🧠 At a glance
Utssav CZ Gold Jewels Ltd, a listed SME in the business of gold and silver ornaments, reported its best-ever revenue and profit in FY25. Sales more than doubled to ₹64.6 Cr. Net profit jumped to ₹25.05 Cr, and EPS came in at ₹11.63. The company also raised over ₹6 Cr in IPO proceeds, all of which has already been “utilized.” Sounds golden, right?
Now let’s open the locker and check what’s actually inside.
🏢 About the Company
Utssav CZ Gold Jewels Ltd is a Mumbai-based player in the organized jewellery retail and manufacturing space. The company primarily deals in:
- Gold jewellery (including bridal and festive)
- Silver ornaments and coins
- Retail distribution and wholesale trade
- Possibly CZ (cubic zirconia) imitation segments too
It’s positioned as a traditional jewellery business riding the wave of India’s ₹5 lakh crore gold economy — just on the SME side of the stock market.
The company is headed by Pankajkumar Hastimal Jagawat, who also signs the balance sheet, cash flow statement, and IPO utilization table.
👔 Key Managerial Personnel
| Name | Role |
|---|---|
| Pankajkumar H. Jagawat | Managing Director |
| Jain V & Co. | Statutory Auditors |
No CFO was mentioned in the results filing. Maybe in this company, the MD wears all the rings — and signs all the cheques.
📊
FY25 Financial Performance
| Metric | FY25 (₹ in Lakhs) | FY24 (₹ in Lakhs) |
|---|---|---|
| Revenue from Operations | 64,631.88 | 34,019.56 |
| Other Income | 135.05 | 165.20 |
| Total Income | 64,766.93 | 34,184.76 |
| Total Expenses | 61,464.21 | 32,467.64 |
| Profit Before Tax | 3,302.72 | 1,717.12 |
| Tax (Current + Deferred) | 796.73 | 432.30 |
| Net Profit | 2,505.98 | 1,284.82 |
| EPS (Diluted) | ₹11.63 | ₹7.65 |
🧮 EduFair Value Estimate
Let’s apply an SME-reasonable multiple for retail jewellery companies.
- EPS = ₹11.63
- Reasonable PE for unorganized retail player = 12x to 15x
Forward Value Range = ₹139.56 – ₹174.45
If the CMP is anywhere below ₹100 — you’ve got potential upside. But if the stock is rallying just based on the number of karats in a bangle, caution advised.
💰 IPO Money — Fully Used?
Yes, the company raised ₹6,073.51 lakh net of IPO expenses, and according to their own filing, 100% of it has been utilized.
| Use Case | ₹ in Lakhs |
|---|---|
| Working Capital | 6,050.00 |
| General Corporate Purpose | 23.51 |
| Total Used | 6,073.51 |
Nothing kept in reserves. Everything deployed.
💡 Translation: “Fresh cash aaya, inventory kharida, chalu ho gaya.”
📦 Balance Sheet Highlights
| Item | 31 Mar 2025 (₹ in Lakhs) | 31 Mar 2024 (₹ in Lakhs) |
|---|---|---|
| Share Capital | 2,381.80 | 1,680.00 |
| Reserves & Surplus | 10,297.24 | 1,842.05 |
| Total Equity | 12,679.04 | 3,522.05 |
| Total Assets | 26,966.90 | 12,123.81 |
| Inventories | 8,409.42 | 2,172.68 |
| Trade Receivables | 10,922.56 | 5,681.25 |
| Cash & Equivalents | 5,625.89 | 2,457.29 |
| Total Borrowings | 13,033.82 | 7,288.98 |
