points, EPS of INR 25.76, year-on-year growth of 96.64%. Now, I will give you the results of Q3 FY 2026. The financial highlights are total revenue of INR 589.26 crores, year-on-year growth of 49.6%, EBITDA of INR 35.34 crores, year-on-year growth of 114.51%, EBITDA margins of 6%, year-on-year expansion of 181 basis points, PAT of INR 25.13 crores, year-on-year growth of 103.02%, PAT margins of 4.26%, year-on-year expansion of 112 basis points, EPS of INR 10.12, year-on-year growth of 102.4%. This performance highlights our improving operating leverage, efficient cost structure, and strong product mix. Looking ahead, we remain focused on strengthening our wholesale partnerships, accelerating growth in the diamond jewellery segment, scaling our expanded retail footprint, and investing in technology and design innovation. With a strong nine-month performance and an enhanced retail presence, we are confident in sustaining our growth momentum and delivering long-term value for our stakeholders. Finally, I would like to extend a warm invitation to all of you to visit our flagship showroom and experience firsthand the craftsmanship, collection, and elevated retail environment. With these remarks, I now open the floor for your questions. Thank you. Thank you very much. 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 is from the line of Vinod Shah from VS Ventures. Please go ahead. Yes, hi. Good afternoon, sir. A very good afternoon. Yes, sir. Congrats on a good set of numbers. Thank you so much. Sir, how does the order visibility look for Q4 and early FY 2027? Could you repeat the question louder, please? Yeah, sir. So, how does the order visibility look for Q4 and early FY 2027? Yeah, sir. Overall, the segment of diamond jewelry looks good only as the prices are increasing. There is a slowdown for a shorter period of time, but overall, the prospecting is very good. The whole industry is going to grow at the pace of 30%, 35%, I believe. Okay. What is our current working capital cycle, and how is it moving on quarter-on-quarter basis? That is what current working capital is, that is what our stock rolling cycle is somewhere around 50 days. Okay. Do you see any change in inventory levels due to the fluctuation in gold prices? How is the inventory levels right now? No, there are the fluctuations in gold prices, but the demand has not impacted much. I believe that the working cycles and the stock rolling cycle would be nearly same only. Maybe here and there is a variation possibility of 10%. Okay. And sir, are you witnessing any competition from organized and unorganized players? How is competition over there? No, there is an improvement into the whole diamond jewelry segment now. There is a shifting of business from unorganized sector to organized sector as quality prospective and resale value prospective. All the consumers are believing to buy a right product at the right price. It all depends upon the designs. Gradually, things are improving, and based on designs, the margins are also improving. Okay. And sir, what is the revenue contribution from our top five clients in the B2B segment? That's what, on a broader side, if you see to it, the maximum top five clients would be contributing somewhere around 15%-20% of the total revenue. Okay. Going forward, what do you think, how will that mix look like? Since we have been progressing on all the various parameters of our various verticals of our business, we are expanding into B2B segment, B2C segment, and everything. So, on a constant basis, we are defining that we are going to grow at a pace of 30% in all verticals. Since we have come up with a new showroom, and our retail spread is going to give a bigger share in the upcoming years. Okay. What is the area of the showroom, the new showroom? Yeah, the new showroom is total built-up area is of 10,000 sq ft. Okay. On the geographic front, what is the geographical breakdown of our revenue? How diversified is it? Since we have been in primary phase in South India, most of the revenues are from Tamil Nadu and some of the parts of Andhra and few parts of Karnataka. Primarily, our presence is in South India. The gold prices are quite volatile, so are we using any hedging mechanism to manage this gold price volatility? Yeah, we have been using that regular natural mechanism as we have been operating with the refilling strategy. Whatever we sell, we buy it back, and if there is any extra orders, we buy it and we hedge it into the exchanges also when we follow that regular natural mechanism. And they have been effective in protecting our margins, right? Yeah, obviously, correct. There is no impact in fluctuation as per our margins are concerned. Margins are intact for us. Okay. So, what was the volume of gold sold in Q3? Exact quantum, sir, I cannot define now currently. I will share it later. Okay, sir. Thank you, sir. Yeah. That is all from my end. Yeah. