UTSSAV

Utssav CZ Gold Jewels share price & financials

Price
₹544.55
Market cap
₹1.3k Cr
Sector
Consumer Durables
Calls analysed
2
Latest concall · Q4 FY26 · call held 25 May 2026

Utssav Q4 FY26

EBITDA ₹94 cr +132%EBITDA Margin 8.1% PAT ₹59 cr +136%PAT Margin 5.1%

What went well

  • Total income for FY26 reached INR 1157 crores, marking a 78.5% year-on-year growth.
  • EBITDA grew 132% to INR 94 crores in FY26, and PAT increased 136% to INR 59 crores.
  • EBITDA margin improved by 187 basis points to 8.10% and PAT margin expanded by 123 basis points to 5.1% for FY26.

What to watch

  • 50% of revenues are driven from the top 10 customers, indicating client concentration risk.
  • Operating cash flow is negative due to the business model requiring continuous gold procurement and stock maintenance.
Read the full call →

What Utssav CZ Gold Jewels Ltd does

Utssav CZ Gold Jewels designs, manufactures, wholesales and exports Cubic Zirconia (CZ) and rose gold jewellery in 18K, 20K and 22K purity, including rings, earrings, pendants, bangles, necklaces, bracelets, watches and brooches. It runs a 100% in-house, integrated manufacturing process at its Andheri (Mumbai) facility covering CAD design, wax replicas, casting, polishing, stone-setting and BIS hallmarking. The company sells on a 100% B2B model, supplying jewellery retailers and distributors directly rather than through its own retail stores, and has begun diversifying into plain gold casting, natural diamond and lab-grown diamond jewellery.

Segments

  • CZ & rose gold jewellery (18K/20K/22K)
  • Plain gold casting jewellery
  • Natural diamond jewellery
  • Lab-grown diamond jewellery
Manufacturing facility
1 facility, 8,275 sq. ft. in Andheri (Mumbai) — 1 corporate office + 2 production units
Installed manufacturing capacity
2,000 kg/year (FY26)
Capacity utilization
~65%
Retailer/distributor network (touch points)
430+
State presence
23 states and 2 Union Territories
Design library
70,000+ designs; 400+ new CAD designs per month
Founded 2007Headquarters Andheri (East), Mumbai, Maharashtra Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 2 delivered 0 missed 13 open
  • Total Income delivered said Q2 FY26 Promised: ₹1,100-1,200 crores for FY26 Q4 FY26: Company reported FY26 total income of ₹1,157 crores, which is within the guided range.
  • EBITDA Margin revised down said Q2 FY26 Promised: 9% to 10% sustainable Q4 FY26: FY26 EBITDA margin was 8.1%, below the target. Management guided for a lower 7-8% margin for FY27 due to product mix changes (plain gold jewelry).
  • Total Income on track said Q2 FY26 Promised: ₹4,000-5,000 crores by FY2030 Q4 FY26: Management reiterated the guidance for FY30, supported by strong FY26 growth and plans for capacity expansion.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 269.0%, net profit up 400.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue156 184 285 362 475 +204%679 +269%
EBITDA9 13 15 24 44 +389%47 +262%
Net profit7 6 10 15 29 +314%30 +400%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +181.2% 1Y

₹200₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 3 Nov 2025Q4 FY26 — 25 May 2026

1Y: ₹189 on 10 Sept 2025 → ₹531.45. High ₹551.15 (16 Jul 2026), low ₹161.55 (7 Oct 2025).

How the price took the results

close before → close after

Q4 FY26
+1.6%
25 May
Q2 FY26
+4.9%
3 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹4 Cr₹4 Cr₹17 Cr₹24 Cr₹24 Cr
Reserves₹8 Cr₹11 Cr₹18 Cr₹18 Cr₹144 Cr₹174 Cr
Borrowings₹30 Cr₹36 Cr₹50 Cr₹73 Cr₹149 Cr₹186 Cr
Other liabilities₹2 Cr₹5 Cr₹10 Cr₹13 Cr₹25 Cr₹24 Cr
Total liabilities₹44 Cr₹56 Cr₹82 Cr₹121 Cr₹342 Cr₹408 Cr
Fixed assets₹9 Cr₹10 Cr₹10 Cr₹12 Cr₹8 Cr₹9 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹35 Cr₹46 Cr₹72 Cr₹110 Cr₹334 Cr₹400 Cr
Total assets₹44 Cr₹56 Cr₹82 Cr₹121 Cr₹342 Cr₹408 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Aug 2026

Since Sep 2025, promoters added +2.98 pp while the public trimmed −2.36 pp. The shareholder count shrank 32% to 1,587.

Promoters
72.5%
FIIs
0.0%
Public
27.4%

Since Sep 2025

  • Promoters +2.98 pp
  • Public −2.36 pp
  • FIIs −0.63 pp

How it drifted, 5 quarters

Over this window FIIs fell from 3.0% to 0.0% — −3.0 pp.

Sep '24Sep '25Aug '26

Ownership split by quarter, oldest first. Sep '24: Promoters 70.5%, FIIs 3.0%, DIIs 1.6%, Public 24.9%.Mar '25: Promoters 70.5%, FIIs 1.3%, Public 28.1%.Sep '25: Promoters 69.6%, FIIs 0.6%, Public 29.8%.Mar '26: Promoters 70.3%, FIIs 0.4%, Public 29.3%.Aug '26: Promoters 72.5%, FIIs 0.0%, Public 27.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 6 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Aug 2026 filing

Every holder of Utssav CZ Gold Jewels Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Pankajkumar Hastimal Jagawat 62.20%+2.61 pp
Suman Pankaj Jagawat 2.80%−0.10 pp
Bhawarlal Hastimal Jain 2.80%−0.10 pp
Kapil Kriplani 2.46%newly disclosed
Krish Pankaj Jagawat 2.16%−0.08 pp
Mir Pankaj Jagawat 2.00%−0.07 pp
Paresh Trikamlal Shah 1.32%−0.05 pp
Rajesh Kumar Singla 1.01%−0.11 pp
Llp 0.26%newly disclosed
Nilesh Shantilal Jagawat 0.16%unchanged
Rakesh Shantilal Jagawat 0.16%unchanged
Shobha Dinesh Jagawat 0.10%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth the price implies
7.3% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹531.45

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Utssav CZ Gold Jewels Ltd

Guides on how to read this kind of business and the numbers that matter.