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
FY26 Revenue Est.
~₹1,156 Cr
+79% YoY Growth
Market Cap
₹519 Cr
CMP: ₹215 (10-Apr-26)
ROE (FY25)
31.5%
TTM P/E: ~11.6x
FY26 Target Margins
4.0% PAT
>5% expected for H2 FY26
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 is scaling rapidly, targeting INR 4,000Cr revenue by FY30.
FY26 UPDATE HIGHLIGHTS
- Revenue Trajectory: ~79% YoY Revenue Growth achieved in FY26.
- H2 FY26 Surge: ~88% YoY Revenue Growth in H2, supported by peak festive demand.
- Client Acquisition: Onboarded 112 new corporate clients in FY26, diversifying risk.
- Volume Disconnect: While revenue surged to ~₹1,156 Cr, physical Volume Growth settled at ~11% YoY (below early ~30-35% guidance) as gold price inflation drove ticket sizes rather than sheer off-take.
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.
- Apr 2026 - Major Scale: Reaches ~₹1,156 Cr FY26 Topline (+79% YoY).
Key Management & Vision
- Pankaj Jagawat (Managing Director): Founder & promoter (20+ yrs). CMD of Shanti Gold International. Vision-driver behind design-led differentiation.
- 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.
- Long-Term Goal (FY30): Management aims for INR 4,000Cr revenue target via organic growth, potential fund-raises, and scale.
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
- Focus on 18-22 carat gold (skewing to 18 carat for affordability)
- Designer focus: ~10% gross margin vs. ~4–5% plain gold
- 400+ new CAD designs every month from 50+ designers
DIAMOND JEWELLERY
Premium Growth Segment
- Natural diamonds reached ~3.5% of Revenue in H2 FY26.
- Lab-grown diamonds currently ~1% contribution but scaling via B2B tie-ups.
- Targeting ₹100–500 Cr standalone revenue from this segment.
- Drives better product mix and realization.
PLAIN GOLD CASTING
New Category
- 22K plain gold casting and paper casting jewellery
- Broader retailer appeal beyond CZ specialisation
- Same manufacturing infra — zero marginal capex
- Expands wallet share with existing retailer base
B2B MODEL ADVANTAGES
- Direct to Corporates: 100% B2B model with no retail distribution channels, avoiding storefront capex.
- Customer Additions: Onboarded 112 new clients in FY26 to diversify away from the top 10 clients who hold ~50% concentration.
- Fixed % Markup on Gold: Revenue is fixed % markup on gold value — structural passthrough. 100% hedging of gold mitigates price volatility.
- Design as Moat: Non-overcrowded market position sustained by constant design velocity.
05 • FINANCIALS
P&L Summary
FY20–FY25 Audited · H1 FY26 Unaudited · FY26 Scale-Up
CAUTIONARY CONTEXT: The Volume Disconnect
While FY26 revenue estimate hits a massive ~₹1,156 Cr (+79% YoY), physical volume growth settled at only ~11% — significantly below the ~30-35% target, which was re-iterated during the March'26 investor meet. The topline surge is predominantly driven by gold price inflation, which on the contrary was a contributory for reduction in volumes. Physical capacity utilization and true operational leverage appears to be at mismatch with revenue headline at the moment. Further stability in gold prices should help boost volume growth in FY27.
| 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% |
| FY26 Est. Update | ~₹1,156 Cr* | Based on April 10 update of 79% YoY Topline Growth. PAT Target ~4.0% | |||
06 • MARGINS & CAPACITY
Margin Expansion Drivers & Capacity Roadmap
What Drives Margin Expansion · Capacity Utilisation (~60%)
Margin Expansion Drivers
- Designer Mix Shift: Plain gold: ~4–5% PAT. Traditional Gold Jewellery: ~10% margin. Diamonds & watches push margins higher.
- Operating Leverage: Fixed overheads spread out. Capacity utilization is currently at ~60%, providing ample headroom.
- Gold Price Realization: Benefited from recent price realizations; top-line inflates without corresponding cost increases.
- 100% Hedging: Gold is 100% hedged to mitigate price volatility. Processing loss is kept strictly at ~2% on gold.
- PAT Guidance: Management targets a 4% PAT margin for FY26 baseline, noting >5% expected for the H2 FY26 period, and targeting 4% for next year assuming stable prices.
Capacity & Expansion Plan
| Period | Capacity | Utilisation | Note |
|---|---|---|---|
| FY22 | 750 kg | 80% | Pre-listing base capacity |
| FY25 | 1,500 kg | 67% | Post-expansion |
| FY26 | 1,500 kg | ~60% | Per March Concall Data |
| Target | 2,500 kg | - | Commissioning; expected H2 FY26 / FY27 |
GLOBAL & CAPEX ROADMAP
- Export-led B2B push: Opening offices in Middle East (UAE) for global reach into GCC, US, Singapore, Malaysia.
- New machine investments and security upgrades underway.
- Will raise institutional funds (equity/debt) for growth and incremental working capital.
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 (10-Apr-26): ₹215 — +95% vs. IPO price of ₹110
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)
- Allottees: Pankaj Jagawat (8.5L) + Paresh Shah (3.3L)
CONVERSION UPDATE (Aug 29, 2025): Paresh Shah exercised all 3.3L warrants. 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 grew 79% FY25→FY26. Capital Needs: Seeking institutional funds/debt for further WC scaling.
