Advit Jewels Limited (RAMBHAJO) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Advice Girls Limited Q4 and F526 earnings conference call hosted by Kirin Advices 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. Should you need assistance during this conference call, please signal an operator by listening star 10-0 on your touch-tone phone. Please note that this conference is being recorded. I would now like to hand over the call to Mr. Karan Thakur from Seren Advices Private Limited. Thank you and over to you, sir.

Thank you. Good afternoon, everyone. On behalf of Diren Advisors, welcome you all to the 24-hour 26-hour conference call of Advice Wealth Limited. We have with us the senior management of the company led by Mr. Lethen Gilara, chairman and managing director, Mr. Pratik Gilara, whole-time director, and Mr. Deepesh Dalma, 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&A session. Thank you. I now hand over the call to Mr. Nikin Ginnara, forward to it sir.

Good afternoon, everyone, and a warm welcome to all our investors, analysts, and stakeholders joining us today for the Q4 and FY26 earnings conference call of Agri Jules Limited. On behalf of management team I sincerely thank you for your continued trust and support. Financial year 26 has been a landmark year for other Jews. 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 100-plus-year legacy of Rambojo Brand, Advit Jute specializes in premium handcrafted Kundan Pulti diamond studded and antique bridal jewellery. Our integrated business model modern manufacturing facility in Jaipur and skilled artisans enable us to consistently deliver high quality jewellery while preserving the recurrence of traditional Indian classmanship. During financial aid 26, we continue to strengthen our business fundamentals. Our active customer base increased from 96 to 274 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, Q4 to financial aid 26 was comparatively softer on a year-on-year basis. The company reported total income of 43 across 22,000. It's 92,000. Uh, EBITDA margin of, uh, EBITDA of, uh, $12,55,000 and $56,000 with an EBITDA margin of 29.04%, while net profit stood at $8.74,000 and $5000, translating into a diluted ETF of $2.79. Despite of the quarter 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 26 was one of the strongest years in company history. Total income increased to 33.68% to 167.256,000. EBITDA grew to 32.52% to 49 crores, 23 lakhs, 80,000, and net profit increased by 35.56% to 34 crores, 38 lakhs, and 79,000. EBITDA margins stood at 29.48%, while diluted EPS improved to 10.74 rupees, reflecting the strength of our business model and discipline execution. As we move into Financial Aid 27, our focus remains on expanding our customer network, introducing innovative user collections, enhancing manufacturing capabilities, improving operational efficiencies, and gradually strengthening our presence in international markets. Before I conclude, I would like to sincerely thank our customers, business partners, artisans, employees, shareholders, and all our stakeholders for their continued trust and support. Thank you once again for joining us today. I now request the moderator to open the floor for the question and answer session.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers 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.

Yes, hello. Good afternoon, sir. I'm ordered? Yes, sir.

You're ordered.

Yeah, yeah, thank you for the opportunity. So, I just come with a couple of questions. So, the first one is called capacity utilization was around 31%. What were the key reasons behind this decline in capacity utilization?

Okay, so basically, when we talk about Adwejuj's jewellery, it is not the generic jewellery which is always calculated with the statistics of the capacity of the goods made. We are into the jewellery which is made from diamonds, polkies, colour 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 price is 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 use and when you look at the poilty and diamond use, then And it will be to the level because ah the amount of turnover is coming in front of you. So, if the statistics of weight don't work with the ah Advedu's jewellery actually.

Okay, sir. Can you elaborate some productivity initiatives that are being implemented? Like, just to improve the overall efficiency and the labor output of our efficient?

Can you sum up again? Because I think you're admitted.

Yeah, yeah. What do you think? Yeah, I was just saying. Could you elaborate on the productivity initiative, like that not being incremented, like to include overall manufacturing efficiency, especially in the, like, labor initiatives, like efficiency improvement?

You mean to say you want to know about the improvement done in the? Like, any agility?

No, management process, productivity development.

So, efficiency, basically what is happening is, again, I tell you, it's a divine-centric world. So, there are new more diviners 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 blend two kind of jewelry you need those aesthetic senses to connect them and make a perfect piece which is kind of one of its kind. So, we are working on designing more. This time the connections will be coming. 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, designing.

Okay. And, sir, how many designers we have?

I think we have generally around seven to, uh, eight now, designers are there. Okay. Yeah. And, so, basically in our business, again, I will tell you that, uh, uh, in our management, we need, uh, 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 business. You know, that will give difference to Advidjoos, Rambajo, with others, other, you know, rulers of the world.

