Utssav CZ Gold Jewels: FY26 scale-up, steadier margins, and a sharper product mix

FY26 total income was 1,157.46 crore, EBITDA was 93.70 crore and PAT was 59.06 crore as per the investor presentation.

Total income rose to 681.00 crore from 362.63 crore, EBITDA to 48.67 crore from 24.47 crore and PAT to 29.64 crore from 15.19 crore, per the H2 P and L table.

FY26 revenue mix was 22 karat 59.50%, 18 karat 40.28% and 20 karat and others 0.22% (presentation karat-wise bifurcation).

Exports were 9.47 crore in FY26, which is 0.82% of total revenue, as per geography-wise revenue bifurcation.

The presentation states top 10 customers contribute approximately 50% of revenue.

The presentation highlights 2,000 kg per annum capacity and about 65% utilization. In the concall, management mentioned current capacity around 2,500 kilos and utilization around 65%, with seasonal peaks up to about 90%.

In the concall, management indicated around 60% revenue growth, around 35% to 40% volume growth, PAT margin around 4% to 4.5% and EBITDA margin around 7% to 8%, and capex of around 50 crore.