💰 Financial Performance

Revenue Growth by Segment

Standalone revenue grew 10.88% YoY in FY25 to INR 462.11 Cr from INR 416.76 Cr. Revenue for H1 FY26 surged to INR 1,075.73 Cr, representing a massive jump compared to the previous full year. Segments include gold, diamond, and kundan jewellery.

Geographic Revenue Split

Primarily concentrated in Jaipur, Rajasthan, where the company operates 4 showrooms. Geographic expansion beyond Jaipur is not detailed in percentage terms.

Profitability Margins

Net Profit Margin (NPM) improved from 7.73% in FY24 to 9.34% in FY25. However, standalone PAT for Q2 FY26 was INR 5.99 Cr on revenue of INR 615.32 Cr, indicating a sharp margin compression to approximately 0.97% for that quarter.

EBITDA Margin

EBITDA margin for FY24 was 15.28%, an expansion of 176 basis points YoY. Standalone EBITDA for Q4 FY24 reached INR 17.97 Cr, up 93.32% YoY, with a margin of 15.36%.

Capital Expenditure

Raised INR 170 Cr through a preferential issue on October 5, 2024, to fund working capital and stock portfolio expansion. INR 5.10 Cr was received from warrant conversion in December 2025.

Credit Rating & Borrowing

Borrowings significantly reduced from INR 111 Cr in March 2024 to INR 55 Cr by September 2025 (a 50.4% reduction). Interest coverage ratio surged from 6.45x to 107.31x in FY25 due to debt reduction post-IPO.

⚙️ Operational Drivers

Raw Materials

Gold (represents 30% to 50% of the cost of finished products), diamonds, kundan, pearls, silver, platinum, and precious/semi-precious stones.

Import Sources

Not explicitly disclosed; company references industry reports from GJEPC and IBEF for sourcing trends.

Capacity Expansion

Currently operates 4 showrooms in Jaipur. Expansion strategy focuses on increasing the stock portfolio and design variety (over 300,000 designs) rather than physical showroom count in the short term.

Raw Material Costs

Gold costs fluctuate between 30% and 50% of the total product cost. Volatility in bullion prices directly impacts working capital and margins.

Manufacturing Efficiency

Focus on design innovation and recognizing consumer preferences to drive sales velocity across 300,000+ jewellery batches.

📈 Strategic Growth

Expected Growth Rate

14%

Growth Strategy

Growth is driven by debt reduction to increase net profits, expanding the stock portfolio using preferential issue proceeds (INR 170 Cr), and leveraging the IMS system to repeat fast-selling designs. The company focuses on a wide variety of traditional and modern designs to capture diverse customer segments.

Products & Services

Gold jewellery, diamond jewellery, kundan jewellery, silver artifacts, gold and silver coins, utensils, and precious stone-studded jewellery.

Brand Portfolio

Motisons.

New Products/Services

Continuous launch of new designs within its 300,000+ design library; specific new product line revenue contribution % not disclosed.

Market Expansion

Focus on Jaipur eminence with potential for broader Indian market reach; specific timelines for new regions not disclosed.

Market Share & Ranking

Renowned brand in Jaipur; specific national market share ranking not disclosed.

🌍 External Factors

Industry Trends

The industry is growing at approximately 14% (3-year sales CAGR for the company). Trends show a shift toward organized retail and design-heavy, hallmarked jewellery.

Competitive Landscape

Competes with both organized national players and local unorganized jewellers in the Rajasthan region.

Competitive Moat

Brand equity in Jaipur, a massive library of 300,000+ designs, and a strong balance sheet with a current ratio of 5.77 and low debt-equity of 0.17 provide a sustainable competitive advantage.

Macro Economic Sensitivity

Highly sensitive to gold prices and USD/INR exchange rates which impact raw material procurement costs.

Consumer Behavior

Shift toward variety and fulfilling specific customer needs for traditional and modern combination designs.

Geopolitical Risks

Fluctuations in international commodity markets and trade relations affecting the gems and jewellery industry.

⚖️ Regulatory & Governance

Industry Regulations

Subject to meticulous compliance with trade and manufacturing laws, including hallmarking and bullion trade regulations.

Taxation Policy Impact

Effective tax rate approximately 26-28% based on historical profit and loss data.

Legal Contingencies

The company has disclosed the impact of pending litigations on its financial position in Note 33 of the standalone financial statements; specific case values were not provided in the summary.

⚠️ Risk Analysis

Key Uncertainties

Bullion price volatility (30-50% cost impact), risks of theft/loss in the jewellery line, and compliance risks associated with government regulations.

Geographic Concentration Risk

100% of physical showrooms are located in Jaipur, Rajasthan.

Third Party Dependencies

Dependency on bullion suppliers; specific vendor concentration not disclosed.

Technology Obsolescence Risk

Low risk; company utilizes IMS (Inventory Management System) for digital transformation of stock tracking.

Credit & Counterparty Risk

Trade receivables turnover ratio decreased slightly to 309.92x in FY25, indicating very high quality of receivables and primarily cash-based retail sales.