Renaissance Global Limited owned brands lift EBITDA share to 23.5%

Renaissance Global Limited’s owned brands generated 23.5% of group earnings before interest, taxes, depreciation and amortisation (EBITDA) in Q2 FY27, up from 16.8% in Q2 FY26, as revenue rose 38.6% to Rs 83.2 crore and EBITDA increased 67.0% to Rs 12.1 crore. The segment’s EBITDA margin rose to 14.6% from 12.1%.

How much did owned brands contribute to Renaissance Global’s Q2 FY27 EBITDA?

Renaissance Global’s owned brands contributed 23.5% of Q2 FY27 group EBITDA while representing 13.0% of group revenue. The EBITDA contribution increased by 6.7 percentage points from 16.8% in Q2 FY26, while the revenue share increased by 1.7 percentage points from 11.3%.

The owned-brand EBITDA margin was 14.6% in Q2 FY27, compared with 6.4% for customer brands and 15.2% for licensed brands. Customer brands remained the largest revenue segment at Rs 510.5 crore and generated Rs 32.4 crore of EBITDA, while licensed brands generated Rs 45.6 crore of revenue and Rs 6.9 crore of EBITDA.

Renaissance Global reported Rs 51.5 crore of EBITDA excluding bullion in Q2 FY27, compared with Rs 43.1 crore in Q2 FY26, while the group margin was 8.1% in both quarters. Owned-brand EBITDA increased by Rs 4.9 crore over the year, compared with a Rs 3.8 crore increase in customer-brand EBITDA and a Rs 0.8 crore decline in licensed-brand EBITDA.

What changed in owned-brand revenue and EBITDA year on year?

Renaissance Global’s owned-brand revenue rose 38.6% to Rs 83.2 crore in Q2 FY27 from Rs 60.0 crore in Q2 FY26. EBITDA rose faster, increasing 67.0% to Rs 12.1 crore from Rs 7.2 crore, which lifted the margin by 2.5 percentage points to 14.6%.

The first half of financial year 2027 (H1 FY27) showed a similar pattern. Owned-brand revenue increased 33.4% to Rs 171.7 crore from Rs 128.8 crore in H1 FY26, while EBITDA rose 57.0% to Rs 22.3 crore from Rs 14.2 crore and the margin increased to 13.0% from 11.0%.

Licensed-brand revenue moved in the opposite direction in Q2 FY27, declining 17.1% to Rs 45.6 crore from Rs 55.0 crore, while EBITDA fell to Rs 6.9 crore from Rs 7.7 crore. Customer-brand revenue rose 22.6% to Rs 510.5 crore from Rs 416.5 crore, but its margin declined to 6.4% from 6.8%.

Which brands are included in Renaissance Global’s owned-brand portfolio?

Renaissance Global classifies Jean Dousset and With Clarity as owned brands, while Enchanted Disney is a licensed brand. Jean Dousset was acquired in 2025 and had four operating stores in the United States, while With Clarity was acquired in 2023 and had one New York store.

Jean Dousset sells lab-grown diamond bridal jewellery and is distributed through digital channels and physical boutiques. Renaissance Global’s plan is to expand Jean Dousset from four US stores to eight by FY27, adding four boutiques under its direct-to-consumer, or D2C, strategy.

With Clarity is described as a digital-first fine-jewellery brand offering lab-grown and natural diamond rings, wedding bands, necklaces, earrings and bracelets. It also has a shop-in-shop presence at the IRASVA Boutique in Mumbai, while Enchanted Disney has been licensed by Renaissance Global since 2018.

How has Renaissance Global’s revenue mix shifted across segments?

Renaissance Global’s owned brands grew faster than revenue excluding bullion in Q2 FY27, with segment revenue up 38.6% versus 20.3% for group revenue excluding bullion. Revenue excluding bullion reached Rs 639.3 crore, while total revenue, including Rs 54.9 crore of bullion sales, was Rs 694.2 crore.

In H1 FY27, customer brands generated Rs 1,039.1 crore of revenue, compared with Rs 171.7 crore for owned brands and Rs 118.4 crore for licensed brands. Revenue excluding bullion rose 25.2% to Rs 1,329.2 crore, while bullion sales increased to Rs 145.5 crore from Rs 14.8 crore in H1 FY26.

The presentation’s owned-brand revenue history shows Rs 30 crore in FY22, Rs 151 crore in FY23, Rs 187 crore in FY24, Rs 213 crore in FY25 and Rs 288 crore in FY26. A separate chart on the same page shows H1 FY27 owned-brand revenue of Rs 375 crore, whereas the segment table reports Rs 171.7 crore for H1 FY27; the presentation does not provide a reconciliation for the difference.

What does Renaissance Global’s working-capital and cash-flow progress show?

Renaissance Global reduced its net working-capital cycle by 54 days to 208 days in September 2026 from 262 days in September 2025. Receivable days declined to 107 from 128, inventory days declined to 134 from 167, and payable days remained at 33.

The company said it achieved Rs 551 crore of incremental annual sales with Rs 22 crore lower working capital. Receivables were Rs 830 crore, up 4% while sales rose 24%, and inventory was Rs 1,043 crore, Rs 7 crore lower year on year despite the 24% sales increase.

Trailing-12-month cash flow from operations reached Rs 280 crore at September 2026, exceeding the prior peak of Rs 229 crore in FY23. Trailing-12-month free cash flow was Rs 204 crore after Rs 51 crore of interest and Rs 25 crore of capital expenditure, while H1 FY27 cash flow from operations was Rs 143 crore against an Rs 83 crore outflow in H1 FY26.

Conclusion

Renaissance Global’s Q2 FY27 data show that owned brands are becoming a larger contributor to earnings than to sales, with a 23.5% share of group EBITDA against a 13.0% share of group revenue. Revenue growth of 38.6%, EBITDA growth of 67.0% and a 14.6% margin distinguish the segment from the larger customer-brand business, where the margin was 6.4%.

The next disclosed operating markers are the plan for Jean Dousset to reach eight US boutiques by FY27 from four operating stores and the working-capital target of 180 days from 208 days in September 2026. Renaissance Global also targets debt of about Rs 100 crore and says growth is intended to be financed through internal accruals; clarification of the conflicting Rs 375 crore and Rs 171.7 crore H1 FY27 owned-brand revenue figures would also be relevant.