At a Glance

Radhika Jeweltech (RJL) dazzled Q1 FY26 with a net profit of ₹18.2 Cr, up 39% YoY, on revenue of ₹99.1 Cr. Operating margins jumped to 26%, proving this Rajkot-based jeweler knows how to turn gold into even more gold. The stock, at ₹103, trades at a P/E of 19.4, a glittery discount compared to big players like Titan and Kalyan. Investors are warming up to RJL’s growth story, with 5-year PAT CAGR at 42%—talk about compounding sparkle!

Introduction

Radhika Jeweltech isn’t your usual mom-and-pop jewelry store—it’s a listed Rajkot gem with serious ambitions. Serving over 2 million customers, the company sells gold, diamond, and platinum jewelry while offering repair and customization services.

Q1 FY26 shows RJL is not just selling ornaments; it’s minting profits. While giants like Titan and Kalyan hog headlines, RJL quietly delivers double-digit growth with consistent margins.

Business Model (WTF Do They Even Do?)

RJL runs a retail-focused jewelry business with:

• Gold & Diamond Retail – The mainstay revenue stream.
• Custom Jewelry Services – High-margin personalized designs.
• Value-Added Services – Repairs, resizing, and cleaning.

Unlike national brands, RJL thrives on regional dominance in Gujarat, with strong brand recall and customer loyalty.

Financials Overview

Q1 FY26 results sparkle:

• Revenue: ₹99.1 Cr (YoY +5.8%)
• EBITDA: ₹25 Cr (OPM 26%)
• PAT: ₹18.2 Cr (YoY +39%)
• EPS: ₹1.54

Commentary: Despite flat sales growth, improved margins and operational efficiency boosted profits.

Valuation

• CMP: ₹103
• EPS (TTM): ₹5.3
• P/E: 19.4
• P/B: 3.8

Fair Value Range: ₹95 – ₹120.
Current valuation is attractive relative to peers, but growth sustainability is key.

What’s Cooking – News, Triggers, Drama

• Q1 FY26 Strong Margins: 26% OPM shows pricing power.
• Regional Expansion Potential: New store openings expected.
• Gold Price Fluctuations: Could impact demand and margins.
• Competition: Titans of jewelry lurking, but RJL holds its turf.

Balance Sheet

Remarks: Low debt, strong equity base—financially solid like 24K gold.

Cash Flow – Sab Number Game Hai

Remarks: Positive operating cash flow in FY25—finally a good sign after years of leakage.

Ratios – Sexy or Stressy?

Remarks: Ratios glitter like polished diamonds—attractive for investors.

P&L Breakdown – Show Me the Money

Remarks: Consistent revenue growth with improving margins—a jeweler’s dream.

Peer Comparison

Remarks: RJL trades at a deep discount, offering value compared to mega-brands.

Miscellaneous – Shareholding, Promoters

• Promoter Holding: 63.7% (stable)
• FII: Negligible
• DII: None
• Public: 36.3%

Promoter skin-in-the-game is high—a good sign.

EduInvesting Verdict™

Past Performance

RJL has grown PAT at 42% CAGR over 5 years, with strong regional dominance. Despite its small scale, it has delivered where it matters—profit growth.

SWOT Analysis

• Strengths: Strong brand in Gujarat, high ROE/ROCE, low debt.
• Weaknesses: Small market presence, limited diversification.
• Opportunities: Expansion into other states, e-commerce growth.
• Threats: Gold price volatility, competition from national players.

Final Word

Radhika Jeweltech Q1 FY26 shows a company that’s scaling profits without losing its shine. While not a Titan-level giant, it’s a regional growth gem trading at a reasonable valuation. For investors, RJL offers golden growth at silver pricing.

Written by EduInvesting Team | 29 July 2025
SEO Tags: Radhika Jeweltech, Q1 FY26 Results, Jewelry Stocks India, Rajkot Jeweler, Gold Retailer Growth