Pushpa Jewellers Limited gets 92% FY26 revenue from South

Pushpa Jewellers Limited generated 92% of FY26 revenue from Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala, up from 89% in FY25. The concentration persisted despite Pushpa Jewellers serving more than 20 states and Union Territories and listing Ahmedabad and Kozhikode as proposed expansion locations.

How concentrated was Pushpa Jewellers' FY26 revenue by state?

Pushpa Jewellers' FY26 revenue was led by Telangana at 33.4% and Karnataka at 33.2%, meaning the two states contributed 66.6% combined. Andhra Pradesh supplied 13.3%, Tamil Nadu 8.9% and Kerala 2.8%. The disclosed state figures total 91.6%, which the presentation reports as 92% after rounding.

Pushpa Jewellers' five-state southern share rose by 3 percentage points from 89% in FY25 to 92% in FY26. The presentation does not give a state-level FY25 comparison, so it does not establish which individual market drove the increase. Revenue from the remaining markets was 8.4% in FY26.

How does Pushpa Jewellers' national reach compare with its revenue mix?

Pushpa Jewellers serves more than 550 jewellers across 20-plus states and Union Territories, but its FY26 revenue remained concentrated in the five southern states. Its physical network comprises office-cum-showrooms in Kolkata, Hyderabad, Bengaluru, Chennai and Vijayawada, plus an opened business-to-business, or B2B, trade fulfilment centre in Mumbai.

About 80% of Pushpa Jewellers' FY26 kilograms came from existing customers, according to the presentation. This indicates that repeat orders accounted for most reported volume, while the 92% southern share shows that the highest revenue contribution was concentrated in the five named markets rather than distributed evenly across the jurisdictions served.

Hyderabad, Bengaluru, Chennai and Vijayawada sit within Pushpa Jewellers' southern operating network, while Kolkata is the head office and Mumbai is the B2B fulfilment location. The company describes an exhibition-led order cycle involving order booking, production with independent karigars, delivery and recording of sales and design codes, supporting its network of more than 550 jewellers.

What expansion is Pushpa Jewellers planning beyond its current footprint?

Pushpa Jewellers lists Ahmedabad in Gujarat and Kozhikode in Kerala as proposed expansion locations. The presentation does not state an opening date, investment amount, site size, capacity, sales target or projected revenue contribution for either location.

Ahmedabad would be a proposed addition outside the five southern states that accounted for 92% of FY26 revenue. Kozhikode would be in Kerala, which was the smallest disclosed southern contributor at 2.8% of FY26 revenue. Gujarat is included in the 8.4% “Others” category, so the presentation does not disclose revenue from that state separately.

The two proposals would sit alongside Pushpa Jewellers' five office-cum-showroom locations and one Mumbai B2B trade fulfilment centre. While the presentation describes a pan-India presence across 20-plus states and Union Territories, it identifies Ahmedabad and Kozhikode as proposed areas rather than current offices, showrooms or fulfilment facilities.

Has Pushpa Jewellers' client concentration changed while geographic concentration increased?

Pushpa Jewellers reduced its top-10 client revenue share to 24.1% in FY26, from 30.0% in FY25 and 37.6% in FY24. That is a 13.5-percentage-point decline over two fiscal years, while the southern-state revenue share increased from 89% in FY25 to 92% in FY26. The measures assess different forms of concentration: customers and geography.

Pushpa Jewellers reported exports of Rs 3.2 crore in FY26, compared with Rs 6.1 crore in FY25. The presentation describes exports as realigned to select B2B markets, but does not name countries, customers or volumes. It therefore does not explain the Rs 2.9 crore year-on-year decline in export revenue.

The company also reports that about 80% of FY26 kilograms came from existing customers across a base of more than 550 jewellers. Together with the 24.1% top-10 client share, this shows that repeat customer volume extends beyond the largest 10 clients. Telangana and Karnataka nevertheless accounted for 66.6% of FY26 revenue.

Conclusion

Pushpa Jewellers' disclosed data show two different concentration trends. Revenue became more geographically concentrated in five southern states during FY26, while the share generated by its top 10 clients declined from 37.6% in FY24 to 24.1% in FY26. Its 20-plus-state reach and 550-plus jeweller client base have therefore not yet produced a similarly broad revenue distribution.

The next disclosed developments to watch are the proposed Ahmedabad and Kozhikode expansion, for which Pushpa Jewellers gives no timetable, investment or sales objective. The presentation also leaves open whether the FY26 export realignment to select B2B markets will affect exports after the decline to Rs 3.2 crore from Rs 6.1 crore in FY25.