So, if you're bringing, like, two designers from a different region and, like, with a different skill set, so how about you, like, standardizing the quality and productivity by preserving the unique life?

So, basically, aesthetic as I told you, Ravi, just now, then 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 Rajaswani Jadaw jewelry, when we match it with, mix it or amalgamate it with, say, temple jewelry of South India, that's from perfect South Indian jewelry. Thank you. Thank you. Thank you. Thank you.

Thank you, participants, if you wish to ask a question, you may appear as star and one. The next question is from the line of Samira Middah, an individual investor.

Please go ahead. Hello, good evening, sir, and I'm audible.

Good evening. Yeah, you are.

Yeah, first of all, congratulations for getting your listing done this year.

Thank you so much.

Okay, so, sir, I have two questions. First one is, in your image, the presentation, you have, under the key performance indicators, you have mentioned that total number of products were 17 in FY24, then they were 21 in FY25, and now in FY26. 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 it would come. So what happens in, you know, before this, when we were counting them as 21, we were counting Virao, necklace, earring, mantika, bracelet, and ring. 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? If a bride has to buy a complete head, now she has to buy necklace, earring, teacup, ring, and bracelet. Then the second thing comes is before this we were we were counting Gajra, Bangri, Patla into say different products. Now we have taken them into one product that is handware like Patla, Chur, Gajra, Bangri. This is a Garao you know these are traditional pieces which are made. So you know what a modern Gajra was taken into bangles but it is a Gajra so it came into Gajra. Like that, the products are more than 21, but now we are the, 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 getting it from me? That is what I should be focusing on. Yeah. Suppose you want to see bangles, so if somebody show you only bracelets, what happens aesthetically some bangles are counted into bracelets. So, if suppose you want to see bracelets, so I will not be able to show you bangle because that has gone into category of bangle. But when you ask, now when you ask for a bracelet, you will see all kinds of bangles and bracelets. So, it will be more easier for you to find out new designs and deciding on that.

Okay, okay. That has come into one category. Okay. Answered my another question is that in Economic Times, there was an article about the company. The article was published before ICO that your company is going to expand into pan-India in retail stores. And it was given that you are planning 30 stores in the next three years. So, is it right?

So, uh, it was, yeah, it was being asked by economic science from us, and he told that he has tied up with a franchise company, uh, it's a friend called named franchise company, which has committed to us to bring up 30 stores in the next three years.

That I told him, yes, we are working on it.

Okay, and sir, our first detailed story in Jaspur, when, by when is it going to start?

So, we are actually hurrying us online. We are trying to get the materials and ASAP. It's around 30,000 square feet. So, we are trying to bring it more faster than usually what construction and interior time takes. But I think most probably by the end of the year, we will be shifting into that and we will be starting our operations from there.

Okay. So, sir, like for jewelry segment, the demand starts from this Diwali festival. So, will you be able to start the showroom by 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 a half level, 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 buying. Because nobody goes and buys a luxury piece in Diwali. But yes, by say November, when the NRI starts coming, the wedding season starts coming, that time people come and buy Julie and try Julie. We are trying to finish it by that time.

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 one. The next question is on the line of Nick and Oswald from Oswald Investment. Please go ahead.

Hello. Am I an article, sir?

Yes, you are an article.

Sir, I had a couple of questions. So, will you tell 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 year. And there, as if I see all your competitors, Carlton, Kalyang dealers, I mean, most of these jewelry companies, their sales have actually doubled, like 180% to 200% is what they've given the growth. 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 explain one thing to you first, that Salyard and Titan are the same kind of company. They are peers. But when you see Advejus, Rambacho, we are into luxury jewelry that is not gold, that is more of bulky jewelry, that is an artwork design jewelry, which is not the jewelry which these jewelers are doing. They are doing generic gold jewelry, diamond jewelry. We are not doing that kind of jewelry. So there's a difference in both of them. So, can we talk about this luxury jewelry ah like at this at this time maybe people are going and buying there but luxury jewelry segment was a bit effective ah due to ah escalation in the war from January to March. If you will see war was too much escalated that time so people were little conscious. 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 got in December also. So that sale which was about to come in this one, 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 167 crores in the whole year. So, it may be, I think, last week, quarters are always good for jewellery, at this time, our jewellery type, this season, because we are into this luxury, bridal, you know, classical design and jewellery. So, there's a difference. We can't call them peers. Titan and Kalyan, they keep very little part of Jadao Kolki. We are 100% Jadao Kolki.

