Annual report
Annual Report 2026
Source: Nse
Kabra Jewels Ltd. (KKJEWELS)
SME CapConsumer stocks · SME cap · NSE
Kabra Jewels Ltd. is an Indian jewelry retailer operating on an asset-light lease model. The company recently completed an IPO and is focused on expanding its market presence and diversifying its product portfolio, including gold, silver, and diamond jewelry. It aims for sustained growth through operational enhancements and brand building.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result26 Apr, 11:23 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 +10.8% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 84
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KKJEWELSD candles · FIT view+27.2%Latest close ₹140.25 on 2026-10-19
Bar
+10.4%
RSI
64
MACD hist
4.60
52W pos
75%
2026-10-19O ₹127.00H ₹140.95L ₹117.35C ₹140.25Vol 3.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KKJEWELSNifty Consumer DurablesNifty 500
- KKJEWELS
- +40.4%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +46.0 pp
Chart stats
19 Oct 2026- From 52W high
- -13.9%
- 52W range position
- 75%
- ATR (14)
- 7.3%
- Volume vs 20D
- 3.37x
- Avg traded value
- ₹1.8 Cr
- 20D price channel
- ₹93.2 - ₹162.8
₹162.8
₹72.1 - ₹162.8
₹10.2
Latest completed session
20-session average
114.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish65
Price trend and sector-relative-strength timing.
Valuation
Legacy model+82.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2025
Pending dataYoY comparison unavailable - result verdict pending data
Filed 30 Sept 2025
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹98 Cr | NDF | -26.3% |
| EBITDA | ₹14 Cr | NDF | NDF |
| Operating margin | 14.0% | NDF | NDF |
| PAT | ₹7 Cr | NDF | -22.2% |
| PAT margin | 7.1% | NDF | NDF |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 5.49
- P/B
- 1.30
- EV/EBITDA
- 6.08
- Market Cap
- 137.00Cr
Profitability
- ROE
- 26.80%
- ROCE
- 20.50%
- ROA
- 8.68%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 78.00%
Balance Sheet
- Debt/Equity
- 1.48
- Interest Coverage
- 4.18×
- Altman Z
- 2.50
- Book Value
- 100.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -41.00 Cr
- EPS TTM
- 23.62
Shareholding
- Promoter Hold
- 62.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 268+27.0% vs prev
Net Profit
₹ CrLatest: 25.0+127.3% vs prev
Return on Equity
%Latest: 23.8+73.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 64. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~9.7% over last month) — short-term momentum positive.
- RSI(14) at 64 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 95% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
90
RS percentile
Stage 2 UptrendNew S2
1M return
+45.3%
3M return
+31.1%
6M return
+55.8%
1Y return
+55.1%
RS 1D
+4
RS 20D
+41
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 35.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
13 Oct 2026
S2 age
5 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
248 observations
19 Oct 2026Value 152.13+8.71%
RS vs Nifty 500152
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth23/25
Quality17/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-8
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 82.2%.
- Valuation contributes 30/30 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
5.5
PB
1.3
EV/EBITDA
6.1
ROE
26.8%
ROCE
20.5%
FCF Yield
—
Debt/Equity
1.5
MoS
+82.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+82.2%
Previous: +82.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
73
73
73
73
73
73
73
73
73
72
72
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹230.53
+39.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹786.55
+82.2% MoS
PEG
0.13
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MOKSH
Small
Moksh Ornaments Limited
Retail
match 87
56
7.8
8.2%
+82%
FAIR VALUE
PUSHPA
SME
Pushpa Jewellers Ltd.
Retail
match 86
67
10.8
25.2%
+66%
UNDERVALUED
SHUBHLAXMI
SME
Shubhlaxmi Jewel Art Ltd.
Retail
match 85
26
16.4
4.6%
-265%
OVERVALUED
SILGO
Small
Silgo Retail Limited
Retail
match 82
23
33.0
5.8%
+1%
OVERVALUED
UTSSAV
SME
Utssav CZ Gold Jewels Ltd.
Retail
match 79
55
34.5
36.4%
-23%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-19T07:49:52.779Z
Management commentary snapshot
FY25 saw broad-based growth in revenue, profits, and EPS, but recent margins declined due to high gold prices and lab-grown diamond competition. New showroom opened, and aggressive marketing is underway.
Despite FY25 growth and post-IPO expansion, recent margin compression from gold price volatility and lab-grown diamond competition is concerning. Management's conservative growth outlook (20-25% CAGR) and high debt burden (INR95 crores) warrant close monitoring of new store performance and marketing efficacy.
Growth engines
New Showroom Expansion
positiveThe opening of 'KK Jewel's Gold and Silver' in May 2025 is a key milestone for expanding market presence. Management is also scouting for two more locations, including an exclusive silver boutique.
Aggressive Marketing Post-IPO
positivePost-IPO, the company is investing more in commercial marketing (newspaper ads, hoardings, radio, pamphlets, live videos) to pull new clients and increase turnover.
