Advit Jewels (NSE:RAMBHAJO) Q4 2026 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Advit Jewels Limited Q4 and FY twenty six Earnings Conference Call hosted by Clarin Advisors Private Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I would now like to hand over the call to mister Karen from Caren Advisors Private Limited. Thank you, and over to you, sir. Thank you. Good afternoon, everyone. On behalf of Caren Advisors, I welcome you all to the Q4 and FY twenty six earnings conference call of Advit Jewels Limited.

0:48 We have with us the senior management of the company led by mister Nitin Girara, chairman and managing director mister Prati Gilara, whole time director, and mister Deepa Sharma, chief financial officer. We will begin with the management opening remark on the company's operational and financial performance for the quarter and year ended financial year '26. Following which, we will open the floor for q and a session. Thank you. I now hand over the call to mister. Over to you, sir. Yeah. Afternoon, everyone, and a warm welcome to all our investors, analysts and stakeholders joining us today for the Q4 and FY 'twenty six Earnings Conference Call of Advit Jewels Limited.

1:36 On behalf of management team, I sincerely thank you for your continued trust and support. Financial year '26 has been a landmark year for Advit Jewels. During the year, we successfully lifted our equity shares on NSE and BSE while delivering our strongest annual financial performance to date. These milestones reflect our commitment to sustainable growth, strong corporate governance, and long term value creation. Built on the hundred plus year legacy of RAMBHAJO brand, Advit Jewels specializes in premium handcrafted diamond studded and antique bridal jewelry. Our integrated business model modern manufacturing facility in Jaipur and skilled artisans enable us to consistently deliver high quality jewelry while preserving the richness of traditional Indian classmanship.

2:35 During financial year '26, we continue to strengthen our business fundamentals. Our active customer base increased from 96 to two seventy four customers. Today, we serve customers across 21 states and have also initiated our export journey, creating new opportunities to future growth. Coming to our financial performance, q four to financial year '26 was comparatively softer on a year on year basis. The company reported total income of 43 crores 22 lakh 92,000. EBITDA margin of EBITDA of 12 lakh crores 55 lakhs and 56,000 with an EBITDA margin of 29.04%, while net profit stood at INR 8 crores 74 lakhs and 5,000, translating into a diluted EPS of 2.79.

3:32 Despite a softer quarter, we remain focused on operational discipline, cost optimization and maintaining healthy profitability, while continuing to strengthen the long term fundamentals of the business. Looking at the full year performance, finance year twenty six was one of the strongest years in company history. Total income increased to 33.68% to 167 crores 2 lakhs and 56,000. EBITDA grew to 32.52 percent to 49 crores 23 lakhs and 80,000, and net profit increased to... By 35.56% to 34 crores 38 lakhs and 79,000.

4:18 EBITDA margin stood at 29.48%, while diluted EPS improved to 10.74 rupee, reflecting the strength of our business model and disciplined execution. As we move into financial year '27, our focus remains on expanding our customer network, introducing innovative jewelry collections, enhancing manufacturing capabilities, improving operational efficiencies, and gradually strengthening our presence in international markets. Before I conclude, I would like to sincerely thank to our customers, business partners, employees, shareholders and all our stakeholders for their continued trust and support. Thank you once again joining us today. I now request the moderator to open the floor for the question and answer session.

5:08 Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, may press star and one on the touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vinod Shah from VF Ventures. Please go ahead. Yeah. Hello. Good afternoon, sir. Am I audible? Yes, sir. For your order, sir. Yeah. Yeah. Thank you for the opportunity, sir. So I just have a couple of questions. So the first one is because capacity utilization was around 31% in FY twenty six.

5:57 Like, what were the key reasons behind this decline in capacity utilization? Okay. So, basically, when we talk about Advit Jewels jewelry, it is not a generic jewelry, which which which is always calculated with the statistics of capital... Capacity of the goods made. We are into the jewelry which is made from diamonds, polkies, color stones, and gold. So when we calculate only gold, then we are actually not justified with the product. This time when we were doing new products, we did with a lighter weight of gold because the gold prices rose and the product value was going high. And the designing also is a big part. It's a design centric jewelry. So if it is 31, that means the gold usage was approximately on this line. But when you look at the stone collect... Used and when you look at the and diamond used, then it will be to the level because the amount of turnover is is coming in front of you. So if the statistics of weight don't work with the Advit Jewels jewelry, actually.

