Author: Prashant Marathe
Date Published: May 21, 2025
🧾 At a Glance
- Q4 Total Income: ₹118.77 Cr
- Net Profit (Q4): ₹11.14 Cr
- EPS (Q4): ₹0.11
- CMP: ₹17.60
- EduFair Value (Annualized): ₹22–₹24
👉 Verdict: Looks shiny, priced fine, but not blindingly undervalued.
💼 About the Company
Motisons Jewellers Ltd is a Jaipur-based jewellery retailer offering:
- Gold, diamond, silver ornaments
- In-house design + manufacturing
- Strong regional presence in Rajasthan
Listed via IPO in 2023, and surprisingly — not a scammy SME. Actually profitable, growing, and expanding reasonably.
📊 Q4 FY25 Snapshot
| Metric | ₹ Cr |
|---|---|
| Revenue | ₹118.77 |
| Net Profit | ₹11.14 |
| EPS (Basic) | ₹0.11 |
| Net Margin | ~9.4% |
Margins are healthy — better than most unorganised jewellery players.
🧠 EduInvesting Take
“Motisons isn’t Titan. But it isn’t fake gold either.”
✅ Profitable
✅ Consistent EPS
✅ Clean Q4 delivery
❌ EPS is growing… slowly
❌ Not much market buzz
This is one of those silent compounding SME stories that either:
- Becomes a regional midcap winner
- Or gets stuck in ₹20–₹40 range for 3 years
🧮 EduFair Value Estimate
- Q4 EPS = ₹0.11 ⇒ Annualized EPS ≈ ₹0.44
- Assign P/E = 50 (SME jewellery sector can re-rate dramatically post Titan boom)
✅ Fair Value = ₹22–₹24
At CMP ₹17.60 → ~25–35% undervalued
⚠️ Risks
- 📉 Thin volumes — not very liquid
- 👑 High dependence on wedding season & gold prices
- 🪙 No scale compared to Titan or Kalyan
- 🛑 0.11 EPS = slow EPS growth — you’re waiting for re-rating
💸 CMP vs FV
| Metric | Value |
|---|---|
| CMP | ₹17.60 |
| Fair Value | ₹22–₹24 |
| EPS (Annualized) | ₹0.44 |
| P/E (CMP) | ~40x |
| Verdict | Slightly undervalued |
🏁 Final Word
Motisons is:
- Real ✅
- Safe ✅
- Growing ❓
- Cheap ❌
Edu Verdict:
Buy only if you like slow compounding + jewellery.
Skip if you want momentum. It’s value, but not deep.
