SME GEMS • HIDDEN CHAMPIONS OF THE SME PLATFORM
India's Premier B2B Designer Gold Jewellery Manufacturer
"Celebrations Forever"
Design-Led · Lightweight · Multi-Segment · Export-Ready
TTM Revenue
₹837 Cr
FY26E: ₹1,100–1,200 Cr
Market Cap
₹447 Cr
CMP: ₹188 (29-Mar-26)
ROE (FY25)
31.5%
TTM P/E: 10.0x
H1 FY26 EBITDA Margin
9.45%
PAT Margin: 6.17%
ABOUT
Established in 2007, Utssav CZ Gold Jewels is a Mumbai-based 100% B2B designer gold jewellery manufacturer. Designs, manufactures and wholesales 18K, 20K & 22K CZ gold, rose gold and diamond jewellery — supplying to retailers across 23 states & 2 UTs, with a growing export presence in UAE. Listed on NSE Emerge in August 2024, Utssav has delivered outstanding financial performance driven by design-led lightweight jewellery commanding premium margins vs. plain gold peers.
H1 FY26 HIGHLIGHTS
- Total Income: ₹477 Cr (+67% YoY)
- EBITDA: ₹45 Cr (+184% YoY)
- PAT: ₹29 Cr (+197% YoY)
- Key Operating Metrics: 320+ Retail Partners, 85%+ Repeat Biz, 70K+ Design Library, 400+ New Designs/Month, 100% In-House Mfg (1,500 kg Annual Capacity).
02 • THE UTSSAV STORY
2007 → 2026
From Single Facility to Multi-Segment Export-Ready Platform
Timeline
- 2007 - Founded: Incorporated in Mumbai as CZ gold jewellery manufacturer.
- 2010 - 18K Rose Gold: Began rose gold; crossed ₹100 Cr turnover milestone.
- 2018 - Capacity 2×: Output doubled from 750 kg to 1,500 kg per annum.
- 2023 - Diamond Entry: Crossed ₹600 Cr revenue; entered lab-grown diamond segment.
- Aug 2024 - NSE Listing: Listed on NSE Emerge @ ₹110; raised ₹69.5 Cr via IPO.
- Jun 2025 - Pref Issue: 11.8L warrants @ ₹222 — promoter & strategic investor.
- Feb 2026 - Dubai WOS: Board approved 100% UAE subsidiary for global exports.
Key Management
- Pankaj Jagawat (Managing Director): Founder & promoter (20+ yrs). CMD of Shanti Gold International. Vision-driver behind design-led differentiation — overseas expansion & B2B relationships.
- Shashank Jagawat (Whole-Time Director): Co-promoter. Manages daily production, client network and retailer relationships.
- Harpreet Guleria (CEO): Professional hire driving strategic expansion — UAE exports, diamond segment scale-up, investor engagement & governance.
- Rakesh Jagawat (CFO): Financial stewardship; IPO proceeds deployment; working capital discipline and margin management.
03 • GROUP STRUCTURE
Promoter Ecosystem
Clear Segmentation · Formal Non-Compete Agreements
JAGAWAT PROMOTER GROUP
Pankaj Jagawat · Shashank Jagawat · Rakesh Jagawat
UTSSAV CZ GOLD JEWELS
NSE EMERGE — LISTED ✓
- 18K/20K/22K CZ & Designer Gold
- Lightweight B2B Wholesale
- Lab-Grown & Natural Diamond Entry
- ← THIS COMPANY
SHANTI GOLD INTERNATIONAL
Listed NSE/BSE Main — Aug 2025
- 22K CZ Gold Jewellery
- Bangles, Rings, Necklaces & Sets
- B2B — South & West India
- Non-Compete Signed ✓
UZURI JEWELS PRIVATE LTD
Private Entity
- Complementary Jewellery
- Private Label Operations
- Separate Client Base
- Non-Compete Signed ✓
WHY NO INTRA-GROUP COMPETITION
- Formal non-compete agreements signed between Utssav, Shanti Gold & Uzuri Jewels — legally binding, disclosed in NSE exchange filings.
- Distinct product focus: Utssav → lightweight designer CZ (18K/20K); Shanti Gold → traditional 22K bangles/sets. Different buyer archetypes.
- Separate client networks: Utssav's pan-India 320+ retailer base vs. Shanti Gold's South/West India clients (Joyalukkas, Lalithaa).
- Shared promoter expertise (design, sourcing, CAD) benefits both entities — positive-sum, zero channel cannibalisation.
