Renaissance Global Ltd

Financial Performance

• Q1 FY27 revenue (excl bullion) INR 690 crores, up 30% YoY.
• EBITDA INR 50 crores, up 22% YoY.
• PAT INR 25.6 crores, up ~288% YoY.
• Owned-brand revenue INR 89 crores, up 29% YoY.
• Owned-brand EBITDA margin 11.5% (vs 10% in Q1 FY26).
• Profit before exceptional items INR 29.7 crores, up 40% YoY.

Brand Portfolio & Expansion

• 3 Jean Dousset stores currently; SF store opened July 2026; NY store opened Nov 2025.
• FY27 plan to add 4 more JD stores; 7 total by year-end FY27.
• Disney license focus; Hallmark license rationalized; core brands JD and WithClarity.
• JD stake 65%; revenues consolidated; minority interest for non-owned portion.

Working Capital & Cash Flow

• Working capital days improved to 220 from 253 in Q1 FY26 (33 days).
• Inventory and receivables optimization; exiting high working-capital customers.
• WC improvement target: INR 250 crores; OCF target: > INR 300 crores in FY27.
• No inventory losses; forex loss in Q1: INR 13 crores; hedged; normal course.

Outlook & Guidance

• D2C revenue target of INR 1,000 crores by FY29; at least 15% margin from D2C.
• Current D2C base: own brands 375 crores; licensed 125 crores; total 500 crores.
• Plan to reach INR 1,000 crores by FY29.
• Exiting unprofitable lines reduces revenue by INR 300-400 crores; bottom-line growth >30%.

Q&A Highlights

• Growth momentum expected to continue; revenue may dip due to exiting unprofitable lines.
• Tariff refunds: applications filed; some refunds expected; numbers shared next quarter.
• WC improvement plan: INR 250 crores; annual revenue down INR 300-400 crores; bottom line up >30%.
• Licensing focus on Disney; exit NFL/Netflix/Harry Potter; margins to recover toward 14–15%.
• Jean Dousset: 3 stores now; 4 more in FY27; 7 total by year-end.

Meeting Details

• Date of call: August 10, 2026.
• Type/format: post-result earnings conference call (group).
• Mode: audio conference call with recording posted online.
• Recording availability: Audio recording available on Renaissance Global's website.

Purpose

• Purpose: Earnings discussion for Q1 FY2027 results.

Financial highlights

• Revenue from operations ₹689.8 crore, up 30.1% YoY.
• EBITDA ₹49.7 crore, up 21.7% YoY.
• PAT ₹25.6 crore, up 288.5% YoY.
• Owned Brands revenue ₹88.5 crore, up 28.8% YoY.
• Revenue includes bullion sales ₹90.6 crore.
• Total EBITDA ₹49.7 crore; EBITDA margin 6.4%.

Operations and strategic updates

• Jean Dousset expansion: NY and SF stores opened; 3 stores now; 3–4 more planned FY27.
• D2C momentum: WithClarity and Enchanted Disney Fine Jewelry growing.
• FY27 working capital optimization targets ₹250 crore reduction and >₹300 crore cash flow.
• FY29 target: ₹1,000 crore D2C revenue with at least 15% margin.
• Plan to reach seven Jean Dousset stores in FY27; continued U.S. retail expansion.

Key governance update

• Withdrawal of promoter-to-public reclassification requests for Bhupen C. Shah and Pinky D. Shah accepted.
• Board approved withdrawals at Aug 7, 2026 meeting and authorized filing with NSE/BSE.
• RGL will pursue reclassification of Amit C. Shah from Promoter to Public.
• Withdrawal letters dated Aug 3, 2026 attached as Annexure I.
• Initial reclassification application filed with BSE/NSE on 26 Oct 2020.

Restructuring details

• Board approved restructuring on Aug 7, 2026 🗓️.
• Transfer of RFMI Inc's 19% stake from RGL to RGBI via share swap.
• RGL to invest in Renaissance Retail Limited (RRL) via SPA and/or share swap.
• Transfer of RGBL's 100% stock from RGL to RRL via SPA and/or share swap.
• Post-transaction structure: RFMI becomes wholly owned by RGBI; RGBI becomes wholly owned by RRL.
• RFMI USA 100% equity to RGBI, USA.
• RGBI USA 100% equity to RRL, India.
• Nil benefit to promoter/group from proposed restructuring.

Director re-appointment

• Board approved Neville Tata's re-appointment as Executive Director (WTD) for five years.
• Effective Feb 1, 2027 to Jan 31, 2032; subject to AGM shareholder approval.
• Reason: completion of the prior five-year term; NRC recommended.
• Profile: extensive gems/jewellery experience; former COO; now ED overseeing operations.
• Not related to any other director.
• Board approved on Aug 7, 2026; NRC recommendation.
• Not debarred from directorship by SEBI or any authority.

Financial results and reports

• Adopted unaudited Standalone and Consolidated results for quarter ended June 30, 2026, after Audit Committee review.
• Enclosed Independent Auditors Limited Review Reports for Standalone and Consolidated results.
• Regulatory filings under SEBI LODR to be filed separately with exchanges.

Board decisions

• Approved re-appointment of Mr. Neville Tata as Whole-time Director (Executive) for five years.

AGM and governance actions

• Approved 37th AGM date: Sep 18, 2026 at 3:30 PM via VC/OAVM.
• Approved AGM Notice, Directors' Report, Corporate Governance Report, BR&S Report for 2025-26.
• Approved Book Closure Dates: Sep 11-18, 2026 (inclusive).

ESOP and share capital

• ESOP: 51,000 options granted; 43,000 exercised in quarter.
• As of June 30, 2026, 10.92 lakh options pending; 10.70 lakh available for new grant.
• Total outstanding ordinary shares: 10,73,68,471 after ESOP exercises.

Auditor remarks and regulatory notes

• Independent Auditor's Review Reports issued; no material misstatement detected.
• Not all subsidiaries reviewed by this firm; eight were not reviewed by us; three unreviewed and not material.

Store opening and expansion

• Opening of the third Jean Dousset store in San Francisco; operations commence 29 July 2026.
• Plans to add four more locations (Washington DC, Boston, Chicago, Dallas) taking total to seven by FY27.
• Each store expected revenue ₹20-25 crore once fully operational.
• Aim to build ₹1,000 crore D2C business by FY29.

Store opening and expansion plan

• Announces opening of the third Jean Dousset store in San Francisco, effective 29 July 2026.
• Expands from digital to omnichannel, strengthening direct-to-consumer presence in the United States.
• Plans four additional stores in Washington, D.C., Boston, Chicago, and Dallas; seven stores by FY27.
• Each store expected to generate ₹20 crore–₹25 crore revenue when fully operational.
• Aiming to build ₹1,000 crore D2C business by FY29.
• Retail rollout supported by Renaissance's design, manufacturing, sourcing, and digital capabilities.

Management change

• Resignation of Akshay Kumar Sharma, President of Bridal Division, effective July 15, 2026, to pursue growth opportunities.