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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY18

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	634	575	597	517	465	420	472	396	360	348	372	340	332	299	313	260	247	226	193	139	178	178	139	53	137	204	153	150	171	157	145	138
Other income	13.2	9.7	18.5	14.3	11.9	11.5	11.3	13.7	10.2	9.3	7.5	6	6	7.2	4.2	4.8	3.2	2.9	3.3	5.7	2.7	4	6.1	5.6	1.7	2.8	0.8	0.4	1.4	1.6	1.9	1.3
Total expenses	585	534	558	484	433	387	427	360	331	310	329	301	294	277	275	254	225	213	187	140	168	169	141	78.7	144	198	152	145	153	150	140	131
EBITDA	95.2	85.4	82.9	72	68.5	64.4	77.9	63.1	54.8	60.6	65.7	62.3	59.3	42	55.9	23.2	40	30.8	23.1	14.9	27.3	26.6	17.4	−6.3	12.7	26	18.1	12.6	24.6	13.4	12.5	13.1
EBITDA margin	15.0%	14.9%	13.9%	13.9%	14.7%	15.4%	16.5%	15.9%	15.2%	17.4%	17.7%	18.3%	17.9%	14.0%	17.9%	8.9%	16.2%	13.6%	12.0%	10.7%	15.3%	14.9%	12.5%	-11.9%	9.3%	12.8%	11.8%	8.4%	14.4%	8.6%	8.6%	9.5%
Finance costs	11.7	11.5	11.3	10.1	9.5	8.1	8.9	7.4	7.1	6.3	6.4	6.8	6.8	6.3	5.9	5.6	6.2	6.4	5.9	5.9	6.4	6.6	6.6	7.2	7	7.9	6.5	4.2	3.3	3.7	3.7	2.8
Depreciation	34.8	33	33.3	29.2	26.9	23.9	24	19.5	18.8	16.9	16.6	16.8	14.7	13.3	12.5	11.9	11.7	11.7	11.2	10.4	10.9	11	11.9	12.3	12.2	12.6	10.9	3.3	3.4	3.2	3.2	3.2
Profit before tax	62	50.4	54.3	47	44	44	56.3	49.5	39.3	47	50.2	44.9	43.8	29.8	41.8	10.4	25.3	15.6	9.2	4.3	12.7	13	4.9	−20.1	−4.8	8.3	1.5	5.5	19.4	8.1	7.5	8.4
Tax	17.2	15.9	16.1	14.3	14.2	12.4	9.6	13.9	11.4	12.2	13.3	12.3	11.1	8.6	11	3.7	7.4	4.5	2.6	1.4	3.8	3.4	1.1	−4.7	0.1	3.7	1.5	2.7	7.4	2.6	2.5	1.7
Net profit	44.8	34.5	38.3	32.7	29.7	31.6	47.2	35.6	28	34.8	37.1	32.7	32.9	21.3	30.9	6.8	18.1	11.2	6.7	2.8	9.1	9.7	3.8	−15.6	−5.1	4.4	0.1	2.8	12	5.5	5	6.7
Net margin	7.1%	6.0%	6.4%	6.3%	6.4%	7.5%	10.0%	9.0%	7.8%	10.0%	10.0%	9.6%	9.9%	7.1%	9.9%	2.6%	7.3%	4.9%	3.4%	2.0%	5.1%	5.4%	2.7%	-29.4%	-3.7%	2.2%	0.0%	1.8%	7.0%	3.5%	3.4%	4.8%
EPS (₹)	23.87	20.58	18.69	15.75	16.61	16.37	26.10	19.65	13.78	20.40	20.64	20.29	20.58	12.71	17.92	1.09	10.36	7.59	4.71	2.10	6.70	6.67	2.45	-10.95	-2.88	2.73	0.21	2.36	10.33	4.88	4.55	6.15
Net profit YoY	+50.7%	+9.4%	−18.8%	−8.3%	+6.2%	−9.3%	+27.1%	+9.0%	−14.9%	+63.7%	+20.2%	+383.9%	+81.9%	+90.5%	–	+1.5%	+540.8%	+23.2%	+75.5%	+118.1%	+277.6%	+120.7%	–	−26083.3%	−285.5%	−63.2%	−98.8%	−58.8%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	2,153	1,648	1,391	1,119	816	549	652	624	503
Other income	54.3	46.7	28.7	19.3	15.3	18.4	6.1	3	5.2
Total expenses	2,009	1,505	1,234	1,032	779	557	653	587	483
EBITDA	309	260	248	161	107	65	76	65.5	44.2
EBITDA margin	14.3%	15.8%	17.8%	14.4%	13.1%	11.8%	11.6%	10.5%	8.8%
Finance costs	42.4	31.4	26.2	24	24.8	26.8	28.5	14.9	12
Depreciation	122	86.1	64.9	49.4	45.4	46	48.1	13.1	12.1
Profit before tax	196	189	186	108	52.3	10.5	5.5	40.4	25.2
Tax	60.5	47.2	48.8	30.6	15.1	3.7	7.1	15.2	7.1
Net profit	135	142	137	77	37.1	7	−2	25.2	18.2
Net margin	6.3%	8.6%	9.9%	6.9%	4.6%	1.3%	-0.3%	4.0%	3.6%
EPS (₹)	71.63	76.26	81.90	42.18	25.26	4.86	-0.51	22.16	16.75
Net profit YoY	−5.0%	+3.5%	+78.6%	+107.3%	+432.9%	+457.4%	−107.7%	+38.6%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	144	−4.3	97.9	45.9	42.7
Investing cash flow	−420	109	65.5	−267	−35.8
Financing cash flow	290	−149	17.2	227	14.2
Capital expenditure	148	140	83.6	71.8	26.7
Free cash flow (CFO − capex)	−3.9	−144	14.3	−25.9	16.1

