Motisons Jewellers Ltd Q2 FY26: The Shiny Smallcap That Loves Gold, Glamour, and GST Notices

1. At a Glance

Jaipur’s sparkle factory —Motisons Jewellers Ltd (MJL)— is where gold meets drama and diamond margins fight inflation. As ofNovember 2025, the company shines with amarket cap of ₹1,666 crore, acurrent price of ₹17 per share, and aP/E of 29.8. Not bad for a jeweller that once sold its dreams at ₹55 in the IPO.

The company clockedquarterly revenue of ₹90.5 croreandPAT of ₹21.4 crore, showing a106% YoY jump in profit, even thoughsales dipped 17% QoQ. Talk about doing more with less — or as Indian moms say, “beta, paise bacha ke gold le lo.”

WithROE of 11.6%,ROCE of 14.5%, and adebt-to-equity ratio of just 0.12, Motisons doesn’t just glitter — it manages to stay solvent, a rare feat in the gold bazaar. But no dividends yet — apparently, they prefer the shine on the shelves, not in your demat.

So, is Motisons the Titan of tomorrow or just another smallcap sparkle waiting to fade? Let’s dig in, one karat at a time.

2. Introduction

Welcome to Jaipur, the city of pink walls and gold halls — and home toMotisons Jewellers, a brand that turned its Tonk Road showroom into an architectural flex. Since its humble start in 1997, the company has built a kingdom ofkundan, polki, and Instagram reelsthat could blind you with bling before the sunlight does.

Withfour stores across Jaipurand an online presence since 2018, Motisons plays on both ends — grandma’s necklace nostalgia and Gen Z’s gold-for-content strategy. They claim to have over3,00,000 designs— that’s more SKUs than Netflix titles in India.

The brand’sIPO in Dec 2023was one of the more glittering SME success stories — issue price ₹55, now trading at ₹17 (ouch). Post-listing, they’ve issued warrants worth ₹170 crore and even had a10-for-1 share split, proving that the only thing multiplying faster than their designs is their equity.

Still, behind the shine is a serious business story —Rs. 462 crore in FY25 revenueandRs. 56 crore profit, making it one of the few jewellers that’s not only surviving but scaling. Whether it’s luck, legacy, or leverage, we’re about to find out.

3. Business Model – WTF Do They Even Do?

Motisons Jewellers sells everything shiny enough to make a bride forget her budget —gold (80%), silver (8%), diamond (11%), and the rest 1% for God knows what. Their product line includesgold, diamond, kundan, temple, and Italian jewellery, plus silver utensils, coins, and artifacts — because why not sell a silver spoon to the baby born with one?

Most of their jewellery issourced from third-party artisans across India, while diamond and gemstone pieces are made in-house at Jaipur. This hybrid model keeps them light on capex but heavy on designs.

The brand’sflagship showroom, Motisons Tower, is a Jaipur landmark — 16,000 sq ft of pure retail drama spread over three floors. You could get lost between bangles and balance sheets.

And here’s the modern twist — they sell online throughmotisonsjewellers.com, complete with virtual appointments. In a world where marriages happen on Zoom, at least you can pick your ring online.

If Titan is the Tanishq of the elite, Motisons is the “Tanishq of tier-2 India” — bold designs, smaller bills, and just enough glamour to make you feel rich during EMI payments.

4. Financials Overview

Quarterly Performance (₹ in crores)

Commentary:If this quarter were a necklace, it’d be a minimal one — less metal, more margin. Revenue dipped, butEBITDA margin exploded from 15%