Swarnsarita Jewels India Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Promoters have been increasing their shareholding - up 8.1pp over 2 years
- Latest quarter profit grew 107.6% YoY, showing strong momentum
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.2
- Stock looks reasonably valued - P/E of 5.0 is below its historical median
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (68.2% of PBT)
- Company has a low return on equity of 6.2% over last 3 years
- Company has a low return on capital employed of 8.3%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.55x)
- Company has delivered a poor sales growth of 6.4% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TITAN | 5010.00 | 77.22 | 444780.87 | 0.30 | 1777.00 | 62.88 | 21356.00 | 44.16 | 21.90 | 13.54 |
| KALYANKJIL | 615.60 | 44.30 | 63576.15 | 0.41 | 348.67 | 32.03 | 10588.93 | 45.68 | 24.86 | 5.97 |
| LALITHAA | 337.50 | 18.71 | 18890.21 | 0.00 | 2082.17 | — | 60312.32 | — | 43.11 | 6.18 |
| THANGAMAYL | 5073.10 | 40.32 | 15768.22 | 0.35 | 85.09 | 86.15 | 2666.38 | 71.44 | 26.62 | 5.43 |
| PCJEWELLER | 13.83 | 17.41 | 13487.20 | 0.00 | 221.88 | 37.02 | 877.04 | 20.99 | 9.68 | 27.54 |
| BLUESTONE | 854.95 | 231.93 | 13061.82 | 0.00 | 59.61 | 271.56 | 7368.46 | 1395.59 | 9.24 | 14.50 |
| SKYGOLD | 830.40 | 38.39 | 12860.73 | 0.00 | 104.90 | 140.67 | 2012.79 | 77.93 | 27.61 | 7.79 |
| AUGMONT | 918.40 | 25.13 | 8391.74 | 0.00 | — | — | — | — | 70.86 | — |
| SENCO | 350.05 | 10.05 | 5737.35 | 0.50 | 101.14 | -3.35 | 3056.03 | 67.34 | 22.86 | 6.97 |
| GOLDIAM | 328.15 | 23.43 | 4940.53 | 0.63 | 73.97 | 120.06 | 326.03 | 41.92 | 24.85 | 20.33 |
| VAIBHAVGBL | 216.05 | 12.72 | 3624.66 | 2.78 | 56.38 | 49.83 | 917.07 | 12.70 | 18.41 | 10.55 |
| SWARNSAR | 41.49 | 6.98 | 86.62 | 0.00 | 10.71 | 76.82 | 205.93 | 35.53 | 10.90 | 7.37 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 173 | 179 | 175 | 154 | 150 | 184 | 197 | 143 | 135 | 238 | 196 | 216 | 205 | |
| 165 | 179 | 174 | 153 | 141 | 183 | 192 | 146 | 128 | 230 | 194 | 223 | 192 | |
| Operating Profit | 8 | 0 | 1 | 1 | 9 | 1 | 5 | -3 | 7 | 8 | 2 | -7 | 13 |
| OPM % | 4.67% | 0.16% | 0.77% | 0.86% | 6.24% | 0.53% | 2.40% | -2.09% | 5.46% | 3.34% | 1.14% | -3.10% | 6.50% |
| 0 | 2 | 1 | 2 | 1 | 2 | 2 | 2 | 1 | 1 | 0 | 8 | 1 | |
| Interest | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 6 | -0 | 0 | 1 | 9 | 1 | 4 | -3 | 7 | 8 | 1 | -1 | 14 |
| Tax % | 25.04% | 26.00% | 33.33% | 33.64% | 24.55% | 25.00% | 25.06% | -12.50% | 26.10% | 24.75% | 21.64% | -37.50% | 22.88% |
| Net Profit | 5 | -0 | 0 | 1 | 7 | 1 | 3 | -3 | 5 | 6 | 1 | -1 | 11 |
| 2.25 | -0.18 | 0.01 | 0.35 | 3.20 | 0.26 | 1.54 | -1.51 | 2.56 | 2.87 | 0.51 | -0.42 | 5.32 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 286 | 485 | 548 | 559 | 575 | 841 | 848 | 681 | 674 | 785 | 855 | |
| 281 | 479 | 542 | 552 | 565 | 832 | 837 | 670 | 662 | 774 | 839 | |
| Operating Profit | 5 | 6 | 6 | 7 | 11 | 10 | 11 | 11 | 12 | 11 | 17 |
| OPM % | 1.70% | 1.24% | 1.07% | 1.25% | 1.89% | 1.13% | 1.28% | 1.62% | 1.79% | 1.45% | 1.97% |
| 4 | 5 | 6 | 7 | 4 | 8 | 4 | 5 | 6 | 11 | 11 | |
| Interest | 4 | 4 | 5 | 6 | 6 | 7 | 8 | 9 | 7 | 6 | 6 |
| Depreciation | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 4 | 6 | 7 | 8 | 8 | 11 | 7 | 7 | 11 | 16 | 23 |
| Tax % | 31.31% | 33.24% | 33.33% | 30.94% | 28.88% | 24.76% | 25.19% | 26.35% | 34.14% | 26.88% | 25.13% |
| Net Profit | 3 | 4 | 5 | 5 | 6 | 8 | 5 | 5 | 7 | 12 | 17 |
| EPS | 0.00 | 0.00 | 0.00 | 2.54 | 2.88 | 3.87 | 2.44 | 2.44 | 3.50 | 5.58 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 6%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 14%
- 3 Years:
- 32%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 6%
- 3 Years:
- 6%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
| 64 | 68 | 73 | 78 | 84 | 92 | 97 | 103 | 110 | 121 | |
| 79 | 105 | 131 | 103 | 117 | 123 | 117 | 93 | 80 | 69 | |
| Trade Payables | 3 | 3 | 4 | 2 | 1 | 2 | 3 | 1 | 0 | 6 |
| 3 | 8 | 5 | 5 | 3 | 7 | 2 | 10 | 10 | 10 | |
| Total Liabilities | 170 | 204 | 233 | 208 | 226 | 245 | 240 | 228 | 220 | 227 |
| 2 | 1 | 2 | 3 | 5 | 5 | 5 | 6 | 1 | 1 | |
| 13 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | |
| 76 | 78 | 102 | 93 | 77 | 86 | 76 | 76 | 78 | 109 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55 | 54 | 60 | |
| Cash & Bank | 20 | 45 | 41 | 19 | 32 | 44 | 18 | 20 | 9 | 3 |
| 59 | 70 | 78 | 83 | 102 | 101 | 131 | 60 | 69 | 43 | |
| Total Assets | 170 | 204 | 233 | 208 | 226 | 245 | 240 | 228 | 220 | 227 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -16 | -0 | -24 | 15 | 8 | 10 | 15 | 5 | 0 | 8 | |
| Cash from Investing | 5 | 5 | 2 | 1 | -2 | 3 | 2 | 2 | 10 | 3 |
| Cash from Financing | 0 | 22 | 20 | -35 | 9 | 2 | -17 | -25 | -21 | -20 |
| -12 | 25 | -4 | -21 | 13 | 12 | -3 | -18 | -11 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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