7:02 Okay. Okay, sir. And, sir, like, can you elaborate some productivity initiatives that are being implemented, and just to improve the overall efficiency and the labor output of our patients? Can you come up again? Because I could... I couldn't hear anything. Yeah. Yeah. So what do think? Yeah. I was just saying, could you elaborate the... On the productivity productivity initiatives that are being implemented and, like, to include the overall manufacturing efficiency, especially in the, like, labor initiatives, like, efficiency improvement? You mean to say you want to know about the improvements done in the in the Like, any facility? Process. So efficiency, basically, what is happening is that it's...

7:52 Again, I tell you, it's a design centric world. So there are new more designers designers being added, more artisans are being employed. In fact, we are giving... We are trying to educate, and we are trying to get the skills developed in the new artisans who can do better. In fact, the last artisans, whatever they were doing, we just wanted them to match with the amalgamation of different kind of art forms because this is what actually something new we will be coming up with. So we are blending two kinds of art forms from different different places. So for that, we have just got a new master staff who will be doing it with all, you can say, aesthetic. Because when you when you when you blend two kind of jewelry, you need those aesthetic sensors to connect them and make a perfect piece. This is kind of one of our best time. So we are working on designing more. This time, the collections will be coming.

8:50 They will be more, you know, geographically connecting pieces. So this is what is happening. We are working very, very hard on the luxury line of the production design. Okay. And, sir, how many designers we have? I think there's there must be around seven to eight now. Designers are there. Okay. Yeah. And so, basically, in our business, again, I will tell you that in our management, we need to guide them with our new ideas. You know, it's just about the essence we have to give. Designers... All the designers are doing well and they do good, but we give that essence of what new we want to bring in this. Mhmm. You know, that will give difference to Advit Jews, RAMBHAJO with others other, you know, jewelers of the world.

9:42 If you're bringing, like, two two designers from a different region and, like, with a different skill set, so how much is, like, standardizing the quality and productivity by preserving the uniqueness? So, basically, aesthetic, as I told you, Abhi, just now, when the aesthetics are being matched, then the piece which is made becomes a perfect amalgamated piece. So if you... Like, I'll just give you an example. This Rajasthani Giraud jewelry, when we match it with... Mix it or amalgamated with, say, sample jewelry of South India. That's from perfect South Indian jewelry. Then whatever the piece comes out should be an aesthetic piece, which can be worn and can be enjoyed by both the kinds of geographic areas. So it will be... It is made in that sense. You will be seeing the collection soon, and that is what is something gonna Okay.

10:35 Yeah. Yeah. That is all. I'll join back the queue. Thank you. Thank Nice questions. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one. The next question is from the line of, an individual investor. Please go ahead. Hello. Good evening, sir. Am I audible? Good evening, sir Rajeev. Yeah. You are. Yeah. Sir, first of all, congratulations for getting your listing done this year. Thank you so much. Okay, so okay sir sir, I have I have two questions.

11:22 First one is, in your investor presentation, you have you have under the key performance indicators, you have mentioned that total number of products are over 17, one seven in in FY twenty four, then they were 21 in FY '25, and now in FY '26. The number has reduced to 10. So can you please elaborate upon that? Yeah. Okay. That's a good question. In fact, I was thinking about it. So what happens in... You know, before this, when we were counting them at 21, we were counting Jirau necklace, earring, bandika bracelet, and ring.

12:08 This used to come in five pieces. Okay. Like, necklace, earring, mantika, bracelet, and ring. Okay. Now we have made a bridal thread by itself. So all those things are coming in one. You're getting it? Say, if a bride has to buy a complete set, now she has to buy necklace, earring, tikka, ring, and bracelet. Then the second thing comes is, before this, we were we were counting Gajira, Bhandari, Patla into a different different product. Now we have taken them into one present that is handwear, like, Patla to Guajira, Bungari. This is a Guajirao, you know, these are traditional pieces which are made. So you know what? A modern was taken into bundles, but it is a. It came into.