04 • BUSINESS MODEL
100% B2B Designer Jewellery
Design-Led Differentiation Drives Superior Margins
CZ GOLD JEWELLERY
Core Revenue Driver (~85%)
- 18K/20K/22K CZ-studded lightweight gold jewellery
- Rings, earrings, pendants, bracelets, necklaces, watches
- Avg piece weight ~10g — accessible B2B price points
- Designer focus: ~10% gross margin vs. ~4–5% plain gold
- 400+ new CAD designs every month from 50+ designers
DIAMOND JEWELLERY
Premium Growth Segment (~1%)
- Natural & lab-grown diamond jewellery in 18K gold
- Higher margin potential: 10–15% EBITDA vs. plain gold
- Early client traction "extremely encouraging" (Concall)
- Targeting ₹100–500 Cr segment revenue medium term
- Lab-grown diamonds: sustainability-driven demand surge
PLAIN GOLD CASTING
New Category (FY26 Entry)
- 22K plain gold casting and paper casting jewellery
- Broader retailer appeal beyond CZ specialisation
- Same manufacturing infra — zero marginal capex
- Lower margin but high volume opportunity
- Expands wallet share with existing retailer base
B2B MODEL ADVANTAGES
- 50% from Top 10 Clients: Marquee clients: Kalyan Jewellers, Lalithaa Jewellery, South/North India chains. 85%+ repeat business signals deep stickiness.
- No Distribution Layer: Direct factory-to-retailer — eliminates margin leakage. No channel intermediaries, full pricing power retained.
- Fixed % Markup on Gold: Revenue is fixed % markup on gold value — structural passthrough. Rising gold prices expand absolute EBITDA directly.
- Design as Moat: 70,000+ design library; 400+ new CAD designs/month. Retailer-exclusive designs create switching costs and loyalty.
05 • FINANCIALS
P&L Summary
FY20–FY25 Audited · H1 FY26 Unaudited · FY26E Management Guidance
| Period | Revenue (₹Cr) | EBITDA (₹Cr) | EBITDA% | PAT (₹Cr) | PAT% |
|---|---|---|---|---|---|
| H1 FY25 | ₹285 Cr | ₹16 Cr | 5.6% | ₹10 Cr | 3.5% |
| H2 FY25 | ₹362 Cr | ₹24 Cr | 6.6% | ₹15 Cr | 4.1% |
| FY25 Full Year | ₹648 Cr | ₹40 Cr | 6.2% | ₹25 Cr | 3.9% |
| H1 FY26 | ₹477 Cr | ₹45 Cr | 9.45% | ₹29 Cr | 6.17% |
| FY26E Guidance | ₹1,100–1,200 Cr | ~₹100–110 Cr | ~9–10% | ~₹55–65 Cr | ~4–6%+ |
06 • MARGINS & CAPACITY
Margin Expansion Drivers & Capacity Roadmap
What Drives Margin Expansion · Capacity Utilisation · Capex Roadmap
Margin Expansion Drivers
- Designer Mix Shift: Plain gold: ~4–5% PAT. Designer CZ: 8–10%. Watches & diamond: 10–15%. Every % shift toward premium mix is directly accretive.
- Operating Leverage: Fixed overhead (8,275 sq. ft., 50+ designers) spread over rising volumes. H1 FY26 utilisation at 67% with 2.5T capacity commissioning.
- Gold Price Passthrough: Revenue is fixed % markup on gold value. Rising gold prices inflate revenue & EBITDA without any cost increase — structural tailwind.
- Natural Hedging on Gold: Transaction-level natural hedging. Gold procured and sold on same basis. Receivable days (62 FY25) is the primary working capital watch-point.
- Diamond Segment Uplift: Lab-grown & natural diamond carries 10–15% EBITDA potential. Early client traction provides clear margin re-rating catalyst into FY27.
"9–10% EBITDA sustainable. 4.5–5% PAT baseline. Diamond segment will push margins higher."
