Price
Financials
Standalone, Rs crore| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 156 | 184 | 285 | 362 | 475 | 679 |
| Expenses | 147 | 171 | 269 | 338 | 431 | 632 |
| Operating Profit | 9 | 13 | 15 | 24 | 44 | 47 |
| OPM % | 5% | 7% | 5% | 7% | 9% | 7% |
| Other Income | 2 | -0 | 0 | 1 | 1 | 2 |
| Interest | 2 | 3 | 2 | 4 | 5 | 7 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before tax | 8 | 9 | 13 | 20 | 39 | 41 |
| Tax % | 19% | 31% | 26% | 23% | 25% | 27% |
| Net Profit | 7 | 6 | 10 | 15 | 29 | 30 |
| EPS in Rs | 15.79 | 3.70 | 4.14 | 6.38 | 12.18 | 12.27 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 117 | 120 | 123 | 238 | 340 | 646 | 1,155 |
| Expenses | 113 | 117 | 117 | 226 | 319 | 607 | 1,064 |
| Operating Profit | 4 | 4 | 6 | 12 | 21 | 40 | 91 |
| OPM % | 3.7% | 2.9% | 5% | 5% | 6% | 6% | 8% |
| Other Income | 0 | 0 | 0 | 2 | 2 | 1 | 3 |
| Interest | 1 | 1 | 2 | 4 | 5 | 6 | 13 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Profit before tax | 3 | 2 | 4 | 10 | 17 | 33 | 80 |
| Tax % | 25% | 26% | 21% | 26% | 25% | 24% | 26% |
| Net Profit | 2 | 2 | 3 | 7 | 13 | 25 | 59 |
| EPS in Rs | 4.93 | 3.86 | 7.95 | 17.02 | 7.65 | 10.52 | 24.46 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 57% | 69% | 79% | ||
| Compounded Profit Growth | % | 105% | 112% | 131% | ||
| Stock Price CAGR | % | % | % | 305% | ||
| Return on Equity | % | 35% | 36% | 36% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 17 | 24 | 24 |
| Reserves | 6 | 8 | 11 | 18 | 18 | 103 | 174 |
| Borrowings | 15 | 30 | 36 | 50 | 73 | 130 | 186 |
| Other Liabilities | 3 | 2 | 5 | 10 | 13 | 13 | 24 |
| Total Liabilities | 28 | 44 | 56 | 82 | 121 | 270 | 408 |
| Fixed Assets | 8 | 9 | 10 | 10 | 12 | 8 | 9 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 20 | 35 | 46 | 72 | 110 | 261 | 400 |
| Total Assets | 28 | 44 | 56 | 82 | 121 | 270 | 408 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 3 | -14 | -2 | -12 | 7 | -89 | -61 |
| Cash from Investing Activity | 0 | 0 | -2 | 1 | -1 | 3 | 0 |
| Cash from Financing Activity | -3 | 14 | 4 | 10 | 19 | 118 | 56 |
| Net Cash Flow | -1 | -0 | 0 | 0 | 24 | 32 | -5 |
| Free Cash Flow | 3 | -14 | -4 | -10 | 5 | -88 | -62 |
| CFO/OP | 82% | -397% | -18% | -74% | 52% | -205% | -44% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 39 | 65 | 67 | 48 | 61 | 62 | 54 |
| Inventory Days | 16 | 32 | 62 | 39 | 25 | 51 | 55 |
| Days Payable | 3 | 1 | 1 | 0 | 0 | 1 | 0 |
| Cash Conversion Cycle | 51 | 96 | 128 | 87 | 86 | 112 | 108 |
| Working Capital Days | 13 | 55 | 49 | 33 | 4 | 41 | 44 |
| ROCE % | 10% | 13% | 20% | 24% | 22% | 29% |
| Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Aug 2026 | |
|---|---|---|---|---|---|
| Promoters | 70.52% | 70.52% | 69.57% | 70.30% | 72.55% |
| FIIs | 2.98% | 1.34% | 0.64% | 0.36% | 0.01% |
| DIIs | 1.56% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public | 24.95% | 28.14% | 29.79% | 29.33% | 27.43% |
| No. of Shareholders | 1,762 | 2,414 | 2,321 | 2,301 | 1,587 |
Fundamentals
Market Cap₹ 1,766 Cr.
Current Price₹ 731
Stock P/E29.9
Book Value₹ 82.0
ROCE28.8 %
ROE36.4 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)79%
Compounded Profit Growth (TTM)131%
Standalone figures.
