Credit rating
Credit Rating 18 Aug - CARE upgraded long-term rating to BBB+ and affirmed A3+ on ₹247 crore bank facilities.
Source: Nse
Utssav CZ Gold Jewels Ltd. (UTSSAV)
SME CapConsumer stocks · SME cap · NSE
Established in 2007, Utssav CZ Gold Jewels Ltd. designs, manufactures, wholesales, and exports 18K, 20K, 22K CZ and Rose Gold jewellery. It also diversified into plain casting, lab-grown, and natural diamond jewellery. Operates on a 100% B2B model, supplying to 430+ retailers across 23 states/2 UTs in India and exporting to UAE. Listed on NSE Emerge in Aug 2024.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result25 May, 01:19 am 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
62Bullishfull bull SMA stack · SMA20 +61.0% / mo · RSI overbought · MACD + · near 52W high · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 78
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
UTSSAVD candles · FIT view+310.6%Latest close ₹1005.25 on 2026-10-19
Bar
-2.3%
RSI
89
MACD hist
14.82
52W pos
97%
2026-10-19O ₹1029.00H ₹1029.00L ₹960.00C ₹1005.25Vol 96,000 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
UTSSAVNifty Consumer DurablesNifty 500
- UTSSAV
- +86.9%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +92.5 pp
Chart stats
19 Oct 2026- From 52W high
- -2.3%
- 52W range position
- 97%
- ATR (14)
- 3.9%
- Volume vs 20D
- 1.41x
- Avg traded value
- ₹6 Cr
- 20D price channel
- ₹640 - ₹1,029
₹1,029
₹175 - ₹1,029
₹38.9
Latest completed session
20-session average
56.4% annualized volatility
Research snapshot
What the evidence says now
Mixed 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 · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +269.0% · PAT +400.0% YoY
Technical
Bullish62
Price trend and sector-relative-strength timing.
Valuation
Legacy model-23.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
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
Excellent · 77/100Rev +269% YoY · PAT +400% YoY · +43% QoQ · operating leverage · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹679 Cr | +269.0% | +43.0% |
| EBITDA | ₹47 Cr | NDF | +6.8% |
| Operating margin | 7.0% | NDF | -200 bps |
| PAT | ₹30 Cr | +400.0% | +3.5% |
| PAT margin | 4.4% | NDF | -169 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.50
- P/B
- 10.28
- EV/EBITDA
- 24.16
- Market Cap
- 2037.00Cr
Profitability
- ROE
- 36.40%
- ROCE
- 28.80%
- ROA
- 14.46%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 57.00%
- EPS 5Y
- 105.00%
- Revenue 3Y
- 69.00%
- EPS 3Y
- 112.00%
Balance Sheet
- Debt/Equity
- 0.94
- Interest Coverage
- 7.00×
- Altman Z
- 10.16
- Book Value
- 82.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -61.00 Cr
- EPS TTM
- 24.46
Shareholding
- Promoter Hold
- 72.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 100%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,155+78.8% vs prev
Net Profit
₹ CrLatest: 59.0+136.0% vs prev
Return on Equity
%Latest: 29.8+51.3% 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
Bullish setupTrend is constructive — long-term uptrend intact. RSI 89.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~37.9% over last month) — short-term momentum positive.
- RSI(14) at 89 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
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
99
RS percentile
Stage 2 UptrendEstablished S2
1M return
+53.9%
3M return
+86.9%
6M return
+310.3%
1Y return
+354.8%
RS 1D
0
RS 20D
0
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 132.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +23.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
21 May 2026
S2 age
106 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 575.49+1.00%
RS vs Nifty 500575
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth24/25
Quality20/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Quality contributes 20/20 to the score.
- Growth contributes 24/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -23.4%.
- Valuation is weaker at 0/30; 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
34.5
PB
10.3
EV/EBITDA
24.2
ROE
36.4%
ROCE
28.8%
FCF Yield
—
Debt/Equity
0.9
MoS
-23.4%
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
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-23.4%
Previous: -23.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
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
₹212.44
-373.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹814.52
-23.4% MoS
PEG
0.32
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
MOTISONS
Small
Motisons Jewellers Limited
Retail
match 92
55
30.2
14.0%
+23%
FAIR VALUE
SHRINGARMS
Small
Shringar House of Mangalsutra Limited
Retail
match 91
59
17.5
26.3%
+24%
FAIR VALUE
RGL
Small
Renaissance Global Limited
Retail
match 90
49
15.9
6.9%
+51%
FAIR VALUE
PUSHPA
SME
Pushpa Jewellers Ltd.
Retail
match 88
67
10.8
25.2%
+66%
UNDERVALUED
KKJEWELS
SME
Kabra Jewels Ltd.
Retail
match 87
72
5.5
26.8%
+82%
UNDERVALUED
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 2026-10-03T07:46:14.022Z
Management commentary snapshot
UTSSAV reported robust FY26 revenue growth of 79% YoY to 1157.46 Cr and PAT growth of 136% YoY to 59.06 Cr. H2 FY26 revenue grew 88% YoY to 681 Cr, with PAT up 95.20% YoY to 29.64 Cr, driven by healthy festive/wedding demand and 112 new clients.
The company delivered strong top-line and bottom-line growth in FY26, supported by product diversification into diamond jewellery and significant client additions. Management's focus on capacity expansion, international presence via a UAE subsidiary, and continuous design innovation suggests continued momentum, despite noted gold price volatility.