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Anil Parekh, an individual investor. Please go ahead. Yeah, thank you for taking my question. Am I audible? Yes, sir. Okay. I guess my question was a slightly general question. It is a reasonable expectation that the current circumstances, the global circumstances, particularly the war, might end soon. If that were to happen, and if gold prices were to correct by, say, 15% or whatever, to what extent do you think that this would be good for demand? Because at such high prices currently, a lot of the growth by jewelry retailers and wholesalers are coming from just the value growth as opposed to a massive volume growth. Do you think that there might be a huge upsurge in volume uptake if gold prices were to correct by 15%? Yeah, in the near-term scenario, we do not see that there is a huge correction of 15% is anywhere possible. But even then, when there is a correction, the volumes are gradually very high. This has been happening in a very long period of time. Whenever we see a steep correction in the prices, the demand goes up. Sometimes it has even reached dual. The demand will surely improve if the prices come down. Right. Can you kindly opine on the growth that you have shown this particular quarter? Unless, of course, you have already mentioned in your opening remarks, which I may have missed, sorry. What percentage of this close to 50% growth has been on account of volume as versus volume value? That's what the value growth is around, as per the revenue of the last Q3, if you check, then it has been around 49.6% year-on-year for this quarter. Overall value growth of 34.04% for the 9 months. Since we are into various verticals of business, we have some lower margin verticals, we have good the lowest turnover, and higher margin verticals, we have improved a lot. That has added up to improve our EBITDA margins and PAT margins. Right. My final question, sir, is that I mean, you're giving guidance of about 30% going forward. Is that a conservative guidance? Because it seems like where you are geographically in the southern part of India, it seems like you're right where there's a lot of demand for gold and gold jewelry. Yeah, obviously, we always define in a constrained basis only. We always try to define constrainedly and prove better. That has been our style of working, and we feel that, yes, we are going to achieve much better than that, but we are defining a growth of 30%. Thank you. I will be back with you. Thank you so much. Thank you. The next question is from the line of Vidhi Purohit from HNI. Please go ahead. Hello? Yes. Sir, I just wanted to understand your current debt position. As you look at the expansion over the next few years, do you plan to fund it largely through internal accruals, or should we expect incremental borrowing? No, as per the current requirements, all the fulfillment of working capital requirement has been filled by the internal segments. For the future date, if any expansion is planned on a bigger level, then if any funds is required, that will be planned accordingly when and then the management decides about it. Okay. As the retail mix increases, how should we think about revenue growth and margin trajectory over the next 2, 3 years? Any broad guidance or directional targets that investors can anchor to? That's what, overall, since we have been in lesser participation previously into the retail segment, now we are planning to expand on the retail leg, and in upcoming 2 years, we are planning that at least 25% of the total volume will be shared by the retail, B2C sales. In that case, our bottom line is also going to improve, and we are going to have an additional revenue from B2C. Okay. On the B2C side, could you elaborate on how you are leveraging technology, whether in design automation, CRM, or analytics, to improve the customer acquisition and repeat the business? Yeah, obviously, we have been working on various ERP systems for making our designing easy, recognition of requirements, the customers' demand, market scenario, everything has been analyzed. Based on that analytical data, we are trying to get those products which are selling very fast. That is the primary reason that our working cycle is running fast, and we have been working with various technologies for improving much more on that. Okay. Given increasing competition from organized and national jewelry players, what do you believe differentiates your value proposition, whether in pricing, design innovation, or customer loyalty? That's what, since we have been in the industry for more than five decades, we have a very wide design library, and our designs are widely accepted among both the segments, B2B and B2C. We have been always working on the technologies and the client requirement understanding, and designing products in such a fashion that it does not fall very heavy on the pockets of the clients also because the prices are increasing. We have been always concerned about considering the requirement of our clients and preparing the designs accordingly. In that case, we have our own design library which has been widely accepted. That acts as, what they say, that represents Khazanchi as very different among the other peer competitors. Okay. My last question is, in Q3 FY26, revenue growth was strong, around 49.6%. Could you help us understand how much of that was the volume driven versus realization