BSE: 543953 · ISIN INE0OWC01011
Khazanchi Jewellers Limited stock analysis
Khazanchi Jewellers Limited ranks #689 in the TickerSutra evidence-ranked universe with a score of 61/100 and 89% data confidence. The latest captured fundamentals show ROCE of 34.8%, quarterly sales growth of 45.1% and quarterly profit growth of 83.7%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 34.8%
- 62.1% three-year sales CAGR
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹257cr | ₹8cr | ₹3cr | 2.9% |
| 2023 | ₹481cr | ₹16cr | ₹8cr | 3.2% |
| 2024 | ₹821cr | ₹41cr | ₹27cr | 5.0% |
| 2025 | ₹1,772cr | ₹64cr | ₹45cr | 3.6% |
| 2026 | ₹2,049cr | ₹125cr | ₹89cr | 6.0% |
| TTM | ₹2,231cr | ₹143cr | ₹102cr | 6.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
The fact that EBITDA and PAT grew considerably faster than revenue during the quarter is particularly encouraging. It reflects an improving business mix, operating leverage and benefits of scale as we continue to expand the business. And now I'm going to recap our growth journey since listing.
Trade Payables Turnover (Days) 0.73 2.91 Trade payables rose from ₹ 5.64 Cr to ₹ 27.35 Cr as the Company availed more supplier credit, extending average payment days. Cash Conversion Cycle (Days) 52.99 64.31 The cycle lengthened mainly on higher inventory days, partly offset by faster receivables collection and longer payable days. Management Discussion And Analysis 23 24 Annual Report 2025-26Khazanchi Jewellers Limi
And now I'm going to recap our growth journey since listing. I am very happy and delighted to share that your company has successfully completed 3 years since its listing on the BSE SME platform in August 2023 and is now progressing towards migration to the main board, including Khazanchi Jewellers Limited August 25, 2026 Page 3 of 14 a proposed listing on the main board of both BSE and NSE, subject to necessary regu
And now I'm going to recap our growth journey since listing. I am very happy and delighted to share that your company has successfully completed 3 years since its listing on the BSE SME platform in August 2023 and is now progressing towards migration to the main board, including Khazanchi Jewellers Limited August 25, 2026 Page 3 of 14 a proposed listing on the main board of both BSE and NSE, subject to necessary regu
So what growth range are you now targeting for the full year? Rajesh Mehta: So we are going to attend top line if things grow at the same pace, and we are very confident of achieving the already defined figures with our retail sales and 25% growth we are expecting in our B2B segment also. In that case, yes, that overall today's top line, if you consider, we would be able to achieve 30% growth.
The sector continues to benefit from 100% FDI under the automatic route, growing investments in organised retail, and favorable trade agreements such as the India-UAE CEPA and India-UK Free Trade Agreement, which are expected to enhance export competitiveness. Additionally omni channel retail strategies and premium jewellery offerings are creating new avenues for growth across both domestic and international markets.
If there is a certain increase in the prices, and we are trying to achieve on both the sides, volume-wise also and quantum-wise also the same growth. The last thing, on the margin side, retail stores generally have higher margins. Your B2B is about, let's say, 5% and 6%, your retail stores are north of 10%, right?
We have been seeing a constant growth of 25% to 30% on both these segments. And on the expansion plan, we have already defined that we are coming up with a few more showrooms by FY 2030. So all these expansion plans and all these growth strategies will help us to achieve our top line of INR5,000 crores.
Rajesh Mehta: What your said when there is -- it is actually already digested in the minds of the clients, our customers that when there is a growth of, say, nominal 10% to 15%, they try to invest into the same type of quantum or they can even increase their quantum requirement. But if the prices are very high, there is a price increase of, say, 25% to 30%, then there is a correction in the volume content. In that ca
But we are able to actively build only 500 one. So are you expecting more of the revenues or more of this growth coming from wallet share gains from existing ones? Or do you have -- have you taken any steps to drive the growth from the clients which are not able to build or have you hired more people or...
The facility of participation at the AGM through VC/OAVM will be made available to atleast 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee,
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“We have been seeing a constant growth of 25% to 30% on both these segments. And on the expansion plan, we have already defined that we are coming up with a few more showrooms by FY 2030. So all these expansion plans and all these growth strategies will help us to achieve our top line of INR5,000 crores.”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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