NSE: UDAYJEW · BSE: 539518
UDAY JEWELLERY INDS. LTD.
Sells gold and diamond jewellery to retail consumers through its outlets, with revenue from operations nearly doubling in FY26 — driven largely by the NCLT-approved merger with Narbada Gems and Jewellery Limited (effective April 1, 2024) and the acquisition of Sanghi Jewellers Private Limited. PAT grew 127.03% year-on-year on an EBITDA margin of 7.94%. Raw materials — gold, precious metals and stones — dominate the cost base at 101.9% of revenue, leaving thin operating spreads; employee costs are 2.0% and other operating expenses 1.3% of revenue. The Sanghi family holds approximately 74% as the promoter group, and recent board changes have brought additional family members into executive roles. The company has applied for direct listing on NSE alongside its existing BSE listing, plans to open a branch in Chennai, and a filing references NCLT insolvency proceedings admitted on June 21, 2026, under the IBC framework. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail gold and diamond jewellery. Thin-margin, materials-heavy retail jewellery
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 122 | 177 | 173 | 287 | 726 |
| EBITDA (ex other income) | 8 | 13 | 13 | 16 | 50 |
| margin % | 6.5 | 7.5 | 7.4 | 5.7 | 6.8 |
| Owners' profit | 6 | 10 | 9 | 11 | 36 |
| EPS, as reported (₹) | 2.59 | 4.31 | 7.92 | 4.89 | 0.00 |
| ROE % · ROCE % | 9.8 · 14.4 | 14.0 · 21.1 | 11.4 · 17.4 | 10.2 · 15.1 | 17.2 · 26.7 |
| Debt / equity (x) | 0.47 | 0.49 | 0.31 | 0.23 | 0.78 |
| Cash from operations | (14) | 2 | 12 | (18) | (88) |
| Capex | (1) | (3) | 0 | 0 | (4) |
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 | 41 | 62 | 99 | 85 | 113 | 136 | 181 | 226 |
| Profit before tax | 3 | 4 | 6 | 1 | 10 | 8 | 6 | 15 |
| Net profit | 3 | 3 | 5 | 1 | 8 | 6 | 4 | 15 |
| EPS (₹) | 1.19 | 1.21 | 2.05 | 0.45 | 3.39 | 2.56 | 1.81 | 0.00 |
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 Limited | 1,737 | 12.2 | 5.43 | — | 28.0 | 37.7 | — | 6.8 |
| PNGS GARGI FASHION JEWELLERY L | 623 | 13.1 | 4.39 | — | 22.1 | 27.0 | — | 30.4 |
| UDAY JEWELLERY INDS. LTD. ◆ | 606 | 22.9 | 2.92 | — | 17.2 | 23.1 | — | 8.3 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.6 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 221 | 16.2 | 2.76 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 203 | 48.6 | — | — | — | 28.7 | — | — |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
| Ashapuri Gold Ornament Limited | 142 | 6.9 | 0.85 | — | 11.1 | 15.0 | — | 11.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.9 | 13.1 | 33 of 47 | 30% |
| P/B | 2.9 | 0.8 | 28 of 37 | 25% |
| ROCE | 23.1 | 4.7 | 10 of 50 | 82% |
| ROE | 17.3 | 2.3 | 8 of 37 | 81% |
| Debt / Equity | 0.8 | 0.1 | 28 of 37 | 25% |
| EBITDA margin | 8.3 | 6.8 | 14 of 35 | 62% |
| Revenue growth | 167.8 | 13.8 | 6 of 36 | 86% |
| Profit growth | 1376.9 | 1.4 | 2 of 34 | 97% |
| Market cap | 606 | 24 | 3 of 54 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Compliance certificate filed, no share demat requests in Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · 27th AGM results: All 11 resolutions passed, Rs 0.50 dividend declared | compliance | minimal | — | — |
| 28 Sept 2026 · Uday Jewellery 27th AGM passes dividend, raises borrowing cap to Rs 250 cr | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Promoter inter-se gift transfer of 4.37% shares to CMD | ownership changes | medium | — | — |
| 7 Sept 2026 · Notice of 27th AGM published in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · 27th AGM on 28 Sep 2026; Book Closure 22-28 Sep; Record Date 21 Sep | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Uday Jewellery 27th AGM notice on Sep 28, 2026; dividend, auditor, related party items | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Uday Jewellery files FY2025-26 Annual Report; 27th AGM on Sept 28 | results | high | — | — |
| 2 Sept 2026 · Board approves registered office PIN code correction, no physical relocation | general | 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.