12:54 Like that, the the products are more than 21. But now, we are being... Now we are more organized on that part. Because just getting... Somebody wants to see bangles. So he should see all kind of bangles. You're getting it from me? That is what actually we are working on. Yeah. Suppose you want to see bangles. So if somebody told you only bracelets, what happens is, technically, some bangles are counted into bracelets. So if if suppose you want to see braces, so I will not be able to show you bangle because that has gone gone into category of bangles. But when you ask now, when you ask for a bracelet, then you will see all kind of bangles and bracelets. So it will be more easier for you to find out new designs and deciding on that. Okay okay, I understand.

13:40 Into one category. That has come into one category. Okay. And sir, my another question is that in in economic times, there was a article about the company. The article was published before IPO that that your company is is going to is going to expand into Pan India in retail stores. And it was given that you are planning 30 stores in next in next three years. So is it is it right? So it was... Yeah. It was being asked by economic time from us, and we told that he has tied up with a franchise company.

14:31 It's a name from franchise company, which has committed to us to bring up 30 stores in next three years. That I told him, yes, we are working on it. Okay. And, sir, our our first retail store in, when... By when is it going to start? So we are actually hurrying up on that, and we are trying to get the interior then as a ASAP. It's around thirty thirty thousand square feet. So we are trying to bring it more faster than usually what construction and interior time takes. But I think most favorably by the end of the year, we will be shifting into that, and we will be starting our operations from there.

15:24 Okay. So so sir, like, for for jewelry segment, the demand starts from this Diwali festival. So so will you be able to start start the showroom Diwali this year? Diwali will be tough because what is happening is the structure is ready. It's a huge structure. We are trying to start it, but I don't want to enter in in a half level. I... In a level where it's 75, 18%. I want to finish it. We are trying to come up before that, but I think by... And Diwali is not usually in this luxury jewelry line. Diwali is not a season. Diwali is a, you know, holiday vibe. Because nobody goes and buys her luxury piece in Diwali. But, yes, by, say, November end, when the NRI start coming, the wedding season starts coming, that time people come and buy Julien, try Julien. We are trying to finish it by that time.

16:24 Okay, sir. Thank you so much. Yeah. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1. The next question is from the line of from Investment. Please go ahead. Hello? Am I audible, sir? Yes. You are audible. Sir, I had a couple of questions. So when you said, what percentage of your sales can be attributed to the gold value? So... Because why I'm asking this question is, see, year on year, if I compare your sales are actually reduced from 60 crores last quarter to 43 crores in this this year. And whereas if I see all your competitors,, I mean, most of these jewelry companies, their sales are actually doubled, like, 180% to 200% is what they have given the growth.

17:22 So so I just wanted to understand why have your sales reduced? Because, in fact, gold prices have almost doubled year on year. So what's the reason for that, sir? Yeah. Okay. So I would like to actually explain one thing to you first that Caleon and Titan are the same kind of company, their peers. But when you see Advit Jewels, RAMBHAJO, we are into luxury jewelry that is not gold. That is more of quality jewelry. That is an artwork design jewelry, which is not the jewelry that these jewelers are doing. They are really generic gold jewelry, diamond jewelry. They are not doing that kind of jewelry. So there's a difference in both of them. So when we talk about this luxury jewelry, like, at this at this time, maybe people are going and buying there, but luxury jewelry segment was a bit affected due to escalation in the war from January to March. If you see, one was put too much escalated that time, so people were little conscious.

18:23 But if you see the the quarter, which was just before that, that was, I think, September to December, you will see an amazing increase in the sales. And one more thing was there that we were able to finish the orders by time, which we bought in December also. So that sales, which was about to come in this month, that was already booked in December. So it was whole year all. If we talk about the whole year, we did it so well. We are around, I think, 157 crores in the whole year. So it's maybe... I think last two quarters are always good for jewelry. It's just like our jewelry type this season because we are into this luxury, bridal, you know, classical designer jewelry. So there's a difference. We can't can't call them pure. Titan and they keep very little part of.

