BSE: 540953
Kenvi Jewels Limited
Sells gems and jewellery in India, with FY26 revenue from operations of Rs 17,912.71 lakhs, a 10.6% rise from Rs 16,195.26 lakhs in FY25. The cost base is dominated by materials at 102.1% of revenue, with employee and other operating costs each at 0.7% of revenue. Reported profitability is very thin — FY26 EBITDA margin of 1.19% and net profit margin of 0.48% — and Q4 FY26 slipped into a loss after tax of Rs 16.99 lakhs against a small profit a year earlier. There is no capex; the business runs on working capital, with short-term borrowings nearly doubling to Rs 1,400.80 lakhs by FY26 year-end from Rs 821.40 lakhs in FY25. Operating cash flow turned negative at Rs -119.07 lakhs in FY26, with inventories rising by Rs 839.09 lakhs to Rs 2,475.31 lakhs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Gems and jewellery sales. Thin-margin gems and jewellery trading, asset-light with negligible capex, reliant on working capital and short-term borrowings
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 67 | 88 | 121 | 162 | 179 |
| EBITDA (ex other income) | — | 1 | 1 | 2 | 2 |
| margin % | — | 1.3 | 1.2 | 1.2 | 1.2 |
| Owners' profit | — | 1 | 1 | 1 | 1 |
| EPS, as reported (₹) | 0.40 | 0.53 | 0.52 | 0.60 | 0.14 |
| ROE % · ROCE % | — · 5.7 | 3.9 · 7.6 | 4.6 · 9.4 | 5.0 · 12.6 | 5.3 · 12.5 |
| Debt / equity (x) | — | 0.07 | 0.58 | 0.54 | 0.88 |
| Cash from operations | 0 | 0 | 1 | 3 | (1) |
| Capex | — | 0 | 0 | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36 | 47 | 55 | 31 | 46 | 53 | 50 | 19 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 1 | (0) | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| EPS (₹) | 0.01 | 0.23 | 0.11 | 0.01 | 0.03 | 0.04 | (0.02) | 0.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,764 | 12.4 | 5.52 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 751 | 28.4 | 3.62 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 529 | 11.1 | 3.73 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 239 | 17.5 | 2.98 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 189 | 45.1 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 183 | 8.8 | 1.10 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.6 | 12.9 | 33 of 47 | 30% |
| P/B | 1.5 | 1.0 | 23 of 37 | 39% |
| ROCE | 7.2 | 4.7 | 21 of 50 | 59% |
| ROE | 5.3 | 2.3 | 15 of 37 | 61% |
| Debt / Equity | 0.9 | 0.1 | 31 of 37 | 17% |
| EBITDA margin | 3.3 | 6.8 | 22 of 35 | 38% |
| Revenue growth | (38.3) | 13.8 | 26 of 36 | 29% |
| Profit growth | 70.0 | 1.4 | 11 of 34 | 70% |
| Market cap | 24 | 25 | 28 of 54 | 49% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 14 Oct 2026 · Routine RTA certificate for Q2 FY27 share dematerialization | compliance | minimal | — | — |
| 30 Sept 2026 · Kenvi Jewels reappoints Chiragkumar Valani as Managing Director for 5 years | management changes | high | — | — |
| 30 Sept 2026 · Appointment of Secretarial Auditor for five-year term | management changes | low | — | — |
| 30 Sept 2026 · 13th AGM: 4 resolutions passed including MD appointment for 5 years | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 13th AGM held; MD reappointed for 5 years via Special Resolution | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Newspaper publication of 13th AGM notice to shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · AGM notice for September 29, 2026; e-voting cut-off is September 23, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 13th AGM Notice and Annual Report for FY 2025-26 filed | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 13th AGM notice and Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.