NSE: SWARNSAR · BSE: 526365
SWARNSARITA JEWELS IND L
Designs, manufactures and trades in gold and precious-metal jewellery, with the Jewellery segment accounting for the entirety of segment revenue reported in the period. For the year ended 31 March 2026 (FY26), consolidated revenue stood at Rs. 868.21 crore with net profit of Rs. 12.14 crore; the Jewellery segment reported Rs. 878.30 crore of segment revenue (FY26, period-end 31 March 2026). A separate Rental Income stream contributed a negligible Rs. 0.24 crore in the quarter ended 31 March 2026. The cost base is dominated by raw materials — gold and other precious-metal inputs — at 97.1% of revenue in FY26, leaving an EBITDA margin of 2.65% and very thin net margins. The company is run from Zaveri Bazaar in Mumbai and consolidates a wholly-owned subsidiary, Swarnsarita Trading Private Limited. Promoters — the Chordia family and Swarnsarita Jewellers Private Limited (Person Acting in Concert) — held 60.20% of equity after an April 2026 open offer. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jewellery (100%), Rental Income. Asset-light jewellery manufacturing and trading with very thin margins driven by precious-metal input costs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 841 | 840 | 770 | 761 | 868 |
| EBITDA (ex other income) | 10 | 13 | 14 | 15 | 16 |
| margin % | 1.1 | 1.6 | 1.8 | 2.0 | 1.8 |
| Owners' profit | 7 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 3.59 | 3.01 | 2.30 | 2.54 | 5.75 |
| ROE % · ROCE % | 6.7 · 13.1 | 5.3 · 11.8 | 3.9 · 11.5 | 4.1 · 12.1 | 8.7 · 15.9 |
| Debt / equity (x) | 1.13 | 1.03 | 0.88 | 0.67 | 0.51 |
| Cash from operations | 8 | 9 | 6 | 13 | 13 |
| Capex | (0) | (0) | (2) | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 155 | 230 | 219 | 158 | 152 | 262 | 218 | 237 |
| Profit before tax | 8 | 1 | 3 | (4) | 8 | 9 | 2 | (3) |
| Net profit | 6 | 1 | 2 | (4) | 6 | 7 | 2 | (7) |
| EPS (₹) | 2.99 | 0.35 | 1.10 | 1.85 | 2.90 | 3.27 | 0.80 | 3.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Jewellery | 462 | 52.6 |
| Rental Income | 0 | 0.0 |
| JEWELLERY | 263 | 29.9 |
| RENTAL INCOME | 0 | 0.0 |
| jewellary | 153 | 17.4 |
| trading | 0 | 0.0 |
| Total, before eliminations | 879 | 100.0 |
Exhibit 4: 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 | 1,767 | 12.4 | 5.53 | — | 28.0 | 37.7 | — | 6.7 |
| UDAY JEWELLERY INDS. LTD. | 712 | 26.9 | 3.43 | — | 17.2 | 23.1 | — | 6.6 |
| PNGS GARGI FASHION JEWELLERY L | 561 | 11.9 | 3.56 | — | — | — | — | 23.8 |
| KD GREEN INDUSTRIES LTD | 273 | 17.3 | 3.79 | 35.5 | 7.0 | 8.6 | — | 15.9 |
| GOLKUNDA DIAMONDS & JEWELLERY | 260 | 38.3 | 2.73 | — | 12.5 | 15.3 | — | 11.2 |
| AJC Jewel Manufacturers Limite | 209 | 50.1 | — | — | — | 28.7 | — | 4.4 |
| ASHAPURI GOLD ORNAMENT L | 200 | 10.2 | 1.11 | — | 7.0 | 9.4 | — | 12.2 |
| Patdiam Jewellery Limited | 147 | 8.8 | — | — | — | 24.6 | — | 8.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.0 | 11.9 | 10 of 45 | 80% |
| P/B | 0.6 | 1.2 | 13 of 37 | 67% |
| ROCE | 11.7 | 3.2 | 13 of 36 | 66% |
| ROE | 8.7 | 2.1 | 9 of 26 | 68% |
| Debt / Equity | 0.5 | 0.1 | 28 of 37 | 25% |
| EBITDA margin | (3.2) | 2.3 | 38 of 46 | 18% |
| Revenue growth | 49.9 | 28.1 | 15 of 37 | 61% |
| Profit growth | (70.8) | 1.0 | 24 of 34 | 30% |
| Market cap | 87 | 25 | 12 of 54 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Board meeting set for November 14, 2026 results | results | low | — | — |
| 15 Oct 2026 · Compliance Certificate for Q2 FY26 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 16 Sept 2026 · Two promoters seek reclassification to Public category | ownership changes | medium | — | — |
| 31 Aug 2026 · Swarnsarita Jewels: Director appointments at 34th AGM | management changes | medium | — | — |
| 29 Aug 2026 · Swarnsarita Jewels 34th AGM: all 5 resolutions passed with over 96 percent support | board shareholder meetings | low | — | — |
| 29 Aug 2026 · 34th AGM Results: All 5 Resolutions Approved at Swarnsarita Jewels | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 34th AGM held on 27 Aug 2026; five resolutions passed | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Corrigendum to AGM Notice - Special Resolution change for director appointment | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Corrigendum to 34th AGM Notice - Resolution Type Correction for Director Appointment | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Board meeting on 14 Aug 2026 to consider Q1 FY27 results | results | 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.