— Mr. Pankaj Jagawat, MD (Concall Oct 31, 2025)
Capacity & Capex Roadmap
| Period | Capacity | Utilisation | Note |
|---|---|---|---|
| FY22 | 750 kg | 80% | Pre-listing base capacity |
| FY25 | 1,500 kg | 67% | Post-expansion; utilisation steady |
| H1 FY26 | 1,500 kg | 67% | Confirmed in H1 earnings concall |
| FY26E | 2,500 kg | 50% | Commissioning; expected H2 FY26 / FY27 |
CAPEX & TECHNOLOGY UPGRADES
- + 5,600 sq. ft. additional production space for the 2.5T expansion
- CAM machine, 3D wax printers — precision manufacturing & rapid prototyping
- Yasui casting machine & Flask Burnout — higher casting accuracy
- Rainbo Pro meena machine — enhances enamel artistry & premium SKUs
- R&D infra upgrade for diamond jewellery prototyping
07 • WARRANT ISSUE & CAPITAL
IPO · Convertible Warrants · Fund Deployment
How Capital is Powering Growth
IPO — AUGUST 2024
- Issue Size: ₹69.5 Crore (100% Fresh Issue)
- Price Band: ₹104–₹110 per share
- Subscription: 31.68× oversubscribed
- Anchor Allotment: 18L shares @ ₹110 to 13 anchors
- Use of Proceeds: Working capital + general corporate purposes
- CMP (29-Mar-26): ₹188 — +71% vs. IPO price of ₹110
Impact: IPO proceeds → working capital → FY25 revenue doubled ₹340 Cr → ₹648 Cr. Now targeting ₹1,100–1,200 Cr FY26E.
WARRANT ISSUE — JUNE 2025
- Warrants Issued: 11,80,000 warrants (11.8 lakh)
- Issue Price: ₹222 per warrant
- Total Size: ₹26.2 Crore (on full conversion)
- Upfront (25%): ₹6.55 Cr received at allotment
- Balance (75%): ₹19.65 Cr on exercise (18-month window)
- Allottees: Pankaj Jagawat (8.5L) + Paresh Shah (3.3L)
CONVERSION UPDATE (Aug 29, 2025): Paresh Shah exercised all 3.3L warrants → equity shares @ ₹166.5 each. Capital raised: ₹5.49 Cr. Pankaj Jagawat's 8.5L warrants remain unconverted — ongoing skin-in-the-game. On full exercise: additional ₹31.4 Cr inflow.
HOW CAPITAL IS POWERING GROWTH
Working Capital Scale-Up
Revenue doubled FY24→FY25. On track ₹1,100–1,200 Cr FY26E. WC is the primary growth fuel in B2B jewellery.
Capacity Expansion to 2.5T
Capex for 5,600 sq. ft. + machinery (CAM, 3D wax, Yasui) commissioned FY26. Full revenue impact expected FY27.
Dubai Subsidiary Seeding
100% UAE WOS approved Feb 2026. Initial capital from pref proceeds + accruals to establish export infra.
Diamond Segment Entry
Proceeds enabling R&D prototyping, design library expansion and first client onboarding.
🟢 RECENT INSIDER BUYING — MD PANKAJ JAGAWAT (OPEN MARKET PURCHASES)
1,39,800 shares on 20-Mar-2026 · 34,200 shares on 24-Mar-2026 · 4,200 shares on 25-Mar-2026 → Total: 1,78,200 shares purchased in open market over 5 days — strong signal of promoter conviction at current price levels.
08 • MACRO & COMPETITION
Macro Tailwinds & Competitive Landscape
Gold/Silver Prices · Imported Jewellery · Organised Domestic Competition
GOLD & SILVER PRICE DYNAMICS
- Rising Gold Prices — Net Positive for Utssav: Utssav charges a fixed % markup over gold value. When gold rises, absolute revenue and EBITDA grow without cost increase. Gold has compounded ~20% YoY — a significant FY25–FY26 tailwind inflating topline and margins.
- Impact on Retail Consumer Demand: High gold prices can suppress retail consumer demand in volume terms — fewer grams purchased. However, Utssav is B2B wholesale; its pricing model insulates it. Festival/wedding demand and retailer reorder cycles are the real drivers.
- Silver Jewellery & Fashion Substitution: Rising gold prices push some consumers toward silver or imitation jewellery. Utssav's 18K CZ lightweight positioning is affordable relative to 22K traditional gold — structurally insulated from this substitution effect.
- Gold Price Hedging — Transaction Level: Gold is procured and sold within the same ~30-day cycle. No inventory gold price risk. 100% natural transaction-level hedge in place. Receivable days management is the only meaningful financial risk.
IMPORTED JEWELLERY & COMPETITIVE LANDSCAPE
- Chinese Imports — Key Price Threat: China exports mass-produced CZ & fashion jewellery at ~30–40% lower price points via grey-market and e-commerce. Utssav mitigates this by operating in 18K hallmarked, BIS-certified designer space where provenance and quality dominate.