Got it. So, what percentage of your sales would be gold, let's say, on, like, on an average? The gold value.

When we talk about this quarter, I just have to say, see, again, I'll tell you, our statistics is never dependent on this kind of gold consumption and gold values and colorstone value, diamond values. It's about the designer piece. Suppose if I'm making a piece tomorrow, it may have, suppose the pieces of 20 lakhs, it may have a gold of, say, 8 lakhs, and well balanced 12 lakhs is another edition that is polki gold, polki, emerald, colorstone, other ruby, So, it is not always fixed that I have this necklace and I have another necklace and both of them are the same percentage of gold weight. You're getting it? Art jewelry, when you go to any Kundal jewelry shop, any Kolti jewelry shop, all the pieces have a different content of gold in percentage.

No, no, but you would still have some kind of ballpark like rough estimate, right? Average, maybe.

That's what I'm telling you. Again, that ballpark is calculated with a fixed size. Okay, suppose I tell you now, we are coming up with a new question where in that the gold part will be approximately 30% 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 40, that will be around 70% addition. And again, we are coming up with some man jewelry products, which means the gold part will be around, say, 70 to 80%. Okay, I'm making buckles of men. Buckle of belt. Buckle of belt will have around 80% of the gold value. The polki value will be less. Because in that I will be using less polki and less colorstone. 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 less, but the polki and the colorstone will be more. You're getting my point? They both are my products. But totally different. So, the statistics of gold way never works on this designer kind of a jewelry, like if you go to Bulgari, Cartier, they also do this kind of thing, they do designer pieces, they don't have this kind of statistics on them. Sometimes consumption of pulchi is more, sometimes consumption of gold is more. Or sometimes, you know, you see an expensive emerald studded in a piece which was aesthetically needed in that necklace. Or a ring. That's perfect.

Okay. Okay. And secondly, can you give us some color on what would be your store opening plan for like FI27 and maybe going forward? So you were saying that you have just tied up with one of the NGAs who would open up your French ID and also So, I wanted some color around that, sir. What's your plan for this year and next year? I'll tell you something.

Felsize is working on at home. We also have zeroed down a few more store things. We are now doing 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. But at this moment, we are working on them. Personally also. Besides franchises we are working on on those things personally also. So this year also we have plans we will be coming up with a few and you know it's just about a strategy being a Marwani family we have one thing that we should understand and then move things sensibly. Don't jump into it with a with 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 are the 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.

Okay, okay. And, sir, also, I mean, when you were 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 artisans will be limited, I think, in Jaipur, because there are a lot of other people also who do kunjan pulki. So how would you, as you ramp up, what are your plans on that side? I mean, employing new people's 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. Pundra and Poon's problem was, we had a lot of money here. We had a lot of work here, and we had a lot of work here. You get it, no? I can speak in English.

No, I'm okay with English. I'm Michael from Japan, that's okay.

As a very provert. So what happened, I tell you, a career has a lot of work, and has a lot of work. Now we have to regularize it. So, they are very comfortable. Their families are very comfortable. Now, young kids are coming into this business. They are trying to take that skill from their parents, from their fathers. 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, I was so happy. I was so happy seeing that. And I told them, I will be the first person who will educate them, and they will be working on this. Let them be married, do this work, let them be like that. So, you know what, it is just so interesting to know about carigers. You're from Jaipur, I tell you, when you go and talk to these carigers, you'll find such a fabulous moment with them. They are two artisans, and they are not less in quantity. If you give them right business, if you give them right pay. Then they will stay with you. And they are like, see, we are 105 year old family in Jaipur and in this business. So most of these artisans, because we are in this business, my great-grandfather also was in this business. So they required our family so much. They are so devoted. And they are ready to do, in fact, I am saying by this August when we will be getting new orders, I think they are all set to work hard. So, it will go well. That's what I just feel it will be. Even Jaipur has a potential. With a color stone, pole keys, jewelry side, it has a potential. We can get everything, raw material and paper.

Did I take it? Okay. Okay, sir. I think that's about it. I'll join back in the queue. Thank you. Thank you.

Thank you. A reminder to all participants to press star and orange to ask a question. The next question is from the line of Shweta, an individual investor. Please go ahead.

