Omara Ventures FY26 revenue nearly doubled and EBITDA margin rose

Omara Ventures India Limited reported revenue from operations of Rs 45.8735 crore in FY26, up 95.00% from FY25, while EBITDA margin rose to 31.45% from 7.93% in FY24. Gross profit margin reached 39.58%, but total debt was Rs 22.4286 crore and the debt-equity ratio was 1.79 at March 31, 2026.

How did Omara Ventures FY26 revenue and EBITDA margin change?

Omara Ventures' FY26 revenue nearly doubled after remaining broadly unchanged in FY24 and FY25. Revenue from operations was Rs 45.8735 crore in FY26, compared with Rs 23.5247 crore in FY25 and Rs 23.1936 crore in FY24. FY25 revenue growth was 1.43%, before the 95.00% growth reported in FY26.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to Rs 14.4262 crore in FY26 from Rs 4.8736 crore in FY25 and Rs 1.8395 crore in FY24. Omara Ventures calculates EBITDA as profit before tax plus depreciation and amortisation plus interest expenses, less other income. Its EBITDA margin, calculated as EBITDA divided by revenue from operations, increased by 10.73 percentage points from 20.72% in FY25 and by 23.52 percentage points from 7.93% in FY24.

What changed in Omara Ventures' gross profit and promotion spending?

Omara Ventures' gross profit margin rose to 39.58% in FY26, from 36.19% in FY25 and 22.35% in FY24. Gross profit, calculated by deducting cost of goods sold from revenue from operations, was Rs 18.1588 crore in FY26, compared with Rs 8.5141 crore in FY25 and Rs 5.1839 crore in FY24. Cost of goods sold increased to Rs 27.7147 crore in FY26 from Rs 15.0106 crore in FY25, but revenue increased at a faster 95.00% rate.

Advertising and sales-promotion expense was Rs 1.2709 crore in FY26, below Rs 1.3756 crore in FY25 despite the increase in revenue. The expense represented 2.77% of FY26 revenue, compared with 5.85% in FY25 and 4.84% in FY24. Omara Ventures describes this percentage as the share of revenue invested in promoting products or services, meaning the FY26 margin pattern coincided with both higher gross margin and a lower promotion-expense ratio.

The disclosure does not attribute the gross-margin expansion to a particular commercial action or product category. It defines cost of goods sold as purchases of stock-in-trade plus changes in inventories of stock-in-trade, while its explanatory material also describes the measure as direct goods costs including incidental expenses. Continuation of the FY26 margin profile would therefore depend on the relationship among revenue, stock costs and promotion spending rather than revenue growth alone.

How much of the FY26 improvement reached Omara Ventures' bottom line?

Omara Ventures reported FY26 PAT of Rs 9.3653 crore, compared with Rs 2.7316 crore in FY25 and Rs 0.3111 crore in FY24. PAT margin reached 20.42% in FY26, up from 11.61% and 1.34%, respectively. The company defines PAT margin as PAT for the relevant year divided by revenue from operations.

The Rs 6.6337 crore increase in PAT between FY25 and FY26 was smaller than the Rs 9.5526 crore increase in EBITDA. This reflects that EBITDA and PAT capture different measures under Omara Ventures' disclosed definitions: EBITDA is calculated before the effects included in its stated formula, while PAT is the after-tax result. The 31.45% EBITDA margin should therefore not be treated as the same measure as the 20.42% PAT margin.

Return on equity, or ROE, was 74.78% in FY26, compared with 86.49% in FY25 and 72.89% in FY24. Omara Ventures defines ROE as PAT divided by shareholders' equity at the end of the year. Return on capital employed, or ROCE, was 85.38% in FY26, versus 82.36% in FY25 and 71.34% in FY24; capital employed is defined as net worth plus long-term debt, and ROCE as earnings before interest and tax divided by period-end capital employed.

How do Omara Ventures' FY26 margins compare with PN Gadgil Jewellers?

Omara Ventures reported higher FY26 EBITDA, PAT and gross profit margins than PN Gadgil Jewellers Limited in the disclosed peer table, while operating at a much smaller revenue scale. Omara Ventures' revenue from operations was Rs 45.8735 crore in FY26, against PN Gadgil's Rs 10,739.097 crore. The respective FY26 revenue-growth rates were 95.00% for Omara Ventures and 39.59% for PN Gadgil.

Omara Ventures reported a 31.45% EBITDA margin, 20.42% PAT margin and 39.58% gross profit margin in FY26. PN Gadgil reported corresponding figures of 6.52%, 3.82% and 12.13%. Omara Ventures cautions that listed peers may differ in business models, product verticals, focus areas and geographical presence, and that its key performance indicators may not be defined under Indian Generally Accepted Accounting Principles, or I-GAAP, in the same way as other companies' measures.

What does Omara Ventures' FY26 balance sheet show?

Omara Ventures' absolute borrowings increased in FY26, even as its debt-equity ratio declined. Total debt was Rs 22.4286 crore at March 31, 2026, compared with Rs 13.9525 crore in FY25 and Rs 11.2464 crore in FY24. Total debt includes short-term and long-term borrowings, including working-capital loans, term loans and other secured or unsecured borrowings outstanding at the reporting date.

Net worth increased to Rs 12.5239 crore in FY26 from Rs 3.1585 crore in FY25 and Rs 0.4269 crore in FY24. As net worth increased faster than total debt, the debt-equity ratio fell to 1.79 from 4.42 in FY25 and 26.35 in FY24. Omara Ventures defines this ratio as total debt divided by total shareholders' equity, while PN Gadgil's FY26 ratio was 0.80.

The current ratio was 1.48 in FY26, compared with 1.16 in FY25 and 1.05 in FY24. Omara Ventures calculates the ratio as current assets divided by current liabilities, measuring the relationship between short-term assets and obligations. The supplied comparison does not provide the underlying current-asset and current-liability balances, so the ratio does not identify the composition of working-capital funding.

Conclusion

Omara Ventures' FY26 results combined a move from Rs 23.1936 crore of revenue in FY24 to Rs 45.8735 crore in FY26 with an increase in gross profit margin from 22.35% to 39.58%. EBITDA margin rose from 7.93% to 31.45% over the same period, while PAT margin reached 20.42% and reported margins exceeded PN Gadgil's FY26 percentages.

The next disclosed development to watch is whether FY26's relationship between sales, stock costs and promotion expense continues, with advertising and sales promotion at 2.77% of revenue versus 5.85% in FY25. Omara Ventures has said it will disclose the listed key performance indicators periodically, at least annually, for one year after listing or until utilisation of issue proceeds described in the offer objectives, subject to applicable Securities and Exchange Board of India regulations.