Motisons Jewellers Limited (MOTISONS)
₹14.99 -5.60% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Motisons Jewellers' revenue was ₹107 Cr (+23.3% year on year, -21.9% on the previous quarter), and net profit ₹11.0 Cr (+37.6% year on year); the operating margin was 15.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹107 | +23.3% | -21.9% |
| Operating profit | ₹16.3 | +28.1% | +94.6% |
| Net profit | ₹11.0 | +37.6% | +33.1% |
| EPS (₹) | 0.11 | +37.5% | +37.5% |
| Operating margin | 15.2% | — | — |
MOTISONS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 23 Oct 2026, 27.25% of the MOTISONS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 21.74%. That is close to its usual level. 36 bulk or block deals were reported in MOTISONS in the last 60 days: ₹318 Cr bought and ₹318 Cr sold.
Delivery in the last 5 sessions: 20.8% · 23.5% · 34.1% · 26.9% · 27.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 16 Oct | Sell | Arihant Capital Markets Limited | ₹22.03 Cr | ₹17.73 | 12,425,295 | Bulk |
| 16 Oct | Buy | Arihant Capital Markets Limited | ₹19.47 Cr | ₹17.58 | 11,072,829 | Bulk |
| 30 Sep | Buy | Arihant Capital Markets Limited | ₹16.44 Cr | ₹17.98 | 9,143,448 | Bulk |
| 30 Sep | Sell | Arihant Capital Markets Limited | ₹11.53 Cr | ₹18.08 | 6,374,512 | Bulk |
| 29 Sep | Sell | Nirmalkumar Pareek | ₹12.02 Cr | ₹17.78 | 6,758,613 | 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
Motisons Jewellers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the period were verified, cancelled, and updated in depository records within prescribed timelines. This is a regular administrative compliance update with no material impact on operations or earnings.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 05, 2026
- Confirmed processing, mutilation, and cancellation of physical certificates for dematerialisation
Motisons Jewellers Limited declared the voting results of its 15th Annual General Meeting held on September 28, 2026. All seven resolutions were approved with virtually 100% of votes cast in favor across remote e-voting and AGM e-voting. Key agenda items passed included the adoption of FY26 audited financial statements, appointment of statutory auditors M/s. N.K. Aswani & Co., and the reappointment of three independent directors (Mr. Sushil Kumar Gangwal, Mr. Sunil Chordia, and Mr. Vikas Kaler).
- All 7 resolutions passed with over 99.99% voting approval across valid votes polled
- A total of 65,33,57,063 shares voted, representing 57.4377% of total outstanding shares (1,13,75,06,600 shares)
- Promoter group polled 100% of their 64,97,50,000 shares in favor of the resolutions
- Adoption of FY26 financial statements approved with 65,33,56,770 votes in favor and 293 votes against
Motisons Jewellers Limited declared the voting results of its 15th Annual General Meeting held on September 28, 2026. All seven resolutions were approved with virtually 100% of votes cast in favor across remote e-voting and AGM e-voting. Key agenda items passed included the adoption of FY26 audited financial statements, appointment of statutory auditors M/s. N.K. Aswani & Co., and the reappointment of three independent directors (Mr. Sushil Kumar Gangwal, Mr. Sunil Chordia, and Mr. Vikas Kaler).
- All 7 resolutions passed with over 99.99% voting approval across valid votes polled
- A total of 65,33,57,063 shares voted, representing 57.4377% of total outstanding shares (1,13,75,06,600 shares)
- Promoter group polled 100% of their 64,97,50,000 shares in favor of the resolutions
- Adoption of FY26 financial statements approved with 65,33,56,770 votes in favor and 293 votes against
Motisons Jewellers announced shareholder approvals from its 15th AGM held on September 28, 2026. The shareholders approved the appointment of M/s. N.K. Aswani & Co., Chartered Accountants, as Statutory Auditors for a 5-year term from FY 2026-27 to FY 2030-31, replacing Keyur Shah & Co. upon term completion. Additionally, the re-appointment of three Non-Executive Independent Directors—Sushil Kumar Gangwal, Sunil Chordia, and Vikas Kaler—for second 5-year terms was approved. These actions represent standard corporate governance renewals with no direct impact on near-term financials.
- Appointed M/s. N.K. Aswani & Co. as Statutory Auditors for a 5-year term spanning FY 2026-27 to FY 2030-31
- Auditor change follows the completion of the 5-year tenure of outgoing auditor M/s. Keyur Shah & Co.
- Re-appointed Sushil Kumar Gangwal and Sunil Chordia as Independent Directors for 5 years effective May 25, 2027
- Re-appointed Vikas Kaler as Independent Director for a 5-year term starting September 15, 2027
Motisons Jewellers announced that its Board of Directors has approved the redemption of 50,00,000 unlisted 2.5% Non-Convertible Redeemable Preference Shares of face value ₹10 each, totaling ₹5 crore. The redemption will be funded entirely out of company profits, in line with its low-debt balance sheet strategy. Following the redemption, the company's preference share capital will be reduced to Nil.
