Swarnsarita Jewels India Ltd

SWARNSAR

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Market Cap

₹ 63 Cr

P/E

5.63

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Swarnsarita Jewels India Limited specializes in manufacturing and wholesaling high-end gold and diamond jewelry. They offer an extensive range of jewels catered to luxury consumers.

The company's roots trace back to Shyam Star Gems Limited, an entity initially focused on importing, polishing, and exporting Australian rough diamonds starting from 1989.

In 2015-16, Swarnsarita expanded its market presence by opening branches in Bangalore, Kolkata, and subsequently in Delhi to strengthen its distribution network.

The company went public through the acquisition and renaming of Shyam Star Gems Ltd., indicating a strategic intention to scale its operations and reach.

Sector

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Medium / Small

Market Cap

63 Cr

Volatility

Moderate Risk

P/E Ratio

5.6

Industry P/E

22.8

PEG Ratio

0.5

P/B Ratio

0.4

52W High

48.30

52W Low

23.56

Sales CAGR

-1.08%

-7.13%

3.81%

10Y

8.59%

Profit CAGR

10.65%

-3.35%

6.53%

10Y

11.76%

ROE

TTM

7.82%

4.45%

5.03%

10Y

4.72%

ROCE

TTM

10.31%

11.81%

12.39%

10Y

12.15%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MISHKA	45.00	65 Cr	80.36	2.84	0.00	3.54	4.66	2.88
SWARNSAR	30.66	63 Cr	5.63	0.44	0.00	7.82	10.31	4.75
VSL	8.29	62 Cr	13.16	2.07	0.61	15.78	20.99	14.48
RETAGGIO	36.86	57 Cr	23.63	1.57	0.00	12.80	13.22	8.85
SJCORP	65.00	54 Cr	382.35	6.24	0.00	1.61	1.37	1.60
AJCJEWEL	85.00	52 Cr	17.92	1.72	0.00	13.74	12.07	5.95
MANOJJEWEL	49.10	46 Cr	9.61	1.49	0.00	22.99	30.65	18.28

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	194	200	204	171	155	230	219	158	152	262
Expenses	185	200	201	170	145	227	213	160	142	252
Operating Profit	9.44	0.32	2.60	1.59	10	2.57	5.16	-2.59	9.57	10
OPM %	4.86	0.16	1.28	0.93	6.52	1.12	2.36	-1.64	6.30	3.82
Other Income	0.13	0.70	0.29	0.46	0.06	0.32	0.29	0.38	0.11	0.47
Interest	2.07	2.36	2.54	1.63	1.77	1.82	1.95	1.31	1.42	1.35
Depreciation	0.07	0.07	0.08	0.09	0.09	0.10	0.10	0.10	0.07	0.07
Profit Before Tax	7.44	-1.40	0.26	0.32	8.33	0.97	3.40	-3.62	8.19	9.06
Tax %	25.00	25.00	26.92	78.13	24.97	24.74	32.35	-9.67	26.01	24.72
Net Profit	5.58	-1.05	0.20	0.07	6.25	0.73	2.29	-3.97	6.06	6.82
EPS in Rs	2.67	-0.50	0.09	0.03	2.99	0.35	1.10	-1.90	2.90	3.27

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	287	486	549	559	576	842	840	770	761	758
Expenses	281	480	543	553	565	832	827	756	746	743
Operating Profit	5.31	6.55	6.33	6.31	11	10	13	14	15	15
OPM %	1.85	1.35	1.15	1.13	1.84	1.20	1.59	1.81	2.00	1.94
Other Income	3.57	4.28	6.09	6.84	4.12	7.45	3.15	1.58	1.05	1.10
Interest	4.44	4.16	5.02	5.37	6.39	6.93	7.80	8.60	6.84	6.50
Depreciation	0.22	0.20	0.21	0.88	0.42	0.28	0.28	0.32	0.39	0.37
Profit Before Tax	4.22	6.47	7.20	6.90	7.92	10	8.41	6.61	9.08	8.94
Tax %	31.54	32.94	33.48	34.41	30.84	27.27	25.20	27.54	41.57	42.84
Net Profit	2.89	4.34	4.79	4.53	5.48	7.50	6.29	4.79	5.30	5.11
EPS in Rs	1.39	2.07	2.03	2.17	2.46	3.67	3.04	2.29	2.54	5.37
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	21	21	21	21	21	21	21	21	21	21
Reserves	61	64	68	73	77	83	91	97	102	107
Borrowings	75	79	105	131	101	117	126	121	108	86
Other Liabilities	12	7.38	11	9.19	9.02	5.09	6.49	9.34	11	11
Total Liabilities	169	171	205	234	208	226	244	248	241	225
Fixed Assets	1.72	1.65	1.57	1.62	3.06	5.24	4.91	4.90	6.42	1.02
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	5.90	3.21	0.05	0.10	0.10	0.13	0.00	0.00	0.00	0.00
Other Assets	161	166	204	232	205	220	239	243	234	224
Total Assets	169	171	205	234	208	226	244	248	241	225

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.59	-17	-2.01	-26	13	6.38	7.73	8.75	4.80	12
Cash from Investing Activity	-3.51	5.04	4.90	1.52	0.67	-0.76	1.84	1.40	-0.77	5.35
Cash from Financing Activity	21	0.07	22	20	-35	7.06	2.25	-13	-22	-28
Net Cash Flow	18	-12	25	-4.42	-21	13	12	-2.78	-18	-11

