Lalithaa Jewellery Mart, a Chennai-based jewellery retailer with 66 stores across Tamil Nadu and other southern states, reports its second quarter as a listed company with gold prices having swung sharply through the July-September window. The print will speak to whether EBITDA margin recovers from Q1 FY27's 6.2% as inventory gains return on rising gold prices, and how volume softness from high prices plays against price-led revenue growth.
| Results date | November 11, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 6,035 Cr (total income, Q1 FY27) |
| Previous quarter PAT | Rs. 208 Cr (Q1 FY27) |
| Previous quarter EBITDA margin | 6.2% (Q1 FY27) |
| Market cap | Rs. 20,801.62 Cr |
| CMP | Rs. 371.65 |
The board will meet Wednesday, November 11, 2026, to consider and approve unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, plus any other matter with the Chairman's permission. The intimation was filed under Regulation 29(1) of SEBI LODR, signed by Company Secretary & Compliance Officer Jitendra Kumar Pal.
The quarter's central test is margin recovery: Q1 FY27 EBITDA margin was 6.2% versus 9.2% a year ago after inventory-gains contribution to gross margin declined over 90% YoY on stable gold prices, while MCX gold rallied about 13% in August to roughly Rs. 1.62-1.63 lakh per 10g before correcting to about Rs. 1.50 lakh by September 30 — a rising quarter-average that is a revaluation tailwind on the company's Rs. 10,407 Cr gold inventory, of which 45.4% (Rs. 4,727 Cr) is before other hedges.
Management's only guided margin lever — making-charge revisions in Q4 FY26 and end-Q1 FY27, 'expected to support margins' — has now had a full quarter to flow through, alongside a 20 bps YoY improvement in core gross margin already visible in Q1.
On demand, the industry print for the same window showed jewellery tonnage down 20% YoY but jewellery demand value up 16% YoY with domestic prices about 45% higher, while Ganesh Chaturthi gold sales volumes fell about 15% YoY and IBJA reported September retail gold sales down 8-10% YoY — suggesting revenue growth likely remains price and realisation-led, in line with the +26% YoY Q1 FY27 print, with mix shift toward lighter pieces and exchanges.
Tier II & III cities contributed 62% of revenue in Q1 FY27 across 47 of 65 stores, and the store base has grown from 61 to 66 since April 2026, with the 66th showroom opened in Mayiladuthurai on September 15, 2026. The call is also the first since the company acquired 91% of Lalithaa Jewellery (M) SDN. BHD. in Malaysia for MYR 72,89,100 effective October 28, 2026 — a subsidiary yet to commence business operations.
Margin recovery vs the making-charge remedy: Q1 FY27 EBITDA margin was 6.2% versus 8.4% in Q4 FY26 and 9.2% in Q1 FY26.
Volume vs value split and mix commentary: Management has flagged that gold-price volatility may influence purchase volumes and product mix.
Finance cost and hedging disclosure
Malaysia subsidiary and bullion procurement
Store additions and guidance tracking: All stated guidance items are open-ended unless noted.
Total income rose 26% YoY to Rs. 6,035 Cr in Q1 FY27, though it fell 7% QoQ from Rs. 6,502 Cr in Q4 FY26. Growth has been value-led, with Tier II & III cities contributing 62% of revenue in Q1 FY27.
EBITDA margin compressed to 6.2% from 9.2% YoY mainly because the inventory-gains contribution to gross margin declined over 90% YoY on stable gold prices. Core gross margin from making charges actually improved 20 bps YoY, and management expects the making-charge revisions of Q4 FY26 and end-Q1 FY27 to support margins.
Yes — the target of 65 stores across 55 cities by 2026 was achieved per the September 2026 presentation and exceeded with the 66th showroom in Mayiladuthurai, Tamil Nadu, opened September 15, 2026. The store base has grown from 61 to 66 since April 2026.
The company acquired 91% of Lalithaa Jewellery (M) SDN. BHD. for MYR 72,89,100, effective October 28, 2026, to expand its presence internationally into gold, diamond and silver retailing and wholesaling in Malaysia. The subsidiary is yet to commence business operations and had no turnover in the last three years.
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