Pushpa Jewellers Ltd
Incorporated in 2009, Pushpa Jewellers Ltd is in the business as a wholesale gold jewellery manufacturer.[1]
- Market Cap ₹ 297 Cr.
- Current Price ₹ 123
- High / Low ₹ 149 / 81.2
- Stock P/E 11.1
- Book Value ₹ 63.8
- Dividend Yield 0.00 %
- ROCE 30.4 %
- ROE 25.2 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 72.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 34.3%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 72.3 days to 117 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches
Part of Nifty SME Emerge
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 49 | 108 | 166 | 255 | 281 | 418 | |
| 46 | 99 | 153 | 235 | 249 | 380 | |
| Operating Profit | 3 | 9 | 13 | 20 | 32 | 38 |
| OPM % | 6% | 8% | 8% | 8% | 11% | 9% |
| 0 | 0 | 0 | 0 | 0 | -0 | |
| Interest | 0 | 0 | 1 | 1 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before tax | 2 | 9 | 12 | 18 | 30 | 35 |
| Tax % | 28% | 29% | 32% | 25% | 25% | 26% |
| 2 | 6 | 8 | 14 | 22 | 26 | |
| EPS in Rs | 0.94 | 3.26 | 4.31 | 7.19 | 11.82 | 10.69 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 53% |
| 3 Years: | 36% |
| TTM: | 49% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 72% |
| 3 Years: | 49% |
| TTM: | 20% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -7% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 36% |
| 3 Years: | 34% |
| Last Year: | 25% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.23 | 0.23 | 0.23 | 0.23 | 19 | 24 |
| Reserves | 8 | 14 | 22 | 36 | 39 | 130 |
| 2 | 4 | 15 | 8 | 22 | 18 | |
| 1 | 4 | 6 | 7 | 5 | 5 | |
| Total Liabilities | 12 | 22 | 43 | 51 | 85 | 178 |
| 1 | 1 | 10 | 11 | 16 | 26 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | 20 | 33 | 41 | 70 | 151 | |
| Total Assets | 12 | 22 | 43 | 51 | 85 | 178 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 1 | -0 | 0 | 9 | -4 | -51 | |
| -1 | -0 | -11 | 0 | -6 | -10 | |
| 1 | 0 | 10 | -7 | 12 | 65 | |
| Net Cash Flow | 1 | 0 | -0 | 2 | 2 | 3 |
| Free Cash Flow | -0 | -0 | -9 | 8 | -10 | -63 |
| CFO/OP | 46% | 14% | 19% | 72% | 10% | -88% |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 5 | 11 | 13 | 7 | 26 | 31 |
| Inventory Days | 72 | 57 | 60 | 45 | 54 | 91 |
| Days Payable | 2 | 1 | 4 | 2 | 3 | 1 |
| Cash Conversion Cycle | 76 | 68 | 69 | 50 | 77 | 121 |
| Working Capital Days | 68 | 46 | 35 | 41 | 59 | 117 |
| ROCE % | 63% | 45% | 48% | 50% | 30% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Average Order Value INR per order |
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| Necklace Share of Revenue % of sales |
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| Southern States Revenue Share % of sales |
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| Top 10 Customer Concentration % of sales |
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| Volume of Gold Jewellery Sold Kgs |
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| Number of Branch Offices offices |
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| Number of Permanent Employees employees |
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| Number of Designs in Portfolio designs |
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Extracted by Screener AI
Documents
Announcements
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
- Submitted Regulation 74(5) certificate for quarter ended 30 September 2026.
-
Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter
- Pushpa Jewellers says Corporate Governance Regulation 27 is not applicable as it lists on NSE SME Exchange.
-
General Updates
- Pushpa Jewellers appoints Kirin Advisors for PR, IR and social media services from 1 October 2026.
-
Shareholders meeting
- Pushpa Jewellers' 17th AGM on 25 Sep 2026 passed six ordinary resolutions, including financials, director appointments, remuneration revisions and RPT approval.
-
Shareholders meeting
- 17th AGM held on 25 Sep 2026; approved remuneration revisions, director appointment, and RPT up to ₹100 crore.
Concalls
-
Feb 2026PPT
Business Overview:[1][2]
PJL is a wholesale B2B jewellery manufacturer operating across India. It produces and sells a wide range of traditional and modern gold jewellery—such as necklaces, bracelets, earrings, and rings—using materials like emerald, jade, pearl, and Meena. The company sells in bulk to retailers, wholesalers, and other businesses, not directly to individual consumers.