Annual reportSep 2026
Sep 2026 · Updates 3 Sep - AGM notice and FY2025-26 annual report dispatched; 17th AGM on September 25, 2026 via VC/OAVM.
Source: Nse
Pushpa Jewellers Ltd. (PUSHPA)
SME CapConsumer stocks · SME cap · NSE
Pushpa Jewellers Ltd. is a B2B-focused gold jewellery manufacturer established in 2009, supplying high-quality jewellery to wholesalers and retailers across India. It operates an asset-light model, leveraging in-house design capabilities and outsourced execution to enhance scalability, flexibility, and quality control, offering diverse traditional and contemporary designs.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:57 pm IST
Score21 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
61Bullishfull bull SMA stack · SMA20 +6.2% / mo · MACD + · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 81
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PUSHPAD candles · FIT view-7.7%Latest close ₹118.65 on 2026-10-21
Bar
-1.5%
RSI
52
MACD hist
0.17
52W pos
55%
2026-10-21O ₹120.50H ₹121.00L ₹114.45C ₹118.65Vol 1.1L 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
PUSHPANifty Consumer DurablesNifty 500
- PUSHPA
- +0.5%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +7.0 pp
Chart stats
21 Oct 2026- From 52W high
- -20.2%
- 52W range position
- 55%
- ATR (14)
- 5.2%
- Volume vs 20D
- 0.72x
- Avg traded value
- ₹1.8 Cr
- 20D price channel
- ₹92.8 - ₹130
₹148.8
₹81.2 - ₹148.8
₹6.1
Latest completed session
20-session average
52.5% 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 is neutral, 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 · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model+66.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
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 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹247 Cr | NDF | +44.4% |
| EBITDA | ₹22 Cr | NDF | +37.5% |
| Operating margin | 9.0% | NDF | +0 bps |
| PAT | ₹15 Cr | NDF | +36.4% |
| PAT margin | 6.1% | NDF | -36 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.80
- P/B
- 1.88
- EV/EBITDA
- 7.92
- Market Cap
- 291.00Cr
Profitability
- ROE
- 25.20%
- ROCE
- 30.40%
- ROA
- 14.61%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 53.00%
- EPS 5Y
- 72.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 49.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 19.00×
- Altman Z
- 10.39
- Book Value
- 63.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -51.00 Cr
- EPS TTM
- 10.69
Shareholding
- Promoter Hold
- 72.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 247+44.4% vs prev
Net Profit
₹ CrLatest: 15.0+36.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 52. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~5.9% over last month) — short-term momentum positive.
- RSI(14) at 52 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 20% off 52W high · 46% 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
56
RS percentile
Stage 1 Base / Transition
1M return
+13.4%
3M return
+0.5%
6M return
-5.5%
1Y return
-10.6%
RS 1D
+4
RS 20D
+15
Sector rank
#8
Industry rank
#24
Stage evidence
- Price is within 4.2% of the 30-week proxy.
- The 30-week proxy changed +3.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
258 observations
21 Oct 2026Value 92.34-0.19%
RS vs Nifty 50092
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation20/30
Growth21/25
Quality16/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 66.7%.
- Growth contributes 21/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 20/30; 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
10.8
PB
1.9
EV/EBITDA
7.9
ROE
25.2%
ROCE
30.4%
FCF Yield
—
Debt/Equity
0.1
MoS
+66.7%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+66.7%
Previous: +66.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
67
67
67
67
67
66
66
66
66
67
67
67
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
₹123.88
+4.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹355.98
+66.7% MoS
PEG
0.17
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
KKJEWELS
SME
Kabra Jewels Ltd.
Retail
match 92
72
5.5
26.8%
+82%
UNDERVALUED
DIVINEHIRA
SME
Divine Hira Jewellers Ltd.
Retail
match 89
39
68.9
15.1%
-53%
WATCHLIST
SILGO
Small
Silgo Retail Limited
Retail
match 86
23
33.0
5.8%
+1%
OVERVALUED
SHUBHLAXMI
SME
Shubhlaxmi Jewel Art Ltd.
Retail
match 85
26
16.4
4.6%
-265%
OVERVALUED
MOKSH
Small
Moksh Ornaments Limited
Retail
match 84
56
7.8
8.2%
+82%
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 intactReviewed 2026-08-21T18:12:42.866Z
Management commentary snapshot
H1-FY26 revenue grew 18.3% YoY to INR 1,710 Mn, with PAT up 18.3% YoY to INR 110 Mn. EBITDA margins slightly compressed by 4 Bps YoY to 9.30%, while PAT margins saw a 1 Bps YoY compression to 6.43%. Diluted EPS declined 8.6% YoY to INR 4.55/share.
