Q2 25/26

Nov 19, 2025

Summary

Q2 and H1 FY2026 revenue and profit grew strongly, supported by a shift from bullion toward higher-margin ornaments. H2 growth is expected to benefit from the new Chennai showroom, premium products and a rising retail mix.

Ladies and gentlemen, good day and welcome to the Khazanchi Jewellers Limited Q2 and H1 FY2026 results conference call hosted by Kirin Advisors Private Limited. As a reminder, all participants' line 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 for his opening remarks. Thank you, and over to you, sir. Yes, thank you. On behalf of Kirin Advisors, I welcome you all on the conference call of Khazanchi Jewellers Limited for Q2 and H1 FY2026. From the management team, we have Mr. Rajesh Mehta, Chairman and Managing Director. We have Mr. Vikas Mehta, Chief Financial Officer. Now, I hand over the call to Mr. Rajesh Mehta. Over to you, sir. Thank you, Harshil. Good evening, everyone, and thank you all for joining us today. It's my pleasure to present an update on Khazanchi Jewellers' operational and financial performance for the first half of FY2026. A brief about the company. Since our inception in 1971, Khazanchi Jewellers has been synonymous with craftsmanship, purity, and design excellence. Over the past five decades, we have built a strong presence across both wholesale and retail segments. Our BIS hallmark certification, recognition as an authorized dealer on the India International Bullion Exchange, and our BSE SME listing in August 2023 underscore our commitment to quality, transparency, sustainable value creation. Business and strategic update. The first half of FY2026 was characterized by steady, broad-based growth. We strengthened our operational foundation, expanded our customer reach, and continued to differentiate through design-led offering across both business verticals. One of the vertical is B2B wholesale business. Our wholesale segment delivered healthy performance, supported by consistent order inflow from leading jewelry houses, distributors, and retailers across India. Institutional demand remains robust, aided by the accelerating shift towards organized player and the growing preference for BIS hallmark jewelry. A major highlight was the significant expansion of our B2B customer base, which has reached 2,000 active customers. This strong growth reflects the increased acceptance of our design capabilities, dependable fulfillment, and customer-centric approach. Our design strength and efficient distribution network enabled us to execute large-volume orders with precision and timely delivery, further reinforcing our leadership position in the wholesale gold jewelry segment. Now, another leg, retail business. Our B2C vertical continued to perform steadily, driven by our own flagship showroom in Sowcarpet, Chennai. This outlet remains central to our brand visibility, customer engagement, and retail-led demand. I would be happy to make you all know that the puja for our upcoming 10,000 sq ft large-format showroom in Chennai is scheduled for 12th December 2025, followed by a grand launch in mid-January 2026, coinciding with the Pongal festival season. This showroom represents a major strategic milestone and is expected to contribute approximately INR 550 crore annually to the top line in upcoming years, along with meaningful improvement in profitability, given the high-margin profile of B2C operation. Starting FY 2026, we expect the B2C contribution to raise from current single-digit level to approximately 20%-25%, significantly strengthening blended margins and driving a structurally enhanced earning profile. Expansion into diamonds. As we have introduced our brand Vajraa during the period, our premium natural diamond jewellery line features lightweight, contemporary design tailored to evolving customer preferences. Vajraa received exceptional traction as it debuted during the Gem & Jewellery India International Fair 2025, which we secured an impressive order book within just one month. This validates our design leadership and positions us strongly within a high-value, structurally margin-accretive category. Our new product segment. The fine silver jewellery market in India continued to expand, driven by affordability, contemporary design, and strong youth-led demand. To capture this opportunity, we are planning to foray in coming quarters a dedicated fine silver jewellery line featuring modern, lightweight collection. This initiative will deepen our presence across both retail and wholesale channel and further diversify our product architecture. Now, coming to the digital transformation. We are making steady progress in strengthening our digital backbone. Our key initiatives include implementation of an advanced