- Approved redemption of 50,00,000 unlisted 2.5% Non-Convertible Redeemable Preference Shares
- Face value of ₹10 per share, representing an aggregate payout of ₹5 crore
- Redemption funded entirely out of the profits of the company
- Issued and paid-up preference share capital reduced to Nil upon completion
Motisons Jewellers Limited has issued notice regarding its 15th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, at 03:30 PM IST via Video Conferencing. The company has dispatched intimation letters providing web links to the FY 2025-26 Annual Report and AGM notice for shareholders whose email addresses are not registered. The voting cut-off date has been fixed for September 21, 2026, with remote e-voting running from September 25 to September 27, 2026.
- 15th Annual General Meeting scheduled for September 28, 2026, at 03:30 PM IST via VC/OAVM
- Voting cut-off date determined as Monday, September 21, 2026
- Remote e-voting window opens on Friday, September 25, 2026, and closes on Sunday, September 27, 2026
- FY 2025-26 Annual Report made accessible on the company website and exchange platforms
Motisons Jewellers Limited has issued an intimation regarding its 15th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, at 03:30 PM IST via video conferencing. In compliance with SEBI LODR Regulation 36(1)(b), letters containing web-links to the AGM Notice and FY 2025-26 Annual Report were sent to shareholders whose email IDs are not registered. The cut-off date to determine e-voting eligibility is set for September 21, 2026, with remote e-voting active from September 25 to September 27, 2026.
- 15th AGM scheduled for Monday, September 28, 2026, at 03:30 PM IST via VC/OAVM
- Cut-off date for determining shareholder voting eligibility is September 21, 2026
- Remote e-voting window opens September 25, 2026, and closes September 27, 2026
- Web-link for FY 2025-26 Annual Report dispatched to shareholders with unregistered email IDs
Motisons Jewellers Limited has issued the notice for its 15th Annual General Meeting (AGM) scheduled for September 28, 2026, via Video Conferencing, alongside the release of its FY25-26 Annual Report. The company reported full-year FY26 total income of Rs 495.84 Cr (up 7.13% YoY) and net profit of Rs 63.71 Cr (up 47.57% YoY from Rs 43.17 Cr). The Board has decided not to recommend any dividend on equity shares for FY26, retaining the entire net profit for internal capital requirements.
- 15th Annual General Meeting scheduled for September 28, 2026 at 03:30 P.M. IST via VC/OAVM
- FY26 total income reached Rs 49,583.69 lakhs compared to Rs 46,285.06 lakhs in FY25 (up 7.13%)
- FY26 profit after tax stood at Rs 6,370.77 lakhs, growing 47.57% YoY from Rs 4,317.11 lakhs
- Board did not recommend any dividend for FY26, transferring entire profit to Retained Earnings
Motisons Jewellers has approved the appointment of M/s. N.K. Aswani & Co., Chartered Accountants, as Statutory Auditors for a 5-year term spanning FY 2026-27 to FY 2030-31, replacing M/s Keyur Shah & Co. whose 5-year term expires. The Board also approved the re-appointment of three Non-Executive Independent Directors—Mr. Sushil Kumar Gangwal, Mr. Sunil Chordia, and Mr. Vikas Kaler—for second 5-year terms, subject to shareholder approval. The company's 15th AGM is scheduled for September 28, 2026, with the register of members closing from September 22 to September 28, 2026.
- Appointed M/s. N.K. Aswani & Co. as Statutory Auditors for a term of 5 consecutive years (FY 2026-27 to FY 2030-31)
- Outgoing auditors M/s Keyur Shah & Co. completed their 5-year statutory term at the 15th AGM
- Re-appointed Independent Directors Sushil Kumar Gangwal and Sunil Chordia for 5-year terms effective May 25, 2027
- Re-appointed Independent Director Vikas Kaler for a 5-year term effective September 15, 2027
- 15th AGM scheduled for September 28, 2026, with book closure from September 22 to September 28, 2026
Motisons Jewellers announced board approvals for key corporate governance items ahead of its 15th Annual General Meeting (AGM) scheduled for September 28, 2026. The company approved the appointment of M/s N.K. Aswani & Co. as Statutory Auditors for a 5-year term spanning FY27 to FY31, following the completion of the outgoing auditor's term. Additionally, the board approved the re-appointment of three Non-Executive Independent Directors—Mr. Sushil Kumar Gangwal, Mr. Sunil Chordia, and Mr. Vikas Kaler—for second consecutive 5-year terms, subject to shareholder approval. The share transfer books and register of members will be closed from September 22 to September 28, 2026.
- Appointment of M/s N.K. Aswani & Co., Chartered Accountants, as Statutory Auditors for a 5-year tenure (FY2026-27 to FY2030-31).
- Re-appointment of 3 Non-Executive Independent Directors (Sushil Kumar Gangwal, Sunil Chordia, and Vikas Kaler) for second 5-year terms.
- 15th Annual General Meeting (AGM) fixed for September 28, 2026, via Video Conferencing.
- Book closure dates announced from September 22, 2026, to September 28, 2026 (both days inclusive).