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	52.03%	52.03%	52.03%	52.03%	52.03%	52.03%	52.03%	52.03%	52.03%	52.03%	52.03%	52.03%
FIIs	0.00%	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%	0.00%	0.00%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%
Public	47.97%	47.97%	47.97%	47.97%	47.95%	47.95%	47.95%	47.95%	47.95%	47.95%	47.95%	47.94%
Total Shareholders	7,576	7,573	7,598	8,088	8,180	8,374	8,321	9,309	9,413	9,384	9,392	9,329

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	194	200	204	171	155	230	219	158	152	262
Expenses	185	200	201	170	145	227	213	160	142	252
Operating Profit	9.44	0.32	2.60	1.59	10	2.57	5.16	-2.59	9.57	10
OPM %	4.86	0.16	1.28	0.93	6.52	1.12	2.36	-1.64	6.30	3.82
Other Income	0.13	0.70	0.29	0.46	0.06	0.32	0.29	0.38	0.11	0.47
Interest	2.07	2.36	2.54	1.63	1.77	1.82	1.95	1.31	1.42	1.35
Depreciation	0.07	0.07	0.08	0.09	0.09	0.10	0.10	0.10	0.07	0.07
Profit Before Tax	7.44	-1.40	0.26	0.32	8.33	0.97	3.40	-3.62	8.19	9.06
Tax %	25.00	25.00	26.92	78.13	24.97	24.74	32.35	-9.67	26.01	24.72
Net Profit	5.58	-1.05	0.20	0.07	6.25	0.73	2.29	-3.97	6.06	6.82
EPS in Rs	2.67	-0.50	0.09	0.03	2.99	0.35	1.10	-1.90	2.90	3.27

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	287	486	549	559	576	842	840	770	761	758
Expenses	281	480	543	553	565	832	827	756	746	743
Operating Profit	5.31	6.55	6.33	6.31	11	10	13	14	15	15
OPM %	1.85	1.35	1.15	1.13	1.84	1.20	1.59	1.81	2.00	1.94
Other Income	3.57	4.28	6.09	6.84	4.12	7.45	3.15	1.58	1.05	1.10
Interest	4.44	4.16	5.02	5.37	6.39	6.93	7.80	8.60	6.84	6.50
Depreciation	0.22	0.20	0.21	0.88	0.42	0.28	0.28	0.32	0.39	0.37
Profit Before Tax	4.22	6.47	7.20	6.90	7.92	10	8.41	6.61	9.08	8.94
Tax %	31.54	32.94	33.48	34.41	30.84	27.27	25.20	27.54	41.57	42.84
Net Profit	2.89	4.34	4.79	4.53	5.48	7.50	6.29	4.79	5.30	5.11
EPS in Rs	1.39	2.07	2.03	2.17	2.46	3.67	3.04	2.29	2.54	5.37
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	21	21	21	21	21	21	21	21	21	21
Reserves	61	64	68	73	77	83	91	97	102	107
Borrowings	75	79	105	131	101	117	126	121	108	86
Other Liabilities	12	7.38	11	9.19	9.02	5.09	6.49	9.34	11	11
Total Liabilities	169	171	205	234	208	226	244	248	241	225
Fixed Assets	1.72	1.65	1.57	1.62	3.06	5.24	4.91	4.90	6.42	1.02
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	5.90	3.21	0.05	0.10	0.10	0.13	0.00	0.00	0.00	0.00
Other Assets	161	166	204	232	205	220	239	243	234	224
Total Assets	169	171	205	234	208	226	244	248	241	225

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.59	-17	-2.01	-26	13	6.38	7.73	8.75	4.80	12
Cash from Investing Activity	-3.51	5.04	4.90	1.52	0.67	-0.76	1.84	1.40	-0.77	5.35
Cash from Financing Activity	21	0.07	22	20	-35	7.06	2.25	-13	-22	-28
Net Cash Flow	18	-12	25	-4.42	-21	13	12	-2.78	-18	-11

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MISHKA	45.00	65 Cr	80.36	2.84	0.00	3.54	4.66	2.88
SWARNSAR	30.66	63 Cr	5.63	0.44	0.00	7.82	10.31	4.75
VSL	8.29	62 Cr	13.16	2.07	0.61	15.78	20.99	14.48
RETAGGIO	36.86	57 Cr	23.63	1.57	0.00	12.80	13.22	8.85
SJCORP	65.00	54 Cr	382.35	6.24	0.00	1.61	1.37	1.60
AJCJEWEL	85.00	52 Cr	17.92	1.72	0.00	13.74	12.07	5.95
MANOJJEWEL	49.10	46 Cr	9.61	1.49	0.00	22.99	30.65	18.28

Overview

Detailed Summary

Swarnsarita Jewels India Limited specializes in manufacturing and wholesaling high-end gold and diamond jewelry. They offer an extensive range of jewels catered to luxury consumers.

The company's roots trace back to Shyam Star Gems Limited, an entity initially focused on importing, polishing, and exporting Australian rough diamonds starting from 1989.

In 2015-16, Swarnsarita expanded its market presence by opening branches in Bangalore, Kolkata, and subsequently in Delhi to strengthen its distribution network.

The company went public through the acquisition and renaming of Shyam Star Gems Ltd., indicating a strategic intention to scale its operations and reach.

Sector

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Medium / Small

Market Cap

63 Cr

Volatility

Moderate Risk

P/E Ratio

5.6

Industry P/E

22.8

PEG Ratio

0.5

P/B Ratio

0.4

52W High

48.30

52W Low

23.56

Sales CAGR

-1.08%

-7.13%

3.81%

10Y

8.59%

Profit CAGR

10.65%

-3.35%

6.53%

10Y

11.76%

ROE

TTM

7.82%

4.45%

5.03%

10Y

4.72%

ROCE

TTM

10.31%

11.81%

12.39%

10Y

12.15%