Net profit trend

annual, ₹ crore

FY21

₹7

FY22

₹37.1+433%

FY23

₹77+107%

FY24

₹137+79%

FY25

₹142+4%

FY26

₹135−5%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	4 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	4 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	19 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	19 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	11 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	11 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF on NSE XBRL
Q2 FY26	Consolidated	–	PDF on NSE XBRL
Q2 FY26	Standalone	–	PDF on NSE XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY267.94 MB FY255.75 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 21.3×33.0×

P/B5Y avg 3.58×4.59×

ROEFY26, on average equity13.6%

Net margin6.3%

Debt / equity0.14×

Revenue CAGR (3Y)24.4%

Profit CAGR (3Y)20.6%

EPS (TTM)₹122.15

Market cap₹4,961 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

4.59×

vs 8-point avg 3.58× (+28%)

2.31× low3.58× avg4.97× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹2,755 Cr+32%

Net worth₹1,080 Cr+18%

Total borrowings₹156 Cr+21%

Cash & bank balances₹209 Cr+7%

Investments₹3 Cr+6%

Inventories₹793 Cr+21%

Trade receivables₹117 Cr+33%

Trade payables₹192 Cr+67%

Change vs the same date a year earlier.

Revenue mix FY26

Watches, accessories and other luxury items and related services75.5%result ₹111 Cr

Precision and watch components23.4%result ₹106 Cr

Others1.1%result ₹−3.2 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	50.14	50.43	50.43	50.43	50.43	50.43	50.43	50.43	50.21	50.21	50.21	50.21
FII	7.99	8.16	8.38	8.30	8.39	8.75	9.33	9.68	11.69	11.46	11.83	12.34
DII	2.17	1.88	1.83	1.71	2.04	2.10	1.71	1.49	1.63	1.63	1.67	1.97
Retail	33.69	33.90	33.52	33.47	32.69	32.21	31.84	31.84	30.60	30.70	30.24	29.54
Other public	6.01	5.63	5.84	6.09	6.45	6.51	6.69	6.56	5.87	6.00	6.05	5.94

34,728 shareholders · NSE shareholding pattern filings.