ERP system for end-to-end integration, adoption of intelligent inventory replenishment tools for improving stock efficiency, investment in and strengthening e-commerce and digital engagement platform to enhance customer reach. These initiatives will support scalable growth, better operating discipline, and improved working capital efficiency. Now, our CFO, Vikas Mehta, will represent the key financials. Thank you. Thank you. Thank you, Rajesh Mehta. Good afternoon, everyone, and thank you for joining us. I am pleased to share the strong financial performance for Q2 and H1 FY 2026. Q2 FY 2026 revenue, INR 548.92 crores, up by 46.25% year on year. EBITDA, INR 32.62 crores, up by 112.86% year on year. EBITDA margin, 5.94%, expanding 186 bps year on year. PAT, INR 23.54 crores, up by 119.41% year on year. EPS, 9.52, up by 118.35% year on year. Q2 reflects strong operating leverage, better product mix, and consistent across the business segment. H1 FY 2026 revenue, INR 952.76 crores, up by 25.94% year on year. EBITDA, INR 53.78 crores, up by 86.81% year on year. EBITDA margin, 5.64%, expanding 184 bps year on year. PAT, INR 38.70 crores, up by 93.66% year on year. EPS, 15.64%, up by 93.56% year on year. H1 performance highlights the disciplined growth, higher inventory efficiency, and increased contribution from premium categories. Forward-looking, as we enter the second half of the year, our focus remains on executing initiatives that enhance the sales, strengthen the margin, and improve the capital efficiency. The expansion of our retail footprint continues momentum in designing lead category and planned introductions of the new product line, posting up for the sustainable performance. We remain committed to enhance shareholders value through disciplined financial management and prudent capital allocation, strong corporate governance and transparency, and compliances continue to guidance our business as we Ladies and gentlemen, the line for the management has been disconnected. Please stay connected. I am reconnecting the line. Am I audible? Yes, you are audible now. Yes, sir. Coming to the closing statement. In closing, FY 2026 has begun on a strong note with a broader-based growth, expanding market reach, and meaningful progress across the strategic initiative. With the strengthened business model, a growing customer base, and a clear margin-accretive roadmap, we are confident on delivering the sustainability and profitable growth in the year ahead. We deeply appreciate the trust and support of our shareholders, customers, partners, and employees. With these remarks, we now open the floor for Q&A. Thank you so much, sir. Ladies and gentlemen, we will begin with a 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. Our first question comes from the line of Aditi Roy from Patel Advisors Private Limited. Please go ahead. Hello, sir. Good evening. I have a couple of questions with me. First, I want to know how do margin profile differ across the three segments, like wholesale, retail, and bullion? You want the split details of the margins of various segments, right? Yes, correct, sir. Yeah. Bullion, we are operating at a margin of 1% to 1.5%, and B2B gold ornaments, we are operating around 4.5% to 5%, and the retail segment is fetching margins of 9% to 10%. Okay, sir. And sir, wholesale requires strong inventory turnover. How do you manage inventory days and working capital cycles? That is what, as and when requirement, the working capital is, what they say, as we receive order, and based on that, the raw materials we send for the manufacturing, and simultaneously, as per the requirement of particular varieties of ornament, it is manufactured, and the cycle rolls accordingly. Are you exploring any institutional orders, like large chains or stores, or beyond your existing 1,000 B2B brands? Yeah, we are expanding towards various multi-branch business groups, and we are expanding onto the diversified clients all over South India, and we are adding up clients pan-India also. Okay. What percent of wholesale revenue is from B2B clients, long-standing? I couldn't get you. My question was- What is the ratio of business with B2B and B2C? You are asking that? Yes, sir. Yeah. Nearly in between 90%-95%, in between 90% is of B2B, and 10% is of B2C segment. Okay, sir. Thank you. Thank you from my side. Thank you. Thank you. Our next question comes from the line of Arpan Kothari from Nine15 Fintech Services. Please go ahead. Yeah, congratulations on the great set of numbers. My question is on the volume. If you see year-on-year growth in terms of volume, it has been flattish, considering the gold prices in INR. Also on Q1, it has been around 18%-20%. Are the numbers correct? Yeah, numbers are