Uday Jewellery Industries Q4 FY24 Share Price & Earnings Call Analysis
- Market cap
- ₹715 Cr
- P/E
- 21.46
- ROE
- 19.38%
- PEG
- 0.39
- Price to sales
- 1.01
- Debt to equity
- 0.78
- 52W high / low
- ₹239 / ₹115
- Sales growth (5Y)
- 50.71%
- EBITDA margin
- 6.48%
- Net profit margin
- 4.92%
- Promoter holding
- 74.38%
- Sales (last year)
- ₹709 Cr
Uday Jewellery Industries Ltd is engaged in the business of manufacturing, sale and trading of stone-studded gold jewellery, diamond-studded jewellery and silver items and cubic zirconia with natural and color stones in different geographical areas i.e. domestic sales and export sales. It is a part of Sanghi Group. [1][2][3]
Guidance scorecard · Q4 FY24 call
What Uday Jewellery's management guided
and where it ranks in Consumer Durables
RevenueQ2 FY24 call
40%+- The company aims for a 5x increase in manufacturing capacity from current 20 kg/month to around 125 kg/month within 2-3 years.
- This capacity expansion targets a revenue top line potentially increasing from around ₹150-180 crore annually to ₹400-500 crore in the next 1.5 to 3 years.
- Growth drivers include penetrating new markets, acquiring new clients, and expanding within existing client relationships, including big organized players like Malabar and Kalyan.
- International business currently contributes 10-15% of turnover, with a target to grow exports to around 20% in 2 years, focusing on markets like US, Middle East, Australia, South Africa.
- Margin improvement is expected as turnover increases, possibly reaching double-digit EBITDA margins (~10-11%).
2 more points from Uday Jewellery's call on revenue
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MarginsQ2 FY24 call
Up 0–2%See what Uday Jewellery said on margins — free account, 30 seconds.
CapexQ2 FY24 call
Planned- The company has undertaken a major capacity expansion from 20 kg to 125 kg monthly production in Uday Jewellery, aiming for a 5x increase over 2-3 years.
- Investment in new manufacturing setup requires mainly working capital due to the costly inventory (gold, diamonds, gemstones), with limited need for additional machinery.
- The working capital requirement will be a major part of future fund needs to support increased turnover.
- The company is open to raising funds via a mix of debt and preferential equity to finance growth and working capital needs.
- New facilities have been set up, including capacity increase at Narbada for high-end diamond jewellery, aiming to reduce production lead time and improve rotations.
2 more points from Uday Jewellery's call on capex
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FundraisingQ2 FY24 call
PlannedSee what Uday Jewellery said on fundraising — free account, 30 seconds.
Order bookQ2 FY24 call
Rising- As of December 21, 2023, there are ongoing orders aligning with the marriage season in the second half of the year, traditionally a high-demand period.
- The company experiences a surge in top-line revenue during the second half due to numerous marriages.
- Orders are being actively processed, reflecting good traction in Q3 and Q4.
- There are long-term relationships with seasoned buyers across regions, ensuring steady order inflow without significant delays.
2 more points from Uday Jewellery's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹151 Cr | 13.8 | |
| 2 | 40%+ | Up 0–2% | ₹2,267 Cr | 12.2 | |
| 3 | 40%+ | Up 0–2% | ₹1,934 Cr | 16.9 | |
| 4 | 40%+ | Flat | ₹2,338 Cr | 39.6 | |
| 5 | 40%+ | Flat | ₹1,975 Cr | 20.8 | |
| 6 | 40%+ | Flat | ₹528 Cr | 16.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingFinancials of Uday Jewellery
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Uday Jewellery
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 45 | 34 | 42 | 55 | 42 | 41 | 62 | 99 | 106 | 113 | 136 | 204 | 226 |
| Expenses + | 42 | 30 | 39 | 50 | 41 | 38 | 58 | 93 | 103 | 102 | 128 | 196 | 211 |
