Overview

Detailed Summary

Khazanchi Jewellers Limited is an integrated jewellery company operating a diversified business across wholesale B2B supply and an expanding B2C retail channel, dealing in gold, silver, diamonds and related jewellery products, largely sourced from pan‑India manufacturing partners and sold through trade, wholesale and company‑owned retail showrooms.
The company reported strong near‑term operating momentum: 9M FY26 revenue at INR1,542.02 crore (up 34.0% YoY), EBITDA of INR89.12 crore (+96.9% YoY) and PAT of INR63.82 crore (+96.9% YoY), reflecting operating leverage, improved product mix and margin expansion driven by higher‑value segments and tighter cost control.
Management opened a 10,000 sq. ft. flagship Chennai showroom (capex ~INR12 crore, payback ~1.5 years) and recorded ~INR20 crore sales in the first 10 days, underscoring rapid initial traction and a clear strategic push to raise retail share from 10% to 25% in the next 1–1.5 years to lift margins and lifetime customer value.
Margins show improvement: Q3 EBITDA margin expanded to 6% while management pegs retail EBITDA margins near 10–12%, implying a structural margin uplift as retail share rises; the company also reports inventory gains ~1–1.5% and a stock rolling cycle of ~50 days with hedging practices to mitigate gold price volatility.
Khazanchi is pursuing premiumization through its Vajraa by Khazanchi diamond initiative, strengthening design capability and leveraging a large design library and partner ecosystem to serve B2B and B2C clients while keeping manufacturing asset-light via vendor tie‑ups and job work relationships for rapid scaling.

Sector: Consumer Durables
Industry: Gems, Jewellery And Watches
Market Cap: 1,577 Cr
Volatility: Low Risk
P/E Ratio: 20.6
Industry P/E: 46.7
PEG Ratio: 0.1
P/B Ratio: 5.9
52W High: 799.50
52W Low: 525.30

Sales CAGR

1Y: 115.88%
3Y: 90.34%
5Y: 37.46%
10Y: —

Profit CAGR

1Y: 64.42%
3Y: 139.59%
5Y: 81.08%
10Y: —

ROE

TTM: 23.65%
3Y: 17.53%
5Y: 16.85%
10Y: —

ROCE

TTM: 27.26%
3Y: 22.19%
5Y: 19.72%
10Y: —

Technicals

‌

Forecasts

Peers

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHRINGARMS		179.85	1,742 Cr	20.99	2.85	0.00	13.00	14.37	11.41
KHAZANCHI		634.40	1,577 Cr	20.58	5.86	0.16	23.65	27.26	16.74
MOTISONS		12.80	1,272 Cr	21.04	2.69	0.00	12.62	16.20	12.15
SHANTIGOLD		170.10	1,253 Cr	16.45	2.31	0.00	19.42	21.82	16.63
LGHL		236.87	1,214 Cr	99.53	18.66	0.00	16.24	13.47	6.42
PNGSREVA		351.00	1,154 Cr	2.22	2.41	0.00	0.00	0.00	0.00
RGL		102.90	1,109 Cr	13.25	0.77	0.00	5.83	6.74	3.35
Median: 7 Co.	—	179.85	1,253 Cr	20.58	2.69	0.00	13.00	14.37	11.41

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Dec 2023	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	187	208	381	375	394	622	404	549	589
Expenses	181	197	368	360	377	602	383	516	554
Operating Profit	6.25	10	13	15	16	19	21	32	35
OPM %	3.35	4.98	3.51	4.04	4.14	3.13	5.22	5.89	5.96
Other Income	0.20	0.18	0.12	0.18	0.17	0.14	0.09	0.33	0.24
Interest	1.26	1.20	0.86	0.76	1.15	0.96	0.91	1.04	1.13
Depreciation	0.06	0.08	0.11	0.05	0.05	0.19	0.04	0.05	0.18
Profit Before Tax	5.13	9.24	13	15	15	18	20	32	34
Tax %	46.00	37.23	26.44	25.69	18.98	32.14	25.00	25.34	26.15
Net Profit	2.77	5.80	9.21	11	12	13	15	24	25
EPS in Rs	1.12	—	—	4.36	5.00	5.07	6.12	9.52	10.12

