Advit Jewels FY26: Strong Growth, High Margins, and a Retail Expansion Pivot

Advit Jewels Limited, the Jaipur-based jewellery company behind the Rambhajo legacy, closed FY26 with its strongest reported performance so far and a clear shift in narrative from a predominantly B2B manufacturer to a brand that wants a larger share of B2C retail.

For FY26, the company reported total income of INR 167.02 crore and revenue from operations of INR 167.02 crore. EBITDA stood at INR 49.24 crore, translating into a 29.48% EBITDA margin. Profit after tax came in at INR 34.39 crore with a net profit margin of 20.59%. The year also marked the listing of its equity shares on NSE and BSE, which management described as a milestone in its move from an unorganised setup to an organised public company.

Operationally, Advit positions itself as a design-led manufacturer focused on premium handcrafted Kundan, Polki, diamond-studded and antique bridal jewellery. It operates out of Jaipur, a well-known hub for gemstone and jewellery craftsmanship, and highlights an integrated value chain that includes in-house design (CAD), manufacturing, stone setting, polishing, finishing and quality control.

FY26 performance: scale-up with stable margins

The topline growth over the last three years has been sharp. Revenue from operations increased from INR 69.44 crore in FY24 to INR 124.94 crore in FY25 and INR 167.02 crore in FY26. EBITDA rose from INR 18.95 crore in FY24 to INR 37.15 crore in FY25 and INR 49.24 crore in FY26.

The company maintained EBITDA margins near 29% through FY25 and FY26. PAT margins were also steady around 20% in FY25 and FY26. In the earnings call, management noted that Q4 FY26 was softer year-on-year, but emphasised that full-year performance remained strong.

A key point for investors is cash flow. Cash flow from operating activities was negative in FY24 and FY25, at -10.49 crore and -36.98 crore respectively. In FY26, operating cash flow turned positive at 13.33 crore, indicating improvement in working capital movements during the year.

Revenue mix: high concentration but clear positioning

Advit’s revenue is overwhelmingly driven by one segment. In FY26, Gold Kundan Meena Polki Jadau Jewellery contributed 97.65% of revenue, while Cut setted Diamond Jewellery with Polki contributed 2.15% and Job Work 0.20%.

This concentration is not accidental. During the earnings call, management explicitly positioned the company as a focused Polki and Jadau house rather than a generic gold jewellery retailer. It also explained that comparing the company to large listed jewellery retailers is not appropriate because Advit claims to operate in a design-heavy luxury niche.

From a channel perspective, the company remains B2B heavy, although the retail push is becoming more visible. In FY26, B2B contributed 80.18% of revenue, B2C contributed 19.64% and job work was negligible. The company also shared customer concentration trends: the top 10 customers formed 47.31% of FY26 revenue, suggesting a somewhat more diversified base than earlier years.

Operations: capacity headroom, but utilisation optics need context

Advit reports an installed gold capacity of 400 kg annually. Reported utilisation was 43.02% in FY24, 45.86% in FY25, and 31.45% in FY26.

On the earnings call, management argued that gold-based capacity utilisation is not the best representation for designer Polki jewellery because product value also depends on Polki, diamonds and coloured stones. It also said lighter-weight gold designs were made as gold prices rose, which can mathematically reduce gold utilisation while not necessarily reducing business throughput.

The operational KPI table also shows actual production (in kg) declining to 125.79 kg in FY26 from 183.44 kg in FY25, while total quantity sold (in kg) stayed high at 241.51 kg in FY26. These metrics are likely influenced by how finished pieces, inventory movements and gold weight are recorded, but the company did not provide a reconciliation in the provided documents.

Customer metrics improved. The company reported 274 customers in FY26 (versus 258 in FY25) and revenue per customer rising to INR 60.96 lakh. It also reported a total employee base increase to 118 in FY26 from 68 in FY25.

Strategy: retail expansion, flagship store and franchise rollout

The most important strategic shift is the push toward retail. The investor presentation mentions a planned flagship store in Jaipur with 27,790 sq. ft. constructed area and an intent to expand retail reach through a franchise model and Tier 1 and Tier 2 city expansion.

In the earnings call, management said the Jaipur flagship structure is ready and interiors are being executed. It indicated operations would most probably start by the end of the year, while also saying it does not want to open at a partially finished stage.

On store rollout, management stated that a franchise partner (Francorp) has committed to bring 30 stores in the next three years. At the same time, it repeatedly stressed it will not expand too quickly and will be calculative. The near-term plan shared on the call was a minimum of three stores in FY27, using those units to learn before scaling.

The company also highlighted continued focus on design and new collections. It stated that an in-house design team develops products aligned with market trends, and on the call it mentioned adding mens jewellery within Polki, such as cufflinks, belt buckles, brooches and rings.

Market footprint: 21-state presence and early export signal

Geographically, the company reported sales across 21 states. It also reported an early export footprint in FY26: INR 1.61 crore of international revenue, about 0.96% of total revenue.

In the earnings call, management described the FY26 export as an Instagram-led order from a client in the United States, and characterised it as an early signal rather than a scaled initiative. It said the company is now working on exports and referenced the Indian diaspora as a potential opportunity.

Takeaways

Advit Jewels’ FY26 results show a company that has scaled quickly while holding margins steady. The focus on Polki and Jadau jewellery is clear in both product mix and management commentary. The strategic pivot to retail, including a large flagship store and a franchise-led expansion plan, is the central execution theme for FY27.

For investors, the most trackable items over the next 12 months are straightforward: progress on the Jaipur flagship launch, whether the minimum three-store plan for FY27 materialises, and whether operating cash flow stays positive as the business expands. The company has capacity headroom on paper, but reported utilisation metrics will likely remain a debated indicator unless the company provides a more value-linked operating throughput measure.