Khazanchi JewellersShare price, financial results, shareholding and management
- Market cap
- ₹1,764 cr
- Stock P/E
- 19.7peers 17.4
- Book value
- ₹129
- Price to book
- 5.51
- EV / operating profit
- -
- Market cap to sales
- 0.86
- ROCE · FY26
- 34.8%
- ROE · FY26
- 32.4%
- ROE, 3-year average
- 26.1%
- Operating margin · FY26
- 6.1%peers 6.3%
- Sales growth, 3 years
- 62.1%
- Profit growth, 3 years
- 123.6%
- Debt to equity
- 0.34peers 0.46
- Borrowings
- ₹110 cr
- Interest cover
- 22.4×
- Cash from business / op. profit
- -29%
- Debtor days
- 4
- Pledged
- 0.00%
- Promoter holding
- 74.51%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,158
- 52-week high / low
- ₹813 / ₹608
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Khazanchi Jewellers share price chart
Close on 6 Nov 2026 · -1.05% on the day · Vol 531
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
- +1.7%
- 3 months
- -3.1%
- 6 months
- +6.8%
- 1 year
- +3.8%
- Traded a day, 20 days
- ₹1.01 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +16% | +99% |
| 3 years, a year | +62% | +124% |
| Latest half, H2 FY26 | +8% | +103% |
About Khazanchi Jewellers: business, products and customers
Khazanchi Jewellers sells gold, diamond and precious stone jewellery, and gold coins and bars, mostly in bulk to other jewellers across South India and also to shoppers at its own showroom in Chennai. Its shares trade on BSE SME.
Khazanchi Jewellers was founded in Chennai in 1971 by Tarachand Mehta and incorporated in 1996. It designs jewellery in house and has it made by partner workshops across India, then supplies more than 1,000 jewellery shops, wholesalers and chains, mainly in Tamil Nadu and Andhra Pradesh. Wholesale gave 90% of FY26 revenue and Tamil Nadu 75%.
The company buys gold from banks, imports through the India International Bullion Exchange and other parties, and every piece is BIS hallmarked. It keeps a library of more than five lakh designs and says it adds about a hundred new wholesale clients a year.
Read more about the business
What is new: a 10,000 sq ft flagship showroom in Sowcarpet, Chennai, opened in 2026, which lifted retail to 10% of FY26 revenue; Vajraa Diamonds, its own natural diamond range; a gold savings plan and app; and a move from BSE SME to the main boards of BSE and NSE, approved by shareholders in August 2026.
From the offer document (July 2023), the FY26 annual report, the June 2026 investor presentation and the June and August 2026 earnings calls.
Read the deeper study ↓In its favour
- Sales have grown very fast: 62% a year over three years.
- It earns a high return on the money it uses: ROCE 35% in FY26.
- The promoters own a large part of the company: 74.51%.
- It paid a dividend in the past year.
To watch
- Sales at the flagship showroom against the ₹450 cr to ₹500 cr target (Earnings call, June 2026, p.9; Earnings call, Aug 2026, p.5 to 6).
- The move from BSE SME to the main boards of BSE and NSE, which the company expected to complete within about two months of August 2026 (Earnings call, Aug 2026, p.3 to 5).
- Stock and cash flow: inventory was about ₹460 cr in August 2026 and the Chairman said cash flow would be positive this year (Earnings call, Aug 2026, p.9 and p.14).
- Trading with the related company Pathik Sales Pvt Ltd, with FY26 sales of ₹233.7 cr and purchases of ₹252.5 cr (Annual report FY26, p.91).
- Customers take longer to pay than before: 4 days in FY26, against 1 in FY20.
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.
