Pushpa JewellersShare price, financial results, shareholding and management
- Market cap
- ₹280 cr
- Stock P/E
- 10.8peers 10.6
- Book value
- ₹63.8
- Price to book
- 1.81
- EV / operating profit
- 7.6
- Market cap to sales
- 0.67
- ROCE · FY26
- 29.4%
- ROE · FY26
- 24.4%
- ROE, 3-year average
- 39.7%
- Operating margin · FY26
- 9.1%peers 8.3%
- Sales growth, 3 years
- 36.1%
- Profit growth, 3 years
- 47.9%
- Debt to equity
- 0.12peers 0.54
- Borrowings
- ₹18.2 cr
- Interest cover
- 17.7×
- Cash from business / op. profit
- -134%
- Debtor days
- 31
- Pledged
- 0.00%
- Promoter holding
- 72.67%
- Change in promoter holding
- +0.11 pts
- Shareholders
- 1,704
- 52-week high / low
- ₹137 / ₹81
- 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.
Pushpa Jewellers share price chart
Close on 6 Nov 2026 · -2.16% on the day · Vol 72,000
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
- +0.1%
- 3 months
- +2.3%
- 6 months
- -9.6%
- 1 year
- -7.7%
- Since IPO
- -21.3%
- Traded a day, 20 days
- ₹1.44 cr
- Taken for delivery
- 23%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +49% | +18% |
| 3 years, a year | +36% | +48% |
| Latest half, H2 FY26 | +81% | +14% |
About Pushpa Jewellers: business, products and customers
Pushpa Jewellers designs gold jewellery, such as necklaces, earrings and bangles, has it made by craftsmen in Kolkata, and sells it in bulk to jewellery shops and chains across India. It does not supply shoppers directly, and its shares trade on NSE Emerge.
Pushpa Jewellers, based in Kolkata, makes hallmarked 22 carat and 18 carat plain gold, Kundan, antique temple and diamond studded jewellery for retail chains, regional jewellers and wholesalers. Necklaces are by far the biggest line, and a small part of sales is exported.
The company keeps design in house but has the pieces made by independent karigars in Kolkata, paid per job, so it owns little plant. It shows designs at exhibitions, takes orders on verbal commitments, and gives each design a code so a retailer can reorder exactly what sold.
Read more about the business
Revenue rose 48.86% to ₹418.4 cr in FY26 while profit after tax rose 16.15%, and stock of gold and jewellery grew to ₹91.1 cr at March 2026. The shares listed on NSE Emerge in July 2025, and the board approved a warrant issue to promoters and investors in April 2026.
From the draft offer document (2024), the FY26 annual report, the February 2026 investor presentation and the company's announcements of September 2025 to April 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 36% a year over three years.
- It earns a high return on the money it uses: ROCE 29% in FY26.
- It has little debt for its size: debt to equity 0.12.
- The promoters own a large part of the company: 72.67%.
To watch
- The warrant issue of up to 20 lakh warrants at ₹102 approved by the board on 8 April 2026 (Announcement, 8 April 2026, p.1).
- Whether stock of ₹91.1 cr at March 2026 turns into sales and cash, as the company aims to cut inventory and receivable days (Annual report FY26, p.39; Investor presentation, February 2026, p.22).
- Branch openings in Mumbai, Kerala, Andhra Pradesh, Delhi and Gujarat set out in the February 2026 presentation (Investor presentation, February 2026, p.22).
- Export sales, which halved in FY26 as the company realigned that business (Annual report FY26, p.37).
- Customers take longer to pay than before: 31 days in FY26, against 5 in FY21.
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.
Pushpa Jewellers revenue and profit growth
Half-yearly results · Profit and lossSales have grown 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.