19:14 We are 100%. Got it. So what percentage of your sales would be gold? Let's say, on, like, on an average, the gold value. When we we talk about this quarter, I just have to say, see, again, I'll I'll tell you. Our statistics is never dependent on this kind of gold consumption and gold values and color from value or diamond value. It's about the designer piece. Suppose if I'm making a piece tomorrow, it may have, suppose the pieces of 20 left. It may have a gold of, say, eight left. And then then in 12 left is another edition that is polky gold... Polky and color stone, other ruby, tanzanite, and maybe the the artwork labor part. So it's it's not always fixed that I have this necklace, and I have another necklace, and both of them there are same percentage of gold weight.

20:06 You're getting it? Our jewelry, when you go to any jewelry shop, any jewelry shop, all the pieces have a different content of gold in percentage. No. No. But you would still have some kind of ballpark estimate. Right? Average maybe. Ballpark is what... That's what I'm telling you. Again, that ballpark is calculated with a fixed price. Okay. Suppose I tell you now, we are coming up with a new pension where in that, the gold part will be approximately 30 percent of the value of the piece. Okay. In that case, if you ask me how much gold you sold, that will be 30%. But if you ask me, will be around 70% addition. And, again, we are coming up with some men's jewelry product. This may gold part will be around, say, 70 to 80%.

20:51 Okay? I'm making buckles of men. Buckle of Mhmm. Belt buckle of belt will have around 80% of the gold value. The quality value will be less. Because in that, I will be using less gold and less color stone. But if I'm making an earring, which a girl has to wear, which has to be light, so in that case, the gold will be very nice, but the polky and the color stone will be more. You're getting my point? Yes. They both are my products, but totally different. So the statistics of Goldway never works on this designer kind of a jewelry. Like, if you go to, they also do this kind of thing. They do designer pieces. They they don't have this kind of statistics on them. Sometimes sometimes consumption of full key is more, sometimes consumption of gold is more. Or sometimes, you know, you'll see an expensive embroidered in a piece, which was aesthetically needed in that necklace.

21:43 Already, That's the thing. Okay. And, sir, secondly, can you give us some color on what would be your store opening plan for, like, FY '27 and maybe going forward? So you you were saying that you have... You've just tied up with one of the entries who would open up your franchisee. And also... So I wanted some color around that, sir. What's your plan for this year and next year? Like I tell you something. Franchise is working on its own. We also have zeroed down a few more store things. We are now going for LOIs, and we will be working on them. I think next few days, you will be coming to know about few new stores being announced.

22:29 But at this moment, we are working on them, personally also. Because besides franchises, we are working on on those things personally also. So this year also, we have plans. We will be coming up with few. And, you know, it's just about a strategy being being a Marwani family. We have one thing that we should understand and then move things sensibly. Don't jump into it with a a, you know, bulk and just doing all things together. So what we are doing is we are setting up at least around three stores. In this this year, the target is minimum three. In that, we will be experiencing whatever plus and minus and what other things we need to do more. So that will be done. After getting this experience, I think the next year's expansion will be totally different.

23:23 Okay. Okay. And, sir, also, I mean, when you're adding these stores, you would see right now, I mean, the kind of business what you do, your artisans, I mean, their skill set is a key parameter here, right? Because not everybody can do that. So how would you... Because these are systems will be limited, I think, in Jaipur because there are a lot of other people also who do. So how would you... As you ramp up, what are your plans on that side? I mean, employing new people skill sets. Is it how easy or, you know, tough it is to hire those people and train them more importantly? So it's a very relevant question because people look for it. But you know what? After getting organized, now artisans are getting regular income.

24:11 Problem was. I'm looking at artisans for a seasonal You getting my point? So they are very comfortable. Their families are very comfortable. Now now young kids are coming into this business. They are trying to take that skill from their parents, from their father. Even the girls are coming in. You will not believe that there's a man who has five daughters. Three days back, he came to me and he said, see, I was so happy.

24:57 I was so happy seeing that. And I told him, I will be the first person who will educate them, and they will be working on this. Let them get married. Do this work. Let them be like that. So you know why? It is just so interesting to know about. You're from. I tell you when you will go and talk to these, you'll find such a fabulous moment with them. They have two articles, and they they are not not less in quantity. If you give them right business, if you give them right pay, then Mhmm. They will stay with you. And they are, like... See, we have 100 and five year old family in the airport. Mhmm. And in this in this business. So most of these artisans... Because in... We are in this business. My great grandmother also was in this business. So they required our family so much. They are so devoted.