Valuation
Market capRs 1,852 Cr
Enterprise valueRs 1,901 Cr
P/E (TTM)258.98x
Price to book82.77x
Price to sales7.77x
EV / EBITDA136.96x
EV / EBIT142.62x
EV / sales7.98x
Earnings yield0.39%
Profitability
Operating margin (excl. other income)5.18%
Operating margin (incl. other income)5.83%
EBITDA margin5.83%
Pre-tax margin4.03%
Net profit margin3.00%
ROE38.17%
ROCE21.65%
ROA10.34%
ROE, 3-year average25.95%
ROCE, 3-year average14.94%
ROA, 3-year average7.15%
ROIC (approx.)13.82%
Tax rate25.60%
Other income / net worth6.84%
Growth
Sales growth (latest year)93.18%
Profit growth (latest year)114.07%
Sales CAGR, 3 years26.57%
Profit CAGR, 3 years51.16%
Per share
EPS (TTM)Rs 2.96
EPS (latest year)Rs 17.02
EPS, 3-year averageRs 9.61
Book value per shareRs 9.26
Sales per shareRs 98.64
Cash flow per shareRs -4.77
Free cash flow per shareRs -25.67
Efficiency
Asset turnover2.90x
Fixed asset turnover24.40x
Inventory turnover9.25x
Inventory days39 days
Debtor days48 days
Debtors turnover7.55x
Creditor days0 days
Cash conversion cycle108 days
Working capital days44 days
Leverage
Total debtRs 50 Cr
Cash and bankRs 0 Cr
Net debtRs 49 Cr
Debt to equity2.22x
Net debt / EBITDA3.56x
Interest coverage3.58x
Owners' fund to total sources27.23%
Debt to assets60.44%
Cash flow
Cash from Operating Activity (latest year)Rs -12 Cr
Cash from Investing Activity (latest year)Rs 1 Cr
Cash from Financing Activity (latest year)Rs 10 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -62 Cr
FCFE (approx.: FCF + change in debt)Rs -48 Cr
Cash from ops / profit, 5 years-1.47x
Statement figures
Net sales (TTM)Rs 238 Cr
Net sales (latest year)Rs 238 Cr
Operating profit excl. other income (latest year)Rs 12 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 14 Cr
PBDT (TTM)Rs 10 Cr
Profit before tax (TTM)Rs 10 Cr
Tax (latest year)Rs 2 Cr
Net profit (TTM)Rs 7 Cr
Net profit (latest year)Rs 7 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 4 Cr
Cost of goods sold (latest year)Rs 222 Cr
Total expenditure (latest year)Rs 226 Cr
Total income (latest year)Rs 240 Cr
Share capitalRs 4 Cr
ReservesRs 18 Cr
Shareholders' fundsRs 22 Cr
Total assetsRs 82 Cr
Net blockRs 10 Cr
InvestmentsRs 0 Cr
ReceivablesRs 32 Cr
InventoryRs 24 Cr
Other liabilitiesRs 10 Cr
Shares outstanding (crore)2.41
Ownership
Promoter holding72.55% (+2.03 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 259.0 is at the 62th percentile of its own 2.2-year range
(median 179.1, low 126.6, high 395.3).
P/B 82.77 is at the 96th percentile (median 40.72).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | UTSSAV | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +17.6% | -2.8% | +20.4 pts |
| 1 month | +75.5% | -6.8% | +82.3 pts |
| 3 months | +51.9% | -7.6% | +59.5 pts |
| 6 months | +313.5% | +0.4% | +313.1 pts |
| 1 year | +320.9% | -9.9% | +330.8 pts |
| 2 years | +271.0% | -13.6% | +284.5 pts |
Red flags
F-score 5 of 8| explain | Weak cash conversion Cash from operations was -231% of net profit over the last 3 years |
| explain | High accruals Profit exceeded operating cash by 23% of total assets in 2026 |
| look | On NSE surveillance On NSE surveillance: ASM short-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Mar 2026Sales ₹679 Cr +269.0% vs Mar 2024.
Net profit ₹30 Cr +400.0%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Titan Company Ltd | 415,040 | 71.1 | 20.5 % |
| Kalyan Jewellers India Ltd | 58,748 | 40.2 | 21.2 % |
| Lalithaa Jewellery Mart Ltd | 20,989 | 22.0 | 38.0 % |
| Thangamayil Jewellery Ltd | 16,177 | 41.2 | 25.5 % |
| PC Jeweller Ltd | 12,976 | 16.7 | 9.60 % |
| Sky Gold & Diamonds Ltd | 12,713 | 38.0 | 27.0 % |
| Bluestone Jewellery & Lifestyle Ltd | 12,315 | 219 | 6.78 % |
| P N Gadgil Jewellers Ltd | 8,612 | 19.2 | 21.0 % |
| Timex Group India Ltd | 7,360 | 82.5 | 82.8 % |
| Ethos Ltd | 6,662 | 63.1 | 10.4 % |
| Senco Gold Ltd | 5,363 | 9.40 | 21.2 % |
| Goldiam International Ltd | 4,861 | 23.0 | 25.8 % |
| KDDL Ltd | 4,836 | 49.3 | 11.7 % |
| Tribhovandas Bhimji Zaveri Ltd | 4,184 | 19.6 | 21.9 % |
| D.P. Abhushan Ltd | 3,796 | 15.8 | 39.6 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Less than 100 unique PAN traded in previous 30 daysSME scrip is not regularly tradedShort Term Additional Surveillance Measure (Short Term ASM): stage 1