Pushpa Jewellers half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 144 | 137 | 170.98 | 247.41 |
| Expenses | 131 | 118 | 155.11 | 225.04 |
| Operating profit | 14 | 18 | 15.87 | 22.37 |
| OPM | 9.0% | 13.0% | 9.3% | 9.0% |
| Interest | 1 | 1 | 1.51 | 0.59 |
| Depreciation | 0 | 0 | 0.49 | 0.54 |
| Profit before tax | 13 | 17 | 14.71 | 20.29 |
| Net profit | 9 | 13 | 11.03 | 14.86 |
Pushpa Jewellers profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 49 | 108 | 166 | 255 | 281 | 418.39 |
| Expenses | 46 | 99 | 153 | 235 | 249 | 380.15 |
| Operating profit | 3 | 9 | 13 | 20 | 32 | 38.23 |
| OPM | 6.0% | 8.0% | 8.0% | 8.0% | 11.0% | 9.1% |
| Other income | 0 | 0 | 0 | 0 | 0 | 1.16 |
| Interest | 0 | 0 | 1 | 1 | 2 | 2.10 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1.03 |
| Exceptional and other items | -1 | · | · | · | 1 | -1.27 |
| Profit before tax | 2 | 9 | 12 | 18 | 30 | 34.99 |
| Tax rate | 0.0% | 33.3% | 33.3% | 22.2% | 26.7% | 26.0% |
| Net profit | 2 | 6 | 8 | 14 | 22 | 25.89 |
| EPS ₹ | 76.03 | 265.03 | 349.66 | 583.33 | 11.82 | 11.36 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 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 before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Pushpa 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 high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 8.0% | 8.0% | 8.0% | 11.0% | 9.1% |
| Tax rate | 0.0% | 33.3% | 33.3% | 22.2% | 26.7% | 26.0% |
| ROCE | · | 63.2% | 46.9% | 46.6% | 51.5% | 29.4% |
| ROE | · | 53.4% | 43.9% | 47.9% | 46.7% | 24.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Pushpa Jewellers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. 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 longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Pushpa Jewellers balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.23 | 0.23 | 0.23 | 0.23 | 19 | 24.22 |
| Reserves | 8 | 14 | 22 | 36 | 39 | 130.21 |
| Net worth | 8.23 | 14.23 | 22.23 | 36.23 | 58 | 154.44 |
| Borrowings | 2 | 4 | 15 | 8 | 22 | 18.18 |
| Other liabilities | 1.77 | 3.77 | 5.77 | 6.77 | 5 | 4.91 |
| Total liabilities | 12 | 22 | 43 | 51 | 85 | 177.53 |
| Fixed assets | 1 | 1 | 10 | 11 | 16 | 26.32 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0.05 |
| Other assets | 11 | 21 | 33 | 40 | 69 | 151.16 |
| Receivables | · | · | · | · | · | 35.51 |
| Inventory | · | · | · | · | · | 91.06 |
| Cash | · | · | · | · | · | 6.89 |
| Trade payables | · | · | · | · | · | 1.09 |
Pushpa Jewellers cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 1 | 0 | 0 | 9 | -4 | -51.29 |
| Cash from investing | -1 | 0 | -11 | 0 | -6 | -10.30 |
| Cash from financing | 1 | 0 | 10 | -7 | 12 | 64.62 |
| Net cash flow | 1 | 0 | -1 | 2 | 2 | 3.03 |
| Capital spending | · | · | · | · | · | 11.44 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 5 | 11 | 13 | 7 | 26 | 31 |
| Inventory days | 72 | 57 | 60 | 45 | 54 | 91 |
| Days payable | 2 | 1 | 4 | 2 | 3 | 1 |
| Cash conversion cycle | 76 | 68 | 69 | 50 | 77 | 121 |
| Working capital days | 68 | 46 | 35 | 41 | 59 | 117 |
Pushpa Jewellers peers and competitors
Listed SME companies in the same industryBy sales, Pushpa Jewellers is number 9 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 |
|---|---|---|---|---|---|---|
| Yaashvi Jewellers | 141 | 7.9 | 448 | 18 | 7.0% | - |
| SMR Jewels | 197 | 7.9 | 432 | 25 | 8.0% | 0.34 |
| Pushpa Jewellers | 280 | 10.8 | 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 |
| Kabra Jewels | 165 | 6.6 | 268 | 25 | 17.0% | 1.48 |
| Sylvan Plyboard (India) | 95 | 13.2 | 253 | 7.2 | 8.5% | 0.48 |
| Safe Enterprises Retail Fixtures | 1,205 | 18.9 | 218 | 63.9 | 36.2% | 0.00 |
| Acme Universal Safezone 9 | 221 | - | 204 | -5 | 7.0% | 1.09 |
| Manoj Ceramic | 87 | 7.3 | 203 | 12 | 12.0% | 0.54 |
| Median of the 10 others | 181 | 10.6 | 280 | 15 | 8.3% | 0.54 |
Pushpa 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.
