Advit Jewels Ltd(RAMBHAJO)

NSE: RAMBHAJOBSE: 544803

₹ 355.3-4.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,628 crNext results: 31 Oct 2026Website: www.rambhajo.comUpdated: 24 Oct 2026

About

Advit Jewels Ltd is a Jaipur-based manufacturer and seller of handcrafted Polki (uncut diamond) and coloured-stone jewellery, focused primarily on the bridal segment. The company reported total income of ₹167.02 crore in FY26, up 33.68% year-on-year.^[1][2]

Business mix: B2B and B2C

B2B wholesale contributed 80.18% of revenue in FY26; B2C contributed the remaining ~20%, up from ~2% in FY24.^[1]
In Q1 FY27, B2B accounted for 78% of revenue and B2C for 22%; management targets B2C reaching 40 - 50% of revenue over time.^[3]
Both B2B and B2C demand in Q1 FY27 were concentrated in bridal jewellery.^[3]

Products and portfolio

Core product is handcrafted Polki (uncut diamond) jewellery for bridal occasions, made in the Rajasthani Jadau tradition.^[1]
New men's Polki jewellery line under development: cufflinks, belt buckles, brooches, kilangi and rings.^[1]
Lightweight pret jewellery for everyday wear targeting Gen Z and millennials is being introduced as a new category (Q1 FY27).^[3]
Upcoming collections blending Rajasthani Jadau aesthetics with South Indian Temple Jewellery are in development.^[1]
Rising gold prices have prompted lighter-weight designs with higher stone and Polki content to keep value within customer budgets (Q1 FY27).^[3]

Manufacturing capacity and utilisation

Installed manufacturing capacity is 400 kg of gold jewellery per year.^[1]
Capacity utilisation (gold-weight basis) was 31.45% in FY26, down from 45.86% in FY25 and 43.02% in FY24, reflecting the shift to lighter, higher-stone designs.^[1]
Volume sold was 241.51 kg in FY26.^[1]
Total employee base grew from 21 in FY24 to 68 in FY25 to 118 in FY26; artisans moved from seasonal to year-round payroll.^[1]

Customers and distribution reach

Active customer base grew from 258 in FY25 to 274 in FY26; customers are spread across 21 states.^[1]
Revenue per active customer rose from ₹48.24 lakh in FY25 to ₹60.96 lakh in FY26.^[1]
Top-10 customer concentration fell from 75.47% in FY23 to 52.69% in FY26.^[1]
Export revenue was ₹160.63 lakh in FY26 (0.96% of total revenue), arising initially from an organic US inquiry via Instagram.^[1]
US and Middle East export markets are being developed through private exhibitions and new trade partners; UK is targeted for exclusive and art-collector pieces (Q1 FY27).^[3]

Expansion and capex

A flagship Jaipur showroom of about 30,000 sq ft, investment ~₹24 - 25 crore, has its building complete with interiors in progress, targeting a November 2026 opening (Q1 FY27).^[3]
Store plan: company-owned boutiques in metro cities (~₹5 crore capex each, excluding inventory); franchise model for Tier 2 cities needing ₹6 - 8 crore inventory per franchisee.^[3]
Franchise partner Francorp has committed to 30 stores over three years; the company plans at least 3 new retail stores in FY27 as a validation phase.^[1]
Franchise model protocols were expected to be finalised and published within one month of the Q1 FY27 earnings call (August 2026).^[3]

Recent developments

Promoter Abhishek Gilara is proposed as Joint MD for 5 years from Aug 10, 2026, at salary up to Rs 10 lakh/month, with minimum remuneration of Rs 2 lakh/month if profits are inadequate (FY26 annual report).^[4]
ATCS & Associates proposed as secretarial auditors for five years; the notice states the term start inconsistently (FY2026-27 in resolution vs FY2025-26 in explanatory statement).^[4]
Post-IPO, the company repaid all debt; residual IPO proceeds of about ₹52 - 59 crore were held for expansion as of Q1 FY27.^[3]
A brand ambassador is to be announced at the Jaipur flagship store's inaugural event, targeted for November 2026.^[3]

Market Cap

₹1,628 Cr

High / Low

₹405 / 161

Stock P/E

33.1

Price / Book

12.3

EPS

₹10.7

ROCE

29.0%

ROE

37.1%

OPM

28.8%

Debt / Equity

0.79

Sales

₹167 Cr

Net Profit

₹34 Cr

Promoter holding

69.9%

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