Khazanchi Jewellers Moves to Mainboard With 5,000 Crore Revenue Goal

Effective October 27, 2026, Khazanchi Jewellers has migrated to the mainboards of BSE and NSE.
The company is targeting 5,000 crore in revenue by FY2030, aiming for 25-30% annual growth.

Reader Takeaway: Improved liquidity and institutional visibility meet the challenge of scaling a high-margin retail B2C business model.

What just happened

Khazanchi Jewellers has completed its transition from the SME platform to the mainboards of the BSE and NSE. This migration is designed to improve the company's equity liquidity, enhance market visibility, and open doors for institutional capital participation.

Why this matters

Beyond the listing milestone, management has signaled a major shift in business strategy. Historically, the firm operated as a wholesale B2B entity, with 90% of revenue coming from that segment. The new roadmap aims to rebalance the revenue mix to a 60-40 split between B2B and B2C over the next 3 to 4 years. This pivot is intended to boost operating margins to the 8%–9% range.

Growth Roadmap

The company is betting on its 'Brand Vajraa' segment, which focuses on natural diamonds and studded jewellery to drive design premiums. To support this transition, the firm is rolling out 8 to 10 new retail stores—a mix of flagship experience centers and boutiques—while upgrading its digital infrastructure and ERP systems for better inventory management.

Risks to watch

While the 5,000 crore target for FY2030 is ambitious, success depends on the firm’s ability to scale retail operations without eroding the wholesale baseline. Investors should monitor the execution pace of the new store rollouts and the company's ability to capture market share in the competitive B2C jewellery space.

Context Metrics

• Current Revenue Base: Approximately 2,000 crore.
• Targeted Growth Rate: 25% to 30% annually.
• Strategic Target Date: FY2030.