Utssav CZ Gold Jewels Ltd(UTSSAV)

NSE: UTSSAV

₹ 1,013-0.65%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,532 crUpdated: 24 Oct 2026

About

Utssav CZ Gold Jewels Ltd manufactures and wholesales CZ-studded, plain gold, and diamond jewellery from a single facility in Andheri, Mumbai, selling through 430+ retailers and distributors across 23 Indian states. The company reported FY26 revenue of ₹1,154.90 Cr, up 79% year-on-year. It operates as a single segment covering jewellery design, manufacturing, wholesale, and export.^[1][2][3]

Business segments

The company operates under a single segment - Jewellery Design, Manufacturing, Wholesale, and Export - with no separate reporting divisions.^[3]

Products

Core product is CZ-studded gold jewellery manufactured since 2007, specialising in 18kt, 20kt and 22kt rose gold. Each piece is BIS-hallmarked.^[3]
Product forms include Rings, Earrings, Pendants, Bracelets, Necklaces, Watches, and Brooches, plus custom-made lightweight CZ casting jewellery in yellow and rose gold.^[3]
Expanded portfolio added plain gold casting jewellery, natural diamond jewellery, and lab-grown diamond (VVS/EF certified, 18K) in FY25 - FY26.^[3][2]
22K jewellery grew from 27.83% of revenue in FY24 to 59.50% (₹687.17 Cr) in FY26, while 18K share fell from 70.93% to 40.28% over the same period.^[2]
Diamond jewellery (natural + lab-grown) contributed ~2% of revenue in FY26 with ~₹17 Cr of inventory held at Q4 FY26.^[4]
The company releases 400 - 500 new designs per month and offers region-specific designs catering to diverse consumer preferences.^[4][3]

Manufacturing operations

Single manufacturing facility in Andheri, Mumbai. Capacity stood at 1,500 kg/year in FY25; expanded to 2,500 kg/year by Q4 FY26 via ~5,600 sq ft of additional production space.^[5][4]
Capacity utilisation was ~65% overall in FY26 (90% at peak season), up from ~67% on the prior 1,500 kg base in H1 FY26.^[4][5]

Key operating numbers

Volume growth was ~11% in FY26 and ~25% YoY in H1 FY26 (in kg terms).^[4][5]
Working capital cycle was 45 - 60 days in FY26; receivable days temporarily elevated to 70 - 80 days in H1 FY26 following onboarding of 70 - 80 new customers.^[4][5]
Fixed asset turnover was 88 times and interest coverage was 7 times in FY26.^[2]
Operating cash flow was negative at - ₹60.7 Cr in FY26, a structural feature of the ready-stock inventory model that requires gold to be held at all times.^[4]

Customers and distribution

The retailer and distributor network covered 430+ touchpoints across 23 states and 2 union territories in FY26, with 112 new clients onboarded during the year.^[2]
Repeat business exceeded 85% of revenue in FY26; top 10 customers contributed ~50% of revenue in FY25.^[2][5]
Maharashtra was the largest state by revenue, at 62.12% (₹717.47 Cr) in FY26.^[2]
The company distributes exclusively B2B through wholesalers and retailers; there is no direct-to-consumer or branded retail channel.^[3]

Expansion and capex

FY27 capex of ₹50 Cr planned, including the ₹10 Cr capacity addition. Additional ₹50 Cr bank borrowing to fund working capital growth, with debt/equity to remain below 1x.^[4]
Long-term plan to build a 20,000 - 25,000 sq ft facility to scale manufacturing capacity to 6 - 7 tonnes/year by FY2030.^[4]
Board approved incorporation of a wholly-owned subsidiary in Dubai, UAE, to establish a ground presence in the GCC and wider international market.^[2][4]
Diamond jewellery targeted to reach more than ₹200 Cr in annual revenue within two years of FY26; long-term mix target of 30 - 40% of total sales by FY2030.^[4][5]
Long-term revenue target of ₹4,000 - 5,000 Cr by FY2030 reaffirmed at the Q4 FY26 earnings call.^[4]

Recent developments

CARE Ratings upgraded the long-term bank facility rating from BBB to BBB+ (stable outlook) and the short-term rating from A3 to A3+, effective August 2026.^[6][7]
Capacity addition of 2,000 kg/year at ~₹10 Cr announced in September 2026, to be completed within FY27, financed through internal accruals and bank CC limit.^[8]
Plain gold casting jewellery added as a new product line in FY26; management noted it compresses EBITDA margin guidance to 7 - 8% (from prior 9 - 10%) due to lower making charges on plain gold.^[4]

Market Cap

₹2,532 Cr

High / Low

₹1,029 / 177

Stock P/E

18.3

Price / Book

6.4

Book Value

₹82

EPS

₹24.5

No. of Shares

2.41 Cr

ROCE

28.8%

ROE

36.4%

OPM

8.0%

Debt / Equity

0.94

Sales

₹1,155 Cr

Net Profit

₹59 Cr

Promoter holding

72.5%

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