1. At a Glance – Gold Glitter, Diamond Drama & 103% Profit Jump
Khazanchi Jewellers is currently trading at ₹772 with a market cap of ₹1,912 crore. In the last quarter (Q3 FY26 – Dec 2025), revenue clocked ₹589 crore, up 49.6% YoY. Net profit came in at ₹25.13 crore, up a stunning 103% YoY. EPS for the quarter stands at ₹10.15.
Stock P/E? 25x.
Industry median P/E? ~24.8x.
ROCE? 24.1%.
ROE? 21.4%.
Debt-to-equity? 0.22.
3-month return? 5.26%.
1-year return? 28.3%.
And here’s the spicy part — they just opened a brand new 10,000 sq. ft. showroom in February 2026 at NSC Bose Road, Chennai.
One showroom. ₹2,163 crore TTM sales. ₹76 crore TTM profit.
Is this a jewellery powerhouse quietly building scale… or a gold-plated regional star getting priced like a national chain?
Let’s shine some light.
2. Introduction – From Sowcarpet to the Stock Market
Founded in 1971 and incorporated in 1996, Khazanchi Jewellers is a Chennai-based legacy brand.
This isn’t a mall-chain jewellery brand. This is Sowcarpet. NSC Bose Road. Traditional jewellery hub. Wedding gold. Temple collections. Diamond sparkle for that one cousin’s engagement.
They operate:
- 1 operational retail showroom (~1,200 sq ft historically, now expanded)
- 1,000+ B2B clients
- 25+ product categories
- 5 lakh+ designs
- Revenue split: Wholesale 48%, Retail 47%, Bullion 5%
So it’s almost a 50-50 retail-wholesale model. Balanced. Less drama.
But here’s the twist — 71% revenue comes from Tamil Nadu.
Regional champion? Yes.
Pan-India giant? Not yet.
Question for you: Are regional jewellery brands the next multibagger wave… or are they cyclical gold traders in disguise?
3. Business Model – WTF Do They Even Do?
Let’s decode this properly.
1. Retail Jewellery
Gold chains. Temple jewellery. Antique collections. Diamond bridal sets. Everyday rings. Kundan. Calcutta. Fusion. Bengali.
Basically, if there’s a wedding within 300 km, they want to be in the shopping bag.
2. B2B Model
They service 1,000+ B2B clients nationwide.
Important detail: It’s asset-light manufacturing.
- Designs are created in-house.
- Manufacturing is outsourced to authorized partners.
- Quality checks, hallmarking, certification — controlled by Khazanchi.
This keeps capex low and working capital tighter.
3. Bullion Business
Gold coins and
