Divine Hira JewellersShare price, financial results, shareholding and management
- Market cap
- ₹376 cr
- Stock P/E
- 52.8peers 17.4
- Book value
- ₹12.9
- Price to book
- 7.45
- EV / operating profit
- 36.6
- Market cap to sales
- 0.43
- ROCE · FY26
- 16.1%
- ROE · FY26
- 15.2%
- ROE, 3-year average
- 16.1%
- Operating margin · FY26
- 1.2%peers 6.3%
- Sales growth, 3 years
- 91.9%
- Profit growth, 3 years
- 92.5%
- Debt to equity
- 0.46peers 0.61
- Borrowings
- ₹23.3 cr
- Interest cover
- 7.5×
- Cash from business / op. profit
- -291%
- Debtor days
- 27
- Pledged
- 0.00%
- Promoter holding
- 72.70%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 708
- 52-week high / low
- ₹127 / ₹39
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Divine Hira Jewellers share price chart
Close on 6 Nov 2026 · +1.26% on the day · Vol 4,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -11.0%
- 3 months
- -10.9%
- 6 months
- -12.6%
- 1 year
- +137.8%
- Since IPO
- +220.3%
- Traded a day, 20 days
- ₹0.11 cr
- Taken for delivery
- 76%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +146% | +28% |
| 3 years, a year | +92% | +93% |
| Latest half, H2 FY26 | +72% | +31% |
About Divine Hira Jewellers: business, products and customers
Divine Hira Jewellers designs gold jewellery, has it made by outside craftsmen and supplies it in bulk, along with gold bars and coins, to wholesalers, shops and showrooms from Zaveri Bazar, Mumbai. Its shares trade on NSE Emerge.
Divine Hira Jewellers took over the Hira Traders business in 2022; the family behind it started in silver in Zaveri Bazar in 1984 and moved into gold jewellery in 2004. It designs necklaces, chains, mangalsutras, bangles, rings and antique pieces, buys gold from bullion dealers, importers and banks, and has the pieces made by a network of artisans; it owns no factory and had nine employees in FY26.
It supplies in bulk to more than 50 wholesalers, retailers and showrooms, and also trades gold bars, coins and some platinum bars. Gold and gold products made up 96.95% of FY26 sales, silver most of the rest.
Read more about the business
FY26 sales more than doubled, mainly on gold bars, coins and jewellery, but the margin thinned as more low-margin bullion was sold. After the year it issued two bonus shares for each share held, set up a subsidiary, Taaris Jewels, for silver jewellery, and changed its board: Khushbu Niraj Gulecha became Whole-time Director and Niraj Hirachand Gulecha stepped down from the board while staying as CFO.
From the prospectus (March 2025), the FY26 annual report, the CRISIL rating note of August 2026 and the company's exchange filings of August and September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 92% a year over three years.
- The promoters own a large part of the company: 72.70%.
To watch
- Collection of the ₹65.7 cr owed by customers at March 2026, including ₹2.9 cr in dispute (Annual report FY26, p.74 and p.86).
- Revenue against the company's target of about 10% yearly growth (Annual report FY26, p.15).
- Start of the silver 925 business in Taaris Jewels, formed in July 2026 (Annual report FY26, p.33).
