Uday Jewellery is the Sanghi Group’s glitter shop masquerading as a listed company. What started as a dotcom-era avatar (“Hifunda.com” – yes, really) is now a ₹390 crore market-cap jewellery manufacturer trading cubic zirconia and colour stone–studded gold. They cater to Kalyan, Malabar, and the NRI aunty in Dubai alike. The company just clocked 173% sales growth YoY and 196% profit growth last quarter. Clearly, gold may be timeless, but Uday’s margins are as moody as a bride on haldi day.
2. Introduction
Let’s be honest: jewellery stocks are like shaadi functions. Titan is the main buffet, Kalyan is the over-decorated sweet stall, and then you have Uday Jewellery — the slightly underrated starter dish that surprises you with flavour.
From incorporation in 1999 (as Net Trade Innovations, no less) → dotcom experiment (Hifunda.com) → to its final identity as a CZ-studded gold jeweller in 2011, Uday has lived many lives. Today, 100% of revenue = studded gold jewellery. They’re not Titan-level brand-builders but silent B2B suppliers to big names. Think of them as the “ghost designer” behind flashy showrooms.
And don’t ignore geography: 87% sales domestic, 13% exports. Dubai alone = 73% of their international mix. So yes, Dubai bling contributes more to Uday than Tamil Nadu and Karnataka combined.
3. Business Model (WTF Do They Even Do?)
Here’s how Uday operates:
Manufacturing Units: 2 factories in Telangana, scaled from 20 kg/month to 125 kg/month capacity.
Product Lines: CZ + colour stones + navratna + silver + diamond-studded items. Basically, if it sparkles, they’ll sell it.
Clients: Kalyan Jewellers, Malabar Gold → the big retail sharks.
Group Connection: Sanghi Group, also behind Narbada Gems. First in South India to introduce “lost wax” casting.
Expansion: ₹12 crore spent on modern machinery. Like upgrading from ghar ki chulha to Induction 4-burner.
Verdict: Asset-light branding, asset-heavy manufacturing. They make the stuff, let the big brands sell it at obscene markups.
4. Financials Overview
Source table
Metric
Jun’25 (Q1 FY26)
Jun’24 (Q1 FY25)
Mar’25 (Q4 FY25)
YoY %
QoQ %
Revenue
₹113 Cr
₹41 Cr
₹84.5 Cr
172%
34%
EBITDA
₹10.9 Cr
₹3.9 Cr
₹2.0 Cr
179%
452%
PAT
₹7.8 Cr
₹2.6 Cr
₹1.0 Cr
196%
653%
EPS (₹)
3.39
1.19
0.45
185%
653%
Commentary: From ₹1 crore PAT last quarter to ₹7.8 crore now, this is the jewellery equivalent of glow-up reels. Annualised EPS = ~₹13.6 → P/E = ~12.5x (vs current 24x TTM). Cheap if growth sustains, trap if it doesn’t.
Merger Masala: NCLT ordered shareholder meeting for Narbada Gems amalgamation (0.4623 share swap). The Sanghi Group is consolidating its sparkle empire.
