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1. At a Glance
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.