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	555	361	382	257	481	821	1,772	1,795
Expenses	548	353	374	249	465	780	1,708	1,723
Operating Profit	6.98	8.03	7.60	7.48	16	41	64	72
OPM %	1.26	2.22	1.99	2.91	3.25	5.00	3.63	4.01
Other Income	0.15	0.57	0.62	1.05	1.16	0.75	0.61	0.58
Interest	4.55	5.52	4.51	4.23	6.44	4.80	3.73	3.78
Depreciation	0.04	0.04	0.06	0.09	0.07	0.27	0.34	0.33
Profit Before Tax	2.54	3.03	3.64	4.21	10	37	61	68
Tax %	33.99	23.94	24.22	22.51	26.34	25.57	26.19	25.74
Net Profit	1.68	2.31	2.76	3.27	7.56	27	45	51
EPS in Rs	—	—	—	—	—	—	—	30.83
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	5.51	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.93	9.93	9.93	9.93	9.93	25	25
Reserves	10	13	16	19	26	163	207
Borrowings	77	78	75	84	85	55	65
Other Liabilities	4.33	3.25	13	12	24	12	23
Total Liabilities	102	104	113	124	145	254	320
Fixed Assets	8.87	13	8.85	13	13	15	13
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	6.36
Investments	0.00	0.00	0.00	0.00	0.00	0.00	4.31
Other Assets	93	91	104	112	132	239	296
Total Assets	102	104	113	124	145	254	320

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-28	0.92	4.51	-1.13	5.80	-83	0.11
Cash from Investing Activity	-0.53	-4.33	4.25	-3.90	-1.21	-5.80	-3.66
Cash from Financing Activity	29	1.37	-7.58	5.10	-5.93	90	5.39
Net Cash Flow	0.73	-2.04	1.19	0.06	-1.35	0.59	1.84

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Jul 2023	Aug 2023	Sep 2023	Mar 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	100.00%	100.00%	72.08%	73.68%	74.51%	74.51%	74.51%	74.51%	74.51%	74.51%	74.51%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	1.40%	1.54%	1.49%	1.44%	1.51%	1.60%	1.59%	1.77%	1.76%
Public	0.00%	0.00%	26.52%	24.78%	24.01%	24.05%	23.98%	23.89%	23.90%	23.72%	23.73%
Total Shareholders	22	22	2,670	826	812	908	1,126	1,147	1,249	1,165	1,291

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Frequently Asked Questions about Khazanchi Jewellers Ltd

Khazanchi Jewellers Ltd (KHAZANCHI) is currently trading at 640.75 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Khazanchi Jewellers Limited is an integrated jewellery company operating a diversified business across wholesale B2B supply and an expanding B2C retail channel, dealing in gold, silver, diamonds and related jewellery products, largely sourced from pan‑India manufacturing partners and sold through trade, wholesale and company‑owned retail showrooms. The company reported strong near‑term operating momentum: 9M FY26 revenue at INR1,542.02 crore (up 34.0% YoY), EBITDA of INR89.12 crore (+96.9% YoY) and PAT of INR63.82 crore (+96.9% YoY), reflecting operating leverage, improved product mix and margin expansion driven by higher‑value segments and tighter cost control. Management opened a 10,000 sq. ft. flagship Chennai showroom (capex ~INR12 crore, payback ~1.5 years) and recorded ~INR20 crore sales in the first 10 days, underscoring rapid initial traction and a clear strategic push to raise retail share from 10% to 25% in the next 1–1.5 years to lift margins and lifetime customer value. Margins show improvement: Q3 EBITDA margin expanded to 6% while management pegs retail EBITDA margins near 10–12%, implying a structural margin uplift as retail share rises; the company also reports inventory gains ~1–1.5% and a stock rolling cycle of ~50 days with hedging practices to mitigate gold price volatility. Khazanchi is pursuing premiumization through its Vajraa by Khazanchi diamond initiative, strengthening design capability and leveraging a large design library and partner ecosystem to serve B2B and B2C clients while keeping manufacturing asset-light via vendor tie‑ups and job work relationships for rapid scaling.

Over the past 52 weeks, Khazanchi Jewellers Ltd has traded between a low of ₹525.30 and a high of ₹799.50. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Khazanchi Jewellers Ltd has a market capitalization of approximately 1,577.12. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Khazanchi Jewellers Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 20.58 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 1,577.12 Cr, Khazanchi Jewellers Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Khazanchi Jewellers Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Khazanchi Jewellers Ltd is 20.58. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Khazanchi Jewellers Ltd

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