perfectly correct, but there is a reduction in the low-margin segment, as the bullion sales has been reduced, and the ornament sales and B2B ornament sales have improved. That is what the final PAT margins have improved, and EBITDA has improved. Okay. The next question is on the new showrooms inventory. You raised INR 20 crore in 2023 for the inventory cost, but the prices have almost doubled from 2023 to today. How are you going to manage inventory? Are you going to reduce the inventory, or are you going to fund it internally? It is already funded internally, and we are comfort on the inventory zone, and we are going to operate it with the current inventory and going to open the new showroom also. On the further expansion, if anything is required, management will decide accordingly. What would be the inventory cost right now for the new showroom that you have kept aside? That is what, roughly we are planning somewhere around INR 150 crores of inventory for the new store. Okay. That will be funded by internal accruals? Yes. Okay, fine. That is all from my side. Thank you. Thank you. Thank you so much. Thank you, sir. Our next question comes from the line of Atharva Syed from Smart Finance. Please go ahead. Hello, sir. Atharva Syed here from Smart Finance. Thank you for the opportunity. I have some questions like Hello? Yeah. So, like, I have a question on the- Louder, please. Hello? Yeah. Hello? Mr. Syed, if you are using Bluetooth, can you remove the Bluetooth and speak? Because there are a lot of background noises coming. Okay, sir. Okay. Now am I audible? That is loud. Little bit. Yeah. Yeah. Oh, okay. Sir, I have a question on this. Like, higher gold prices have impacted sales of every other listed jewelry company, and sales have only marginally increased from the same quarter year before, even during festive season. Will this trend of slow demand in jewelry continue for further quarters due to high gold prices? No, the prices have increased, and because it has taken a period of time of nearly 2 and a half months, the prices have increased, and slowly the prices are being digested into the consumers' thing. We are expecting a better Even the October month was better, and we are expecting a better quarter upcoming. Okay, sir. My another question is just like Sir, what is the reason for increase in our short-term provision in this quarter? That is what, as per the demand for October sales was very good, and we have got stocks on credit basis from the creditors, so the short terms have been increased. On the upcoming days, it has been neutralized. Okay. Sir, when will we expect this 10,000 sq ft showroom will be operational? Since 2 quarters, you are saying it will operate, like it will be operational. We are very glad to inform you that on 12th of December, we are having a puja for opening of the showroom, and the operation will start from second week, that is Pongal season, which is a prime season. The operation will start for the new showroom. Okay, so operation will start in Pongal? Yeah. Okay. And sir, like, is there any seasonality in our business? No, as in the South segment already previously I have defined that all the season has been uniformly divided in the four segment also. As the first quarter has an Akshaya Tritiya, second quarter we have got various festival seasons, and third quarter we have got Diwali and marriage season, and from fourth quarter we have Pongal. So all the four quarters are equally divided. Mostly every quarters works good. Okay, sir. And one last question on this, like, what are the measures we are taking apart from entering into lighter weight jewelry, as there is a huge volatility in gold prices? So what are the measures we are taking? That's what, since we are into the replenishing segment and as we sell gold, we repurchase it. And we are introducing various other jewelry along with the lightweight jewelry, fusion jewelry, and all minimal jewelries also. As for the rate increases and as for the customer's ticket size, we have been approaching on various different type of products, and we are fulfilling the requirement. And as you see on the results, we have improved on the ornament sales in this quarter also. This shows that our product and our creativity are always being accepted into the market widely. So we are working on with, and we are in touch with the market requirement. Sir, 90% revenue comes from B2B segments. Out of this 90% B2B segment, how much revenue comes from bullion segment? Overall, that is what, the bullion contributes around 25% of the total volume. 