Thank you for this opportunity. So, the question would be like nearly 98% of revenue continues to come from gold, kundan, nina, pulki, jadao, jewelry. So, how do you plan to diversify your product portfolio while preserving your premium position?

So, why should I diversify another product portfolio? It is going so well. It is doing so well.

So, I don't think I should die with a bear. In fact, I should add on a few more things into it. See, this polki jewelry has a big potential. Now, I am adding men jewelry into this. As I just explained in my last answer, we are coming with cufflinks of polki, we are coming with buckle belt in polki, groceries in polki, we are coming with tilangi, even there are special rings we are making for polki. So, you know, the things are adding in. Like, we are adding in Gen Z jewelry, that is lighter ones, which Gen Z want to wear in day-to-day things. So, why to change it? We should have to end it. This is traditional Indian jewelry, handmade. And we should extend it.

Okay.

What proportion of new product introductions comes from customer-led customization versus internally developed designs, and which category is generating better demand?

Again, the statistics is so difficult because the categories are like, you know,

it's just like this that we are, we are innovators. So we basically are being called as trendsetters. So whichever trend, whichever thing we make, then, and you know what, it's a, it's a good question also, because sometimes we have to look at those parts. If 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 going well. Getting the coin.

It's just like, uh, business, getting business, and creating more business.

Okay. So, uh, how do the margins and average realization of lighter range and jewelry compare with your traditional bridal full key collections? Can this category eventually achieve profitability comparatively to your core business?

It will be compared because we are just keeping the fixed margin. Whatever the cost comes, we just keep the margin fixed on.

Okay.

Yeah, we are 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?

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 goes into the average. It is never like this that number of customers have got this much each. It's about this that someone must have got say about a big amount and someone may have got a lighter amount. If you mix them out and do an average, then obviously the average comes which will be a figure which shows the number of clients we have. Otherwise, there are, like, okay, I'll tell you one thing. A bridal set can be of 1 crore also. A bridal set can be of 20 likes also. So the average thing is 60 likes, that means, you know, both the things, and even B2B, no, no things comprise to this thing. That when you go into the depth, you'll find out that few customers must have got around 10-15 likes, and somebody must have got around 1.5 crore, like that.

Okay. Thank you.

Thank you.

Thank you. The next question is from the line of Ria Jens from Orient Capital. Please go ahead. Hello.

Am I on the way? Yeah, I have two questions. So, exports contributed less than 1% of revenue during FY26. Which international markets are being prioritized and what is the roadmap to scale exports meaningfully?

Okay, so I tell you, we are not yet started on that part yet. This sale of export was like a gift to us because on our Instagram, some client in America, he saw a piece and they found out about how authentic this dealer is and they ordered it from where? From US. And it was a sale from an Instagram. So we find it as a gift to us. It was a good sale. And the client bought it at the time when Mr. Trump announced my 50% tariff. So the client paid 50% tariff to get that piece in U.S. to them. So kind of thing happened was like fabulous and we were so attracted. So now we are working on that part also. Indian diaspora, I just tell you, is very potential. Everywhere. Now, UK is open. UK, in the 15th of July, if you see, UK is open with free trade. So, UK is a fabulous market of handmade jewelry. Even, we are working on, we are planning on some shows in Middle East. We are in talks with the people therein. So, yes, it will be taken on and it has a potential. See, handmade jewelry at this moment is hot in India by itself also. All the brands need it. As you know, if you see all designers, they are proposing policy duty for a brand. So, India has a big potential. And as I told you, we are my buddies. Let's go slowly. Don't jump into everything.

Also, what investments or certifications are required before exports become a meaningful contributor to the company?

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, Polki Jewelry is being, uh, kept out of that, uh, uh, hallmark thing, but our Jewelry is, uh, the quality of our Jewelry is so perfectly well, it can be hallmarked anytime. If any product of mine is being taken for, uh, BIS hallmark, it gets approval. So, uh, even that piece when it was, uh, selected, uh, it was hallmarked and there. So, things are fine, hallmarking is there, we can do IDI certifications, these are also happening in Polkis now. And we are Reliable Jewelers. We are getting into the club of Reliable Jewelers of the world. That is an elite... Where we call, every international brand prefers to see that are you a reliable 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.