- BIS Hallmarking as Protective Moat: Mandatory BIS hallmarking (HUID system since 2021) creates a structural barrier for low-quality imports. All Utssav products are BIS-certified — imported products must comply or face seizure. This significantly narrows the import threat at the B2B wholesale level.
- UAE Re-Import Route — Risk to Monitor: Some Chinese/Turkish jewellery enters India via UAE under India-UAE CEPA at reduced tariffs — a potential arbitrage channel. Utssav's Dubai WOS actually positions the company to monitor and navigate this channel proactively.
- Organised Domestic Competition: Sky Gold, Shanti Gold, RBZ, Malabar B2B all competing for the same retailer wallet. Organised share growing from 40% (FY24) to 45% (FY30E). Utssav's design velocity (400+ CAD/month) and exclusive retailer designs create switching costs competitors cannot match.
09 • STOCK & VALUATION
1-Year Price Journey & Valuation Snapshot
Re-Rating Catalysts & Trading Dynamics
VALUATION SNAPSHOT
MCap (29-Mar-26)
₹447 Cr
CMP (29-Mar-26)
₹188
52W Hi/Lo
₹281 / ₹160
TTM P/E
10.0x
FY26E P/E*
~7.5–8x
MCap/Sales (TTM)
~0.53x
ROE (FY25)
31.5%
P/B
~2.7x
*FY26E indicative — H1 run-rate annualised. Not a formal forecast. Book Value ₹70.6
KEY RE-RATING CATALYSTS
- FY26 Revenue execution: ₹1,100–1,200 Cr guidance — H2 FY26 delivery is the near-term catalyst for sentiment re-rating.
- Dubai WOS going live — first export revenues from UAE subsidiary visible in FY27 provide new growth narrative.
- Diamond jewellery revenue scale-up contributes to revenue mix improvement and sustained margin re-rating above 9–10%.
- Promoter warrant conversion by Pankaj Jagawat (8.5L @ ₹222) — execution signals conviction; watch for exercise timeline.
- 2.5T capacity ramp-up in FY27 delivers next step of operating leverage without incremental meaningful capex.
- Quarterly results cadence (committed in concall) improves investor visibility and enables institutional discovery.
10 • PEER ANALYSIS
B2B Jewellery Comparables
Where Utssav Stands · SME & Mainboard · Key Differentiators
| Company | Exchange | MCap (₹Cr) | TTM Rev (₹Cr) | EBITDA% | PAT% | P/E | ROE% | Model / Focus |
|---|---|---|---|---|---|---|---|---|
| UTSSAV ★ | NSE SME | 447 | 837 | 9.45% | 6.17% | 10.0x | 31.5% | CZ Designer B2B |
| Shanti Gold^ | NSE/BSE Main | ~1,331 | ~860 | ~8% | ~5% | ~10.4x | ~44.8% | 22K CZ B2B |
| Sky Gold | NSE/BSE Main | ~5,269 | ~5,442 | ~6.9% | ~4.2% | ~39.7x | ~28% | Plain Gold B2B |
| RBZ Jewellers | NSE/BSE Main | ~455 | ~584 | ~12.3% | ~8.9% | ~9.2x | ~18% | Gold+Diamond B2B/Retail |
| Goldiam Intl. | NSE/BSE Main | ~3,287 | ~941 | ~20.9% | ~16.7% | ~24.7x | ~30% | Diamond B2B Export |
| Ashapuri Gold | NSE/BSE Main | ~140 | ~317 | ~9.9% | ~3.8% | ~7.9x | ~7% | Antique Gold B2B Mfg |
^Shanti Gold: listed Aug 2025 on NSE/BSE mainboard (IPO ₹199); same promoter group — non-compete in place.
RHP listed peers: Ashapuri Gold, Sky Gold (2024 DRHP). Peer data from Screener/Tickertape (Mar 2026). Not investment advice.
UTSSAV DIFFERENTIATION vs. PEERS
- Superior EBITDA vs. Similar-Scale Peers: 9.45% H1 FY26 EBITDA — ahead of all comparable CZ/plain gold B2B wholesale peers. Goldiam and RBZ carry higher margins but serve premium diamond export & retail — fundamentally different models.
- Design Velocity Moat: 400+ new CAD designs/month, 70K+ library. Retailer-exclusive designs create deep switching costs competitors cannot replicate at scale.