led? Considering gold price movement during the quarter? That's what, we have grown on the volume base. If you think of, we have grown around 7%-10% in between. But overall, the margins have been improved so much because we are working on the various verticals. On the various verticals, some other verticals where the margins are less, we have reduced our margins, we have reduced our volumes there. On other verticals where our margins are high, we have improved on that. That has improved our EBITDA margins and PAT margins. Okay. Thank you, sir. That's all from my side. Thank you. Thank you. The next question is from the line of Mahesh Sheth from VY Capital. Please go ahead. Yeah. Hi. Can you hear me? Yes, sir. Yeah. Sir, our EBITDA margin has expanded to 6% in this current quarter. How much of this improvement is sustainable, like versus festival-led operating leverage? Yeah, that is what I told you. Since we have been working on various different type of projects, higher value addition varieties, and we have also introduced various brands for setting up of premium jewelry that have added up additional margins of EBITDA. We have been constantly working on that, and our EBITDA margins are going to improve much higher as the share of B2C segment is also going to improve at a higher pace as our showrooms have opened. Okay. With our PAT nearly doubling year-on-year, should we expect this similar earnings growth in FY 2027, or will it get moderated going further? So, as the demand for our designer products has been increasing, and we have been working on the better, higher-margin products, our EBITDA margins and PAT margins are going to improve at a same pace, basis points. Okay. Can you also break down your revenue mix between plain gold jewelry, studded jewelry, and diamonds? Like, how this mix is evolving? Currently, I don't have the handy data. I can give you can drop in your question in the mail or with the Kirin Advisors so that I can answer it in detail for you. Okay. Sure, I'll connect with Kirin. Okay. Okay. What is the current same-store sales growth for your retail business? How should we think about this trajectory over the next few quarters? That is what, as we have opened up our new showroom here on 7th of February, from there in the last few days alone, we have made a turnover of nearly INR 20 crores here. As projected, we are planning that, yes, this store is at least going to fetch us a revenue of nearly INR 500 crores. In the upcoming years, we are going to add up a few more showrooms, and things are going to improve on a retail basis, which are going to improve our PAT and EBITDA. Okay, got it. One more thing, as we see a lot of peers in the industry are expanding aggressively by opening more showrooms and increasing their geographical presence. How does company view this trend? As you already told that we will be planning this more showrooms, right, for going forward? Yes. So, like how- Since we have started up with our flagship showroom now, we are going to have a very, what they say, right type of managed system, understanding that clearly. Later on, we will think of expanding on aggression. Okay, got it. Thank you, Gururaj sir. Thanks. Thank you. Thank you. A reminder to all the participants, if you wish to ask a question, please press star and one. The next question is from the line of Bhaskar Kanrar from 3F Capital. Please go ahead. Hello. Good afternoon, sir. Very good morning. Yes, sir. Yes, sir. Thank you, sir. First of all, congratulations for posting the numbers, sir. My first question is, can you share Q3 revenue mix, each segment, B2B contribution and B2C, and each segment margin? That is what I told you. Till last year, we have been contributing our B2B. B2B has been the primary in 90%, and 10% was our B2C participation. As our B2C bigger showroom, flagship showroom has come up only there, so the impact of this B2B expansion will be seen into the Q4. As per the margins are concerned, our B2B margins are EBITDA margins, if you define, would be somewhere around 6%. For the retail segment, these margins are around 10%-11%. Thank you, sir. Sir, my second question is, in the next year, FY 2027, how store expansion plan, how many store we are adding, any plan? We cannot define now. The management is under the discussion of how the things are going to operate in the upcoming year. That would be defined as and when it has been decided. Okay, sir. Sir, my last question is, sir, this year, this quarter, any inventory gain in this quarter? Inventory gain you are talking about? Mm-hmm. Yes. Generally, the overall contribution, if you take, there are inventory gains of around 1.5% other head. It differs. It is not fixed. It differs somewhere around 1% to 1.5%. Okay, sir. Thank you, sir, and best for your future. Thank you. Thank you. Thank you. The next question is from the line of Raj Shah from Shah Ventures. Please go ahead. Yeah. Hi, good afternoon. I have a couple of questions. Yeah, yes. Sir, can you tell me what is your average ticket size in retail versus wholesale? How does customer behavior differ across segments? It all depends upon the client's requirement. As