Pushpa Jewellers Limited has shared its financial results for the first half of the financial year 2026-27 — the six months from April 2026 to September 2026. The company, which makes and sells gold jewellery on a business-to-business basis, has reported a big jump in both income and profit compared to the same period last year.
The results are unaudited standalone figures for the half year ended September 30, 2026. The board meeting was held on November 12, 2026.
Total Income Crosses ₹314 Crore
Total income for H1 FY27 came in at ₹314.16 crore. In the same period last year — H1 FY26 — total income was ₹171.82 crore. This is a year-on-year rise of 82.85%, as reported by the company.
To put this in simple words: the company earned ₹314 crore in just the first six months of this financial year. For the full financial year FY26, total income was ₹419.55 crore. So in just half a year, the company has already crossed 74% of last year's full-year figure.
Net Profit Rises 83.27% to ₹20.21 Crore
Net profit — the money left after all expenses and taxes — for H1 FY27 is ₹20.21 crore. This compares to ₹11.03 crore in H1 FY26, a year-on-year increase of 83.27% as reported by the company.
Net profit margin for H1 FY27 stands at 6.43%, compared to 6.42% in H1 FY26 — a change of 1 basis point. One basis point means one-hundredth of a percentage point, so the margin stayed almost the same even as the business grew.
EBITDA at ₹26.69 Crore, Margin at 8.50%
EBITDA for H1 FY27 is ₹26.69 crore, up 59.79% from ₹16.70 crore in H1 FY26. EBITDA means Earnings Before Interest, Taxes, Depreciation and Amortisation — it shows how much money the company earns from its main business before deducting certain costs like loan interest and wear-and-tear on machines.
EBITDA margin for H1 FY27 is 8.50%, compared to 9.72% in H1 FY26. This is a decrease of 123 basis points, which means that while the total EBITDA amount went up, it grew a little slower than the total income. The company has reported this change as 123 Bps.
H1 FY27 Key Numbers at a Glance
| Particulars (₹ Crore) | H1 FY27 | H1 FY26 | Change (YoY) |
|---|---|---|---|
| Total Income | 314.16 | 171.82 | +82.85% |
| EBITDA | 26.69 | 16.70 | +59.79% |
| EBITDA Margin | 8.50% | 9.72% | (123 Bps) |
| Net Profit | 20.21 | 11.03 | +83.27% |
| Net Profit Margin | 6.43% | 6.42% | +1 Bps |
All percentages in the table above are as reported by the company.
New Centre Opens in Mumbai
During H1 FY27, Pushpa Jewellers started operations at a new B2B Trade Fulfilment Centre in Mumbai on August 4, 2026. A Trade Fulfilment Centre is a facility from where the company can supply jewellery orders to its wholesale and retail customers. Mumbai is one of India's biggest jewellery trading cities, so this centre helps the company reach more buyers in that region.
Inventory Builds Up for Festive Season
The company has built up its inventory — the gold jewellery stock kept ready for sale — to ₹119.57 crore as of September 30, 2026. This is higher than ₹91.06 crore as of March 31, 2026. The company has stated that this inventory buildup is to meet expected demand during the festive and wedding season.
Board Clears Up to ₹100 Crore for Showroom Expansion
The board has authorised a committee of directors to identify and buy commercial showroom space for a total amount of up to ₹100 crore. This is part of the company's next phase of expansion. The filing does not name any specific location or timeline for this acquisition.
What the Chairman Said
Mr. Anupam Tibrewal, Chairman and Managing Director, said in the press release: "We are delighted to deliver a landmark first half for Pushpa Jewellers. Total Income grew 83% year-on-year to ₹314 crore; EBITDA rose 60% to ₹27 crore and Net Profit climbed 83% to ₹20 crore. This performance reflects the growing preference of retail jewellers for our lightweight, BIS-hallmarked 22K and 18K gold jewellery, which enables them to offer attractive designs at accessible price points in a high gold-price environment."
What the CEO Said
Mr. Mridul Tibrewal, Promoter, Whole-Time Director and CEO, said: "H1 FY27 marks a strong step forward in scaling our B2B platform. The launch of our B2B Trade Fulfilment Centre in Mumbai on 4 August 2026 expands our wholesale reach into one of India's key jewellery trading hubs and brings us closer to our regional retail and corporate clients. We have strategically built-up inventory to meet the strong demand we foresee in the festive and wedding season ahead."
What Pushpa Jewellers Does
Pushpa Jewellers was founded in 2009 in Kolkata. The company designs and makes lightweight gold jewellery in 22K and 18K purity. It sells on a B2B basis — meaning it sells to wholesalers and retailers, not directly to end customers. Its jewellery includes traditional and modern designs, as well as pieces with stones like emerald, jade, pearl and meena. The company also caters to international markets.
In the full financial year FY26, the company reported total income of ₹419.55 crore, EBITDA of ₹39.39 crore and net profit of ₹25.89 crore.