Utssav CZ Gold Jewels Limited (UTSSAV)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Utssav CZ's revenue was ₹679 Cr (+87.6% year on year, +42.9% on the previous half-year), and net profit ₹30.0 Cr (+100.0% year on year); the operating margin was 6.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹679 | +87.6% | +42.9% |
| Operating profit | ₹47.0 | +95.8% | +6.8% |
| Net profit | ₹30.0 | +100.0% | +3.4% |
| EPS (₹) | 12.27 | +92.3% | +0.7% |
| Operating margin | 6.9% | — | — |
UTSSAV delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.5% of the UTSSAV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.26%. That is close to its usual level.
Delivery in the last 5 sessions: 88.6% · 56.7% · 58.5% · 56.0% · 60.5%
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
Utssav CZ Gold Jewels has approved an expansion of its gold jewellery manufacturing, plain casting, and office facilities, committing an investment of approximately ₹10 crore. The proposed project will add ~2,000 kg per annum to its existing 1,500 kg per annum capacity, effectively increasing overall capacity by over 133%. Existing capacity utilization stands at 50%, and the new capacity is scheduled to be added during FY 2026-27. The project will be financed through internal accruals and bank CC limits.
- Board approved ₹10 crore capacity expansion for gold jewellery manufacturing and plain casting
- Proposed capacity addition is approximately 2,000 kg per annum over the existing 1,500 kg per annum
- Current capacity utilization is reported at 50%
- Capacity addition targeted for completion within FY 2026-27, financed via internal accruals and bank CC limits
Utssav CZ Gold Jewels Limited has responded to a surveillance letter from the National Stock Exchange dated September 17, 2026, regarding significant price movement. The company stated that the fluctuation is purely market-driven and not linked to any undisclosed price-sensitive information. Management confirmed it has adhered to all Regulation 30 disclosures and holds no control or inside knowledge regarding the trading activity.
- Responded to NSE surveillance query letter no. NSE/CM/Surveillance/17558 dated September 17, 2026
- Confirmed no undisclosed or price-sensitive information is pending submission under Regulation 30
- Clarified that scrip movement is purely market-driven without management control or specific knowledge
Utssav CZ Gold Jewels Limited has issued a notice convening its 19th Annual General Meeting (AGM) on September 24, 2026, at 11:00 AM IST via Video Conferencing. The meeting agenda includes the adoption of audited financial statements for FY ended March 31, 2026, and the re-appointment of Non-Executive Director Mr. Hitesh Jagdish Chhajed, who retires by rotation. The cut-off date for determining voting rights for remote e-voting is September 18, 2026.
- 19th Annual General Meeting scheduled for September 24, 2026, at 11:00 AM IST via VC/OAVM
- Record/Cut-off date for remote e-voting eligibility set for September 18, 2026
- Ordinary business includes adoption of FY26 standalone audited financial statements
- Re-appointment of Non-Executive Director Mr. Hitesh Jagdish Chhajed (holds 800 shares) retiring by rotation
CARE Ratings has upgraded the long-term bank facilities rating of Utssav CZ Gold Jewels to 'CARE BBB+; Stable' (from 'CARE BBB; Stable') and reaffirmed the short-term rating at 'CARE A3+'. Total rated bank facilities were enhanced from ₹149.00 Cr to ₹248.66 Cr to support expanding business operations. The rating rationale highlighted a 79% YoY jump in FY26 operating revenue to ₹1,155 Cr with PBILDT margin expanding to 7.89% and overall gearing improving to 0.95x (net worth at ~₹197 Cr). However, operations remain working-capital intensive, reflected in an 84-day working capital cycle, negative CFO of ₹60.87 Cr, and high bank limit utilization of ~96%.
- Long-term bank facilities rating upgraded to CARE BBB+; Stable from CARE BBB; Stable; short-term rating reaffirmed at CARE A3+.
- Total rated bank facilities enhanced to ₹248.66 Cr from ₹149.00 Cr to fund scaling operations.
- FY26 operating revenue expanded 79% YoY to ₹1,155 Cr (FY25: ₹644 Cr) driven by 19% volume growth and higher gold realizations.
- Overall gearing improved to 0.95x as of March 31, 2026, supported by IPO proceeds of ~₹69 Cr and net worth expansion to ~₹197 Cr.
