1. At a Glance
Goldkart Jewels Ltd (NSE: GOLDKART) — the rechristened avatar of Sona Hi Sona Jewellers (Gujarat) — has gone full sparkle mode this half-year. With H1FY26 (April–September 2025) revenue clocking ₹4,745.66 lakh and PAT ₹286.72 lakh, the company’s growth graph looks like a Diwali rocket, not a diya. The market has noticed too — at a current price of ₹260, the ₹436 crore market-cap company trades at ajaw-droppingP/E of 100.33, proving once again that gold’s shine sometimes blinds logic.
In the last three months, the stock’s up by over 15%, and in six months, 26%. Clearly, Ahmedabad’s bling business is not just about wedding season—it’s about investor honeymoon. With an ROCE of 10.6%, ROE of 7.72%, and zero pledges, the Shah family’s jewellery empire looks steady, even if margins still wear a thin smile. Debt-to-equity? A neat 0.23. Borrowings are inching up, sure, but so are sales. That’s the Gujarati way—grow fast, pray faster.
2. Introduction
Once upon a time, there was Sona Hi Sona Jewellers, an old-school name that sounded like a 90s radio jingle. In 2023, they upgraded—new name, new ambitions, same family glitter. EnterGoldkart Jewels Ltd, the Laxmi Group-backed ornament house from Ahmedabad that decided to polish its identity to match its products. Because let’s be honest—nothing screams “premium” like the wordGoldkartin 2025.
The company’s roots run deep in the city’s jewellery trade, catering to every kind of buyer—from the auntie buying a mangalsutra for her bahu to the crypto bro who just wants “something shiny for the gram.” Their retail showroom mixes traditional craftsmanship with modern designs, targeting both the “gold is investment” crowd and the “gold is content” generation.
FY24 was their breakout year. Revenue jumped 17% YoY, operating margins crossed 8%, and PAT grew over 60%. Now, H1FY26 results show that the momentum continues. And if that wasn’t enough, management recently approved a ₹150 crore borrowing limit and secured a massive ₹1,000 croreimport license for gold dore barsvalid till Jan 2027. Translation: the company just unlocked Level 2 of the Jewellery Business Game—Manufacturing Edition.
But here’s the kicker—P/E at 100? It’s like buying a 22-carat ring at 24-carat prices. Still, when has the market ever been rational about shiny things?
3. Business Model – WTF Do They Even Do?
Goldkart Jewels operates one core business: the design, manufacture, and retail of gold, silver, diamond, and platinum jewellery. Think of it as a Gujarati version of Tanishq—with fewer ad campaigns but more blessings from Lakshmi Mata.
The company sources its raw materials—gold, silver, gemstones, and American diamonds—from trusted suppliers in Ahmedabad, Surat, and Mumbai. Raw gold is typically purchased from the bullion market and then crafted into finished ornaments either in-house or via outsourced job work.
Theirproduct portfoliois the stuff of Indian family WhatsApp DP dreams:
- Finger Rings
- Bracelets
- Mangalsutras
- Earrings
- Anklets
- Pendants
On the business side, the company primarily runs its retail showroom in Ahmedabad under its own brand, while also sellingbranded jewellery linesfrom other makers. This hybrid model allows Goldkart to serve both the “traditional shopper” who wants purity and the “urban influencer” who wants prestige.
The next big step? They plan to venture intoCZ Casting and Antique Gold Jewellery, expanding the product basket into trendier, higher-margin segments. Basically, from “shaadi-wala gold” to “Instagram-wala gold.”
If you ever wondered how local jewellers survive against corporate giants like Titan or Kalyan, here’s your answer—they mix old-world trust with new-age glitz, and Goldkart is the perfect case study.
4. Financials Overview
🔒 Lock: Half Yearly Results (Figures in ₹ Crore)
| Metric | H1FY26 (Sep 2025) | H1FY25 (Sep 2024) | H2FY25 (Mar 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 46.46 | 34.50 | 47.85 | 34.7% | -2.9% |
| EBITDA | 4.82 | 3.25 | 2.87 | 48.3% | 67.9% |
| PAT | 2.87 | 1.83 | 1.48 | 56.8% | 93.9% |
| EPS (₹) | 1.71 | 1.09 | 0.88 | 56.8% | 93.9% |
Annualised EPS:₹1.71 × 2 = ₹3.42 → Implied P/E = 76x.Even if you generously round it, it’s still priced like a gold ETF on steroids.
Commentary:The company’s YoY revenue grew 35%, but PAT outpaced it at nearly 57% — a sign of operating leverage finally showing up. The OPM surged to 10.37%, a record high for them. QoQ dip in revenue is marginal, but profitability nearly doubled. Gujarati businessmen would call this “smart
kaam, kam kharcha.”
5. Valuation Discussion – Fair Value Range
Let’s run the numbers the Edu way.
Method 1: P/E-Based Valuation
- Annualised EPS (FY26E): ₹3.42
- Industry PE (Jewellery Avg): 28.2
- Fair Value = 3.42 × 28.2 = ₹96.But market PE is 100, so current ₹260 = clearlypremium for sparkle.
Method 2: EV/EBITDA
- EV = ₹452 Cr
- EBITDA (TTM) = ₹7.69 Cr
- EV/EBITDA = 58.8x (insanely rich)If sector median is 15x, then fair EV = 15 × 7.69 = ₹115 Cr → Implied Equity Value ≈ ₹100–₹120/share.
Method 3: Simplified DCF
Assume PAT grows 20% CAGR for 5 years, terminal growth 5%, discount rate 12%.Approx Fair Value Range = ₹110–₹140/share.
💬Edu Verdict:Fair value range ₹100–₹140/share.(This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
The last few quarters were no less dramatic than a Saas-Bahu serial:
- Name Change Drama:FromSona Hi Sona Jewellers (Gujarat)toGoldkart Jewels Ltd(Sept 2023). Think of it as the corporate version of a glow-up.
- Borrowing Limit Increased:₹150 crore ceiling approved—because, of course, one must borrow big to shine big.
- Gold Dore Import License:Received July 2025 for ₹1,000 crore worth of imports, valid till Jan 2027. That’s a massive deal—it allows them to import unrefined gold dore bars and manufacture in-house. If executed well, margins could jump like gold prices in wedding season.
- AGM Fest (Sept 2025):Shareholders approved borrowing/investment expansion, MD reappointment, and loans up to ₹500 crore. Gujarati promoters don’t do small resolutions.
The mood? Bullish with bling.But as the saying goes,“Not all that glitters is undervalued.”
7. Balance Sheet (₹ Crore)
| Metric | Mar 2023 | Mar 2024 | Sep 2025 |
|---|---|---|---|
| Total Assets | 37.20 | 50.64 | 95.89 |
| Net Worth (Equity + Reserves) | 22.90 | 35.22 | 70.04 |
| Borrowings | 14.02 | 14.45 | 16.33 |
| Other Liabilities | 0.28 | 0.39 | 9.52 |
| Total Liabilities | 37.20 | 50.64 | 95.89 |
Quick Take:
- Assets nearly doubled in 18 months. Expansion is clearly underway.
- Borrowings remain modest at ₹16.3 crore despite higher limits.
- Other liabilities shot up—probably linked to gold imports and trade payables.
💬Sarcastic Notes:
- Balance sheet looks like it’s been hitting the gym—gains everywhere.
- Borrowings? Still slimmer than expected. Gujarati frugality lives