25:45 And they are ready to do... In fact, what I'm saying by this August time, we'll be getting new orders. I think they're all set to work hard. So it will go well. That's what I just feel it will be... They then therefore is a potential with with the color stone,, jewelry type. It is... It has a potential. We can we get everything, raw material and labor. Right. Right. Okay. Okay, sir. I think that's about it. I'll join back in the queue today from. Thank questions you had. Thank you. Thank you. A reminder to all participants to press star and one to ask a question. The next question is from the line of, an individual investor. Please go ahead. Thank you for this opportunity. So I have you, sir. Would be, like, nearly 98% of revenue continues to come from gold, Kundan, Meenal, Porkid, Sadal jewelry.

26:40 So how do you plan to diversify your product portfolio while preserving your premium position? So why should I diversify my product portfolio? It is going so well. It's going so well. Mhmm. So I don't think I should diversify. In fact, I could I could add on few more things into it. See, this polky jewelry has a big potential. Now I'm adding men's jewelry into this. As I just explained in my my last answer, we are coming with a bit of coupling of full key. We are coming with bustle belt in full key, groceries in full key. We are coming with kill... Telangie, even the... There are special rings we are making for men. So, you know, the things are adding in. Like, we are adding in jewelry that is lighter ones, which generally want to wear in day to day things. Okay. So why to change it? We still have to edit. This is traditional Indian jewelry, handmade.

27:39 We should extend it. Okay. Okay. What proportion of new product introductions comes from customer led customization versus internally developed design, and which category is generating better demand? Again, the statistics is so difficult because the categories are, like, you know, it's it's just like this that we are we are innovators. So we basically are being called as trend setters. So whichever trend... Whichever thing we make, then... And you know what? It's a it's it's a good question also because sometimes we have to look at those files. If some... Something made by us is not doing well, so we have end to end value chain where we can bring it back and change it to the thing which is which is going well.

28:32 I'm getting the point. It's just like business... Getting business and creating more business. K. So how do the margins and average realization of lighter weight, jewelry compare with your traditional bridal, polky collections? Can this category eventually achieve profitability comparatively to your core business? It will be compared because we are just keeping the fixed margins. Whatever the cost comes, we just keep the margin fixed on. Mhmm. Okay. Yeah. We're not changing our margins on things. Okay. Yeah. So revenue per customer has increased significantly over the last year. Is this driven by higher wallet share from existing customers, larger retailers, or higher value product sales?

29:25 So, again, actually, you know, it's about the value chain. There's a buyer who comes and buys. Suppose a buyer, he comes and buys huge. So it come... Goes into the average, ma'am. It it is it is never like this that number of customers have bought this much each. It's about this that someone someone must must have bought pay about big amount and someone may have bought a lighter amount. If you make them out and do a average, then, obviously, the average comes, which will be a figure which is, like, which shows the number of clients we have. Otherwise, there are, like... Okay. I tell you one thing. A bridal can... Can be a 1 crore also. A bridal set can be a 20 lakhs also. So the average payment is 60 lakhs. That means, you know, both the things and even b two b, lot of lot of fees comprise to this thing. That's when they'll go into the debt, you'll find out that few customers must have got around $10.15 lakhs and somebody must have got around 1.5 crores, like that.

30:26 Okay. Okay. That's it from my side. Thank you for thank you for calling. Thank you. Thank you. Thank you. The next question is from the line of Dia Jain from Orient Capital. Please go ahead. Hello? Am I audible? Yeah. Hi. Yeah. Yeah. You said here. Few questions. So exports contributed less than 1% of revenue during FY twenty six. Which international markets are being prioritized, and what is the road map to scale export meaningfully? Okay. So I I tell you, we are not yet active on that part yet. This sales of export was was, like, a gift to us because on our Instagram, some client in America, he saw a piece, and they they found out about how authentic this jeweler is, and they they ordered it from there, from US. And our... It it was a sale from an Instagram, so we find it as a gift to us. It is a... It was a good sale. And the client bought it at the time when mister Trump announced my 50% tariff.

