Deepa Jewellers Q2 FY27 Results (NSE: DEEPA)
Signal: Steady quarter
The read
The key trajectory is still high sales growth—revenue rose 39.04% YoY to ₹43111 lakh—but profit rose only 27.01% to ₹2676 lakh and operating margin was 7.59%, so the next investor question is whether jewellery growth converts into improving margin rather than merely expanding turnover.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹431.11 Cr | +39.04% | N/A |
| Net profit | ₹26.76 Cr | +27.01% | |
| EBIT margin | 7.59% |
P&L walk
Standalone revenue was ₹43111 lakh, up 39.04% YoY, while net profit rose 27.01% to ₹2676 lakh; the 7.59% operating margin indicates profit growth trailed sales growth.
Key positives
- Revenue reached ₹43111 lakh, growing 39.04% YoY in the quarter.
- The company operates in 22-karat gold jewellery on a B2B basis, giving the disclosed business model a clear value-chain position.
- The company raised ₹2500.00 lakh through the fresh issue and had utilised ₹1537.80 lakh by September 30, 2026, including ₹1250.00 lakh toward long-term working-capital requirements.
Key concerns
- Net profit of ₹2676 lakh grew 27.01% YoY, 12.03 percentage points slower than revenue growth of 39.04%, indicating weaker profit conversion.
- Operating margin was 7.59%, but the supplied filing extraction does not show a reliable comparative margin trend or a raw-material-cost bridge.
- The business is working-capital intensive: ₹1250.00 lakh of fresh-issue proceeds was earmarked for long-term working-capital requirements.
Research and educational content only. Not investment advice.