- Compliance with main board governance rules after the July 2026 bonus issue (Annual report FY26, p.33).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Divine Hira Jewellers revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Divine Hira Jewellers half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 222.83 | 500.46 | 383.36 |
| Expenses | 218.05 | 495.80 | 377.10 |
| Operating profit | 4.78 | 4.66 | 6.26 |
| OPM | 2.1% | 0.9% | 1.6% |
| Interest | 0.78 | 0.53 | 0.93 |
| Depreciation | 0.03 | 0.04 | 0.05 |
| Profit before tax | 4.08 | 4.18 | 5.35 |
| Net profit | 3.06 | 3.12 | 4 |
Divine Hira Jewellers profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 125 | 183 | 358.81 | 883.83 |
| Expenses | 123 | 180 | 350.01 | 872.91 |
| Operating profit | 2 | 3 | 8.79 | 10.92 |
| OPM | 1.4% | 1.8% | 2.5% | 1.2% |
| Other income | 0 | 0 | 0.16 | 0.14 |
| Interest | 1 | 1 | 1.48 | 1.46 |
| Depreciation | 0 | 0 | 0.05 | 0.08 |
| Profit before tax | 1 | 2 | 7.43 | 9.52 |
| Tax rate | 0.0% | 50.0% | 25.2% | 25.1% |
| Net profit | 1 | 1 | 5.56 | 7.13 |
| EPS ₹ | · | · | 5.79 | 5.46 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Divine Hira Jewellers profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 1.4% | 1.8% | 2.5% | 1.2% |
| Tax rate | 0.0% | 50.0% | 25.2% | 25.1% |
| ROCE | · | 12.0% | 19.6% | 16.1% |
| ROE | · | 11.8% | 21.2% | 15.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Divine Hira Jewellers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Divine Hira Jewellers balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 7 | 7 | 13.05 | 13.05 |
| Reserves | 1 | 2 | 30.38 | 37.50 |
| Net worth | 8 | 9 | 43.42 | 50.55 |
| Borrowings | 14 | 19 | 19.27 | 23.26 |
| Other liabilities | 1 | 1 | 2.79 | 8.20 |
| Total liabilities | 23 | 29 | 65.48 | 82.01 |
| Fixed assets | 0 | 0 | 0.52 | 0.70 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 23 | 29 | 64.96 | 81.31 |
| Receivables | · | · | 9.99 | 65.66 |
| Inventory | · | · | 22.70 | 12.31 |
| Cash | · | · | 29.50 | 0.04 |
| Trade payables | · | · | 0 | 5.59 |
Divine Hira Jewellers cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -1 | -1 | 0.75 | -31.74 |
| Cash from investing | 0 | 0 | -0.27 | -0.25 |
| Cash from financing | 2 | 3 | 27.26 | 2.53 |
| Net cash flow | 1 | 2 | 27.74 | -29.46 |
| Capital spending | · | · | 0.27 | 0.30 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 36 | 30 | 10 | 27 |
| Inventory days | 29 | 23 | 24 | 5 |
| Days payable | 0 | 0 | 0 | 2 |
| Cash conversion cycle | 65 | 53 | 34 | 30 |
| Working capital days | 22 | 15 | 14 | 21 |
Divine Hira Jewellers peers and competitors
Listed SME companies in the same industryBy sales, Divine Hira Jewellers is number 5 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Cellecor Gadgets | 689 | 17.4 | 1,292 | 39.6 | 5.5% | 0.69 |
| Utssav CZ Gold Jewels | 2,337 | 39.6 | 1,155 | 59 | 8.0% | 0.94 |
| KKV Agro Powers | 19 | 5.9 | 964 | 3.3 | 0.8% | 0.61 |
| Divine Hira Jewellers | 376 | 52.8 | 884 | 7.1 | 1.2% | 0.46 |
| Grover Jewells | 603 | 28.7 | 824 | 21 | 3.6% | 0.39 |
| Yaashvi Jewellers | 141 | 7.9 | 448 | 18 | 7.0% | - |
| SMR Jewels | 197 | 7.9 | 432 | 25 | 8.0% | 0.34 |
| Pushpa Jewellers | 298 | 11.5 | 418 | 25.9 | 9.1% | 0.12 |
| Greenchef Appliances | 148 | - | 374 | -9 | 0.2% | 0.91 |
| Bai-Kakaji Polymers | 624 | 23.1 | 364 | 27 | 13.0% | 0.38 |
| AJC Jewel Manufacturers | 203 | 25.4 | 291 | 8 | 4.8% | 1.22 |
| Median of the 10 others | 251 | 17.4 | 440 | 23 | 6.3% | 0.61 |
Divine Hira Jewellers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Divine Hira Jewellers shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 25 | Sep 25 | Mar 26 | Jun 26 | Jul 26 | |
|---|---|---|---|---|---|
| Promoters | 72.70% | 72.70% | 72.70% | 72.70% | 72.70% |
| Foreign investors (FIIs) | - | 0.26% | 0.49% | 0.49% | 0.49% |
| Indian institutions (DIIs) | 0.11% | - | 0.53% | 0.53% | 0.53% |
| HNIs (over ₹2 lakh each) | 0.19% | 3.64% | 2.18% | 1.82% | 5.03% |
| Small holders (up to ₹2 lakh) | 24.20% | 12.64% | 10.33% | 10.64% | 7.40% |
| Companies and others | 2.80% | 10.76% | 13.77% | 13.82% | 13.85% |
| Number of shareholders | 2,006 | 908 | 524 | 676 | 708 |
The named holders are at 3 July 2026, beside 30 June 2026, each under the group the pattern files them in.