31:30 So the client paid 50% tariff, tariff to get this... That piece in US to them. So kind of thing happened was, like, fabulous, and we were so attracted. So now we now we are working on that part also. Indian rice porter, I just tell you, is very potential. Everywhere. Now UK is open. UK... And July 15, if you see, UK is open with a free trade. So UK is a fabulous market of handmade jewelry. Even maybe we are working on... We are planning on some shows in Middle East. We are we are in talks with the people therein. So, yes, it's... Yes. It will be taken on, and it has a potential. See, a handmade jewelry at this moment is hot in India by itself also.

32:15 All the brands needed. As I... As you know, if you'll see all all the riders, they are proposing for a brand. Mhmm. So India has a big potential. And as you... As I told you, we are Marwari. Let's go slowly. Don't jump into everything. Right. Also, what investments or certifications are required before exports become a meaningful contributor to the company's revenue? Yeah. Yeah. That is there. In fact, in India, we had a very special privilege being given to... Begin by the government of India. Like, Kolchin jewelry is being kept out of that hallmarking, but our jewelry is... The quality of our jewelry is so perfectly well. It can be hallmark anytime. If any product of mine is being taken for VIA format, it gets approval.

33:07 So even that means when it was selected, it was hallmark in there. So things are fine. Hallmarking is there. We can do IVI certifications. These are also happening in Pulte now. And we are reliable jewelers. We are we are being into the club of the... Reliable jewelers of the world. That is an elite club where we call every international brand prefers to see that audio or reliable jewelry jewelry club member, then only they buy from you. So, obviously, with our manufacturing facility and our quality, we are being approved for that. So, I think these are the things which are needed. Right. Also, we have reported strong EBITDA margins despite volatility in gold prices.

33:55 Could you explain your pricing strategy and how quickly raw material cost changes are are done to customers? So I tell you something, when the design is good and when the product is selected by a client, They always look for a a trustable house, and they go for it. The margins are being there because any luxury jewelry, a luxury piece cannot be counted like a generic novel jewelry. You cannot just go and find out, hey, this is gold, this is color stone, and this is diamond, and this is the labor and all the pieces are costing you this much. Any good luxury jewelry also has an artwork. It has that hard hard work done behind that. So EBITDA margin and margins are obviously... We are keeping it this way because we are organized.

34:40 Otherwise, we deserve this kind of margin. We are into our jewelry, not January. So anything made is, like, you know, a hard work. So margins should be the... We are getting it also. Mhmm. And beyond regulatory compliance, how do these certifications and industry memberships strengthen your competitive positioning with international buyers? Have you already seen any improvement in customer inquiries or export conversions as a result? So as I told you about export conversion, I told you that that was a good thing to us. And if we talk about the compliances and things, obviously, going public, you know, I I have gone through all the compliances. I just see that.

35:29 If we talk about being different from others, the first thing we've done is that we have come out from an unorganized role to an organized role. So anybody who wants to compete with us has to get organized to our level. Okay. Okay. That's all. Thank you so much. Thank you. Thank you. Thank you so much. Thank you. Thank you. Thank you. Thank you. The next question is from the line of from Investment. Please go ahead. Hello, sir. So so one, what I wanted to understand is, sir, if you can give any statistics on the total market size of this kind of jewelry, Kundan and Pulte, etcetera jewelry, and what would be your share if you have some numbers on that? And secondly, what would be your revenue and EBITDA target for this year, FY '27?

36:31 I mean... And how is q one shift till now? You can give some color on that. Okay. So I tell you about the market size. See, drivers will be market. If we talk about India, India has around 70 to 80, like, wedding happening every year, as everybody of us noticed. That 70, like, 80, like, India. Now let us say that HNI weddings are around 100,000. Thirty day club weddings, HNI, HNI, That we already had... We just... We're going through last year, then we will be calculating this. Out of of this, every wedding, which is a... HNI wedding, needs polky set for a bride on a bridely day. I'm not talking about the bride, bridesmaid, bridemom, bride... Bride...

