Khazanchi Jewellers Limited profit rises 24% in September

Khazanchi Jewellers Limited reported profit after tax of Rs 29.09 crore for the quarter ended September 30, 2026, up 24% from Rs 23.55 crore a year earlier, as revenue from operations increased 10% to Rs 605.58 crore. Profit before tax rose 23% to Rs 38.89 crore, while the reported inventory-change expense increased in magnitude.

How did Khazanchi Jewellers perform in the September quarter?

Khazanchi Jewellers increased September-quarter revenue and profit from a year earlier. Revenue from operations reached Rs 605.58 crore in the quarter ended September 30, 2026, compared with Rs 548.60 crore in the corresponding 2025 quarter. Total income rose to Rs 605.67 crore from Rs 548.92 crore, although other income declined to Rs 9 lakh from Rs 32.81 lakh.

Profit before tax rose to Rs 38.89 crore from Rs 31.53 crore, and profit after tax increased by Rs 5.54 crore to Rs 29.09 crore. Total comprehensive income was Rs 29.23 crore, compared with Rs 23.55 crore a year earlier, after other comprehensive income of Rs 14.34 lakh in the latest quarter.

Khazanchi Jewellers reported basic and diluted earnings per equity share of Rs 11.81 for the September 2026 quarter, against Rs 9.52 in the year-earlier quarter. Equity share capital was unchanged at Rs 24.75 crore at September 30, 2026 and March 31, 2026.

What drove Khazanchi Jewellers’ higher quarterly profit?

Khazanchi Jewellers’ income rose faster than its reported expenses in the September quarter. Total expenses increased to Rs 566.77 crore from Rs 517.39 crore, while total income increased by Rs 56.75 crore to Rs 605.67 crore. The resulting difference, before tax and exceptional items, widened to Rs 38.89 crore from Rs 31.53 crore; the statement did not report an exceptional item in either quarter.

The largest movement was in changes in inventories of stock-in-trade and finished goods, which reduced reported expenses by Rs 46.55 crore in the latest quarter, compared with a Rs 29.72 crore reduction a year earlier. Purchases of stock-in-trade nevertheless rose to Rs 608.06 crore from Rs 544.56 crore, so the larger inventory-change movement offset part of the increase in purchases.

Finance costs increased to Rs 1.27 crore from Rs 1.04 crore, employee benefits expense rose to Rs 1.19 crore from Rs 59.01 lakh, and other expenses increased to Rs 2.48 crore from Rs 86.74 lakh. Tax expense rose to Rs 9.80 crore from Rs 7.99 crore, while depreciation and amortisation increased to Rs 31.87 lakh from Rs 4.66 lakh.

Calculated from the reported figures, Khazanchi Jewellers’ profit-before-tax margin was about 6.4% in the September 2026 quarter, compared with about 5.7% a year earlier. Its profit-after-tax margin was about 4.8%, compared with about 4.3%, reflecting the difference between the 10% rise in total income and the lower increase in total expenses.

What do Khazanchi Jewellers’ half-year results show?

Khazanchi Jewellers reported higher revenue and profit for the half year ended September 30, 2026. Revenue from operations rose 25% to Rs 1,191.29 crore from Rs 952.34 crore in the corresponding 2025 half year, while profit after tax increased 47% to Rs 56.92 crore from Rs 38.70 crore.

Profit before tax rose to Rs 75.97 crore from Rs 51.74 crore and total income increased to Rs 1,191.76 crore from Rs 952.76 crore. Total expenses were Rs 1,115.79 crore, compared with Rs 901.02 crore a year earlier, leaving a wider pre-tax surplus than in the previous corresponding half year.

Khazanchi Jewellers’ September-quarter revenue of Rs 605.58 crore exceeded the Rs 585.72 crore recorded in the quarter ended June 30, 2026. Quarterly profit after tax also increased to Rs 29.09 crore from Rs 27.83 crore, while finance costs declined to Rs 1.27 crore from Rs 2.33 crore.

For the half year, the statement recorded a Rs 104.71 crore reduction in expenses from changes in inventories, compared with a Rs 49.19 crore reduction in the prior-year half year. Purchases of stock-in-trade rose to Rs 1,210.26 crore from Rs 944.97 crore, and half-year earnings per equity share increased to Rs 22.97 from Rs 15.64.

How did Khazanchi Jewellers’ balance sheet and cash flow change?

Khazanchi Jewellers’ total assets rose to Rs 566.08 crore at September 30, 2026, from Rs 465.52 crore at March 31, 2026. Inventories increased by Rs 104.71 crore to Rs 512.49 crore, whereas trade receivables declined by Rs 3.74 crore to Rs 18.46 crore over the same period.

Total equity increased to Rs 375.18 crore from Rs 319.57 crore, including other equity of Rs 350.43 crore compared with Rs 294.82 crore at March 31, 2026. Current borrowings rose to Rs 114.27 crore from Rs 110.40 crore, while trade payables increased to Rs 65.11 crore from Rs 27.35 crore.

Khazanchi Jewellers generated net cash from operating activities of Rs 3.61 crore in the half year ended September 30, 2026, compared with Rs 11.64 crore in the previous corresponding period. Cash generated from operations before direct taxes was Rs 17.88 crore, while direct taxes paid were Rs 14.27 crore and the cash-flow statement recorded a Rs 104.71 crore increase in inventories.

Cash and cash equivalents ended September 2026 at Rs 5.65 crore, compared with Rs 3.51 crore at March 31, 2026, following a net increase of Rs 2.14 crore. Investing activities used Rs 53.16 lakh, including Rs 71.16 lakh for property, plant, equipment and intangible assets, while financing activities used Rs 93.76 lakh.

What did Khazanchi Jewellers approve with its results?

Khazanchi Jewellers’ board approved the unaudited standalone results for the quarter and half year ended September 30, 2026 on November 14, 2026. The audit committee reviewed the results before board approval, and the board meeting ran from 12.15 pm to 12.55 pm Indian Standard Time.

PSDY & Associates issued a limited review report dated November 14, 2026. The statutory auditor stated that nothing had come to its attention to indicate that the unaudited results did not make the disclosures required under Regulation 33 of the Securities and Exchange Board of India listing regulations or contained a material misstatement.

Khazanchi Jewellers also revised or adopted 10 policies, including policies on risk management, corporate social responsibility, whistle blowing and trading by designated persons and their immediate relatives. The company said it has no reportable operating segments under Indian Accounting Standard 108, so the filing does not provide revenue or profit by business line.

Conclusion

Khazanchi Jewellers reported a 24% increase in September-quarter profit after tax to Rs 29.09 crore alongside a 10% rise in revenue to Rs 605.58 crore. The half-year figures showed faster profit growth than revenue, while the accounting line for inventory changes reduced reported expenses by more than in the prior-year periods and balance-sheet inventories rose to Rs 512.49 crore.

The November 14, 2026 announcement does not disclose a financial target, expansion plan or scheduled operating event. Future results will therefore be the next disclosed measure of whether revenue, inventory of Rs 512.49 crore, current borrowings of Rs 114.27 crore, trade payables of Rs 65.11 crore and operating cash flow of Rs 3.61 crore continue to change.