Mainboard-listed Thakral Corporation’s adjusted attributable profit for 1QFY2026 ended March 31 more than doubled y-o-y to $3.3 million, excluding the net fair valuation loss on quoted investments and share of associate’s profit of Australia-listed GemLife Communities Group in 1QFY2025.
The group recorded a net unrealised fair value loss of $31.5 million on its quoted investments in GemLife and London-listed The Beauty Tech Group (TBTG), reflecting share price weakness in both securities in March amid broader share market conditions. That said, both have shown recovery into 2QFY2026, according to Thakral.
GemLife continues to affirm FY2026 earnings per share (EPS) guidance of 28.5 to 30.0 Australian cents, representing 20% to 27% growth over FY2025. Meanwhile, TBTG continues to grow its global at-home beauty technology business. Thakral intends to keep both as long-term investments.
Revenue during the quarter grew 44.2% yo-y to $109.5 million, while operating profit grew 62.6% y-o-y to $5.4 million.
Revenue from the lifestyle segment grew 47.3% y-o-y to $109.0 million for 1QFY2026. The segment's earnings before interest and tax (ebit) rose 92.7% y-o-y to $6.6 million during the quarter.
In South Asia, Thakral’s exclusive distributorship with DJI saw revenue increase 52.5% y-o-y to $62.7 million. The group plans to set up 20 to 30 DJI stores across India and other South Asian countries over the next two to three years.
In Greater China, including Hong Kong and Macau, revenue from the Group’s portfolio of beauty and fragrance brands grew 54.5% y-o-y to $27.6 million on sustained demand across the group’s network of more than 65 mono-brand stores and select retail partners.
In India, the group continued to scale its Nespresso operations through boutiques at Select Citywalk in New Delhi, Ambience Mall in Gurugram, and Jio World Drive in Mumbai, the Nespresso India e-commerce store, Amazon India, and partnerships with global hospitality brands including Hyatt, Conrad, Fairmont and JW Marriott.
See also: Health & wealth: Thakral Corporation develops Gurugram
The group will also commence distribution of Nespresso products through Blinkit, India’s leading quick commerce platform with over 30 million weekly active users. The Nespresso India business remains on track for profitability in FY2027.
The group’s five Osaka office buildings continued to deliver high occupancy of 100%, providing a defensive income anchor and its Best Western Tsukamoto Hotel recording strong revenue which entitles it to a profit share as well.
In India, the group is advancing the planned 2.5 million sq ft mixed-use healthcare-led development in Gurugram. On May 28, the group announced the completion of the acquisition of an additional 81.64% stake in TIL Investments Private Limited for $93.9 million, lifting its effective stake to 95.28% and securing strategic control of the Gurugram mixed-use healthcare-led development.
Inderbethal Singh Thakral, CEO and executive director of Thakral, says: “Our lifestyle segment continues to deliver broad-based growth across South Asia and Greater China, and we expect this momentum through FY2026.”
He adds: “The unrealised fair value movements on GemLife and TBTG reflect short-term share price movements; both businesses are performing well, and we intend to hold them for the long term. We have also completed the TIL acquisition, raising our effective stake in the Gurugram mixed-use healthcare-led development project to 95.28%, which gives us strategic control to advance one of our key growth platforms in India.”
As at 2.21pm, Thakral shares are down 2 cents, or 1.1%, at $1.80. The shares are up some 18.7% year to date.
Photo: Thakral, Nespresso SA