Motisons Jewellers Limited has approved the appointment of M/s. N.K. Aswani & Co., Chartered Accountants, as Statutory Auditors for a 5-year term from FY27 to FY31, subject to shareholder approval. This follows the completion of the 5-year tenure of existing auditors M/s. Keyur Shah & Co. at the upcoming AGM. The Board also approved the re-appointment of three Non-Executive Independent Directors for a second 5-year term. The company's 15th Annual General Meeting is scheduled for September 28, 2026.
- Appointment of M/s. N.K. Aswani & Co. as Statutory Auditors for 5 consecutive years (FY 2026-27 to FY 2030-31)
- Tenure of incumbent auditors M/s. Keyur Shah & Co. concludes at the 15th AGM after completing 5 years
- Re-appointment of 3 Independent Directors (Sushil Kumar Gangwal, Sunil Chordia, Vikas Kaler) for a second 5-year term
- 15th AGM scheduled on September 28, 2026; Register of Members closed from September 22 to September 28, 2026
Motisons Jewellers announced the outcome of its board meeting held on September 1, 2026. The Board approved the appointment of M/s. N.K. Aswani & Co., Chartered Accountants, as Statutory Auditors for a 5-year term spanning FY 2026-27 to FY 2030-31, replacing outgoing auditor M/s. Keyur Shah & Co. upon term expiry. Additionally, the Board approved the re-appointment of three Non-Executive Independent Directors—Mr. Sushil Kumar Gangwal, Mr. Sunil Chordia, and Mr. Vikas Kaler—for second 5-year terms, subject to shareholder approval. The 15th Annual General Meeting is scheduled for September 28, 2026, with share transfer books closed from September 22 to September 28, 2026.
- Appointment of M/s. N.K. Aswani & Co. as Statutory Auditors for 5 consecutive years (FY 2026-27 to FY 2030-31)
- Re-appointment of Independent Directors Sushil Kumar Gangwal and Sunil Chordia for 5-year terms starting May 25, 2027
- Re-appointment of Independent Director Vikas Kaler for a 5-year term starting September 15, 2027
- 15th AGM scheduled for September 28, 2026 via Video Conferencing
- Book closure fixed from September 22, 2026 to September 28, 2026
Motisons Jewellers Limited has confirmed zero deviation in the utilization of ₹170 Crores raised through a Preferential Issue and QIP on October 5, 2024. As of the quarter ended June 30, 2026, the company has utilized ₹33.89 Crores for the repayment of outstanding unsecured loans against an original allocation of ₹40 Crores. Issue-related expenses stand at ₹0.11 Crores against an allocated ₹0.50 Crores. The monitoring agency, CRISIL Ratings Limited, and the company's Audit Committee have reviewed the statement with no adverse comments.
- Total funds raised via Preferential Issue and QIP amounted to ₹170 Crores on October 5, 2024.
- ₹33.89 Crores utilized for repayment of unsecured loans including interest, out of ₹40 Crores allocated.
- ₹0.11 Crores spent on issue-related expenses against an original allocation of ₹0.50 Crores.
- CRISIL Ratings Limited confirmed as the monitoring agency with no comments on deviations.
- Zero deviation reported for the quarter ended June 30, 2026.
Motisons Jewellers reported a strong Q1 FY27 with a 37.6% YoY increase in net profit to ₹11.05 Cr, up from ₹8.03 Cr in Q1 FY26. Revenue from operations grew 23.3% YoY to ₹107.33 Cr, though it saw a seasonal decline from the ₹137.47 Cr reported in Q4 FY26. A major highlight was the completion of a ₹150 Cr QIP in June 2026, with ₹129.37 Cr already deployed for working capital requirements. The company's EPS improved to ₹0.11 for the quarter compared to ₹0.08 in the previous year's corresponding period.
- Net Profit increased by 37.6% YoY to ₹11.05 Cr in Q1 FY27.
- Revenue from operations rose 23.3% YoY to ₹107.33 Cr.
- Completed a ₹150 Cr QIP, issuing 13.57 Cr shares at ₹11.05 per share.
- Deployed ₹129.37 Cr of QIP proceeds into working capital during the quarter.
- Operating expenses were managed effectively, with finance costs reducing to ₹1.08 Cr from ₹1.52 Cr YoY.
Motisons Jewellers has redeemed 50,00,000 Non-Convertible Redeemable Preference Shares (NCRPS) at a face value of Rs 10 each, totaling Rs 5 crore. This redemption follows a board decision from April 2026 and used June 30, 2026, as the cut-off date. Post-redemption, the outstanding preference share capital is reduced by half to Rs 5 crore. The transaction is a minor capital adjustment, representing approximately 1% of the company's Rs 499 crore net worth.
- Redemption of 50,00,000 preference shares with a face value of Rs 10 each.
- Total redemption value of Rs 5 crore represents ~1% of the company's Rs 499 crore net worth.
- The shares carried a fixed dividend rate of 2.50%.
- Remaining issued and paid-up preference capital stands at 50,00,000 shares (Rs 5 crore).
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.