Also, we have reported strong EBITDA margins despite volatility in gold prices. Could you explain your pricing strategy and how quickly raw material cost changes are passed on 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 trustable house and they go for it. The margins are being there because any luxury jewelry or luxury piece cannot be counted like a generic normal jewelry. You cannot just go and find out, okay, this much gold, this much color stone, and this is diamond, and this is the labor, and now the piece is costing you this much. Any good luxury jewelry also has an artwork. It has that artwork can get done behind that. So, Ibiza margin and margins are obviously, we are keeping it this way because we are organized. Otherwise, we deserve this kind of margin. We need to ask usually, not generally. So, anything made is like, you know, a hard work. So, margins should be there. We are getting it also.

And beyond regularity 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 have gone through all the compliances, I just see that. If we talk about being different from others, the first thing which comes is that we have come out from an unorganized world. To an organized role.

So anybody who wants to compete with us has to get organized to our level.

Okay. Thank you.

Thank you. Thank you. Thank you so much. Thank you. Thank you.

Thank you. The next question is from the line of Nikhil Oswal from Oswal 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 jewellery, Kunzan and Polki studied jewellery, 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, FY27? I mean, and how is Q1 shared till now? We can give some color on that.

Okay, so I'll tell you about the market size. See, rival jewelry market, if you talk about India, India has around 70 to 80 lakh trading happening every year. As everybody of us knows this, that 70 lakhs to 80 lakhs start here in India, every year. Now, let us say that H&I weddings are around 100,000. There are H&I weddings from H&I, and from the year 2000, there are H&I weddings from H&I. That we already had, we just were going through last year and we were each calculated with. Out of this, every wedding which is H&I wedding needs a polki set for a bride on a bridal day. I'm not talking about the bride, bridesmaid, bride mom, bride mom-in-law or any groom jewellery. I'm only talking about bride jewellery that is that polki jewellery approximately average 20 lakhs is a ticket which is minimum or an average ticket we could say. So, if we say 20 likes in one-life weddings is around 20,000 crores, that's a business and that is jewellery, that is Kool-Ki jewellery. Okay. So, in that case, if I'm doing, say, if it is 20,000 crores, I'm doing 1%. I have a whole big brown 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, bridal investments and bridal expenses are actually going high. People are looking for designer weddings and good jewellery. And specially in a wedding, I'll just tell you the jewellery is the part which stays with us. Other things are all spent and finished. I think you agree with this. This thing is what every parent wants their kids to have for their future. And Polki jewellery has a preserved valuation. If I talk about my mom's jewellery, which was made around, say, long back, my mom's jewellery was made around, say, 60 years, 55 years back. And if I see it today, it's a crazy piece. Can't even see 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 a daughter or for a bride. So, I think it has a huge market. Huge market.

But, but sir, do you, would you name any of the larger players as your competitors, or most of your competitors are these fragmented players, I mean, the smaller jewelers? And also, is that this art 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, about the competition. See, all the big jewelers have a percentage of polki jewelry business in them. Say, they do 5%, 8%, 10% kind of things. You know, 100% polki ka. Abhi kakme, we are the first people who are listed doing 100% polki business. And if you see those jewelers margin on those pulki jewelers, you will match those margins with us. It happens. You can match that. If you say, if you sell gold in gold, the margin will decrease, and if you sell gold in gold, the margin will decrease. But when you go into the segment, pulki, diamonds, color stone, you will find different margins.

Hmm. Okay.

So, this pulky duty has to sign of a thing. Now, what was your second question in this?

Uh, second question was around the, see, if you can give some color on what are your revenue and EBITDA targets for FY27.

Okay. Revenue and EBITDA targets for FY27 are already disclosed in our DRSP. That was the last from me that time. But, yes, I tell you one thing. The kind of demand after this the IPO, we are really so happy that people who attended our road shows are coming to buy jewelry from us. So there are some new people that are coming. So I feel that we never did this kind of an advertisement because most of it we were doing D2D before. So B2B, there are advertisements in evening OTA. This time when he asked him, he just explained to people what is folky and how it is. So people took our charge to come and buy jewelry now. They're saying, wow, I just, you just didn't know that there's somebody who's manufacturing it on this level and you're so transparent in sharing things with us. So they want to come and buy jewelry. In fact, yesterday, I got a client who came from my Delhi Roadshow's explanation. Can you believe that? He said I just came to the show, and I just saw the way you explained about your duty, and I'm so happy you have five necklaces.

Okay, so but actually I'm just seeing

that DRSP participant re-created such number as you can see.

