Kalyan’s Q1FY27 revenue/EBITDA/PAT grew ~46/25/32 (%) YoY, respectively. Gross margin contracted 194bps YoY to 11.9%, led by exchange offers, a higher recycled gold mix (46% vs. 30% in Q1FY26), one-off gains from the sale of platinum/silver in the base, a higher share of FOCO stores, and a lower studded mix in new FOCO stores.