far as the B2B is concerned, we have clients who have been taking ornaments from us. They buy it in the, what they say, on a lower category clients also we have, who are operating with a small showroom. We have bigger clients also who have been working on multiple branches also. In that case, it is a diversion. It cannot be defined as per the ticket size. Some jewelers which are having, what they say, many branches spread over, they are buying much higher than us. Say, one single client, they have some 5% of our total volume. There are clients which are with of the lower denominations also. Okay. Okay. Yeah. I also want to know about the working capital. Like, how much incremental working capital will be required to support the targeted increase in retail consumption? That's what, for the new showroom, we have planned that we are going to take up an inventory of somewhere around INR 150 crores in that, and we have started operating that. Based on that inventory requirements, we would be able to achieve what we have defined. Okay. And sir, are you seeing any shifts in consumer demand, like towards lightweight or lower carat jewelry? If you see, there is a very much of increasing gold prices as well. Do you see any shift? Yeah, there is a shift in the, what they say, lightweight jewelry. Say, for the marriage purposes, there is a reduction of, say, 20%-25% in the weight range of the same product. We have been catering and we have been working on those designs that we can reduce the quantum of gold and give the output of same type. That has been happening, and we have been catering much better for all the demands of that client. And yes, lower caratage demands also. For the minimal jewelries, people prefer to buy lower caratage. And we have been manufacturing lower caratage jewelry also. As far as the South is concerned, up to 18 and 22 carats are on the mark, but there is a demand for 14 carat, and lower carats are very low. Okay. Okay. Sir, I also want to know about your business expansion. What is your strategy to build brand recall nationally, especially outside your core geography? That's what on a future, the company management has a future plans also. Since we have a strong presence in South India, we have plans of expanding in South India primarily. We have a very big market here in South India, so we are planning to expand in South India initially. Then later on, as the company progresses, there are plans that we can diversify pan-India. Okay. I also want to know about EBITDA margins. Like, over the medium term, what would be the ideal steady state for the EBITDA margin profile once the retail mix stabilizes? That is what, since the overall retail share of, in overall sales, the retail shares are, we are of the vision that it is going to improve from 10% to 25%. So the EBITDA margins are going to obviously improve. Since the EBITDA margin is at 6% now currently, so it is expected to improve somewhere higher 20% to 30% from here. Okay. That is great, sir. Thank you so much for giving us about the insights for the business. Thank you. Thank you so much, sir. Yes. Thank you so much, sir. That is all from my side. Thank you. Thank you. The next question is from the line of Priya Jain from Green Capital. Please go ahead. Yes. Ms. Jain, your line is unmuted. Please proceed with your question. Yeah. Hello, am I audible? Yes. There are few questions with me. Yes. I think we have one store of around 10,000 square feet, which is a flagship showroom. So what CapEx was incurred for that flagship showroom, and what ROI do you expect? Hello? Yeah, your question is not clear. Your voice is breaking, it seems. Sir, I am asking what CapEx was incurred for the 10,000 sq ft flagship showroom, and what ROI do you expect? The CapEx for the coming showroom was around INR 12 crores. For the total revenue, what you have defined that what we are expecting from this showroom is somewhere around INR 500 crores for the retail division. As I have defined already that our retail margins would be somewhere around 10%-12%. In that case, that would be the return from the new showroom. Okay, sir. What is the payback period for the new showroom investment based on current performance benchmark? Somewhere around, what do you say, overall stock inventory you are talking about, or we are talking about CapEx? Sir, I am talking about the CapEx. Yeah. CapEx part, it can be covered in 1.5 years. Okay. That is, you will incur around INR 12 crores from that flagship showroom. Okay. Sir, you aim to increase retail contribution at what percent in 2-3 years? And how many new stores we can expect? Yeah, I cannot define on the figures currently, but the management is planning to open few more stores in upcoming years. And as far the retail share is concerned, we are going to improve the retail share from 10% to 25%. Are any plans, will future retail expansion be company-owned or franchisee-led? Initially, whatever plan we have currently will be company-owned only. Later on, when the expansion plan is on a very wide range, we can think of the second portion. Sir, I mean scaling the retail part, what will be the impact on employee cost