Khazanchi Jewellers revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Khazanchi Jewellers half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 405.77 | 415.01 | 756.23 | 1,016 | 952.34 | 1,097 |
| Expenses | 385.40 | 394.36 | 727.72 | 979.89 | 898.98 | 1,025 |
| Operating profit | 20.37 | 20.66 | 28.51 | 35.81 | 53.36 | 71.82 |
| OPM | 5.0% | 5.0% | 3.8% | 3.5% | 5.6% | 6.5% |
| Interest | 2.41 | 2.39 | 1.62 | 2.11 | 1.95 | 3.68 |
| Depreciation | 0.11 | 0.15 | 0.10 | 0.24 | 0.09 | 0.51 |
| Profit before tax | 18.23 | 18.48 | 27.09 | 33.77 | 51.74 | 69.02 |
| Net profit | 15.72 | 11.60 | 20.05 | 24.93 | 38.70 | 50.72 |
Khazanchi Jewellers profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 361 | 382 | 257 | 481 | 820.78 | 1,772 | 2,049 |
| Expenses | 353 | 374 | 249 | 465 | 779.75 | 1,708 | 1,924 |
| Operating profit | 8 | 8 | 8 | 16 | 41.03 | 64.32 | 125.18 |
| OPM | 2.2% | 2.0% | 2.9% | 3.2% | 5.0% | 3.6% | 6.1% |
| Other income | 1 | 1 | 1 | 1 | 0.75 | 0.61 | 1.81 |
| Interest | 6 | 5 | 4 | 6 | 4.80 | 3.73 | 5.63 |
| Depreciation | 0 | 0 | 0 | 0 | 0.27 | 0.34 | 0.60 |
| Exceptional and other items | · | · | -1 | -1 | · | · | · |
| Profit before tax | 3 | 4 | 4 | 10 | 36.70 | 60.80 | 120.76 |
| Tax rate | 33.3% | 25.0% | 25.0% | 20.0% | 25.6% | 26.1% | 26.0% |
| Net profit | 2 | 3 | 3 | 8 | 27.32 | 44.92 | 89.42 |
| EPS ₹ | · | · | · | · | 11.04 | 18.15 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share is left blank where the source shows zero against a profit.
Khazanchi Jewellers profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 2.2% | 2.0% | 2.9% | 3.2% | 5.0% | 3.6% | 6.1% |
| Tax rate | 33.3% | 25.0% | 25.0% | 20.0% | 25.6% | 26.1% | 26.0% |
| ROCE | · | 8.9% | 7.5% | 13.7% | 22.8% | 23.9% | 34.8% |
| ROE | · | 12.2% | 10.9% | 24.6% | 24.4% | 21.4% | 32.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Khazanchi Jewellers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. 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 pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Khazanchi Jewellers balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 10 | 25 | 25 | 25 |
| Reserves | 13 | 16 | 19 | 26 | 163 | 207 | 295 |
| Net worth | 23 | 26 | 29 | 36 | 188 | 232 | 320 |
| Borrowings | 78 | 75 | 84 | 85 | 55 | 65 | 110 |
| Other liabilities | 3 | 12 | 11 | 24 | 11 | 9 | 36 |
| Total liabilities | 104 | 113 | 124 | 145 | 254 | 306 | 466 |
| Fixed assets | 13 | 9 | 13 | 13 | 13 | 13 | 25 |
| Capital work in progress | 0 | 0 | 0 | 0 | 2 | 6 | 0 |
| Investments | 0 | 0 | 0 | 0 | 3 | 0 | 0 |
| Other assets | 91 | 104 | 111 | 132 | 236 | 287 | 441 |
Khazanchi Jewellers cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 6 | 5 | -1 | 6 | -83 | 1 | -36 |
| Cash from investing | -4 | 4 | -4 | -1 | -6 | -5 | -2 |
| Cash from financing | -4 | -8 | 5 | -6 | 90 | 5 | 38 |
| Net cash flow | -2 | 1 | 0 | -1 | 1 | 1 | 0 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 1 | 1 | 5 | 2 | 10 | 4 | 4 |
| Inventory days | 90 | 101 | 158 | 101 | 95 | 55 | 78 |
| Days payable | 3 | 12 | 16 | 18 | 1 | 1 | 5 |
| Cash conversion cycle | 88 | 89 | 146 | 85 | 104 | 58 | 76 |
| Working capital days | 88 | 58 | 96 | 56 | 83 | 43 | 52 |
Khazanchi Jewellers peers and competitors
Listed SME companies in the same industryBy sales, Khazanchi Jewellers is number 1 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 |
|---|---|---|---|---|---|---|
| Khazanchi Jewellers | 1,764 | 19.7 | 2,049 | 89.4 | 6.1% | 0.34 |
| 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 | 369 | 51.7 | 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 |
| Median of the 10 others | 334 | 17.4 | 636 | 23 | 6.3% | 0.46 |
Khazanchi 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 is about the same.
