Renaissance H1 profit rises 92% as owned brands accelerate

Renaissance Global Limited reported H1 FY27 profit after tax of Rs 51.5 crore, up 91.9% year on year, as revenue excluding bullion increased 25.2% to Rs 1,329.2 crore and owned-business revenue rose 33%. For the half year ended September 30, 2026, cash from operations swung by Rs 226 crore year on year.

How did Renaissance perform in H1 FY27?

Renaissance increased revenue from operations by 37.0% year on year to Rs 1,474.7 crore in H1 FY27, the first half of financial year 2027, while revenue excluding bullion rose 25.2% to Rs 1,329.2 crore. The difference reflected bullion sales of Rs 145.5 crore in the half year, compared with Rs 14.8 crore in H1 FY26. Renaissance used the Rs 1,329.2 crore revenue figure, excluding bullion, in its financial highlights.

Profit before tax rose 86.9% to Rs 61.7 crore and profit after tax rose 91.9% to Rs 51.5 crore, compared with Rs 26.8 crore a year earlier. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 20.5% to Rs 101.2 crore from Rs 84 crore. EBITDA margin excluding bullion declined to 7.6% from 7.9%, while earnings per share increased 102.8% to Rs 4.9 from Rs 2.4.

What changed in Renaissance’s second quarter?

Renaissance reported second-quarter FY27 revenue excluding bullion of Rs 639.3 crore, up 20.3% from Rs 531.6 crore in the second quarter of FY26, while profit after tax rose 27.8% to Rs 25.8 crore. Revenue from operations, including bullion, increased 27.1% to Rs 694.2 crore as bullion sales climbed to Rs 54.9 crore from Rs 14.8 crore in the prior-year quarter.

The quarterly increase in profit after tax exceeded the growth rate in revenue excluding bullion, while EBITDA rose 19.4% to Rs 51.5 crore from Rs 43.1 crore. EBITDA margin excluding bullion was unchanged at 8.1% in both quarters. Profit-before-tax margin excluding bullion increased to 5.0% from 4.4%, and profit-after-tax margin excluding bullion rose to 4.0% from 3.8%.

How are Renaissance’s owned brands contributing to growth?

Renaissance said its owned business delivered 33% year-on-year revenue growth and 57% EBITDA growth in H1 FY27. Chairman and Global Chief Executive Officer Sumit Shah said the direct-to-consumer brands With Clarity and Jean Dousset were the group’s fastest-growing and most profitable business. The release did not disclose the owned business’s absolute revenue or EBITDA.

In the second quarter of FY27, owned-brand revenue increased 39% and owned-brand EBITDA rose 67%, according to management. Renaissance operated four Jean Dousset boutiques at the reporting date and plans to expand the network to eight stores by the end of FY27. Management said the expansion would be funded wholly through internal accruals.

Renaissance’s owned portfolio includes Jean Dousset, WithClarity, Irasva, Jewelili and Everyday Elegance, alongside licensed and customer brands. The company operates through business-to-business and direct-to-consumer distribution models across the United States, Canada, the United Kingdom and Asia. Since 2020, Renaissance has launched six direct-to-consumer websites for licensed and owned brands.

What do Renaissance’s cash flow and debt figures show?

Renaissance generated cash from operations of Rs 143 crore in H1 FY27, compared with an outflow of Rs 83 crore in H1 FY26, representing a Rs 226 crore year-on-year turnaround. Free cash flow was Rs 103 crore after interest payments of Rs 24 crore and capital expenditure of Rs 17 crore. These figures accompanied the increase in profit after tax to Rs 51.5 crore.

Renaissance said its working-capital cycle was reduced by 54 days year on year in the H1 highlights, while management described it as 53 days shorter in its commentary. Net debt fell by Rs 144 crore year on year to Rs 199 crore, and net debt-to-equity improved to 0.12 times from 0.23 times. The filing therefore contains a one-day difference between the company’s highlight and management commentary on working-capital progress.

On a trailing 12-month, or TTM, basis, cash from operations reached Rs 280 crore, exceeding the previous peak of Rs 229 crore recorded in FY23. TTM free cash flow stood at Rs 204 crore. Management linked the cash-generation figures and lower net debt to its plan to fund Jean Dousset’s additional four boutiques from internal accruals.

Conclusion

Renaissance’s H1 FY27 results show profit after tax rising faster than revenue excluding bullion: profit increased 91.9% to Rs 51.5 crore, against 25.2% growth in revenue excluding bullion to Rs 1,329.2 crore. Owned-business revenue growth of 33%, EBITDA growth of 57% and the Rs 226 crore operating-cash-flow turnaround were the central features of the reported half-year performance.

The next disclosed milestone is Jean Dousset’s planned expansion from four boutiques to eight by the end of FY27. Management also cited four boutique openings ahead and identified the holiday quarter as important, while the reported Rs 143 crore H1 operating cash flow, Rs 103 crore free cash flow and Rs 199 crore net debt provide the measures to track alongside that rollout.