25%. Okay, got it. Thank you so much, sir. Thank you, sir. Thank you. Our next question comes from the line of Vishal Shah, an individual investor. Please go ahead. Yeah. Hello, sir. Congratulations to the entire team of Khazanchi on excellent numbers. Thank you. Sir, am I audible? Yes, sir. If you could speak little louder, it would be better. Yes, sir. Is that better? Yeah. Okay. Sir, for the second half, what would be the top-line guidance and the margin guidance? The second half will be quite better than this. We are expecting a better margin as we are going to add up, what they say, few months of sale for the new retail showroom also. Since that is a better margin segment, that is going to add up an additional bottom line. The top line is going to grow as demand is good and every festival season is there, and upcoming, what they say, post-Pongal marriage seasons are there in South India. We are expecting a better H2 too. Okay. Sir, one more question. Besides Tamil Nadu, are there any plans to expand into any other states as well? That is what, initially, since our company's base stands strong in the South region in Tamil Nadu, our initial expansion plans are here in South India only. Later on a later stage, we may even expand geographically to the northern part also. Okay. Sir, how is the response to the lab-grown diamonds? Lab-grown diamonds, the demand is little less because in that lab-grown diamonds, solitaires demand is better. Here in the South, people prefer natural diamonds only. Understood. Okay. Thank you very much, sir. I will jump back to you. Thank you. If you want to talk to me. Yeah, thank you. Thank you, sir. Thank you. Thank you. Our next question comes from the line of Shubhanu from Three Head Capital. Please go ahead. Hello. Hope I am audible. Congratulations for good set of number. Sir, can you help me? Yeah. Hello? Hello. Yeah. Hello? Yes, sir. Go through. Yeah, sir. Sir, can you repeat our retail segment margin one more time? Sorry, I missed that. Segment margins you are talking about? Sir, only retail segment margin. Can you repeat that? Retail segment margin, yeah. Currently, we are operating retail segment margin of 9%-10%. In the upcoming stores, since we are going to add premium jewelry and all, the margins are going to improve. We are expecting somewhere around 12%-13%. 12% to 13% we are expecting. Okay. What is our current quarter volume growth? Hello. Current quarter, yes, current quarter, the top line we have reached is INR 952 crores. Sorry, sir. Volume growth. What? Sir, I wanted to understand volume growth. Volume in the quantum segment, you say? Yes, yes. Quantity. Quantity-wise. Quantity-wise, we have grown by 11%. 11%. We are reducing our bullion sale, okay? Yeah, yeah, yes, sir. And sir, one confirmation question from my side. After the new store operationalize, our B2C revenue mix will be 25%, are you targeting? Yeah. In the upcoming years, we are going to reach the overall sale of our B2C sales of 20%-25%, yeah. But sir, after the bullion mix will be reducing, automatically B2C sale will be improved. Am I right? That's right. It's an overall, whatever the top line we achieve, since the bullion sales is gradually, we are reducing it, and we are focusing on higher-margin segments and jewelry. So overall, in the upcoming years, our retail share would be somewhere around 20%-25% in the total top line. 20%-25% you are targeting? Yeah. Okay, sir. Okay, sir. Thank you, sir. Best of luck. Right. Thank you, sir. Thank you. Thank you. Our next question comes from the line of Riya Shah from Orient Capital. Please go ahead. Hello. Am I audible? Yeah. I have few questions. The Vajraa Diamonds line was launched recently. What traction have you seen in Q2 and H1 FY 2026? Yeah, we have launched our brand Vajraa Diamonds. Yeah, the demand is good, and it has been accepted by major of the B2B clients. Okay. It is a natural diamond brand. In South India, natural diamond is preferable rather than lab-grown. Okay. What percentage of your sales mix do you aim for diamonds over the next 2-3 years? Over the upcoming 2-3 years, we are expecting diamond sales to be a part of around total top line, somewhere around 5%-10%. Okay. How do diamond margins compare against gold margins? Overall, diamond jewelry margins are better than the gold jewelry margin. Diamond jewelry margins work around for B2B segment, it works around somewhere around 10%-12%. For the retail segment, it is somewhere around 16%-18%. Okay. Okay, thank you. I have few more questions. Do you plan to introduce solitaire certified diamond lines or everyday wear diamond capsules to drive younger customers? Yeah, in natural diamonds, we will be operating with any requirements of solitaires also we can fulfill. About that lab-grown diamonds demand is slow here, so we are not working on that. We are working on natural diamonds only. Okay. One last question. Will Vajraa