At a Glance
Motisons Jewellers, the Jaipur-based sparkle factory, reported Q1 FY26 revenue of ₹87.05 Cr (flat YoY) and PAT ₹8.03 Cr (↑27% YoY). Margins stayed healthy at 14.6%, but the stock continues its drift at ₹20.6, way below its IPO glam days. P/E of 45 screams premium, but with tiny profits, it’s more cubic zirconia than diamond at the moment.
Introduction
Motisons is not just another jewellery shop—it’s Jaipur royalty with over 3 lakh designs and a loyal customer base. The company has been profitable, but the market doubts whether it can scale like Titan or Kalyan. The latest quarter’s results show steady margins, yet growth is crawling slower than a bride trying to walk in a 30kg lehenga.
Business Model (WTF Do They Even Do?)
Motisons sells gold, diamond, kundan, polki, temple, and Italian jewellery (because why not).
- Segments: Gold (bulk revenue), Diamonds & Kundan (premium), Silver & Artifacts (side hustle).
- USP: Vast designs + local dominance in Rajasthan.
- Roast: They make everything from wedding bling to silver spoons, but scale is nowhere close to Titan.
Financials Overview
Q1 FY26
- Revenue: ₹87.05 Cr (↓1.8% YoY)
- Operating Profit: ₹12.76 Cr (OPM 14.6%)
- PAT: ₹8.03 Cr (↑27% YoY)
- EPS: ₹0.08
TTM
- Revenue: ₹460 Cr
- PAT: ₹45 Cr
- Book Value: ₹4.2 (P/B 4.9)
- P/E: 45
Commentary: Profits growing, but sales stagnant – a jewellery shop running on margin magic.
Valuation
1. P/E Method
- EPS (TTM) ₹0.46 × Industry Avg P/E (30) → ₹14 fair value.