37:21 Bridemom-in-law, or any groom jewelry. I'm only talking bride jewelry that is that's jewelry approximately average 20 lakh is a ticket which is minimum or an average ticket, you could say. So if we say 20 lights and one light wedding, there's around 20,000 crore. That's the business in that jewelry. That is Kolhi jewelry. Okay. So Yeah. Yeah. Yeah. Yeah. In that case, if I'm doing... Say, if it is 20,000 crores, I'm doing 1%. I will hold big ground to play on that. I have a huge demand on that. And this year, if you go through the new channels and the analysts, they are saying that now the idle investments and the idle expenses are actually going high. People are looking for designer weddings and good jewelry. And especially in a wedding, I just tell you the jewelry is the part which stays in a free hand. This is the part which stays with us. Other things are all spent and finished.

38:30 I think you're right. Yeah. Yeah. This thing is what every parent want their kids to have for their future. And Konti jewelry has a preserved valuation. If I if I talk about my mom's jewelry, which was made around, say, long back, my mom's jewelry was made in around, say, sixty years... Fifty five years back. And if I see it today, it's a crazy piece. Can't even see that... Those kind of pieces now. So it has a value of being preserved. It's an art. So it is a very different kind of an asset with with a daughter or a or for a bride. So I see it as huge market. Huge market. Sir, do you...

39:15 Could you name any of the largest players as your competitors or most of your competitors are these fragmented players and the smaller dealers? And also, is that is concentrated to Jaipur or is it there in other parts of India also? Yeah. So... Okay. I'll tell you... I'll answer your first question. That is that about the competition. See, all the big jewelers have a a percentage of jewelry business in them. They they do 5%, 8%, 10% kind of thing. You know, 100%. We are the first people who are listed doing 100%. And if you see those jewelers margin on those, you will match those margins with us. It happens.

40:05 You can match But when you go into the segment,, you'll find different different margins. Okay. So this Kolky jewelry has this kind of a thing. Now what was your second question in this? Second question was around see, if you can give some color on what are your revenue and EBITDA targets for FY '27. Okay. Revenue and EBITDA target for '27 are are already disclosed in our DRSP. That was the last from me that time. But, yes, I tell you one thing.

40:51 The kind of demand after this IPO, we are getting. We are really so happy that people who attended our road shows are coming to buy jewelry from us. So they have some new people that are coming. So I feel that... And we never did this kind of an advertisement because most of it, we were doing b two b before. So b to b advertisement in evening. This time when he mentioned, he just explained to people what is bulky and how it is and... So people do that... Tries to come and buy jewelry now. They're saying, wow. I just... We just didn't know that there's somebody who's manufacturing it to on this level, and you are so transparent in sharing things with us. So they want to come in by duty. In fact, yesterday, I got a client who came from my Delhi roadshow's explanation.

41:37 Can you believe that? He said I just Okay. Came to the show, and I just saw the day you explained about your Julian. I'm so happy. He was five necklaces. Okay. So... But, actually, I missed seeing that the HRP participant reiterated which number of. I will have to check that. Because that was the number which was calculated that time. We Okay. Say that ground ground reality, Advit and what? Because it's So, like, we we are very happy with the coming business. So with my language, you can understand that it will be any way far better than all this thing. But if you see our website also today, you will be having... You you can have that fire predictions.

42:34 If you open the website top down Okay. You will find that for sure. And don't worry. We are doing great. That's good. Okay. Sir, last question, if I can squeeze in just a minor thing. Sir, till now, you've been doing mainly b two b. And now I think you are going more into retail. But what stopped you from going directly retail all these years? Because you've been quite old house in. Right? So why were you not into retail all these years? B two b, we just were doing b two c work. Okay. Now, people came with the... With publicity, and they started buying. So you can see, it's 1820 Now we are really happy with the kind of responses and, you know, true appreciation you get from a b two d only. A bride went to use a jewelry and put her... Put you put you on an Instagram, love wearing RAMBHAJO. You know, you just get a different feel.

