Utssav CZ Gold Jewels Ltd Q2 FY26 – When Cubic Zirconia Meets Cubic Growth: 198% PAT Explosion, 67% Sales Blast and a CEO Who Probably Sparkles More Than His Jewellery
1. At a Glance
Some companies shine. Utssav CZ Gold Jewels Ltd (UCZGJL) blinds. Incorporated in 2007 and finally making it to the NSE SME ramp show in August 2024, this Mumbai-based goldsmith seems to have melted gold, sarcasm, and ambition in one furnace. The stock trades at ₹241 (as of 25 Nov 2025), with a market cap of ₹575 crore — and no, that shine isn’t just from gold polish.
The latest quarter (Q2 FY26) was basically a firecracker sale. Revenue shot up 67% YoY to ₹475 crore, while PAT exploded 198% YoY to ₹29.4 crore. OPM sparkled at 9%, a glittery improvement from the old 5% look. EPS jumped to ₹12.35 — that’s what happens when your manufacturing line hums faster than your jeweller’s polishing wheel.
ROE? A kingly 31.5%, ROCE at 21.8%, and Debt-to-Equity at 0.88, which means they’re still borrowing, but not pawning their bangles yet. PE ratio at 12.9x looks like a Diwali discount compared to industry PE of 28.3x.
If Titan is the luxury brand of the elites, Utssav is the fast-talking cousin from Andheri who says, “Bhai, same shine, half price.”
2. Introduction
Picture this: a jewellery company that doesn’t just make gold ornaments — it makes investors’ eyes sparkle brighter than its cubic zirconia stones. Utssav CZ Gold Jewels Ltd started off humbly in 2007, crafting light-weight gold jewellery, studded with CZ stones. But somewhere between Andheri East and the NSE Emerge platform, they decided to go full Bollywood.
Their growth numbers read like an item song — loud, shiny, and impossible to ignore. Sales up 78.6%, profits up 177%, and an IPO that got oversubscribed like a wedding buffet.
Now, before you start imagining diamond-studded profits, let’s remember this is CZ — cubic zirconia, not diamond. The company deals in 18K, 20K, and 22K CZ gold and rose gold jewellery, specializing in lightweight designs that millennials love and mothers approve.
In short: Utssav makes jewellery that looks expensive, feels premium, and is priced like a good deal — the holy trinity of modern Indian retail.
But wait, there’s drama too — bonus shares, private placements, expansion announcements, and even a resignation of the Company Secretary due to “family medical emergency.” (In SME world, that’s code for “too many board meetings.”)
3. Business Model – WTF Do They Even Do?
Utssav CZ Gold Jewels Ltd is like that overachieving cousin who sells everything shiny. The company manufactures CZ-studded gold jewellery — basically, gold jewellery with cubic zirconia stones instead of diamonds. The beauty? It looks like diamond jewellery but doesn’t cost a kidney.
They design, manufacture, wholesale, and export rings, earrings, pendants, bracelets, necklaces, watches, and brooches.
Their forte lies in lightweight casting jewellery — gold pieces so light your scale might not believe they’re real. And guess what? They make this magic happen from an 8,275 sq. ft. factory in Andheri East, Mumbai, with an installed capacity of 1,500 kg per year, soon to be expanded to 2.5 tonnes (approved on Nov 4, 2025).
Domestic sales contribute 95% of revenue, while exports make up the remaining 5%. But that’s fine — India alone has enough wedding seasons to fuel decades of jewellery demand.
So, what’s their secret sauce? They don’t rely on retail showrooms like Titan or Kalyan. Instead, they serve B2B clients — wholesalers and jewellers who need ready-to-sell CZ gold jewellery at competitive prices. It’s like they’re the T-Series of jewellery manufacturing — they produce the hits, others put their label on it.
4. Financials Overview
Source table
Metric
Latest Qtr (Sep ’25)
YoY Qtr (Sep ’24)
Prev Qtr (Mar ’25)
YoY %
QoQ %
Revenue (₹ Cr)
475
285
362
67.1%
31.2%
EBITDA (₹ Cr)
44
15
24
193%
83%
PAT (₹ Cr)
29.4
9.8
15
198%
96%
EPS (₹)
12.35
4.14
6.38
198%
94%
Commentary: This quarter, Utssav’s performance outshined every other mid-tier jeweller. Their operating margin improved to 9%, thanks to scale and possibly a little cost-control magic (or just cheaper electricity bills in Mumbai?). PAT margin doubled, proving their designs aren’t the only thing that’s polished.
At this pace, they might soon be polishing off Titan’s lunch.
5. Valuation Discussion – Fair Value Range Only
Let’s estimate fair value using three models.
(a) P/E Method: Current EPS (TTM) = ₹18.7 Industry P/E = 28.3x Company P/E = 12.9x