Natural Diamond Market Recovery
positiveAfter a period of decline due to lab-grown diamonds, natural diamond demand is picking up, with a reported 7-8% price hike, which should help restore margins.
Potential B2B and Export Entry
positiveManagement is actively exploring B2B and export markets, with a meeting scheduled with a CEO of a large retailer. They recently participated in an exhibition in Saudi Arabia.
Capacity and execution
New Showroom Commissioned
positiveA new 1,500 sq ft showroom, 'KK Jewel's Gold and Silver,' opened in May 2025 in Science City, Ahmedabad, with an investment of INR35 crores in inventory (32-33 kg gold, 300-400 kg silver).
Planned Silver Boutique
positiveThe company is looking to open an exclusive silver boutique in Ahmedabad with an investment of INR10 crores, aiming for an additional sale of INR15-20 crores.
Tailwinds
Natural Diamond Demand Revival
positiveAfter a campaign by DTC/De Beers, demand is shifting back to natural diamonds, with no inquiries for lab-grown in the last 15 days and a 7-8% price hike reported.
Strategic IPO Fund Deployment
positiveEfficient deployment of IPO funds, increased inventory velocity, and operational enhancements are expected to drive higher turnover and improved profitability.
Headwinds
High Gold and Silver Prices
negativeGold prices reaching INR1 lakh and high silver prices have made customers hesitant, leading to very slow sales in April and May 2025.
Lab-Grown Diamond Competition
negativeThe rise of the lab-grown diamond market initially decreased diamond jewelry sales and margins, though management claims this trend is reversing.
High Debt Burden
negativeThe company carries a high debt of INR95 crores, which an investor noted is affecting profitability. Management aims to reduce it in 2-3 years.
Risk radar
Gold Price Volatility
highSignificant gold price increases have impacted net profit margins as costs are not fully passed on, and high prices deter customer purchases.
Execution Risk on New Stores
mediumThe new Science City store is expected to achieve only one inventory turnover in its first year, indicating a slow ramp-up and potential for lower-than-expected initial returns.
High Finance Costs
highFinance cost as a part of turnover is around 5%. While expected to decrease with IPO funds, the high debt of INR95 crores remains a concern for profitability.
Competition and Market Acceptance
mediumThe new store faces competition from a dozen jewelers. Success hinges on unique concepts and effective marketing to attract new clients in a competitive market.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
FY25 results provide an annual overview, but recent market shifts (gold price surge, lab-grown diamond impact) and new store commissioning make QoQ trends in demand, margins, and utilization critical for assessing sequential momentum.
Sector KPIs management disclosed
Gross Margin
negativeNet profit margin saw a marginal decline as gold price increase cost is often not entirely proportionate to selling prices, and labor charges also rise. EBITDA margin dropped from 16% in November to 13% in March.
Volume Growth vs Pricing
mixedOverall revenue grew robustly with gold prices, but demand was slow in April and May due to gold reaching INR1 lakh. Customers tend to wait for prices to stabilize.
Distribution Expansion
positiveA new showroom, 'KK Jewel's Gold and Silver,' opened in May 2025 in Science City, Ahmedabad. The company is looking for two more locations, including an exclusive silver boutique in Ahmedabad.
Input-Cost Trends
mixedGold and silver prices are at a height. Diamond selling prices decreased from INR80,000 to INR65,000 per carat due to lab-grown competition, but natural diamond demand is now picking up with a 7-8% price hike.
Management forward view
Conservative Growth Outlook
neutralManagement expects a revenue CAGR of at least 20-25% minimum for the next three years, citing conservative estimates due to recent market slowdowns in April-May.
Debt Reduction in Future
neutralThe company is not planning to reduce external debt currently due to expansion mode but may plan to reduce it from accruals within two to three years.
Focus on Marketing and Customer Engagement
positivePost-IPO, the company is aggressively investing in marketing, including digital platforms and community engagement, to expand its customer base beyond word-of-mouth.
Seeking Investor Support
neutralManagement humbly requested investors to promote the company's social media, refer friends/relatives, and provide business ideas to help grow the company.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Showroom Turnover (Science City) | Expected 1x turnover in first year. | Faster-than-expected inventory turns and revenue contribution from the new store, indicating successful market penetration. |
| Overall PAT Margin | Dropped to 3-3.5% in recent months from ~7% (RHP) and EBITDA from 16% to 13%. | Stabilization and improvement in PAT/EBITDA margins, driven by natural diamond recovery and effective cost management. |
| Debt Reduction Progress | INR95 crores debt, no immediate reduction planned. | Concrete steps and timelines for debt reduction, and a decrease in finance costs as a percentage of turnover. |
| B2B and Export Market Entry | Exploring opportunities, meeting with a large retailer CEO. | Announcements of successful B2B partnerships or export orders, indicating new revenue streams and diversification. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 34th percentile within Consumer. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Consumer: 34th pctile, median 66 · SME: 36th pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 62.8%.
- ▸Promoter pledge is zero.
- ▸ROCE is 20.4%.
Trust risks
- ▸Operating cash flow is negative at ₹-41 Cr.
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.48.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Kabra Jewels Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.