and store level operating expense, as there will be a lot of maintenance involved? What percent of revenue expense as percent of revenue? That is what, as the retail store is concerned, I have already defined that. Sorry, sir. As per the EBITDA, if you calculate on EBITDA, it would be somewhere around 1% to 1.5% of the EBITDA, 1%. And sir, one last question. Do you foresee any risks of inventory obsolescence as you expand into premium and diamond categories? I could not get your question. Your voice is breaking, ma'am. Sir, do you foresee any risks of inventory, as you expand into premium and diamond categories? There are not much risk here because always as we are catering lots of designs and patterns, and diamonds also we are procuring as per the requirement. Higher quality diamonds are only sold in South India. So VVS, we are dealing with VVS-EF quality only. So in that case, we do not find any risk for that. And sir, one more question. What is margin difference between wholesale and retail segment? That is what, margins with regards to wholesale are somewhere around 5%-6%, and retail margins are 10%-12%. Okay, sir. Fair enough. Good to know. Yeah. That is too much. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. The next question is from the line of Anil Parekh, an individual investor. Please go ahead. Thank you again. The management just mentioned that you want to take your retail contribution to about 25%. Just wondering when is that likely to happen? How long is it likely to take? A year or longer than a year? As per our performance here in the current store, we are confident that it can be reached easily in one to one and a half years. Okay. What would be the steady state PAT margin once you do get to 25% retail contribution of your topline? That's what, same as we are going to. As we are going to, what they say, going for an 10% to 25% of our retail share, in that case, obviously, we are going to achieve our PAT margin somewhere around 25% to 30% better than here. So, 4.1% is what you have today, and you think you might do 25% more than that? That's the idea? Yeah. Yeah. Okay. Just kind of thinking about where you would like, strategy-wise, this business to be four or five years from now, where would you like the retail contribution to be? So, are you happy at 25%, or would you like it to be much higher? It should be much higher only, but we are always defining at a constraint level. Since all the other verticals also, we are going to grow at a 30% case, in that, we are going to achieve much higher only, but we are defining at a constraint level. Terrific. Thank you so much. Thank you. Thank you. The next question is from the line of Charchit Maloo from HNI. Please go ahead. Charchit, your line is unmuted. Please proceed with the question. Charchit, are you able to hear me? As there is no response from the current participant, so we will take the next question from Arpan, an individual investor. Please go ahead. Congratulations on the new showroom. How has the footfall been so far, sir? Footfall has been very nice. It is much more than what we expected, and we have been working on various marketing strategies and advertisements also, so we are expecting a very better output here. What would be your marketing expense as a percentage of your revenue? Sir, out of the total revenue for this current year, we are planning somewhere around 0.75%-1%. Okay. There have been videos on social media where jewelers are claiming that they are selling every jewelry for around 3% flat making charges. Do you think that model is sustainable, and is that a threat to the entire industry, especially the retailers like you who are working on a very big level? Yeah. It is not that, actually. Jewelry is mainly concerned on the designing prospective. It is not that whatever we define a similar type of product, it cannot be taken as just an investment prospective. Selling at 3% item and all would be somewhere which is of machine mechanism or very minimal, which do the designs, which are just for the investment purpose sort of design. That is not there. No. There is a craze for designer jewelry always, and things are being working because people like to spend. They are spending, say, INR 1 lakh on buying a gold. In that case, additionally, if they pay INR 5,000 extra or INR 7,000 extra, they are buying a piece of jewelry which defines their dignity. It has always been decided by the client in such a fashion. In that case, I do not find any threats of that. Okay. So, you have been selling chains for around 1%, which has been seen online. How do you think that would be sustainable, or is there any other product at which you have been selling at around just 1%? That is what I told you. That is a selected few designs which are machine-made and which are of own production, and it is an opening attraction we are defining to increase our footfall. So, very minimal portion of stock we define that way. Okay. So, do you have your own manufacturing unit, or is everything sourced up from outside? No, we have tie-ups with all the major factories pan-India, and we have been working on that style only. Since our primary