šŸ’° Financial Performance

Revenue Growth by Segment

Total income grew 10.09% YoY to ₹ 28,127.08 Lakhs. The gold jewellery segment remained the primary revenue contributor, while diamond-studded jewellery recorded healthy growth and silver jewellery saw steady sales momentum.

Geographic Revenue Split

Domestic operations are primary, with moderate growth in exports to the United States, the Middle East, and select Asian markets.

Profitability Margins

Net Profit Ratio improved significantly from 5.19% to 7.93% due to cost-controlling measures. Net Profit for the year stood at ₹ 2,980.25 Lakhs, marking an increase of 64.13% YoY.

EBITDA Margin

Not explicitly disclosed, but Net Profit grew 64.13% to ₹ 2,980.25 Lakhs, driven by cost controlling measures and operational efficiencies.

Capital Expenditure

Not disclosed in absolute INR Cr, but the company maintained records for Property, Plant and equipment and did not revalue assets during the year.

Credit Rating & Borrowing

Debt Equity Ratio increased from 0.23 to 0.38 as the overdraft limit was enhanced by the bank. Debt Service Coverage Ratio improved from 9.69 to 22.67.

āš™ļø Operational Drivers

Raw Materials

Gold, silver, and diamonds are the primary raw materials, subject to price volatility and high import duties.

Import Sources

Not explicitly disclosed, though export markets include the United States, Middle East, and Asia, implying global supply chain links.

Capacity Expansion

Expansion is focused on Tier-II and Tier-III cities and increasing omni-channel retail presence.

Raw Material Costs

Volatility in gold and diamond prices impacts procurement costs and working capital requirements; high import duties on precious metals also influence margins.

Manufacturing Efficiency

Return on Capital Employed (ROCE) decreased from 43.65% to 38.87% during the year.

šŸ“ˆ Strategic Growth

Expected Growth Rate

10.09%

Growth Strategy

The company plans to achieve growth through expansion into Tier-II and Tier-III cities, strategic investments in digital infrastructure for omni-channel retail, and targeting the Indian diaspora in international markets.

Products & Services

Gold jewellery, diamond-studded jewellery, silver jewellery, and gem-studded jewellery.

Brand Portfolio

Pushpa Jewellers.

New Products/Services

Lightweight, personalized, and contemporary designs targeting younger urban customers.

Market Expansion

Targeting Tier-II and Tier-III domestic cities and international markets including the USA and Middle East.

šŸŒ External Factors

Industry Trends

The industry is shifting toward branded, certified, and hallmarked products, with increasing emphasis on ESG compliance and ethical sourcing.

Competitive Landscape

Intense competition from both organized and unorganized players continues to exert pricing and margin pressures.

Competitive Moat

Brand equity, operational efficiencies, and a customer-centric approach provide a competitive advantage in a market evolving toward transparency.

Macro Economic Sensitivity

Demand is sensitive to rising disposable incomes, urbanization, and seasonal factors like wedding and festive periods.

Consumer Behavior

Younger buyers are gravitating toward lightweight, personalized, and contemporary designs.

Geopolitical Risks

Geopolitical tensions and disruptions in supply chains present risks to export-oriented business lines.

āš–ļø Regulatory & Governance

Industry Regulations

Operations are affected by hallmarking norms, responsible sourcing requirements, and high import duties on precious metals.

Environmental Compliance

ESG compliance and traceability are emerging as key differentiators for consumer and investor emphasis.

Taxation Policy Impact

Regulatory changes and taxation policies are cited as factors that may require operational adjustments and additional compliance costs.

Legal Contingencies

The company reports INR 0 in pending litigations, stating there is no impact on its financial position.

āš ļø Risk Analysis

Key Uncertainties

Volatility in commodity prices (gold/diamonds) and regulatory changes in hallmarking or taxation are key business risks.

Geographic Concentration Risk

Primary revenue is domestic, with export concentration in the USA, Middle East, and select Asian markets.

Technology Obsolescence Risk

The company is mitigating technology risks through strategic investments in digital infrastructure and ERP systems.

Credit & Counterparty Risk

Trade Receivable Turnover Ratio dropped from 47.27 to 22.72 due to improper realization during the year, indicating increased credit risk.