- Working capital cycle stretched to 84 days, leading to negative operating cash flow of ₹60.87 Cr and ~96% average bank limit utilization.
CARE Ratings has upgraded the long-term credit rating of Utssav CZ Gold Jewels to 'CARE BBB+; Stable' from 'CARE BBB; Stable'. The rating covers total bank facilities of ₹248.66 crore, reflecting the company's audited financial performance for FY26. Notably, the long-term/short-term bank facilities were enhanced by ₹100 crore to ₹247 crore, providing significant headroom for working capital. The short-term rating has been reaffirmed at 'CARE A3+'.
- Long-term rating upgraded to CARE BBB+; Stable from CARE BBB; Stable
- Total rated bank facilities increased to ₹248.66 crore
- Working capital limits (LT/ST) enhanced by ₹100 crore, from ₹147 crore to ₹247 crore
- Term loan of ₹1.66 crore scheduled for full repayment by January 2027
- Rating action based on audited operational and financial performance for FY26
Utssav CZ Gold Jewels has allotted 8,50,000 equity shares to Mr. Pankajkumar Hastimal Jagawat following the conversion of an equal number of warrants. The company received Rs 14.15 crore, representing the remaining 75% exercise price of Rs 166.5 per warrant (total exercise price Rs 222). This conversion increases the company's paid-up share capital by approximately 3.5%, from Rs 24.15 crore to Rs 25.00 crore. The infusion of capital supports the company's aggressive growth strategy to reach a revenue of Rs 4,000-5,000 crore by FY2030.
- Allotment of 8,50,000 equity shares of Rs 10 face value upon warrant conversion
- Receipt of Rs 14,15,25,000 representing the 75% balance payment for the warrants
- Warrant exercise price fixed at Rs 222 per share
- Paid-up share capital increased from Rs 24.15 crore to Rs 25.00 crore
- Total number of equity shares increased to 2,49,98,000
Utssav CZ Gold Jewels has incorporated a wholly-owned subsidiary, Utssav Gold and Diamond Private Limited, receiving its Certificate of Incorporation on July 29, 2026. The new entity has an initial paid-up capital of INR 1,00,000 and will focus on manufacturing and trading 18kt, 22kt, and 24kt gold and diamond jewelry. This move is a strategic step toward the company's long-term goal of reaching INR 4,000-5,000 Cr revenue by FY2030 by expanding its footprint in the real diamond segment.
- Incorporated 100% Wholly Owned Subsidiary (WOS) named Utssav Gold and Diamond Private Limited
- Initial paid-up share capital of INR 1,00,000 comprising 10,000 equity shares of Rs 10 each
- Subsidiary to focus on manufacturing and trading of 18kt, 22kt, and 24kt Gold & Diamond Jewellery
- Certificate of Incorporation received from the Ministry of Corporate Affairs on July 29, 2026
- Subsidiary will serve as a key hub for trading and re-selling the company's complete range of studded and plain jewelry
Financial Performance
Revenue Growth by Segment
Total revenue grew 90.4% YoY to INR 607.33 Cr in FY25. The 18 Karat segment grew 68.6% to INR 406.82 Cr (62.94% of revenue), while the 22 Karat segment grew 150% to INR 236.82 Cr (36.64% of revenue). H1 FY26 revenue reached INR 777 Cr, a 67% YoY growth.
Geographic Revenue Split
Domestic sales contribute 98.25% (INR 596.7 Cr) of total revenue in FY25, while Exports represent 1.75% (INR 10.6 Cr). Domestic revenue grew 96.3% YoY, whereas exports declined by 29.6% from INR 15.05 Cr in FY24.
Profitability Margins
PAT margin improved from 3.76% in FY24 to 3.87% in FY25, and further rose to 6.17% in H1 FY26 (up 271 bps). PAT for H1 FY26 rose 197% to INR 29 Cr. Profitability is driven by a shift toward high-margin designer jewelry and manufacturing efficiency.
EBITDA Margin
EBITDA margin was 6.23% in FY25 (INR 40.34 Cr) and improved significantly to 9.45% in H1 FY26 (up 388 bps). EBITDA for H1 FY26 increased 184% to INR 45 Cr due to improved product mix and operating leverage.