Diamonds be a separate retail identity in the future? Yeah, we are promoting with Khazanchi Jewellers now. On a later stage, we are on the plans that we are going to expand it into a separate brand. Okay. Thank you. Thank you so much. That is all from my side. Thank you. Thank you. Our next question comes from the line of Sanjay Ober, an individual investor. Please go ahead. Hello? Yes. Sir, good evening, sir. Very good evening. Yes, sir. I have query related to share price of the company. Yeah. It is nearly trading INR 730 and lot size of 250 shares, okay? Okay. I say retail small investor, many people are not able to invest in company. Okay. Does company have any plan related to this, like split or bonus? So a small investor can invest in company? Since we are into the SME segment, it is a lot size trading only. On a future date, we will plan so that even retail investors could invest. Okay. So it is easily available for retail investor, small investor. Yes, yes. The exchange permits in lot size only for SME segment. Lot size only. We are a future investor segment. Thank you. Okay. Thank you. Thank you. Thank you. Our next question comes from the line of Mahesh Seth from VY Capital. Please go ahead. Mr. Seth, you may proceed ahead with the question. As there are no response from the participant, we will move forward to the next participant. The next question comes from the line of Priya Jain from Green Capital. Please go ahead. Yeah, hello. Am I audible? Yes, Priya, you are. Yeah, sir. Your inventory increased from, I guess, INR 200 crores to INR 257 crores or INR 258 crores in FY 2025. What are the optimal inventory levels for a business for your cycle? Already our inventory turnover ratio is very good. As per the requirement and as per the market demand, we manufacture goods, and we will maintain our inventory cycle in a very positive way. Hmm. Are there plans to digitalize inventory management for the real-time stock visibility? Yeah, that is what I already defined. Since we are implementing various ERP systems and end-to-end integration, and intelligent inventory replenishment tools also to improve our stock efficiency and better inventory cycle. What is the average inventory turnover in gold versus diamonds? Diamond inventory cycle is somewhere around 180 days. For gold, it is 50-60 days. Okay. Sir, with bullion contributing to revenue, how do you manage bullion procurement versus jewelry SKU procurement? Bullion procurement, we actually purchase bullions from banks and other sources where it is effectively available, price-wise, where competitive is available. We manufacture on the regular basis whatever the designs are required by B2B client. Okay. One last question, sir. Just to understand, how do you hedge gold price volatility and especially during peak procurement cycles? Regarding gold pricing, we use a methodology of replacing whatever we sell, we buy it back. At present, our operations primarily follow a replacement-driven model, where stock sold is replaced on ongoing basis. As we sell, we buy it. That is the policy what we follow. We also continue to evaluate structural hedging mechanism to manage gold prices volatility more efficiently, and place a clear, transparent hedging policy so that our price margins are not disturbed. We intact our margins. Okay, sir. I think I am done with my questions. Thank you so much for answering it very patiently. Looking forward to interact with you next quarter. Thank you. Thank you. Thank you, sir. Thank you. Our next question comes from the line of Mahesh Seth from VY Capital. Please go ahead. Yeah. Good evening. Can you hear me? Yes, sir. Yes, we can hear you. Yeah. Upcoming 10,000 sq ft flagship showroom at NSC Bose Road, which is a major expansion. What ROI and payback period do we expect from this? Hello? Hello? Can you hear me? Yeah. That is what, we are going to start up with a new showroom with an inventory of INR 150 crores, and we are expecting in the upcoming years, not initially, in the upcoming years, we are expecting annual revenue of somewhere around INR 550 crores to INR 600 crores out of that store. It is going to be a better ROI. Since it is a retail segment, the margins are somewhere around better than somewhere 11%-13%. Okay, so INR 550 crore-INR 600 crore revenue from this showroom alone? Yeah. With 12%-13% margin, right? Yeah. Not initially, in upcoming years, maybe by 2027. Okay, so year after that. Okay. Yeah. What is the strategic rationale behind choosing Shoppers Stop again for flagship store? You are in your existing presence there. That is what, we are here from past nearly five decades, our firm has been working here. We are having a small store here already, which is going very good, and there is