Motisons Jewellers Ltd Q3 FY26: ₹175 Cr Revenue, 69% Profit Jump, Inventory Days at 471 – Glitter or Glare?
1. At a Glance – Jaipur’s Jewellery Star or Just IPO Sparkle?
Motisons Jewellers Ltd is currently trading at ₹16 with a market cap of ₹1,576 crore. The stock is down 26.8% over one year and 5.2% over the last three months — so clearly the honeymoon phase post listing is over.
But wait.
The latest quarterly results (Dec 2025) show:
Revenue: ₹175 crore (up 20% YoY)
PAT: ₹26 crore (up 69.5% YoY)
OPM: 20%
Stock P/E: 23.7
ROCE: 14.5%
Debt to Equity: 0.12
A jewellery retailer growing profits at nearly 70% while trading at an industry P/E of ~24? Sounds interesting.
But then you look at inventory days: 471.
Four. Hundred. Seventy. One.
That means gold is sitting longer than your wedding guest who refuses to leave.
So what is Motisons? A disciplined regional jeweller? A working capital magician? Or just a Jaipur-based Titan fan club?
Let’s polish this gold bar and check if it’s 24-carat.
2. Introduction – From Jaipur Showroom to Stock Market Spotlight
Established in 1997, Motisons Jewellers sells gold, diamond, kundan, silver, platinum, pearls, and basically everything that glitters.
The company operates four showrooms in Jaipur, with its flagship “Motisons Tower” on Tonk Road — 16,002 sq ft across three floors. That’s not a showroom. That’s a jewellery shopping mall.
Revenue mix FY24:
Gold: 80%
Silver: 8%
Diamonds: 11%
Others: 1%
Geographically?
99.5% domestic. Exports 0.5%.
Translation: This is a pure Rajasthan retail story. No Dubai glamour, no NRI drama. Just desi weddings and festive gold buying.
The company listed in December 2023 at ₹55 issue price. Today it trades at ₹16.
That’s a 70% haircut from IPO levels.
But fundamentals since listing? Improving.
Now the question becomes — was IPO pricing too shiny? Or is the current price too dull?
Let’s go deeper.
3. Business Model – WTF Do They Even Do?
Simple.
They sell jewellery.
But here’s how they do it:
3,00,000+ designs.
Primarily gold-heavy revenue.
Manufacturing of diamond and gemstone jewellery in-house at Jaipur.
Gold ornaments outsourced to artisans.
So they are:
Part retailer
Part trader
Part manufacturer
Part artisan aggregator
Online presence started in 2018. They offer virtual appointments and products not available in stores.
But remember: 99.5% revenue is domestic retail. So don’t imagine a tech-powered D2C disruptor.
This is a traditional jewellery retailer with modern compliance and IPO paperwork.
Now ask yourself:
In jewellery retail, what really matters?
Brand trust
Inventory management
Working capital discipline
Location
Motisons has brand recall in Jaipur. But can four stores justify ₹1,576 crore valuation?
Let’s see what numbers say.
4. Financials Overview – The Numbers Don’t Lie (Usually)