Divine Hira Jewellers study: the business from its own documents
Read from 4 of the company's own documentsDivine Hira Jewellers so far
From the company's own record
- July 2022Company formed
- 24 March 2025Listed on NSE Emerge at ₹90
- 31 July 2026Promoters at 72.70%
- 6 July 2026Highest close since listing, ₹121.95
Divine Hira Jewellers key facts from the filings
Each figure with the document it comes from
- Sales growth
- 146.3%
- FY26 sales rose to ₹883.8 cr from ₹358.8 cr, mainly on gold bars, coins and jewellery.Annual report FY26, p.11 and p.48
- Gold in sales
- 96.95%
- Share of FY26 sales from gold and gold products; silver gave 3.01%.Annual report FY26, p.5
- Money owed by customers
- ₹65.7 cr
- Receivables at March 2026, up from ₹10.0 cr a year earlier.Annual report FY26, p.74
- Cash from operations
- ₹-31.7 cr
- Cash went out of the business in FY26 as customer dues grew, against a profit of ₹7.1 cr.Annual report FY26, p.75 and p.76
- Cash at year end
- ₹0.04 cr
- Cash and bank at March 2026, down from ₹29.5 cr a year earlier when IPO money was still in deposits.Annual report FY26, p.74 and p.83
Show 5 more facts
- Old disputed dues
- ₹2.9 cr
- Receivables in dispute for more than three years; ₹2.6 cr from Shiv Art Chain is to be settled by property under a Bombay High Court order.Annual report FY26, p.83 and p.86
- Loan from a related firm
- ₹3.1 cr
- Owed at March 2026 to Wealthwise Capital, a firm in which a director has significant influence.Annual report FY26, p.87 and p.88
- Bonus issue
- 2 for 1
- Allotted in July 2026; paid-up capital passed ₹25 cr, so the company must now follow main board governance and disclosure rules while staying on the SME platform.Annual report FY26, p.32 and p.33
- Credit rating
- CRISIL BBB-/Stable
- Assigned in August 2026 to ₹15 cr of bank loans; bank limits were on average 86.89% used in the year to July 2026.CRISIL rating note, 24 Aug 2026, p.1
- Silver subsidiary
- Taaris Jewels
- Wholly owned subsidiary formed in July 2026 to start a silver 925 jewellery business.Annual report FY26, p.15 and p.33
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has no order book; customers place orders as they need stock. In its FY26 annual report the company says it is targeting about 10% yearly revenue growth, plans to expand into international markets over the next two years, including partnerships in the Middle East, and will start a silver 925 jewellery business through Taaris Jewels. It also says it fully used its IPO money in FY26 as set out in the prospectus.
| What management said | When | What happened |
|---|---|---|
| Use the IPO money for working capital, repaying loans and general purposes | Prospectus, March 2025 | Fully used in FY26 with no change of purpose reported |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Divine Hira Jewellers earns a very thin margin on top of the gold it supplies to the jewellery trade, with almost no fixed costs because outside artisans make its pieces.
Its weak spots are a margin that shrinks as more gold bars and coins are traded, money tied up in customer dues, and a business run by one family from one market.
WatchCan it set its own prices?No. Gold sets most of the price, and the company keeps only a small spread that has been shrinking.
WatchHow strong is it against rivals?A long-standing Zaveri Bazar name with a large design range, but it faces organised chains and many local jewellers.
AverageWho are its customers?Jewellery wholesalers, retailers and showrooms, a fairly small group of trade buyers.
WatchDoes it need a lot of money?Yes. Selling gold on credit ties up large sums, and in FY26 customer dues used up the IPO cash.
AverageCan it keep finding new work?Trade buyers keep ordering and new lines are coming, but each order is a fresh deal with no contract.
WatchDo good and bad years swing a lot?Yes. Sales move with gold prices and the mix of bullion and jewellery, and the margin moves with them.
Who runs Divine Hira Jewellers?
Promoters, directors and officers; tap a name for the background
HPHirachand Pukhraj GulechaPromoter and Managing Director · holds 9.84%
Studied up to secondary school in Rajasthan and has over 30 years in gems and jewellery, having started in Zaveri Bazar in 1984; with the company since it was formed and responsible for strategy. The prospectus states Hirachand Pukhraj Gulecha is the father of Niraj Hirachand Gulecha and father-in-law of Khushbu Niraj Gulecha.
Prospectus, p.143 and p.144; Annual report FY26, p.9 and p.16NHNiraj Hirachand GulechaPromoter and Chief Financial Officer · holds 21.68%
Finished higher secondary school in Maharashtra and joined the family business in 2013, leading design, product development, pricing and business development. CFO since December 2025; stepped down as Whole-time Director on 8 August 2026 for personal reasons.
