1. At a Glance – The Gold Is Shiny, The Numbers Louder
Pushpa Jewellers Ltd is that neighbourhood gold wholesaler who suddenly walked into the stock market wearing a tailored suit, flashing a ₹267 crore market cap and saying, “Bhai, hum bhi listed hain.” Trading at ₹110, down about 17.5% over the last three months, the stock looks like it went through a mild karigari polishing issue post-IPO. The company clocks a headline ROCE of 50.4% and ROE of 47.3%, numbers so high they make PSU bankers sweat. Trailing twelve-month sales stand at ₹307 crore with PAT of ₹20.8 crore, while the latest reported half-year (H1 FY26) revenue itself is ₹170 crore, meaning the business is sprinting even before finishing its warm-up stretches. P/E of ~12.8 versus industry median near 28 is the market’s way of saying “nice margins, but beta version company.” Add to that a sharp promoter holding drop of 27.7% post-IPO and suddenly this jewellery box has a hidden compartment everyone wants to open. Curious already? Good. Keep reading.
2. Introduction – From Karigars of Kolkata to NSE Emerge
Pushpa Jewellers Ltd is not Titan, not Kalyan, and definitely not the showroom where your chacha negotiates making charges for 40 minutes. This is a pure B2B wholesaler, born in 2009, raised quietly in Kolkata’s karigar lanes, and recently unleashed on the NSE Emerge platform in July 2025.
The company manufactures gold jewellery in bulk and sells it to retailers and wholesalers. No emotional ads. No celebrity brand ambassadors. No “Har ghar sona” vibes. Just weight, purity, and margins. Think of it as the backend kitchen of the jewellery industry—no one sees it, but everyone eats from it.
What makes Pushpa interesting is timing. It comes to the market when organised jewellery is growing, gold prices are volatile, and working capital cycles are brutally exposed. Yet here’s a company flashing a 50% ROCE like it’s a school rank certificate.
But then comes the twist. Promoters diluted heavily at IPO. FIR filed against a Data Management Manager. Related party transaction approvals running into ₹100 crore per year. Suddenly, this is no longer a simple gold story. This is a masala thriller with spreadsheets.
So, is Pushpa Jewellers a lean, high-return wholesale machine, or a shiny object with governance fingerprints all over it? Let’s open the locker.
3. Business Model – WTF Do They Even Do?
Pushpa Jewellers is a wholesale gold jewellery manufacturer. Translation for lazy investors: they make jewellery, but they don’t sell to you or your family WhatsApp group. They sell to retailers who then sell to you with a 25% markup and free sweet box.
The company designs jewellery in-house. Necklaces, kanthas, chokers, bangles, mangalsutras—the full shaadi season playlist. But
the actual manufacturing is outsourced to ~33 karigars based in Kolkata. These are specialised artisans who handle carving, studding, and processing of plain and studded gold jewellery.
So Pushpa doesn’t own massive factories. It owns relationships, designs, and approvals. Capital light? Yes. Execution risk? Also yes.
Revenue is heavily concentrated in necklaces—over 71% of FY25 revenue—followed by earrings and malas. Rings and chains are almost non-existent in revenue terms, which tells you this is not a daily-wear brand. This is wedding and occasion jewellery, high ticket, bulk orders.
Geographically, 98% of revenue is domestic. Exports are a tiny 2%, mostly to Dubai, the US, and Australia. Client concentration is surprisingly low for a B2B wholesaler: top 10 clients account for ~30% of revenue. That’s not bad in an industry where one retailer can sneeze and your quarter catches a cold.
Simple model. High working capital. Razor-thin room for error. Classic jewellery business—with spreadsheets instead of showrooms.
4. Financials Overview – Half-Year Numbers, Full-On Commentary
Result Type Lock
The latest official result heading is “Half Yearly Results”.
Result type locked as HALF-YEARLY RESULTS.
Annualised EPS = Latest EPS × 2.
Financial Comparison Table (₹ in Crores, EPS in ₹)
| Metric | Latest H1 FY26 (Sep 2025) | YoY H1 FY25 (Sep 2024) | Prev Period H2 FY25 (Mar 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 170 | 144 | 137 | +18.1% | +24.1% |
| EBITDA | 16 | 14 | 18 | +14.3% | -11.1% |
| PAT | 11 | 13 | 10 | -15.4% | +10.0% |
| EPS (₹) | 4.55 | 6.66 | 5.17 | -31.7% | -12.0% |
Annualised EPS (Half-Yearly) = ₹4.55 × 2 = ₹9.10
Recalculated P/E = ₹110 / ₹9.10 ≈ 12.1
Commentary time. Revenue is growing nicely—double-digit both YoY and sequentially. EBITDA, however, has mood swings. Margins slipped back to 9% from a temporary 13% high in Mar 2025. PAT fell YoY due to tax normalization (Sep 2024 had 0% tax, don’t ask why—auditors already did).
This is not a smooth compounding story. It’s a volume-driven wholesaler with margin elasticity. If gold prices sneeze