- Pure B2B, No Retail Risk: No showroom capex, no franchise model — capital-light model delivering 31.5% ROE vs. 10–14% for comparable B2B peers like DP Abhushan and RBZ Jewellers.
- Two Growth Optionalities: Dubai WOS + Diamond segment at 10.0x TTM P/E. Peers at similar profitability trade at 20–35x+ multiples.
11 • INVESTMENT VIEW
Positives & Risks — Eyes Wide Open
Balancing extreme growth potential against sector risks
✅ POSITIVES / WHAT'S WORKING
- 📈 Revenue Compounding: 74% 3-yr revenue CAGR; 97% PAT CAGR. Management guiding ₹1,100–1,200 Cr FY26E — trajectory rarely seen at ₹447 Cr MCap.
- 💎 Design-Led Margin Moat: 9.45% EBITDA H1 FY26. Driven by designer CZ + watch/diamond mix. Sustainable 9–10% guided. Not cyclically dependent on gold price.
- 🏭 Capacity Expansion Live: 2.5T commissioning underway — provides volume runway for 2 years of growth without material infra spend.
- 🌍 Dubai WOS — Strategic: UAE subsidiary creates export franchise. GCC is natural buyer of Indian designer gold. Early mover advantage vs. SME peers.
- 👥 Promoter Conviction: Pankaj Jagawat holds 8.5L unconverted warrants @ ₹222 & made open-market purchases of 1,78,200 shares (Mar 2026) — strong insider conviction signal.
- 💰 Capital-Light B2B Model: 100% in-house; no retail; B2B only. Fixed-asset turnover: 79x FY25. Capital deployed into working capital, not capex.
⚠️ RISKS / WATCH POINTS
- 💧 Working Capital Intensity: Borrowings at ₹149 Cr (Sep 2025). Gold B2B is inherently WC-heavy. Revenue scaling requires proportional capital deployment.
- 📊 Customer Concentration: Top 10 clients = ~50% revenue. Losing one marquee client materially impacts numbers. Tier 2-3 diversification is ongoing.
- 🌍 Dubai Geopolitical Risk: Iran-Israel conflict has disrupted Dubai exhibitions & buyer travel. UAE WOS faces near-term headwinds from regional instability.
- 📉 SME Platform Liquidity: Thin volumes, wide bid-ask spreads. Daily volumes 50K–200K shares. Sharp corrections possible on institutional exits.
- ⚖️ Warrant Dilution Ahead: 8.5L Pankaj Jagawat warrants unconverted. Exercise within 18 months of Jun 2025 creates modest dilution — EPS timing uncertainty.
- 🏆 Competition Intensifying: Sky Gold, Shanti Gold (IPO), imported CZ jewellery all competing for same B2B wallet. Design moat must be continuously renewed.
Disclaimer
UTSSAV CZ GOLD JEWELS LIMITED · NSE SME · March 2026
IMPORTANT NOTICE — PLEASE READ:
This presentation is prepared for educational and informational purposes only and does not constitute investment advice, a buy/sell recommendation, solicitation, or a research report as defined under SEBI (Research Analysts) Regulations, 2014.
Investing in SME-listed securities involves significant risks including limited liquidity, higher volatility, lower regulatory disclosure requirements, and concentration risk. Past performance is not indicative of future returns.
All data, figures and estimates are sourced from publicly available information (NSE filings, Screener, company investor presentations, earnings concall transcripts, exchange announcements). Forward-looking estimates are indicative only and based on management guidance — actual results may differ materially.
Readers must conduct independent due diligence and consult a SEBI-registered investment advisor before making any investment decision.
March 2026 · NSE SME: UTSSAV · For Educational Purposes Only — Not Investment Advice
This presentation is prepared for educational and informational purposes only and does not constitute investment advice, a buy/sell recommendation, solicitation, or a research report as defined under SEBI (Research Analysts) Regulations, 2014.
Investing in SME-listed securities involves significant risks including limited liquidity, higher volatility, lower regulatory disclosure requirements, and concentration risk. Past performance is not indicative of future returns.
All data, figures and estimates are sourced from publicly available information (NSE filings, Screener, company investor presentations, earnings concall transcripts, exchange announcements). Forward-looking estimates are indicative only and based on management guidance — actual results may differ materially.
Readers must conduct independent due diligence and consult a SEBI-registered investment advisor before making any investment decision.
March 2026 · NSE SME: UTSSAV · For Educational Purposes Only — Not Investment Advice