The call ran from 3:57 PM to 5:12 PM IST (1 h 15 min).

Key takeaways

Q2 revenue up 20% to ₹639 Cr and PAT up 28%, but shrinking customer-brand exits and diluted margins tone down the headline strength.

Highlights
Revenue growth	Q2 +20% YoY; H1 +25% excl. bullion; own brands +39%.
Margins	H1 EBITDA margin 7.6%, down from 7.9%; mix shift expected to help.
Demand visibility	Own brands strong; customer-brand demand shrinking as exits proceed.
Management confidence	Confident but hedged; concedes deceleration and margin pressure.

Growth

Q2 revenue +20% to ₹639 Cr; H1 EBITDA +21% but margin down to 7.6%.

Outlook

Eight boutiques by FY27-end; ₹375 Cr own-brand revenue target; net debt ~₹100 Cr by 2030; WC cycle ~180 days.

Risks

Customer-brand exits remove ~₹400 Cr revenue; growth decelerating; dollar borrowings ₹550-600 Cr expose forex losses.

Last quarter's promises, checked

Delivered

Net debt 'meaningfully lower' YoY → ₹199 Cr, −42% (= BEAT)
Customer exits ₹300–400 Cr revenue → ~₹400 Cr (= BEAT)

Partly delivered

WC release ~₹250 Cr FY27 → WC days 220→180; ₹ release not disclosed (= PARTIAL)
7 Jean Dousset stores by FY27-end → 4 open incl. Boston (4 Nov) (= PARTIAL)
₹375 Cr own-brand FY27 → target reaffirmed; Q2 own brands +39% (= PARTIAL)

Missed

FY27 PAT growth >30% → Q2 PAT +28%, flat QoQ at ₹26 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 12:00 AM IST. Open it on ALFA Filings ›