MOTISONS - Motisons Jewel
📢 Recent Corporate Announcements
Motisons Jewellers Limited has notified the exchanges regarding the closure of its trading window for designated persons starting February 27, 2026. The window will remain closed until 48 hours after the conclusion of the Board Meeting scheduled for March 6, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. Investors should note that this is a standard procedure ahead of board meetings to prevent insider trading.
- Trading window closure effective from Friday, February 27, 2026
- Window to remain closed until 48 hours after the Board Meeting on March 6, 2026
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
- Restriction applies to all Designated Persons and their immediate relatives
Motisons Jewellers has approved the allotment of 54,00,000 equity shares to Nexpact Limited following the conversion of 5,40,000 warrants. The company received the balance 75% payment amounting to Rs 6.88 crore, completing the conversion at an adjusted price of Rs 17 per share post-stock split. This move increases the company's total paid-up capital to Rs 100.17 crore. Approximately 82.70 lakh warrants still remain outstanding for future conversion within the 18-month window.
- Allotment of 54,00,000 equity shares of Re 1 face value to Nexpact Limited (Non-Promoter).
- Receipt of Rs 6,88,50,000 as the final 75% payment for the warrant conversion.
- Conversion price adjusted to Rs 17 per share following a 1:10 stock split in November 2024.
- Total paid-up capital increased to 1,00,17,60,000 equity shares of Re 1 each.
- 82,70,000 warrants remain outstanding for conversion into equity shares.
Motisons Jewellers Limited has allotted 79,00,000 equity shares to Eminence Global Fund PCC following the conversion of 7,90,000 warrants. The company received ₹10.07 crore, representing the final 75% payment required for the conversion at an adjusted price of ₹17 per share. This adjustment accounts for the 1:10 stock split conducted in November 2024. Following this allotment, the company's total paid-up capital has increased to ₹99.64 crore.
- Allotment of 79,00,000 equity shares to Eminence Global Fund PCC upon warrant conversion.
- Receipt of ₹10.07 crore as the 75% balance payment for the conversion process.
- Conversion price adjusted to ₹17 per share post-split from the original ₹170 per warrant.
- Total paid-up capital increased to ₹99.64 crore across 99.64 crore shares of Re 1 each.
- Approximately 88.10 lakh warrants remain outstanding for conversion within the 18-month period.
Motisons Jewellers Limited has submitted its statement of deviation for the quarter ended December 31, 2025, confirming that funds raised via a ₹170 crore preferential issue are being used as intended. So far, the company has utilized ₹18 crore for loan repayments and ₹29.46 crore for working capital requirements. Significant portions of the allocated funds, including ₹34.50 crore for general corporate purposes, remain unutilized as of the reporting date. The monitoring agency, CRISIL Ratings Limited, and the company's Audit Committee have reviewed the utilization without any adverse comments.
- Total of ₹170 Crores raised through a preferential issue on October 5, 2024.
- ₹18.00 Crores utilized for repayment of unsecured loans against an allocation of ₹40 Crores.
- ₹29.46 Crores deployed for working capital needs out of a total ₹95 Crores allocation.
- Zero utilization reported for General Corporate Purposes which has an allocation of ₹34.50 Crores.
- CRISIL Ratings Limited confirmed no deviations or variations in the use of proceeds.
Motisons Jewellers reported a robust performance for the quarter ended December 31, 2025, with revenue from operations surging to ₹145.30 crore compared to ₹90.47 crore in the preceding quarter. The company achieved a net profit of ₹15.30 crore for the quarter, bringing the nine-month total profit to ₹32.03 crore. Additionally, the company strengthened its capital base by allotting 40 lakh equity shares following the conversion of warrants, raising ₹5.10 crore. This growth highlights strong festive and wedding season demand during the third quarter.
- Revenue from operations grew 60.6% sequentially to ₹145.30 crore in Q3 FY26.
- Net Profit for the quarter stood at ₹15.30 crore with a Basic EPS of ₹1.55.
- Nine-month total income reached ₹344.08 crore with a cumulative net profit of ₹32.03 crore.
- Successfully allotted 40,00,000 equity shares upon receiving ₹5.10 crore from warrant holders.
- Inventory levels saw a significant adjustment of ₹17.59 crore during the quarter to meet seasonal demand.
Motisons Jewellers reported a strong sequential performance for the quarter ended December 31, 2025, with revenue from operations reaching ₹145.30 crore, up from ₹90.47 crore in the previous quarter. The company posted a net profit of ₹15.30 crore for the quarter, bringing the nine-month total profit to ₹32.03 crore. Additionally, the company successfully raised ₹5.10 crore through the conversion of warrants into 40 lakh equity shares. The results reflect robust demand during the peak festive and wedding season in India.
- Revenue from operations grew by 60.6% quarter-on-quarter to ₹145.30 crore in Q3 FY26.
- Net profit for the quarter stood at ₹15.30 crore with a basic EPS of ₹1.55.
- Total income for the nine-month period ended December 31, 2025, reached ₹344.08 crore.
- Allotted 40,00,000 equity shares following the receipt of ₹5.10 crore from warrant holders.
- Finance costs for the nine-month period were contained at ₹5.92 crore against a total income of ₹344 crore.
Motisons Jewellers Limited has responded to a clarification request from the National Stock Exchange regarding a significant increase in its trading volume. The company stated that it has consistently disclosed all material information under Regulation 30 of SEBI Listing Regulations. Management clarified that they are unaware of any specific internal reasons for the volume movement, attributing it to general market conditions. This response indicates that no undisclosed corporate developments are currently driving the stock's activity.
- NSE requested clarification on February 09, 2026, regarding a spike in trading volume.
- Company confirms all material information has been disclosed to exchanges within stipulated timelines.
- Management states the volume movement is purely market-driven and not linked to undisclosed events.
- The company reiterated its commitment to future compliance with SEBI Listing Regulations.
Motisons Jewellers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that dematerialization requests were processed within prescribed timelines. It verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard procedural filing ensuring the integrity of the company's shareholding records.
- Compliance certificate issued for the quarter ended December 31, 2025.
- RTA MUFG Intime India confirms processing of dematerialization requests within SEBI timelines.
- Physical security certificates were mutilated and cancelled after verification by depository participants.
- The name of depositories has been substituted in the register of members as the registered owners.
Motisons Jewellers Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is mandatory ahead of the declaration of the company's unaudited financial results for the quarter and nine months ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives to prevent insider trading. The trading window will remain closed until 48 hours after the financial results are officially released to the stock exchanges.
- Trading window closure starts from Thursday, January 1, 2026.
- Closure pertains to the financial results for the quarter and nine months ended December 31, 2025.
- Restriction applies to all Designated Persons and their immediate relatives as per SEBI norms.
- The window will reopen 48 hours after the declaration of the unaudited financial results.
Motisons Jewellers Limited has allotted 40,00,000 equity shares at an issue price of ₹17 each, including a premium of ₹16, upon conversion of warrants. This conversion is from 4,00,000 warrants out of a total of 30,00,000 warrants initially issued at ₹170 each to Nexpact Limited. The company received ₹5,10,00,000 from Nexpact Limited at the rate of ₹127.50 per warrant. Following this allotment, the issued and paid-up capital of the company has increased to ₹98,84,60,000, consisting of 98,84,60,000 equity shares of Re. 1 each.
- Allotment of 40,00,000 equity shares
- Issue price of ₹17 per share (including premium of ₹16)
- ₹5,10,00,000 received from warrant conversion
- Paid-up capital increased to ₹98,84,60,000
- 96,00,000 warrants are outstanding for conversion
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.