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    Renaiss. Global

    RGL
    Consumer Durables·29 May 2026
    Management Summary

    Renaissance Global reported a strong Q4 and full year FY26, marked by significant revenue and profit growth, driven by its D2C segment and operational efficiencies. The company also made substantial progress in debt reduction and is focused on further expanding its Jean Dousset brand and overall D2C presence in the U.S. While no dividend was declared this year, management expressed confidence in future profitability and value creation.

    Highlights

    5

    • Full year revenue grew by 29% YoY to INR2,572 crores, demonstrating strong top-line performance.

    • Adjusted PAT before exceptional items grew by 36% to INR100 crores, reflecting improved profitability and operating leverage.

    • Gross debt was reduced by approximately INR123 crores in Q4 FY26, strengthening the balance sheet and improving working capital metrics.

    • U.S. D2C revenues showed robust growth of 44% YoY, reaching INR275 crores for the full year, with Jean Dousset and other brands performing well.

    • Operational excellence initiatives led to approximately INR40 crores in annual cost savings, enhancing efficiency across the organization.

    Concerns

    1

    • The company decided not to distribute a dividend for the current year, prioritizing investment in growth and debt repayment.

    Key financials

    Metrics

    7

    Periods

    3

    Q4 FY26

    2
    • EBITDA
      ₹57 Cr
      YoY+40%
    • PBT
      ₹36.5 Cr
      YoY+83%

    Q4 FY26, ex-bullion

    1
    • Revenue
      ₹686 Cr
      YoY+33%

    FY26

    4
    • Revenue
      ₹2,572 Cr
      YoY+29.0%
    • EBITDA
      ₹204 Cr
      YoY+22%
    • PBT
      ₹124 Cr
      YoY+45%
    • Adjusted PAT
      ₹100 Cr
      YoY+36%

    Segment breakdown

    U.S. D2C
    ₹275 Cr Revenue (FY26)12.6% EBITDA Margin (FY26)11.3% EBITDA Margin (FY25)
    List

    Capital allocation

    4
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Gross ₹450 crores · Net ₹200 crores

    M&A

    Jean Dousset

    acquisition · integrated

    Liquidity

    Cash ₹100 crores

    Company also holds INR100 crores in investments.

    Guidance & targets

    7
    CategoryTargetPriority
    Revenue
    U.S. D2C Revenue
    INR375 crores
    		High
    Revenue
    Enchanted Disney Fine Jewelry D2C Organic Growth
    30% to 40%
    		Medium
    Profitability
    Overall Profitability Growth
    20% to 30%
    		High
    Profitability
    Profitability Growth
    25% to 30%
    		High
    Debt
    Net Debt Position
    Zero net debt
    		High
    Brand
    D2C Brand Value
    INR1,000 crores
    		High
    Retail Expansion
    Jean Dousset Store Locations
    6 locations
    		High

    Net Debt Reduction Progress

    next quarter / within 2 years
    CurrentNet debt around INR200 crores
    TargetProgress towards zero net debt

    Why it matters

    Debt reduction is a key capital allocation priority and a prerequisite for future dividend distribution and potential share buybacks.

    So as of right now, we have around INR200 crores to INR250 crores of net debt. Our expectation would be that over the next 2 years or so, we should be at a zero net debt position.

    How to verify

    capital_allocation.debt.net_debt

    0

    Q&A highlights

    8

    “We repaid INR 120 crores this quarter. Currently, the company's net debt is around INR 200 crores and capital is INR 1,550 crores. So our net debt-to-equity is 0.15% to 0.2%. The net debt figure now, is quite low and healthy. Every year, we will continue to reduce debt from profits, but there is no specific zero debt target because the debt is already very low.”

    Clarifies the company's current debt levels, recent repayment efforts, and long-term strategy regarding debt, indicating a healthy financial position.

    asked by Ashish

    2 min read6 chapters

    Detailed Narrative

    01

    Strategic Transformation and D2C Focus

    Renaissance Global is undergoing a strategic transformation towards a higher-margin, brand-led, B2C-focused business model, which is gaining strong momentum. The company aims to build a INR1,000 crores direct-to-consumer brand by FY29. This shift is supported by aggressive scaling of the D2C business and continuous improvement in operating efficiencies, positioning the company for long-term growth.

    02

    Strong Financial Performance in FY26

    For the full year FY26, the company reported a 29% YoY revenue growth, reaching INR2,572 crores. EBITDA increased by 22% to INR204 crores, and adjusted Profit After Tax (PAT) grew by a robust 36% to INR100 crores. Q4 FY26 also showed strong performance with revenue (before bullion sales) growing 33% YoY to INR686 crores and EBITDA increasing 40% to INR57 crores.

    03

    Operational Efficiencies and Balance Sheet Strengthening

    The company achieved approximately INR40 crores in annual cost savings through disciplined initiatives across sourcing, manufacturing, and organizational integration. Furthermore, gross debt was reduced by INR123 crores in Q4 FY26, bringing the net debt to around INR200 crores. Working capital metrics also improved significantly, with debtor days reducing from 124 to 109 days and inventory days from 169 to 122 days.

    04

    Jean Dousset and US D2C Market Expansion

    The integration of the Jean Dousset acquisition is progressing well, with an additional store launched in New York in November 2025. Each existing Jean Dousset store generates INR30-35 crores in annual sales and contributes INR8-10 crores to the bottom line. The company plans to open 4 more Jean Dousset stores in FY27, bringing the total to 6 locations. U.S. D2C revenues are projected to grow organically by 35-40% to INR375 crores by end of FY27.

    05

    Inorganic Growth and Brand Building Strategy

    Renaissance Global continues to explore strategic inorganic growth opportunities in the D2C space, focusing on undervalued, branded assets that can be grown meaningfully. Past acquisitions like Jay Gems, With Clarity, and Jean Dousset have seen 3-5x growth post-acquisition. For instance, With Clarity grew from INR40 crores to INR200 crores in four years, demonstrating the success of this strategy.

    06

    Licensed Brands D2C Channel Growth

    As the exclusive fine jewelry licensee for Disney, the company has shifted focus towards the direct-to-consumer channel for its licensed brands. The Enchanted Disney Fine Jewelry website is currently experiencing 30-40% organic growth in this channel. This indicates significant potential for further growth in the D2C segment for licensed brands, complementing the overall D2C strategy.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.