a huge potential in this area, and we are well-known here. So, we thought of starting up the showroom, and we are very optimist about it. Okay, sir. Because it will be the main. Okay. How do you differentiate between this 1,200 sq ft current showroom experience and the upcoming large format showroom? I couldn't get you. I just wanted to know, how do you differentiate the store experience Yeah from the current one and the new large format one? That's what, in the current store, we are creating the new store with all the facility and all the requirements of the customer, with car parking and, what they say, all nice ambiance and good collection and premium jewelry. So, all that we are adding up. We have a good footfall here in the existing store also. So this is going to give an added customer band. Oh, got it. One more question regarding this. So, like this store will carry any exclusive product line or like any high-margin collection specific to this store only? Something planned like that? That is what we have, and all varieties range which are of high margins like Kundan, Jadau, Polki, Diamond, all that is going to be collections at the new store. All gemstones, jewelry, everything would be there. Since it is a bigger size store, it is going to cater all type of customer. Oh, okay. Got it. Thank you for answering. Thank you. Thank you. Our next question comes from the line of Subhanu from 3i Capital. Please go ahead. Hello. Thank you for the opportunity again. Audible? Yes, sir. Yeah. Sir, our current retail margin around 9%-10%. We are targeting 12%-13% for next couple of years after the new store operationalize fully. What timeline we are targeting for that? That's what, anyway, we are going to open up the showroom in next quarter, and that is January. Okay. What timeline you have? Initially, it is going to add contribution to the overall retail sales with an improved margin. I want 20%-25% retail mix in the long run. Yeah Any specific timeline? That's what, initially, the management have focused to reach that by 2027, FY 2027. By FY 2027, we are targeting to achieve that 23%-25% retail mix. Yeah, 25% of the Yes, sir. Yeah. Okay. Sir, my second question is, in Q2, our volume growth around 11%. In H1, what is our volume growth? I couldn't get you, sir. Your voice is very- Sorry, sir. Sorry, sir, for that. Hello? You hear me right now? Yeah, yeah. A bit louder please. Sir, in H1, what is our volume growth in H1? H1? Yeah. That is what, ornament side, we grown with an. Volume-wise, we grown by 11%. As we have reduced our bullion sales, the top line shows that, but volume-wise, ornament volume-wise, we have grown by 11% to 12%. Including bullion reduction in H1, our volume growth around 11%. Yeah, yeah. What is our target in FY 2026? FY 2026, our top line would be somewhere around, as things goes good, we will be reaching somewhere around INR 2,000 plus crores. In terms of revenue growth, okay. Yeah. What is our What will be our Hello? Yeah. That's what, in volume- What will be our volume growth? Because of making the reduction in the bullion, our volume growth will be improving, usually better than Q1 and Q2. Reduction in bullion, our volume growth will be improving? Yeah. Because we are focusing on a higher margin segment, you know? We are giving B2B sales for ornament sales, we are improving. Any, sir, specific volume growth guidance, sir? Guidance in sales? Yeah? In terms of volume growth. In terms of volume growth. That is what, ornament volume, since we have achieved in H1, our volumes have increased by 12%, and it would be going to be better in H2. Hello? I guess there is a problem with his connection. Mr. Subhanu, can you hear us? Mr. Subhanu, if you can hear us, please respond. As there are no response from his end, we will move forward to the next participant. Our next question comes from the line of Ishita Jain from Urban Sphere Consultants. Please go ahead. Hello? Yes. Yeah. Sir, like what is the specific differentiation strategy between the Khazanchi brand and the newly launched Vajraa Diamonds by Khazanchi? Vajraa Diamonds, it is a brand of Khazanchi Jewellers, which is representing diamond jewellery under the banner of Khazanchi. It is a brand which is created for the promotion of natural diamond. Okay. So, like with over 500 designs in the library, how do you ensure design consistency while meeting evolving customer preferences? That is what, day-to-day basis, as per the requirement of the clients, we are evolving designs. As per the market demand, we are creating new designs. As the prices are increasing, we are primarily focusing on wearable jewelry also. For a bigger size segment, for married customers and all, we are having traditional jewelry, and everything