Kabra Jewels Limited (KKJEWELS)
Latest quarterly results (H1 FY26)
In its latest reported quarter, H1 FY26, Kabra Jewels' revenue was ₹98.4 Cr (+26.2% year on year, -26.0% on the previous half-year), and net profit ₹6.6 Cr (+118.7% year on year); the operating margin was 14.4%.
| H1 FY26 (₹ Cr) | Value | YoY vs H1 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹98.4 | +26.2% | -26.0% |
| Operating profit | ₹14.2 | +42.0% | -16.5% |
| Net profit | ₹6.6 | +118.7% | -27.1% |
| EPS (₹) | 6.26 | +59.3% | -23.1% |
| Operating margin | 14.4% | — | — |
KKJEWELS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.25% of the KKJEWELS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 79.7%. The price fell 9.98% on unusually low delivery. It traded 3.0 times its average daily volume. It closed at its lower price band (circuit) on 16 Oct, one of 4 band closes in about the last 20 sessions. 3 bulk or block deals were reported in KKJEWELS in the last 60 days: ₹0.89 Cr bought and ₹2 Cr sold.
Delivery in the last 5 sessions: 70.8% · 63.2% · 45.5% · 43.0% · 61.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 12 Oct | Sell | Smital Suresh Thakkar | ₹1.31 Cr | ₹121.17 | 108,000 | Bulk |
| 9 Oct | Buy | Ankita Vishal Shah | ₹0.89 Cr | ₹111.48 | 80,000 | Bulk |
| 9 Oct | Sell | Ankita Vishal Shah | ₹0.62 Cr | ₹109.97 | 56,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Kabra Jewels submitted the Scrutinizer's Report and voting results for its 16th Annual General Meeting held on September 29, 2026. Shareholders approved standard ordinary business, including the adoption of FY26 financial statements and director appointments. Material related party transactions under Resolution 9 passed with 100% of non-promoter polled votes in favour (332,000 votes cast). However, the table for Resolution 8, regarding loans to directors under Section 185, explicitly marks the special resolution as 'No' under 'Whether resolution is Pass or Not', despite an initial cover statement claiming all resolutions passed.
- AGM held on September 29, 2026, with cut-off date of September 22, 2026
- Material Related Party Transactions approved with 332,000 public non-institution votes (100% in favour; promoters abstained)
- Section 185 transaction resolution recorded as 'No' under passed status in voting result table despite 7,708,480 polled votes
- Promoter voting turnout recorded at 99.95% (6,576,320 of 6,579,520 shares) for general resolutions
Kabra Jewels Limited has acquired a 55% equity stake in Kabra & Nyati Jewels Private Limited (KNJPL) for a cash consideration of Rs 55,000 (5,500 shares at Rs 10 each). The acquisition is a related party transaction completed at arm's length, acquiring the stake from Director Mrs. Jyothi Kailash Kabra. KNJPL, incorporated on June 10, 2026, has nil turnover to date and will become a subsidiary. The primary objective is establishing a new showroom in Surat to expand beyond the company's core Ahmedabad footprint.
- Acquired 55% equity stake (5,500 shares) at face value of Rs 10 per share
- Total cash consideration is Rs 55,000, making KNJPL a subsidiary
- Target entity incorporated on June 10, 2026, with nil prior turnover
- Acquired from Director Mrs. Jyothi Kailash Kabra as a related party transaction
- Purpose is to open a new retail gold and silver showroom in Surat
Kabra Jewels Limited announced the appointment of M/s Utkarsh Shah & Co., Practicing Company Secretary, as Secretarial Auditor for a five-year tenure covering FY 2026-27 to FY 2030-31. This follows the resignation of previous Secretarial Auditor M/s Dhyanam Vyas and Associates, effective September 7, 2026, due to personal reasons and pre-occupation with other assignments. The company confirmed that there are no other pending professional or statutory issues related to the resignation.
- Appointment of M/s Utkarsh Shah & Co. as Secretarial Auditor for FY 2026-27 to 2030-31
- Resignation of M/s Dhyanam Vyas and Associates effective September 7, 2026
- Previous auditor cited pre-occupation in other assignments and personal reasons for stepping down
- Auditor tenure finalized for a period spanning 5 financial years
Kabra Jewels Limited has issued the notice for its 16th Annual General Meeting scheduled for September 29, 2026. Key agenda items include the adoption of FY2025-26 audited financial statements, director appointments, remuneration approvals, and approval of material related party transactions. The cut-off date for remote e-voting eligibility is September 22, 2026, with voting active from September 25 to September 28, 2026.
- 16th Annual General Meeting scheduled for September 29, 2026
- Cut-off date for remote e-voting set as September 22, 2026
- Remote e-voting window opens September 25, 2026 (9:00 AM) and closes September 28, 2026 (5:00 PM)
- Resolutions include appointment of Secretarial Auditor M/s. Utkarsh Shah & Co. for FY 2026-27 to FY 2030-31 and approval of material related party transactions
Kabra Jewels Limited has appointed Mr. Siddharth K Sethia as an Executive Director and Mrs. Ila Sunil Trivedi as an Independent Director, effective August 2026. Mr. Sethia brings 13 years of experience in jewellery sales and has been with the company since 2012. Mrs. Trivedi, appointed for a 5-year term, contributes 28 years of expertise in finance, taxation, and corporate compliance. These appointments aim to strengthen the board as the company pursues a 20-25% CAGR and expansion into Saudi Arabia.