focus is on, what they say, diversified designs, we cannot bring all the best as a one group, so we have been working on that type of model. Okay, fine. What about the Have you kept only South Indian jewelry in your retail showroom, or you have been catering to other North Indian and Bengali jewelry, as we say? We have been procuring designs from pan-India. We have tie-ups with factories all over India, and it is not constrained to South Indian jewelry only. Since there is an, what they say, after internet expansion and various Instagrams and everything, it is all type of jewelries are preferred by all type of clients. It is not restricted to one particular design or one particular market. Okay. Your major client base is South Indian customers, so that is what we wanted to know, if you have North Indian customers also. Yeah, we have North Indian clients also. We have South Indian clients also. We have clients from all over. We are catering to all type of jewelry. We have been selling Jaipur jewelry also, jadau, polki, everything, which are primary designs used for North Indians. So, it is a, what they say, blended of pan-India client range. Everybody likes every type, different type of design. Okay. What is the revenue mix between your South Indian, which is your forte, and the Bengali? That separately database we don't have, but overall, jewelry turnover, since we are in South India primarily, we are focusing on customer requirement. It cannot be diversified as whether being sold to South Indian or North Indian. Okay. What would be the average margin at which each What average wastage of the product you sell in the retail segment? It all depends. The chain items and all start with 3%, 4%, and Kundan, Jadau, Polki goes to 22% also, 23% also. Okay, sir. All the best and get off from our side, sir. Thank you so much. Thank you. The next question is from the line of Charchit Maloo from HNI. Please go ahead. Hi, sir. Am I audible? Yes, yes. My question is regarding the revenue from the showroom. What kind of revenue are we targeting for the next quarter and for FY 2027 from the showroom business? That is what, in upcoming years, we are planning to have a revenue of around INR 500 crores-INR 550 crores from this showroom. I think they have the margins of 10%-11%, right? Because they are more or less in the retail segments. Yeah. Right. What kind of revenue are we targeting for Q4 FY 2026 and FY 2027? What will be the EBITDA margin going forward? That is what, the share of this new showroom share would be for another one, 1.5 months only for the Q4, the participation of this new show revenue would be there. In the upcoming years, surely we are working on achieving what we have defined. No, sir, I am talking about overall revenue at the business level. The overall revenue, that is what, at the consolidated level, we are defining that we are surely going to grow in all verticals by somewhere around 25%-30%. Y-o-Y? Yeah. Year-on-year. Okay, sure. EBITDA margins will be expanding from 6%, like, this is just initial? That is what, the share of retail is going to increase, no? They are going to obviously improve. Okay, okay. Thanks. Mr. Maloo, you want to ask more questions? No, that is from my side. Thanks. All right. Thank you. Thank you. The next question is from the line of Sakshi Shinde from Shaha Consultancy Limited. Please go ahead. Hello? Yes, your line is unmuted. Please proceed. Am I audible? Yes. Yes, you are. My question is, what safeguards are in place to manage credit risk in the wholesale segment? Primarily, we do not have any style of credit strategy. We do not give much credits to the client. Our portfolio type of business is on mainly primarily focus on designs and cash-and-carry business. Our average credit cycle is only 2 weeks, so we do not find any debt on receiving that. Okay. How much capacity utilization are you currently operating in the manufacturing, and is there a room to scale without significant CapEx? That is what I am telling you, no? The company do not own any, their own manufacturing unit. On a future date, they have a plan of having their own unit. Since we have been working with various factories pan-India, so we do not find any difficulty as and when required by what type of product is required in much demand. We manufacture that way. Okay. What is your dividend policy, and how should investors think about capital returns versus reinvestments? That's what, as and when we have already defined two dividends here, being a startup from a year, which just now we are being listed, and it is 2 and a half years, and we have defined two dividends. In the upcoming years, yes, the policy of strong dividend policy would be defined, and the management would be sharing that progress with the shareholders and stakeholders. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Harshil Ghanshyani for closing comments. Over to you, sir. Yes, thank you. Thank you, everyone, for joining the conference call of Khazanchi Jewellers Limited. If you have any queries, you can write us at research@kirinadvisors.com. Once again, thank you, everyone, for joining the conference. Thank you so much.