NSE: MOTISONS · BSE: 544053
MOTISONS JEWELLERS LTD
Sells gold and diamond jewellery through retail showrooms in India. Revenue in FY26 was ₹489.54 crore, with net profit of ₹63.71 crore and an EBITDA margin of 18.99%. The disclosed cost shape lists materials at 9.3% of revenue, employee costs at 2.4%, other operating expenses at 2.2%, and depreciation and capex each at 0.4%. The business is expanding its retail network, having signed an MoU to develop a new jewellery showroom in Udaipur, Rajasthan, to be built by a related-party partnership firm and leased back to the company on mutually agreed terms. Filings do not break out segment-level revenue, and the pack does not state store count, store geography, or gold-stock tonnage. Capital structure activity in FY26 included a ₹170 crore preferential issue of fully convertible warrants allotted in October 2024, of which 82.7 lakh of 1 crore warrants lapsed in April 2026 after holders did not pay the exercise price, with the company forfeiting the upfront amount. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail jewellery sales. Inventory-heavy retail jewellery; working-capital intensive
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 417 | 462 | 490 |
| EBITDA (ex other income) | 63 | 68 | 87 |
| margin % | 15.1 | 14.8 | 17.7 |
| Owners' profit | 32 | 43 | 64 |
| EPS, as reported (₹) | 4.30 | 0.44 | 0.65 |
| ROE % · ROCE % | 9.8 · 18.3 | 10.4 · 15.9 | 12.8 · 18.0 |
| Debt / equity (x) | 0.33 | 0.17 | 0.08 |
| Cash from operations | (53) | (23) | 27 |
| Capex | (2) | (0) | (2) |
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 | 109 | 145 | 119 | 87 | 90 | 175 | 137 | 107 |
| Profit before tax | 15 | 21 | 15 | 11 | 29 | 34 | 11 | 15 |
| Net profit | 10 | 15 | 11 | 8 | 21 | 26 | 8 | 11 |
| EPS (₹) | 1.06 | 0.25 | 0.11 | 0.08 | 0.22 | 0.26 | 0.08 | 0.11 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.7 | 22.3 | 16 of 29 | 46% |
| P/B | 3.5 | 2.7 | 16 of 28 | 44% |
| ROCE | 16.8 | 16.7 | 14 of 28 | 52% |
| ROE | 12.8 | 14.6 | 16 of 28 | 44% |
| Debt / Equity | 0.1 | 0.3 | 5 of 28 | 85% |
| EBITDA margin | 15.2 | 10.7 | 12 of 30 | 62% |
| Revenue growth | 23.3 | 45.7 | 21 of 25 | 17% |
| Profit growth | 37.6 | 49.8 | 14 of 25 | 46% |
| Market cap | 1728 | 2897 | 19 of 30 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · RTA compliance certificate under Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · 15th AGM voting results: All 7 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · AGM results: all 7 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Motisons Jewellers closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · AGM approves new auditor and re-appoints 3 independent directors | management changes | medium | — | — |
| 28 Sept 2026 · Motisons Jewellers 15th AGM held; 7 resolutions including auditor and director appointments | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Board approves redemption of 50 lakh preference shares | corporate actions | medium | — | — |
| 12 Sept 2026 · Board to Consider Redeeming 50 Lakh Preference Shares on Sept 17, 2026 | corporate actions | medium | — | — |
| 5 Sept 2026 · Notice of 15th AGM and e-voting info published in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Book closure from 22 Sep to 28 Sep for 15th AGM | compliance | minimal | — | — |
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.