we are working on it. Okay. How do you balance traditional wedding or festive jewelry with modern lightweight and daily wear categories? That is what we have stock of all type of goods. Based on the demand and based on the seasonal requirement, we make a shift in the quantum of those type of jewelry. Okay. What is your blueprint for becoming a premium designed house in the next 5 years? Since we have a very long legacy of designing products, and our product has been widely accepted all over the market, and it is liked by both the segments, B2B and B2C. We have an internal team who has been working on the designs always. On a longer run, our designs library is going to expand, and we are going to improve our top line based on that. In the upcoming five years, there will be a huge growth for our design acceptance. Okay. Do you foresee brand collaborations or partnership or celebrity-led campaign for Vajraa? We have not made any specific brand ambassadors for that. If anything required, we will decide accordingly. Okay. How do you ensure your gold purity compliance and BIS across all products consistently? Yeah, we have a quality check department. We will check the quality of all the products, and QC check is done. Primarily, it is defined by the BIS standards only. All products are manufactured as per the BIS standard, and it is quality certified by the authorized Hallmark Centre. Okay. How do you plan to balance growth between retail expansion and strengthening wholesale? Yeah, we have been working for a long period of time in both the segments. As per the B2B requirements, we are producing products, and B2C requirements also we are expanding it. We are, what to say, all type of products which are on day-to-day basis. As for the B2B market, we have been understanding their requirements. We are producing those type of products. For B2C requirements also, we have a huge design library which is helping us to improve on both the segments. Okay. Okay, I got it. Thank you, sir. That is all from my side. Thank you for answering. Thank you so much. Thank you. Yeah. Thank you. Our next question comes from the line of Vinoshia from VS Ventures. Please go ahead. Yeah. Hello. Good evening, sir. Can you hear me? Yes, sir. Yes, sir. What percentage of our customers are repeat customers? Repeat customers in the segment? What you are talking about, B2B or B2C? B2B, sir. B2B, we have in, what to say, in past 3 years data, if you take, we have 1,000-plus clients who have been working with us. And most of the clients are repetitive. Yeah, there is a possibility that 5% customers do not continue, but major of the customers continue with us, as we have a long legacy of our designs and products. Okay, sir. And sir, in Tamil Nadu, do we see any high growth potential in future expansion for like tier 2 and tier 3 cities? What kind of market we are looking at? Yeah, Tamil Nadu has a high potential place for the gold jewelry ornaments. The demand for diamond jewelry is also improving now, as the youngsters are preferring for purchasing of diamond. So, we do have plans of expansion. This will be defined as and when the management decides about it. Okay. So, are we planning to open stores over there also? Yeah, sure. Okay. And sir, what is our sourcing strategy for loose diamonds and certification? Loose diamonds, actually, we procure it. We purchase both type of ways. Finished jewelry also we purchase, and we purchase loose diamonds also. For the quality check, we have an internal team that is checking up the quality of the diamond. For the finished jewelry, we rely on IGI-certified diamonds and GIA-certified. We purchase, procure diamonds from sightholders, certified sightholders, who are very, what they say, supply very precise and quality diamonds. Okay. And sir, in e-commerce channel, do we see any high-value curated pieces? How is demand over there in e-commerce? You are talking about the demand for diamond, high-value diamond? Yeah. The websites we have. Yes, we have demand for solitaires also. We procure it from an authorized sightholders and Hello? Okay, sir. Yeah. Yeah. That's what, we procure it from the sightholders that certified diamond only. VVS and higher quality diamonds are only sold here. We procure it as per the customer requirement and satisfy them. Okay. That is it from my side. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. Ladies and gentlemen, as there are no further questions from the participants, we would like to hand the conference over to Mr. Harshil Ghanshyani for closing comments. Thank you, and 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 call. Thank you so much. Thank you, everyone. Thank you, Harshil. On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.