Radhika Jeweltech Ltd: From Rajkot with Gold, Glitter & (Some) Governance Gaps?
1. At a Glance
Radhika Jeweltech is the Rajkot-based jewelry retailer that went from a regional darling to a 5x multibagger in under 3 years. With over ₹588 Cr in FY25 sales and a fat 15% OPM, it’s the smallcap Titan-in-the-making—or is it cubic zirconia in disguise?
2. Introduction with Hook
If Titan is the luxury Swiss watch, Radhika is the dependable desi Rolex knockoff. Clean balance sheet, 41% profit CAGR (5 yrs), and ROCE of 26%—but with an auditor resignation and an Income Tax raid glittering in the background, you might want to inspect this gold with a loupe.
FY25 PAT: ₹60 Cr
Inventory Days: 272
FII Holding: Practically 0% Welcome to Radhika’s boutique, where everything shines… until you check the audit trail.
3. Business Model (WTF Do They Even Do?)
They make, trade, and sell:
Gold, diamond & platinum jewelry
Custom bridal designs (Rajkot-style)
Services like cleaning, resizing, repairs (aka “repeat business”)
Retail-focused, single-region play (Gujarat-heavy), but expanding fast. 20+ lakh customers served.