Current business mix
Revenue by Karat (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
22 Karat Jewellery59.5%
18 Karat Jewellery40.3%
20 Karat Jewellery & Others0.2%
Growth engines
Product Diversification
Expanding portfolio into Plain Gold, Natural Diamond, and Lab-Grown Diamond jewellery, targeting premium and sustainable luxury segments for higher value addition.
Expanding Market Reach
Strong B2B presence with a growing network of retailers and wholesalers, targeting expansion into high-potential Tier II & III cities to deepen market penetration.
Export Growth
Received Board approval to incorporate a wholly-owned subsidiary in Dubai, UAE, to strengthen international operations and drive long-term growth.
Innovation & Design Leadership
Over 400 new CAD designs every month, aligned with international fashion trends, and integration of advanced technologies to enhance precision and shorten design-to-dispatch cycles.
Capacity and execution
Current Installed Capacity
Current installed capacity is 2,000 kg per annum, with ~65% utilization in FY26.
Planned Capacity Expansion
Steps initiated to expand annual production capacity to 2.5 tonnes, supported by an additional ~5,600 sq. ft. of production space.
Technology & Automation Upgrade
Planned upgrades include CAM Machine, 3D Wax Printers, Rainbo Pro Machine, Yasui Casting Machine, and Flask Burnout Machine to enhance manufacturing precision and efficiency.
Tailwinds
Growing Indian Jewellery Market
India’s Gems & Jewellery market size is projected to expand to US$130 billion by 2030 from US$85 billion in January 2025.
Organized Player Dominance
Share of organized players in the jewellery sector grew from 40% in FY25 to an estimated 45% by FY30E, driven by consumer confidence in hallmarked jewellery.
Evolving Consumer Preferences
Rising demand for lightweight, CZ, and daily-wear jewellery among millennials and working women is driving product innovation.
Policy & Structural Tailwinds
Government initiatives like Bharat Ratnam (Mega CFC) and reduced import duties on gold jewellery are fostering domestic manufacturing and global competitiveness.
Headwinds
Gold Price Volatility
Management noted 'volatility in gold prices' as a factor, though they maintained strong operational momentum.
Increasing Competition
Increasing competition from organized players in the jewellery sector.
Risk radar
Gold Price Volatility
Gold price volatility impacting margins is identified as a threat in the SWOT analysis.
Competition
Increasing competition from organized players is listed as a threat.
Limited Export Base
Exports currently represent ~0.82% of total revenue (FY26), identified as a weakness.
Single Facility
Operating from a single facility is identified as a weakness, potentially restricting immediate scalability.
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 YOY
The company provides H2 FY26 vs H2 FY25 and FY26 vs FY25 results, indicating a focus on annual and half-yearly comparisons. This is appropriate for a jewellery business with seasonal demand influenced by festive and wedding seasons.
Sector KPIs management disclosed
Gross Margin (EBITDA Margin)
FY26 EBITDA Margin was 8.10%, up from 6.23% in FY25. H2 FY26 EBITDA Margin was 7.15%, up from 6.75% in H2 FY25.
Distribution Expansion
Added 112 new clients in FY26, reaching 430+ touch points across 23 states and 2 Union Territories in India.
Input-Cost Trends
Management noted 'volatility in gold prices' but maintained strong operational momentum through differentiated lightweight jewellery offerings and efficient inventory management.
Premiumization/Product Mix
Strengthened product portfolio through a higher contribution from natural diamond jewellery and introduction of new product lines in plain gold and lab-grown diamonds.
Management forward view
Robust Growth Momentum
Management is pleased to deliver robust growth momentum in FY26, driven by healthy festive/wedding season demand, repeat orders, and 112 new clients.
Product Portfolio Strengthening
Product portfolio strengthened through higher contribution from natural diamond jewellery and new plain gold/lab-grown diamond lines, enhancing product mix and realizations.
International Expansion
Incorporation of UAE subsidiary is expected to improve trade efficiencies and support expanding global footprint.
Operational Resilience
Despite gold price volatility, strong operational momentum was maintained through differentiated lightweight jewellery, efficient inventory management, and customer-centric innovation.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization | ~65% (FY26) | Ramp-up towards the expanded annual production capacity of 2.5 tonnes and efficiency gains from technology upgrades. |
| Export Contribution | 0.82% of total revenue (FY26) | Growth in export sales and the operational impact of the newly incorporated UAE subsidiary on global footprint. |
| New Product Mix Contribution | Higher contribution from natural diamond jewellery, introduction of plain gold and lab-grown diamonds. | The impact of these new segments on overall profit margins and customer reach. |
| Client Network Expansion | Added 112 new clients in FY26, 430+ touch points. | Continued expansion into Tier II & III cities and sustained repeat business from existing clients. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited 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 72nd percentile of the scored universe and 76th percentile within Consumer. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Consumer: 76th pctile, median 66 · SME: 90th pctile, median 64
Evidence depth
Financial-only
4 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
90
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 72.6%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2%.
- ▸ROCE is 28.8%.
Trust risks
- ▸Operating cash flow is negative at ₹-61 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Utssav CZ Gold Jewels Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Credit Rating 11 Aug - CARE upgrades bank facilities rating to BBB+/Stable; ₹248.66 crore facilities reviewed.
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · 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.