- Appointment of Mr. Siddharth K Sethia as Executive Director with 13 years of industry experience
- Appointment of Mrs. Ila Sunil Trivedi as Independent Director for a 5-year term starting August 4, 2026
- Mrs. Trivedi brings over 28 years of professional experience in finance, accounts, and taxation
- Mr. Sethia has been associated with the company for 14 years (since 2012)
- Board meeting concluded within 40 minutes (03:00 P.M. to 03:40 P.M.)
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Jewellery). Revenue for FY25 stood at INR 210.88 Cr. For H1 FY26 (ending Sept 2025), revenue reached INR 98.40 Cr, representing a 26.38% YoY growth compared to INR 77.86 Cr in H1 FY25.
Geographic Revenue Split
Currently concentrated in Ahmedabad, Gujarat, where the company operates 7 showrooms and 1 display gallery. The company is planning Pan-India expansion and has initiated export market entry starting with Saudi Arabia (exhibition participation).
Profitability Margins
PAT margin for FY25 was 5.41% (INR 11.41 Cr PAT on INR 210.88 Cr revenue). H1 FY26 PAT margin improved to 6.67% (INR 6.56 Cr) from 3.71% (INR 2.89 Cr) in H1 FY25, driven by increased scale and operational enhancements.
EBITDA Margin
Operating profit before working capital changes for H1 FY26 was INR 14.58 Cr, a 46.09% increase over INR 9.98 Cr in H1 FY25. This growth is attributed to higher turnover and better absorption of fixed costs.
Capital Expenditure
The company follows an asset-light lease model for retail locations. Net cash used in investing activities (primarily PPE purchase) was INR 1.29 Cr for H1 FY26, compared to INR 1.33 Cr in H1 FY25.
Credit Rating & Borrowing
Long-term borrowings increased by 101.5% from INR 31.37 Cr in March 2025 to INR 63.22 Cr in September 2025 to fund inventory for new showrooms. Finance costs for H1 FY26 were INR 4.96 Cr, representing 5.04% of revenue.
Operational Drivers
Raw Materials
Primary raw materials include Gold, Diamonds, and Silver. Gold and Silver inventory accounts for the bulk of the INR 206.04 Cr inventory held as of September 2025.
Import Sources
Not specifically disclosed in available documents, though the company is exploring B2B and export channels in Saudi Arabia.
Capacity Expansion
Expanded from 6 showrooms and 1 display gallery to 7 showrooms with the opening of 'KK Jewel's Gold and Silver' in May 2025. Management targets 20-25% CAGR through new store maturation (typically 2-3 years).
Raw Material Costs
Purchases for H1 FY26 were INR 131.87 Cr, compared to INR 79.53 Cr in H1 FY25, a 65.8% increase. Raw material costs are highly sensitive to global gold price fluctuations which also impact labor charges.
Manufacturing Efficiency
Focus on 'inventory velocity' to drive higher turnover. The company aims for an inventory turn of at least 1x for new concept stores in their first year.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through the maturation of the new May 2025 showroom, entry into B2B markets, and international expansion into Saudi Arabia. Management expects new stores to take 2-3 years to reach full potential in terms of footfall and revenue.
Products & Services
Retail jewellery including gold ornaments, diamond-studded jewellery, and silver articles/jewellery.
Brand Portfolio
KK Jewels, KK Jewel's Gold and Silver.
New Products/Services
Introduction of 'Gold and Silver' specific concept stores and entry into the B2B jewellery market.
Market Expansion
Expansion beyond Ahmedabad to Pan-India locations and the Saudi Arabian export market.
External Factors
Industry Trends
The industry is seeing a shift toward organized retail and branded showrooms. KKJEWELS is positioning itself by expanding its showroom footprint and diversifying into B2B and exports.
Competitive Landscape
Faces intense competition from approximately 12 established jewellers in its immediate vicinity in Ahmedabad, as well as international brands and imitation jewellery providers.
Competitive Moat
The moat is built on an asset-light lease model and a 'concept-based' retail approach. Sustainability depends on the ability to turn inventory at least 1-2 times annually in a highly competitive local market.
Macro Economic Sensitivity
Highly sensitive to gold prices and consumer spending power in the luxury/jewellery segment.
Consumer Behavior
Consumer demand is driven by festive seasons and weddings, with a growing preference for branded retail experiences over unorganized local smiths.
Geopolitical Risks
Export plans to Saudi Arabia may be impacted by trade relations or regional economic shifts.
Regulatory & Governance
Industry Regulations
Compliance with Section 133 of the Companies Act, 2013. The company is exempt from certain corporate governance reports (Regulation 27(2)) due to its listing on the NSE Emerge SME exchange.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 24.3% (INR 2.11 Cr tax on INR 8.67 Cr PBT).
Legal Contingencies
The company reported zero pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Inventory turnover risk: Management noted that achieving a 2x turnover in the first year of a new store is difficult, aiming for 1x. Failure to move stock could lead to liquidity constraints.
Geographic Concentration Risk
100% of current retail showrooms are located in Ahmedabad, making the company vulnerable to local economic downturns or regional regulatory changes.
Third Party Dependencies
Reliance on landlords for the lease model; any termination of leases in high-potential markets could disrupt operations.
Credit & Counterparty Risk
Trade receivables stood at INR 3.82 Cr as of Sept 2025. A 31.33% variation (INR 0.68 Cr) was noted between book debts reported to banks vs. actual books due to provisional accounting records.