Capacity Expansion to 2.5T
Capex for 5,600 sq. ft. + machinery commissioned FY26. Full revenue impact expected FY27.
Dubai Subsidiary Seeding
100% UAE WOS for global B2B reach. Export-led setup, not retail storefronts.
Diamond Segment Entry
Proceeds enabling R&D prototyping, targeting ₹100-500Cr run-rate in future.
🟢 RECENT INSIDER BUYING — MD PANKAJ JAGAWAT
Total 1,78,200 shares purchased in open market over 5 days in March 2026 — strong signal of promoter conviction.
08 • MACRO & COMPETITION
Macro Tailwinds & Competitive Landscape
Real-Time Inventory · Geopolitical Insulation
MACRO OUTLOOK & GEOPOLITICS
- Overall Demand: Extremely positive with no pressure despite geopolitics; markets are stable and war impacts have subsided. Strong traction in seasonally favorable quarters.
- Rising Gold Prices — Net Positive for Utssav: Utssav charges a fixed % markup over gold value. Rising gold prices directly inflate absolute revenue without margin degradation, though it can compress physical volume growth.
- Inventory & Hedging: Real-time inventory systems implemented for new markets. 100% hedging ensures minimal impact from gold price shocks.
COMPETITIVE LANDSCAPE
- No Backward Integration Threat: Management does not foresee backward integration by their clients impacting demand.
- Organised Domestic Competition: Sky Gold, Shanti Gold, RBZ, Malabar B2B. Utssav differentiates by remaining design-focused in a non-overcrowded market.
- BIS Hallmarking as Protective Moat: Mandatory BIS hallmarking creates a structural barrier for low-quality imported Chinese/Turkish CZ jewelry at the wholesale level.
09 • STOCK & VALUATION
Valuation Snapshot & FY30 Target
Re-Rating Catalysts & Trading Dynamics
VALUATION SNAPSHOT
MCap (10-Apr-26)
₹519 Cr
CMP (10-Apr-26)
₹215
TTM P/E
~11.6x
ROE (FY25)
31.5%
*Book Value ₹70.6
LONG-TERM VISION & CATALYSTS
- FY30 Objective: Management has stated a long-term goal to hit INR 4,000Cr in revenue.
- Dubai WOS going live: First export revenues from UAE subsidiary provide new global growth narrative into GCC/US.
- Natural Diamond Scale-up: Hit ~3.5% of Revenue in H2 FY26. Sustained acceleration here drives margin re-rating.
- Capital Action: Plans to raise funds (equity or debt) to bring in big institutional investors and fulfill working capital requirements.
10 • PEER ANALYSIS
B2B Jewellery Comparables
Where Utssav Stands · SME & Mainboard · Key Differentiators
| Company | Exchange | MCap (₹Cr) | EBITDA% | P/E | ROE% | Model / Focus |
|---|---|---|---|---|---|---|
| UTSSAV ★ | NSE SME | 519 | 9.45% (H1) | ~11.6x | 31.5% | CZ Designer B2B |
| Shanti Gold^ | NSE/BSE Main | ~1,331 | ~8% | ~10.4x | ~44.8% | 22K CZ B2B |
| Sky Gold | NSE/BSE Main | ~5,269 | ~6.9% | ~39.7x | ~28% | Plain Gold B2B |
| RBZ Jewellers | NSE/BSE Main | ~455 | ~12.3% | ~9.2x | ~18% | Gold+Diamond B2B |
UTSSAV DIFFERENTIATION vs. PEERS
- Valuation Gap: Trading at ~11.6x P/E despite 79% YoY Topline growth and 31.5% ROE. Larger Mainboard peers (Sky Gold) trade near 40x.
- Pure B2B, No Retail Risk: No showroom capex, no franchise model — highly scalable capital-light model.
- Design Velocity Moat: 400+ new CAD designs/month. Retailer-exclusive designs create deep switching costs.
11 • INVESTMENT VIEW
Positives & Risks — Eyes Wide Open
Balancing extreme growth potential against sector risks
✅ POSITIVES / WHAT'S WORKING
- 📈 79% Revenue Growth: Stupendous topline execution reaching ~₹1,156 Cr in FY26. Management targeting ₹4,000 Cr by FY30.
- 🤝 Network Expansion: Added 112 new clients in FY26, de-risking the top-heavy 50% concentration from top 10 clients.
- 💎 Diamond Uptick: Natural diamond contribution scaled to ~3.5% of H2 FY26 revenues, proving product-mix upgrade thesis.
- 🌍 Dubai WOS: Export offices to target GCC/US markets directly.
- 👥 Promoter Conviction: Pankaj Jagawat holds 8.5L unconverted warrants @ ₹222 & made open-market purchases of 1,78,200 shares (Mar 2026).
⚠️ RISKS / WATCH POINTS
- 📉 Volume Disconnect: As noted in Financials, FY26 actual volume growth (~11%) missed March guidance (30-35%). Topline is inflated by gold prices, delaying full operational leverage.
- 💧 Working Capital Intensity: Rapid revenue scaling will force the company to raise additional institutional funds/debt.
- ⚙️ Capacity Utilization: Currently stalling at ~60% due to the slower physical volume growth mentioned above.
- ⚖️ Warrant Dilution Ahead: 8.5L warrants remain unconverted at ₹222.
Disclaimer
UTSSAV CZ GOLD JEWELS LIMITED · NSE SME · April 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.
April 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.
April 2026 · NSE SME: UTSSAV · For Educational Purposes Only — Not Investment Advice