1. At a Glance – Thoda Bling, Thoda Billing, Poora Spreadsheet
₹532 crore market cap, stock chilling around ₹223, trailing P/E of ~11.9, ROE flexing at 31.5%, and ROCE at a respectable 21.8%. Sounds like a jewellery stock that woke up, hit the gym, and forgot to tell the market?
Utssav CZ Gold Jewels Ltd just delivered H1 FY26 half-year sales of ₹475 crore, up 67% YoY, while PAT jumped a dramatic 198% YoY to ₹29.4 crore. That’s not incremental growth — that’s “wedding season + working capital leverage + SME adrenaline” growth.
Debt sits at ₹149 crore, debt-to-equity at 0.88, operating margins have climbed to ~9% in the latest half-year, and EPS for the half-year stands at ₹12.35. Annualised (half-year ×2), EPS comes to ~₹24.7, making the valuation look… suspiciously reasonable for a jewellery SME that listed just months ago.
But wait. This isn’t a Titan fairy tale. This is a casting jewellery wholesaler, heavy on volumes, lighter on branding, and very dependent on gold price discipline and working capital juggling. So before we start dancing to dandiya beats, let’s open the locker and count the bangles one by one.
2. Introduction – From Karol Bagh Dreams to NSE Emerge Reality
Utssav CZ Gold Jewels Ltd was incorporated back in 2007 — which means this is not some lockdown-born Instagram jewellery brand selling “handcrafted vibes.” This company has been grinding quietly in the CZ-studded gold jewellery space for nearly two decades.
Fast forward to August 2024, and boom — IPO on NSE Emerge, ₹69.5 crore raised, followed by bonus shares, private placements, preferential warrants, and enough equity actions to keep a registrar busy for the whole wedding season.
The company operates primarily as a designer, manufacturer, wholesaler, and exporter of 18K, 20K, and 22K CZ gold jewellery, with a clear focus on lightweight casting jewellery — the kind that looks heavy, feels light, and sells fast in Tier-2 and Tier-3 markets.
FY24 revenue hit ₹340 crore, FY25 jumped to ₹646 crore, and TTM sales now stand at ₹837 crore. Profits? From ₹13 crore in FY24 to ₹25
crore in FY25 and ₹45 crore TTM. That’s not compounding — that’s acceleration.
But jewellery businesses are like arranged marriages: they look perfect on paper until you check the working capital, debt cycles, and gold loan dependence. So let’s stop admiring the necklace and start checking the clasp.
3. Business Model – WTF Do They Even Do?
Utssav CZ Gold Jewels does not run fancy retail stores with velvet sofas and espresso machines. This is not a brand-first company. This is a manufacturing + wholesale machine.
The company designs and manufactures CZ-studded gold jewellery, including rings, earrings, pendants, bracelets, necklaces, watches, and broaches. Yes, broaches — because someone somewhere still buys them.
Their manufacturing unit is located in Andheri (East), Mumbai, spread across 8,275 sq. ft., with an installed capacity of 1,500 kg per annum. Recently, the board approved capacity expansion to 2.5 tonnes, which tells you demand isn’t exactly sleeping.
Revenue split? ~95% domestic, ~5% exports. Customers spread across 17 states, 2 UTs, and 2 countries. Translation: diversified, but not global-flex diversified.
This is a volume-driven, margin-sensitive business. They make money by:
- Fast design turnover
- Lightweight jewellery (less gold locked per piece)
- High inventory churn
- Aggressive working capital usage
But here’s the catch — when volumes grow fast, borrowings grow faster. And Utssav knows this very well.
4. Financials Overview – Half-Year Fireworks, Spreadsheet Style
Result