I will have to check that. Because that was the number which was calculated that time, Abhi, 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 can have that fire position. If you open the website, you will find that for sure. And don't worry, we are doing great. That's good.

Okay, sir, A call, last question, if I can squeeze in just a minor thing, sir, till now you've been doing mainly B2B, 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 a old house in Jaipur, right? So, why were you not into retail all these years?

We just were doing B2B more. People came with mouth publicity and they started buying. So you can see 80 and 20. Now we are really happy with the kind of responses and you know through appreciation you get from a B2B only. A bride went to use a jewelry and puts you on an Instagram. Love wearing Rambajo. You know you just get a different feel. It's not about, you know, we are designers also. I tell you, we are not only business friends. We are designers. We create things. We are innovators. So when an innovator gets an appreciation, B2B will try to squeeze you by saying, okay, okay, the thing is, okay, what price you will charge. So in a B2C, the girl will call you and say, thank you, uncle, I love the jewelry which you made for me. So, the kind of feeling on B2C is great, and you get a better margin, you get a better appreciation, you get better business in B2C. Now, you're going directly, you know, end-to-end value chain is happening now, uh, from zero number, manufacturing, you're going direct to the end user, uh. At this moment, you were going to the mediator.

So, in that case, your margin going forward should

improve, isn't it, if you're going directly to the customer? It's true. That's the true thing you're saying. It's true. It's true. But one more thing, on the morale side, if we are meeting it as an asset of a guy, we don't want to go very high with that. Because we just want to give them a good asset value and good value for future also. Setting the morals of the company work on that side. So it will be strategic.

Oh, thank you. Thank you and all the best.

Thank you. Thank you so much.

Thank you. The next question is on the line of Aditi Jain from Wealth Management Consultancy.

Please go ahead.

Hello, sir. Am I all good?

Yeah, yeah, yeah. Hi, everybody.

Hello, sir. So, my question is, FY26 has been a strong year for the company. What are the key strategic priorities for the 27th, and what milestone should investors pass over the next 12 months?

So, uh, 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.

Yes? Yes?

Okay, so... Samuta has a legacy over a hundred years in the realery business. How is legacy translated into sustainable competitive advantages compared to an organized realery manufacturer?

So I tell you something, what legacy contributes to this organized system is our experience. Like we have an experience of four generations now and 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 Kundan now today, I myself can make a Jarao. By my hand. You can understand the kind of knowledge we have. And the second part is, Jao usually has lot of things which needed to be improved. Like preserving, keeping them, 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 because, you know, what happens sometimes people just give a complaint that I had a jadao and it got a bit worn out due to when I was not wearing it, it was lying in the Almira. So it was made on a wrong time. You have to follow that system. You can't make it when the thing is humid, wet, moist. You have to have a right temperature, atmosphere, even the cariger should be comfortably making it. One slip of a ripple of a cariger will damage the piece and he may hide it. So the things are like, you know, you need an experience. To make a fabulous piece, to make a designer piece, to make a good quality, good manufacturing.

Okay. My next question is on store expansion, could you elaborate on your rollout strategy in terms of number of stores, plans, preferred geographies, investment per store, and the expected payback period overall?

So, your question is very huge. You asked me one question, but yes, I'll tell you the main thing. As we have a tie-up with a sentai who is committed to give us 30 stories in the next few 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 check all the expenses, capex, even investments. And even we will be seeing the partners coming in, who will be telling us about the area's capability. So, a lot of things are depending on this. But this year, as I told before, we have three already in mind. Uh next year will be huge because this these three will give us that experience of uh how to come up with a store properly. So that will be uh I think more comfortable and easier for us to uh open a new store. So, the plan is what Center has told us, but on the other side, we will be even calculators. We will not go jumping in that Center has told us, we will go for 10 more and we are going in. We will check it, we will look at the potentials, and we will just see who is the one who is taking it. Then we will decide.

Oh, okay. That's good. And that's all from my question. Thank you.

Thank you. Thank you so much, Abit. Thank you.

Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Mr. Karin Thakol for closing comments.

Thank you for joining the call of Ajvij Terrell-Srimatic. Should you have any queries, you can drop an email to research at koreanadvisor.com. Thank you for all joining the call. Thank you.

Thank you.

Thank you so much, everyone. Thank you.

On behalf of current iDevices Private Limited, that concludes this conference. Thank you for joining us and you may now disconnect your line.