Pushpa Jewellers demonstrates solid top-line and bottom-line growth in H1-FY26, driven by volume expansion. While margins saw slight compression, the asset-light model and strategic focus on design-led differentiation, geographic expansion, and premiumization suggest continued growth potential. The company's B2B model and strong client relationships are key strengths.
Current business mix
Product Wise Revenue (%) H1-FY26
Latest issuer-disclosed distribution across 4 reported categories.
Necklace74.3%
Earrings21.8%
Mala1.8%
Others0.4%
Growth engines
Expanding Geographic Reach
Market presence to be expanded through branch openings in Mumbai, Kerala, Andhra Pradesh, Delhi, Gujarat, along with overseas office expansion.
Product Premiumisation Strategy
Shift towards sophisticated, value-added designs and entry into lab-grown diamonds to enhance margins and capture evolving consumer preferences.
Integrated Digital and ERP Transformation
Digitisation across inventory, production, order, and customer processes, along with SAP ERP implementation, to improve visibility and efficiency.
AI-Fueled Lead Management
AI-driven lead management leverages advanced analytics to identify, score, and prioritize high-potential leads, enabling targeted customer engagement.
Capacity and execution
Branch Office Expansion
Expanding geographic reach through branch openings in Mumbai, Kerala, Andhra Pradesh, Delhi, and Gujarat, along with overseas office expansion.
Tailwinds
Rising Disposable Incomes
Rising disposable incomes and expanding middle-class population are key growth drivers for the Indian jewellery market.
Cultural & Wedding Demand
Strong cultural and wedding-led demand supports consistent consumption in the Indian jewellery market.
Shift to Lightweight, Design-led Jewellery
Growing preference for lightweight, contemporary, and design-led jewellery aligns with the company's differentiation strategy.
Sector Formalization
Formalization of the sector driven by GST, hallmarking, and regulatory reforms enhances transparency and organized market share.
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
The investor presentation provides both H1-FY26 vs H1-FY25 (YoY) and H1-FY26 vs H2-FY25 (QoQ) comparisons for key financial metrics. Both are relevant to assess seasonal performance and sequential momentum in the jewellery business.
Sector KPIs management disclosed
Volume Growth (Kgs)
Volume increased to 423 Kgs in H1-FY26 from 297 Kgs in H1-FY25 (YoY) and 356 Kgs in H2-FY25 (QoQ).
EBITDA Margin
EBITDA Margins were 9.30% in H1-FY26, a 4 Bps YoY compression from 9.34% in H1-FY25.
Premiumization Strategy
Company plans a product premiumisation strategy, shifting towards sophisticated, value-added designs and entry into lab-grown diamonds to enhance margins.
Channel Mix
Pushpa Jewellers operates with a B2B-focused sales model catering to wholesalers and retailers, benefiting from higher volumes and quicker inventory rotation.
Management forward view
Asset-Light Manufacturing Model
Management states an asset-light model with outsourced production to independent karigars ensures scalability, flexibility, and cost efficiency.
Design-Led Differentiation
Management emphasizes design-led differentiation with a wide range of traditional and contemporary designs, enabling lower gold usage and faster inventory turnover.
Customer Loyalty through After-Sales
Management focuses on driving customer loyalty through after-sales excellence, including dedicated support, proactive engagement, and efficient repair processes.
Technology-Enabled Operations
Management highlights integrated technology and flow systems (CAD/CAM, CRM, data intelligence) to power operations, ensuring execution discipline and scalable growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume (in Kgs) | 423 Kgs (H1-FY26) | Sustained growth in volume, indicating successful market penetration and demand generation from new initiatives. |
| EBITDA Margin | 9.30% (H1-FY26) | Stability or improvement in margins, especially as premiumization strategy and digital transformation initiatives are implemented. |
| Geographic Expansion Progress | 5 branch offices, exports to 3 countries | Timely establishment and operational ramp-up of new branch offices in target domestic and overseas markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited 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 52nd percentile of the scored universe and 55th 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 · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Consumer: 55th pctile, median 66 · SME: 66th 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
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 72.7%.
- ▸Promoter pledge is zero.
- ▸ROCE is 30.4%.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸Operating cash flow is negative at ₹-51 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -12.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Pushpa Jewellers Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 2 Sep - 17th AGM on September 25, 2026; annual report for FY2025-26 shared.
Source: Nse
Annual report
Copy of Newspaper Publication 3 Sep - AGM notice and annual report dispatched electronically; e-voting details and cut-off date shared for 17th AGM.
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
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.