Sells gold and CZ (cubic zirconia) jewellery, generating revenue of ₹1,154.90 crore in FY26 against total assets of ₹408.37 crore. The business is structured as a trading-style operation: raw materials account for 96.1% of revenue, while employee costs are 0.4% and other operating expenses are 0.6%, leaving a thin spread between material cost and selling price as the primary earnings lever. Capital intensity is low, with capex at 0.1% of revenue, indicating the company is not building a heavy fixed-asset base and instead turns inventory rather than plants. With negligible employee and overhead costs relative to revenue, the economics depend almost entirely on the spread achieved on gold and stones purchased and re-sold as finished jewellery. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold and CZ jewellery sales. Asset-light, trading-style jewellery retail with materials dominating cost.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 646 | 1,155 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 11.63 | 24.60 |
| ROE % · ROCE % | — · 28.5 | — · 46.3 |
| Debt / equity (x) | — | — |
| Cash from operations | (89) | (61) |
| Capex | (4) | (2) |
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 362 | 475 | 679 |
| Profit before tax | 20 | 39 | 41 |
| Net profit | — | — | — |
| EPS (₹) | 6.49 | 12.32 | 12.28 |
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| 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 |
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