Strong regional presence with deep penetration in high-growth South Indian markets evidenced by operating
revenue growth between Fiscal 2024 to Fiscal 2026.
Brand catering to the mass and value-conscious segment with own manufacturing.
Brand pull in Tier II and Tier III cities in southern India with focus on quality, craftsmanship and original
designs.
Large Format Stores and Medium Format Stores driving scale.
Robust customer base owing to diverse range of jewellery schemes.
Asset light retail business model with backward integration, efficient inventory management and quality
control processes in place.
Our revenues have been significantly dependent on sale of gold jewellery, which accounted for 92.33%,
94.58% and 93.96% of our revenue from operations, for the Financial Years 2026, 2025 and 2024,
respectively. Any factors adversely affecting the procurement of gold or our sales of gold jewellery may
negatively impact our business, financial condition, results of operations and prospects.
We have experienced negative cash flows from operating activities of Rs. 3,977.62 million and Rs. 180.02
million in Fiscal 2026 and in Fiscal 2024 respectively, due to lower customer enrolment towards the
Company's jewellery schemes and increased settlement of trade payables and cannot assure you that we
will not experience negative cash flows in future periods. Negative cash flows may adversely affect our
financial condition, results of operations and prospects.
We receive advances from our customers under various schemes introduced by us. The amounts received
in the schemes amount to more than 10% of our revenue from operations for the respective financial
periods. Inability to appropriate such advances received from customers under jewellery purchase schemes
may adversely impact our revenues and results of operations and future profitability.
Our Company had a total outstanding borrowings of Rs. 12,381.00 million as of June 30, 2026. Further,
our financing agreements contain covenants that limit our flexibility in operating our business. Our
inability to meet our obligations, including financial and other covenants under our debt financing
arrangements could adversely affect our business, credit rating, results of operations and financial
condition
Our Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management
are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may
have an adverse effect on our business, financial condition, cash flows and results of operations
If we are unable to protect our designs or continue to develop innovative, fashionable and popular designs,
demand for our jewellery may decrease, adversely affecting our revenues and financial condition.
We have entered into transactions with related parties including remuneration of our Directors,
Promoters and our Key Managerial Personnel and payment of brand ambassador fees ? 502.76 million
in Fiscal 2024 to our Promoter, M Kiran Kumar Jain. These or any future related party transactions may
potentially involve conflict of interest and there can be no assurance that we could not have achieved
better terms, had such arrangements been entered into with unrelated parties.
We have contingent liabilities representing approximately 1.85% of our net worth as at March 31, 2026,
and our financial condition could be adversely affected if any of these contingent liabilities materialise.
Our Promoters, Subsidiaries, Directors and Key Managerial Personnel may enter into ventures in the
same line of business that may lead to real or potential conflicts of interest with our business which in
turn may materially adversely impact our business, financial condition, results of operations and cash
flows.
We are dependent on our top three suppliers of raw materials who have contributed 58.03%, 67.20% and
66.98% in Fiscals 2026, 2025 and 2024, respectively of our total cost of raw materials and the loss of any
of these suppliers or interruptions in the supply of raw materials could adversely affect our business, results
of operations and financial condition.