Khazanchi 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.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 74.51% | 74.51% | 74.51% | 74.51% | 74.51% | 74.51% | 74.51% | 74.51% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | - |
| Indian institutions (DIIs) | 1.44% | 1.51% | 1.60% | 1.59% | 1.76% | 1.76% | 1.74% | - |
| Number of shareholders | 908 | 1,126 | 1,147 | 1,249 | 1,165 | 1,291 | 1,116 | 1,158 |
Khazanchi Jewellers study: the business from its own documents
Read from 9 of the company's own documentsKhazanchi Jewellers key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹2,049.2 cr
- Revenue in FY26, up from ₹1,771.9 cr in FY25 and ₹820.8 cr in FY24.Investor presentation, June 2026, p.6
- Retail share
- 10%
- Share of FY26 revenue from its own showroom, up from 5% in FY25; the rest is wholesale.Annual report FY26, p.26
- Tamil Nadu
- 75%
- Share of FY26 revenue from Tamil Nadu, against 84% in FY24, as sales in other states grew.Annual report FY26, p.26
- Largest client
- 5% to 6%
- The most any single client gives of revenue, according to the Chairman, among more than 1,000 wholesale clients.Earnings call, Aug 2026, p.9; Investor presentation, June 2026, p.15
- Related party sales
- ₹233.7 cr
- FY26 sales to Pathik Sales Pvt Ltd, a company with a common director, down from ₹677.0 cr in FY25; purchases from it were ₹252.5 cr.Annual report FY26, p.37, p.50 and p.91
Show 5 more facts
- Stock
- ₹407.8 cr
- Inventory at 31 March 2026, up from ₹257.2 cr a year earlier, mostly gold stocked for the new showroom.Investor presentation, June 2026, p.9; Earnings call, June 2026, p.8 to 9
- Bank borrowings
- ₹110.4 cr
- Current borrowings at 31 March 2026, raised to pay for more stock; long term borrowings were fully repaid.Annual report FY26, p.26
- Flagship showroom
- 10,000 sq ft
- Showroom in Sowcarpet, Chennai, opened in 2026 with about 6,800 sq ft of selling space; the company said it was selling ₹30 cr to ₹35 cr a month in August 2026.Investor presentation, June 2026, p.20; Earnings call, June 2026, p.11; Earnings call, Aug 2026, p.6
- EBITDA margin
- 6.19%
- FY26 margin against 3.66% in FY25; the company links the higher net margin partly to favourable gold price moves.Annual report FY26, p.26
- Latest quarter
- ₹586.4 cr
- Revenue in Q1 FY27, up 45% from ₹403.8 cr a year earlier, with profit after tax of ₹27.8 cr.Earnings call, Aug 2026, p.3
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In the June and August 2026 earnings calls, Chairman and Joint Managing Director Rajesh Mehta said the company aims for revenue growth of 25% to 30% a year, revenue of ₹5,000 cr by 2030, and retail at about 40% of revenue by FY2030, with 8 to 10 company owned stores over three to four years, starting in Tamil Nadu. Rajesh Mehta said the flagship showroom was targeted to reach ₹450 cr to ₹500 cr of sales, that expansion would be funded mainly from internal earnings, and that the move to the main boards was expected to be completed within about two months of August 2026.
| What management said | When | What happened |
|---|---|---|
| Revenue growth of 25% to 30% in FY27 | June 2026 call | Q1 FY27 revenue up 45%; full year not yet reported |
| Flagship showroom sales of ₹450 cr to ₹500 cr | June 2026 call | Monthly sales of ₹30 cr to ₹35 cr reported in August 2026 |
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.
Khazanchi Jewellers earns a small margin selling gold jewellery in bulk to other jewellers, and is now adding its own showroom, where margins are higher.
Its weak spots are thin wholesale margins, large sales to and purchases from a related company, and more money tied up in gold stock as it grows retail.
WatchCan it set its own prices?Not much in wholesale, where the company keeps thin spreads to win volume. Margins rose in the latest year, which the company links partly to gold price moves.
AverageHow strong is it against rivals?A long history and a very large design range keep wholesale clients coming back, but the company competes with large organised chains and strong regional jewellers.
AverageWho are its customers?Hundreds of jewellers order from it and none is large on its own, but most sales are in one state and a related company is a big trading partner.
WatchDoes it need a lot of money?Yes. Gold stock has to be bought and held, and the shift to retail needs much more stock than wholesale, so cash went out of the business in the latest year.
StrongCan it keep finding new work?Yes so far. The company keeps adding wholesale clients and has opened a large showroom, and sales grew strongly in the first quarter of the new year.
WatchDo good and bad years swing a lot?Sales and profit move with gold prices and with demand around weddings and festivals; sharp price rises slow buying for a while.
Who runs Khazanchi Jewellers?
Promoters, directors and officers; tap a name for the background
TMTarachand MehtaPromoter, Founder and Managing Director
Founded the business and has more than 50 years in the jewellery industry; education to higher secondary level. Managing Director since November 1997; looks after overall operations, sales, marketing and business development.