Annual report FY26, p.16 and p.87; Exchange filing, 8 Aug 2026, p.2 and p.11KNKhushbu Niraj GulechaPromoter and Whole-time Director · holds 7.48%
A commerce graduate of the University of Mumbai with more than 5 years in jewellery design, earlier with Hira Traders. Appointed Whole-time Director from 8 August 2026 for five years, approved at the September 2026 AGM. The prospectus states Khushbu Niraj Gulecha is the spouse of Niraj Hirachand Gulecha.
Exchange filing, 7 Sep 2026, p.1 and p.3; Prospectus, p.143 and p.144HPHirachand P Gulecha (HUF)Promoter · holds 28.40%
The family's Hindu undivided family, named in the prospectus as the corporate promoter; it owned the Hira Traders proprietorship whose business the company took over.
Prospectus, p.156; Annual report FY26, p.16DKDhiraj Kiranraj RathodChairman and Non-Executive Director
A chartered accountant with over 11 years in finance, accounting, tax and corporate advice; joined the board in February 2026 and was confirmed at the September 2026 AGM.
Annual report FY26, p.17 and p.87; Exchange filing, 7 Sep 2026, p.4HZHiram Zubair ShaikhIndependent Director
A chartered accountant with a master's in commerce and an ACCA diploma in international financial reporting; over six years in finance and accounts, earlier an assistant manager at Walker Chandiok & Co LLP. On the board since June 2024.
Prospectus, p.143; Annual report FY26, p.17MPManoj Premkumar BohraIndependent Director
A chartered accountant and commerce graduate of the University of Mumbai with over six years in finance and accounts, earlier a manager at Walker Chandiok & Co LLP. On the board since July 2024.
Prospectus, p.143; Annual report FY26, p.17Divine Hira Jewellers latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹383 cr (+72%), net profit ₹4 cr (+31%) on H2 FY25.
- Shareholding, 31 July 2026: promoters unchanged at 72.70%.
Divine Hira Jewellers announcements
71 on record, latest first; each opens the filing on the exchange
- Structural Digital DatabaseSDD compliance certificate for the quarter ended September 30, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Clarification - Financial ResultsThe Exchange has sought clarification from Divine Hira Jewellers Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing ObPDF ↗
- Change in ManagementPursuant to approval of shareholders in the AGM held on Sept 04, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 04, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 04, 2026PDF ↗
- Copy of Newspaper PublicationOf 4th AGM Notice to ShareholdersPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 04, 2026PDF ↗
- Updates'Intimation of Appointment of Scrutinizer'PDF ↗
- Copy of Newspaper PublicationWith respect to publication of Unaudited Financial Results for the Quarter ended June 30, 2026PDF ↗
- Record Datethat the Cut-off date for ascertaining shareholders who will be entitled to participate in the AGM through remote e-Voting and e-Voting at the venue of the meetPDF ↗
Divine Hira Jewellers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- Credit ratings ↗read
Divine Hira Jewellers share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Bonus issueBONUS 2:1ex-date 2 July 2026
Checks we ran on Divine Hira Jewellers' data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iBonus issue with ex-date 2 July 2026: earlier prices on this page are adjusted to the new share basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (3,91,41,300 shares).
- !The FY26 results imply 1,30,50,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Divine Hira Jewellers
What does Divine Hira Jewellers do?
Divine Hira Jewellers designs gold jewellery, has it made by outside craftsmen and supplies it in bulk, along with gold bars and coins, to wholesalers, shops and showrooms from Zaveri Bazar, Mumbai. Its shares trade on NSE Emerge.
What is the share price of Divine Hira Jewellers?
₹96.1 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Divine Hira Jewellers?
₹376 cr at the close on 6 Nov 2026, on 3,91,41,300 shares.
What is the P/E of Divine Hira Jewellers?
52.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Divine Hira Jewellers' revenue and profit?
Revenue ₹884 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Divine Hira Jewellers?
Hirachand Pukhraj Gulecha, Niraj Hirachand Gulecha, Khushbu Niraj Gulecha, Hirachand P Gulecha (HUF); promoters held 72.70% at 31 July 2026.
What was the IPO price of Divine Hira Jewellers?
₹90 a share; it listed on 24 March 2025.
What is Divine Hira Jewellers' website?
www.divinehirajewellers.com
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Built from 2 annual reports, 1 offer document, 1 credit rating note, 71 exchange announcements, 5 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.