43:30 It's not about... You know, we are designers also. I tell you, we're not only businessmen. We are designers. We we create things. We are innovators. So when an innovator gets an appreciation, we do be our book of the appreciation,. We do be will try to squeeze you by saying, okay. Okay. The thing is okay. What price you will charge? So in a in a b two c, the girl will call you and say, thank you, uncle. I love the jewelry that you made for me. So the kind of feeling on b two c is great, and you get a better margin. You get a better appreciation. You get better business in b two c. Now you're going directly... You know, end to end value chain is happening now, sir, from zero number manufacturing. You're going direct to the end user. This moment, you were go... You were going to the mediator. So in that case, your margins going forward should improve, isn't it, if you're going directly to the customer?

44:18 It should. That's the true thing you're saying. It's true. Okay. It it should. But it's... One more thing, on the morale side, it's... We are meeting it as as a as a asset of a driver. We don't want to go very high with that because just want to give them a good asset value and good value for future also. Starting in the models of the fan... Of the company work on that side. So it will be, you know, set... Strategic. Okay. Thank you. Got it. Thank you, and all the best. Thank you. Thank you so much. Thank you. The next question is from the line of Advit Jewels from Wealth Management consultancy. Please go ahead. Hello, sir. Am I audible?

45:04 Yeah. Yeah. Yeah. Hi, Aditi. Oh, Aditi. So my question is, FY '26 has been a strong year for the company. What are the key strategic priorities for '27, and what milestone should we invest in that over the next twelve months? So as I just explained before, we are coming up with new collections. We are designing more products. We are coming up with the new store. So the things are developing towards the positive side. K. Yes? So mister has a legacy over a hundred years in the... You are a little busy. How do you Yes. Legacy translated into those sustainable competitive advantages compared to your organized or the remanufacturer?

45:56 So I tell you something. What what legacy contributes to this organized system is our experience. Like, we have an experience of four generations now. I'm the fourth generation of this business. So I have I have been taught by my great grandfather also. I've been taught by my grandfather also, and I was... I've been taught by my father also. So the thing is that the kind of experience we have in Kunda now today, I myself can make a job by my hand. You can understand the kind of knowledge we have. And the second part is, Zhao usually has lot of things which needed to be improved, like preserving, keeping them, how it... How to keep them, how to wear them, how to maintain them, in what condition it should be worn. You know, these are the things which should be explained, And even the carrier also, in which condition, carrier should make that piece. If it is raining, he should stop making it. You know, there are very practical, very minute and detailed issues, which are to be shared.

46:57 Because, you know, what happens sometimes people just give a complaint that I had a giraffe and it got a bit worn out, you know, when I was not wearing it, it was buying in the all mirror. So it was made on a wrong time. You have to follow that system. You can't make it when the the thing is humid, wet, moist. You have to have a right temperature, atmosphere, even the carrier should be comfortably making it. A one one slip of the fill of a carrier will damage the piece and he may hide it. So the thing was, like, you know, you need an experience to make a fabulous piece, to make a a designer piece, and to make a good quality good manufacturing. Okay. Yeah. So my next question, on store expansion, could you elaborate on your rollout strategy in terms of number of stores plan, preferred geographies, investment per store, and the expected payback period overall?

48:00 So your question is very huge, Ram. You asked in one question. But, yes, I'll tell you the main thing. As we have a tie up with the who's committed to give us 30 choice in the next three years, I will be... Even looking at everything with a sensible eye. I will not be going very fast. I will be going with a right strategy where we can... We'll check all the expenses, CapEx, even investments, and even we will be seeing the partners coming in who will be telling us about the the area capability. So lot of things are depending on this. But this year, we... As as I as I told before, we have three already in mind and other than bonus for this year.

48:50 Next year will be huge because this... These three will give us that experience of how to come up with the store properly. So that will be, I think, more comfortable and easier for us to to open a new store. So the plan is what Sentai told us, but on other side, we will be even calculating. We will not go jumping in that Sentai told us, key, go for 10 more, and we are going in. We will check it. We will look at the credentials, and we will just see who is the one who's taking it. Then we'll decide. Oh, okay. That's good. Yeah. I mean, that's all from my side. Thank you, sir. Thank you. Thank you so much, Advit. Thank you. Yeah. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to mister for closing comments.

49:46 Thank you for joining the call of Advit Jewels Limited. Should you have any queries, you can drop an email to [email protected]. Thank you for all joining the call. Thank you. Thank you. Thank you so much, Editha. Thank you. On behalf of Caren Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.