| Operating Profit | 3 | 4 | 4 | 4 | 1 | 4 | 4 | 6 | 4 | 11 | 8 | 8 | 15 |
| OPM % | 8% | 12% | 9% | 8% | 2% | 9% | 7% | 6% | 4% | 10% | 6% | 4% | 7% |
| Other Income + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 4 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 4 | 4 | 4 | 0 | 3 | 4 | 6 | 3 | 10 | 8 | 8 | 15 |
| Tax % | 29% | 25% | 25% | 25% | 82% | 25% | 25% | 25% | 31% | 25% | 23% | 26% | 30% |
| Net Profit + | 2 | 3 | 3 | 3 | 0 | 3 | 3 | 5 | 2 | 8 | 6 | 6 | 11 |
| EPS in Rs | 0.94 | 1.37 | 1.25 | 1.31 | 0.03 | 1.19 | 1.22 | 2.01 | 0.79 | 3.39 | 2.46 | 2.58 | 3.17 |
Financials of Uday Jewellery
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 25 | 32 | 45 | 72 | 73 | 92 | 93 | 122 | 177 | 173 | 287 | 726 |
| Expenses + | 24 | 30 | 44 | 68 | 68 | 82 | 86 | 114 | 163 | 160 | 271 | 676 |
| Operating Profit | 1 | 1 | 2 | 4 | 5 | 10 | 8 | 8 | 13 | 13 | 16 | 50 |
| OPM % | 5% | 4% | 3% | 5% | 7% | 11% | 8% | 7% | 8% | 7% | 6% | 7% |
| Other Income + | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | 1 | 1 | 8 |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 7 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 |
| Profit before tax | 1 | 2 | 2 | 3 | 4 | 9 | 8 | 8 | 13 | 12 | 15 | 49 |
| Tax % | 18% | 19% | 27% | 21% | 23% | 26% | 26% | 27% | 26% | 27% | 26% | 26% |
| Net Profit + | 1 | 2 | 1 | 2 | 3 | 7 | 6 | 6 | 10 | 9 | 11 | 36 |
| EPS in Rs | 1.02 | 1.50 | 1.04 | 1.41 | 1.59 | 3.15 | 2.63 | 2.59 | 4.31 | 3.96 | 4.74 | 10.64 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% |
Financials of Uday Jewellery
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 18 | 20 | 23 | 23 | 23 | 23 | 23 | 24 | 34 |
| Reserves | -0 | 2 | 3 | 12 | 16 | 24 | 30 | 36 | 45 | 54 | 83 | 173 |
| Borrowings + | 0 | 4 | 10 | 7 | 12 | 10 | 13 | 27 | 33 | 24 | 25 | 162 |
| Other Liabilities + | 0 | 0 | 0 | 1 | 1 | 2 | 1 | 2 | 5 | 9 | 2 | 11 |
| Total Liabilities | 13 | 19 | 25 | 37 | 49 | 59 | 67 | 88 | 106 | 109 | 134 | 381 |
| Fixed Assets + | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 5 | 6 | 13 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Other Assets + | 12 | 18 | 24 | 36 | 48 | 58 | 66 | 87 | 102 | 104 | 127 | 366 |
| Total Assets | 13 | 19 | 25 | 37 | 49 | 59 | 67 | 88 | 106 | 109 | 134 | 381 |
Financials of Uday Jewellery
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -6 | -1 | -5 | -7 | -9 | -2 | -1 | -14 | 2 | 12 | -18 | |
| Cash from Investing Activity + | 0 | 1 | -0 | 0 | 0 | 0 | 0 | -1 | -3 | -2 | -2 | |
| Cash from Financing Activity + | 6 | 0 | 5 | 9 | 7 | 2 | 2 | 13 | 4 | -11 | 18 | |
| Net Cash Flow | 0 | -0 | -0 | 2 | -2 | 0 | 2 | -2 | 4 | -1 | -2 | |
| Free Cash Flow | -7 | -1 | -5 | -7 | -10 | -2 | -1 | -15 | -1 | 10 | -20 | |
| CFO/OP | -562% | -54% | -258% | -174% | -178% | 0% | 26% | -158% | 36% | 119% | -87% |
Financials of Uday Jewellery
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 43 | 90 | 70 | 96 | 98 | 123 | 114 | 103 | 92 | 101 | 88 | 67 |
| Inventory Days | 95 | 82 | 93 | 67 | 132 | 96 | 120 | 151 | 116 | 119 | 74 | 115 |
| Days Payable | 2 | 0 | 1 | 4 | 4 | 2 | 2 | 4 | 7 | 18 | 1 | 1 |
| Cash Conversion Cycle | 136 | 172 | 162 | 159 | 227 | 217 | 232 | 249 | 200 | 202 | 161 | 181 |
| Working Capital Days | 129 | 124 | 91 | 122 | 162 | 173 | 196 | 168 | 126 | 143 | 126 | 97 |
| ROCE % | 17% | 11% | 10% | 12% | 12% | 20% | 14% | 11% | 16% | 13% | 14% | 22% |
Momentum score · price trend
87 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +40.2% | 82% |
| Last 6 months | +41.4% | 87% |
| Last 3 months | +52.9% | 98% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Uday Jewellery: 0.4 × 82 + 0.4 × 87 + 0.2 × 98 = 87.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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What Uday Jewellery's management said in earlier quarters
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