Viram Suvarn Ltd is one of those companies that quietly sits in the corner of the market like a well-dressed guest at an Indian wedding—until the dhol drops and everyone notices. With a market capitalisation of about ₹94.6 crore and a current price of ₹8.34, this micro-to-small cap jewellery manufacturer just delivered a quarter that made spreadsheets sweat. Q3 FY26 revenue came in at ₹7.52 crore, up a jaw-dropping 103% YoY, while quarterly PAT surged 342% to ₹3.18 crore. Operating margins hit an eyebrow-raising 47.6%, which in jewellery land is basically designer-level swagger. The stock has given a modest 6.8% return over three months, which feels almost insulting compared to what the P&L just did. Debt remains at a Zen-like zero, ROCE is near 19%, ROE around 14%, and the company pays a dividend yield of ~0.6%, like a polite thank-you note. The numbers scream momentum; the valuation (P/E ~13x) whispers “still ignored.” Curious? You should be.
2. Introduction – The Case of the Suddenly Profitable Jeweller
I put on my funny detective hat for this one. Because whenever a small jewellery company suddenly posts triple-digit growth and 40%+ margins, the market either missed something… or is pretending not to see it. Viram Suvarn (earlier known as Veeram Securities Ltd, yes the name throws people off) has been around since 2011, grinding it out in gold and silver jewellery manufacturing. No flashy nationwide retail chain, no celebrity endorsements, no IPL ads screaming “buy now.” Just design, bulk production, and selling jewellery that Indians never stop buying—rings, bangles, mangalsutras, anklets, the full shaadi starter pack.
For years, growth was meh. Five-year sales CAGR sits at ~6%. Stock price returns over three years are negative. This is not the story of a darling compounder that fund managers fight over. And yet, in the last few quarters, something snapped into place. Margins expanded, profits ballooned, and the December 2025 quarter looked nothing like the sleepy past. The company even announced a rights issue, which adds another layer of masala to the plot. Is this a structural turnaround or just a very good jewellery season with lucky gold prices and operating leverage? Let’s open the vault.
3. Business Model – WTF Do They Even Do?
Imagine explaining Viram Suvarn to a smart but lazy investor at a tea stall. You’d say: “They make jewellery. Not retail showrooms like Titan. More like a behind-the-scenes goldsmith with scale.”
The company designs and manufactures traditional gold and silver jewellery—kundan pieces, gemstone-studded ornaments, and plain vanilla gold/silver products. Rings, necklaces, bracelets, earrings, mangalsutras, toe rings—if it jingles at an Indian wedding, they probably make a version of it. The key is bulk production. They develop designs in-house and produce in volume, supplying to wholesalers or distributors rather than running fancy stores themselves.
Revenue in FY22 was primarily from sales (~88%), with small contributions from MCX gains (~3%) and other income (~9%). Translation: this is not a trading casino masquerading as a jeweller. Core revenue still comes from selling jewellery. Inventory cycles are long (inventory days ~169 in Mar 2025), which is typical for jewellery, but also means working capital discipline matters a lot. The business is simple, old-school, and extremely Indian. Which makes the recent margin explosion… interesting.
4. Financials Overview – The Numbers That Made Everyone Look Twice
Result Type Locked: Quarterly Results EPS Annualisation Rule Applied: Latest EPS × 4
Quarterly Comparison Table (₹ crore)
Metric
Latest Qtr (Dec 2025)
YoY Qtr (Dec 2024)
Prev Qtr (Sep 2025)
YoY %
QoQ %
Revenue
7.52
3.71
6.48
102.7%
16.0%
EBITDA (Op Profit)
3.58
0.61
2.15
~487%
66.5%
PAT
3.18
0.72
1.60
341.7%
98.8%
EPS (₹)
0.28
0.06
0.14
366%
100%
Annualised EPS = ₹0.28 × 4 = ₹1.12
At a price of ₹8.34, that’s an implied P/E of ~7.4x on annualised Q3 earnings. Even after smoothing for volatility, the valuation looks… sleepy. Commentary time: either this quarter is a freak accident, or Viram Suvarn just discovered operating leverage like Archimedes discovered buoyancy—in a bathtub full of gold.
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s keep this clean and academic.
1) P/E Method
Annualised EPS (Q3 FY26): ₹1.12
Reasonable small-cap jewellery multiple: 10x–14x
Fair Value Range: ₹11.2 – ₹15.7
2) EV/EBITDA
TTM EBITDA ~₹7.44 crore
EV ~₹93.8 crore
Current EV/EBITDA ~12.6x
Peer range (excluding Titan insanity): 8x–14x
This suggests the stock is not screaming cheap, but not euphoric either.
3) DCF (High-Level, Conservative)
Assuming normalised margins lower than Q3 peak, modest growth, and