Offer document, p.122 to 123; Annual report FY26, p.36RMRajesh MehtaChairman and Joint Managing Director
B.Com with more than 25 years in the jewellery industry; on the board since November 2024 and leads the company's earnings calls. Also a director of Pathik Sales Private Limited and four other companies. The annual report states that Rajesh Mehta is a son of Tarachand Mehta and a brother of Goutham and Vikas Mehta.
Annual report FY26, p.20 and p.36 to 37GGouthamPromoter and Executive Director
B.Com from the University of Madras, with the company since 1997 and 25 years in jewellery at the time of the offer document. Helped widen the retail and wholesale business and the product range; looks after finance, expansion and operations. The offer document states that Goutham is the son of Tarachand Mehta.
Offer document, p.122 to 123; Annual report FY26, p.20FDFancy DeviPromoter
With the company for more than two decades, working on marketing and jewellery design. The offer document describes Fancy Devi as the wife of Tarachand Mehta.
Offer document, p.131 to 132TMTarachand Mehta and SonsPromoter (a Hindu undivided family)
An HUF formed in October 1978, with Tarachand Mehta as Karta and Fancy Devi as a coparcener, named as a promoter in the offer document.
Offer document, p.131 to 132GHGoutham HUFPromoter (a Hindu undivided family)
An HUF formed in June 1999 with Goutham as Karta, named as a promoter in the offer document.
Offer document, p.131 to 132VMVikas MehtaChief Financial Officer
B.Com from the University of Madras with over 20 years in jewellery and finance. Chief Financial Officer since May 2023.
Offer document, p.129 to 130; Annual report FY26, p.20AMAashish MehtaChief Executive Officer
B.Com from the University of Madras with over 4 years in jewellery at the time of the offer document. Chief Executive Officer since May 2023.
Offer document, p.129 to 130; Annual report FY26, p.20NJNaressh JainIndependent Director
B.Com from the University of Madras with more than 15 years in finance. Independent Director since May 2023.
Offer document, p.122 to 123; Annual report FY26, p.20Khazanchi 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 ₹1,097 cr (+8%), net profit ₹50.7 cr (+103%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 74.51%.
Khazanchi Jewellers announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended September 30, 2026PDF ↗
- Company UpdateOutcome of Analyst/Investor MeetPDF ↗
- Company UpdateInvestor meet IntimationPDF ↗
- Insider Trading / SASTClosure of trading windowPDF ↗
- Company UpdateIntimation of Investor meetPDF ↗
Khazanchi Jewellers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Khazanchi Jewellers share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 0.5000ex-date 3 Aug 2026
- DividendFinal Dividend - Rs. - 0.5000ex-date 15 Sept 2025
- DividendInterim Dividend - Rs. - 0.5000ex-date 27 Nov 2024
Checks we ran on Khazanchi Jewellers' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,47,46,900 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓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, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Khazanchi Jewellers
What does Khazanchi Jewellers do?
Khazanchi Jewellers sells gold, diamond and precious stone jewellery, and gold coins and bars, mostly in bulk to other jewellers across South India and also to shoppers at its own showroom in Chennai. Its shares trade on BSE SME.
What is the share price of Khazanchi Jewellers?
₹713 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Khazanchi Jewellers?
₹1,764 cr at the close on 6 Nov 2026, on 2,47,46,900 shares.
What is the P/E of Khazanchi Jewellers?
19.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Khazanchi Jewellers' revenue and profit?
Revenue ₹2,049 cr and profit after tax ₹89 cr in FY26.
Who are the promoters of Khazanchi Jewellers?
Tarachand Mehta, Goutham, Fancy Devi, Tarachand Mehta and Sons, Goutham HUF; promoters held 74.51% at 30 June 2026.
What is Khazanchi Jewellers' website?
www.khazanchi.co.in
More SME companies like Khazanchi Jewellers
Other listed SME companies in consumer durables, the closest in size first, each read from its own documents.
- Utssav CZ Gold JewelsUTSSAV · NSE Emerge · Consumer Durables · listed 2024Market cap ₹2,024 cr
- Safe Enterprises Retail FixturesSAFEENTP · NSE Emerge · Consumer Durables · listed 2025Market cap ₹1,065 cr
- Grover JewellsGJL · NSE Emerge · Consumer Durables · listed 2026Market cap ₹677 cr
- Foce IndiaFOCE · NSE Emerge · Consumer Durables · listed 2021Market cap ₹675 cr
- Cellecor GadgetsCELLECOR · NSE Emerge · Consumer Durables · listed 2023Market cap ₹650 cr
- CWDCWD · BSE SME · Consumer DurablesMarket cap ₹620 cr
Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 1 offer document, 5 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.