Capital Expenditure
Historical capex is reflected in investing cash flows of INR 18.54 Cr in FY25. Planned expansion includes a target to reach INR 4,000-5,000 Cr revenue by FY2030, necessitating significant capacity and working capital investment.
Credit Rating & Borrowing
Infomerics Ratings upgraded long-term and short-term bank facilities in FY25 with a Stable outlook. Upward rating factors include maintaining EBITDA margins above 8% and gearing below 1x. Borrowing costs are reflected in finance costs of INR 6.19 Cr for FY25.
Operational Drivers
Raw Materials
Gold and Cubic Zirconia (CZ) are the primary raw materials. Gold represents the largest cost component, with the company recently diversifying into Real Diamonds to enhance margins.
Capacity Expansion
Current capacity supports H1 FY26 revenue of INR 777 Cr. The company plans to scale operations to achieve a revenue range of INR 1,100-1,200 Cr for FY26 and up to INR 5,000 Cr by FY2030.
Raw Material Costs
Raw material costs are managed through a day-to-day hedging strategy where gold is purchased immediately upon sale to lock in margins. Owned stock remains unhedged, exposing the company to price fluctuations.
Manufacturing Efficiency
The company focuses on 'Designer Jewelry' which offers higher margins than normal jewelry. Efficiency is reflected in containing employee expenses at INR 1.47 Cr for 130 employees in FY25.
Strategic Growth
Expected Growth Rate
33%
Growth Strategy
The company aims to reach INR 4,000-5,000 Cr by FY2030 through a focus on high-margin designer jewelry, expansion into the Real Diamond segment, and strengthening relationships with large B2B clients like Kalamandir, Bhima, and TBZ. Growth is supported by a guidance of INR 1,100-1,200 Cr for FY26.
Products & Services
18K, 20K, and 22K CZ Gold Jewelry, and Real Diamond Jewelry.
Brand Portfolio
Utssav.
New Products/Services
Recently launched Real Diamond jewelry line, expected to contribute to margin improvement as its share of total sales increases.
Market Expansion
Focusing on expanding the export strategy and increasing domestic footprint through established B2B relationships.
Strategic Alliances
Maintains fixed B2B relationships with major retailers including Kalamandir, Bhima, TBZ, and C. Krishniah Chetty Jewellers.
External Factors
Industry Trends
The industry is shifting toward organized players and designer-led jewelry. Utssav is positioned as a specialist in CZ gold jewelry with a growing presence in real diamonds.
Competitive Landscape
Faces intense competition from both organized players (Sky Gold) and unorganized local manufacturers.
Competitive Moat
Moat is built on 'Designer Jewelry' expertise and long-standing B2B relationships. This is sustainable as long as the company maintains its design edge and manufacturing efficiency over 'normal' jewelry producers.
Macro Economic Sensitivity
Highly sensitive to gold price volatility and consumer discretionary spending patterns in India.
Consumer Behavior
Increasing consumer preference for 18K designer jewelry and real diamonds over traditional 22K plain gold jewelry.
Geopolitical Risks
Susceptibility to international gold trade regulations and import duty fluctuations.
Regulatory & Governance
Industry Regulations
Subject to Bureau of Indian Standards (BIS) hallmarking norms and regulatory changes regarding gold sourcing and unhedged inventory limits.
Taxation Policy Impact
Effective tax expense was INR 7.97 Cr on PBT of INR 33.03 Cr in FY25 (approx 24%).
Legal Contingencies
The company reported no pending litigations as of March 31, 2025, that could materially impact its financial position.
Risk Analysis
Key Uncertainties
Unhedged inventory risk and working capital cycle stretches are key uncertainties. A volume-driven decline in income below INR 500 Cr would trigger a negative rating action.
Geographic Concentration Risk
High geographic concentration in the domestic Indian market (98.25% of revenue).
Third Party Dependencies
Dependency on B2B clients for consistent orders as the company does not maintain a formal order book.
Technology Obsolescence Risk
The company uses accounting software with an audit trail feature to ensure financial reporting integrity.
Credit & Counterparty Risk
Credit risk is managed through established relationships, though debtor days are relatively high at 60 days.