Pushpa 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.
| Jul 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|
| Promoters | 72.29% | 72.29% | 72.29% | 72.56% | 72.67% |
| Foreign investors (FIIs) | 5.21% | 2.36% | 1.51% | 1.51% | 1.17% |
| Indian institutions (DIIs) | 7.95% | 1.92% | 1.61% | 1.70% | 1.91% |
| HNIs (over ₹2 lakh each) | 0.18% | 7.35% | 7.04% | 7.94% | 8.33% |
| Small holders (up to ₹2 lakh) | 12.02% | 9.71% | 10.31% | 9.84% | 9.66% |
| Companies and others | 2.35% | 6.37% | 7.24% | 6.45% | 6.26% |
| Number of shareholders | 2,859 | 1,989 | 1,928 | 1,790 | 1,704 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Pushpa Jewellers study: the business from its own documents
Read from 6 of the company's own documentsPushpa Jewellers so far
From the company's own record
- 7 July 2025Listed on NSE Emerge at ₹147
- 30 June 2026Promoters at 72.67%
- 23 April 2026Highest close since listing, ₹132.00
Pushpa Jewellers key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹418.4 cr
- Up 48.86% from ₹281.1 cr in FY25, while profit after tax rose 16.15% to ₹25.9 cr.Annual report FY26, p.17 and p.37
- Stock held
- ₹91.1 cr
- Inventory at March 2026: ₹32.0 cr of gold, ₹26.2 cr of work in process and ₹31.4 cr of finished jewellery.Annual report FY26, p.39
- Exports
- ₹3.2 cr
- Export sales in FY26, down from ₹6.1 cr in FY25, which the company puts down to realigning its export business.Annual report FY26, p.37
- Top ten customers
- 37.64%
- Share of FY24 sales from the ten largest customers; the top five gave 28.05%.Offer document, p.43
- Necklaces
- 74.12%
- Share of FY24 sales from necklaces, with earrings at 15.92% and malas at 8.84%.Offer document, p.158 to 159
Show 5 more facts
- Branches
- 4
- Branch offices in Hyderabad, Bengaluru, Chennai and Vijayawada at March 2026, besides the Kolkata head office.Annual report FY26, p.54
- Public issue
- ₹147 a share
- 53,70,000 new shares issued, about ₹78.9 cr in all, with listing on NSE Emerge on 7 July 2025.Annual report FY26, p.17 to 18; our arithmetic
- Warrant issue
- ₹102 a warrant
- Board approval on 8 April 2026 for up to 20 lakh warrants to promoters, the promoter group and other investors, subject to shareholder approval.Announcement, 8 April 2026, p.1 to 2
- Independent directors
- 2 left, 2 joined
- Chandan Ambaly resigned in September 2025 and Pranay Agarwal in March 2026; Shaista Afreen joined in August 2025 and Mohit Dujari in June 2026.Annual report FY26, p.18 to 19; Announcements, 2 September 2025 and 27 March 2026
- Data theft
- One case
- The auditor reported no fraud in FY26 except a theft of confidential data and information by an employee.Annual report FY26, p.47
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.
Pushpa Jewellers earns a making margin on gold jewellery it designs and has made for shops, and the gold itself is most of what it buys and sells.
Its weak spots are a thin margin, a fast growing pile of gold and jewellery stock, and gold prices it cannot control.
WatchCan it set its own prices?Not much. It sells on competitive prices to retailers who compare suppliers, and its margin fell in the latest year even as sales jumped.
AverageHow strong is it against rivals?Its design library, reorder codes and lightweight pieces bring repeat orders, but the jewellery trade is crowded and none of this is hard to copy.
AverageWho are its customers?Jewellery retailers and wholesalers across India, spread fairly widely, but they order without long contracts.
WatchDoes it need a lot of money?Yes. It must purchase gold before it can make and show jewellery, and in the latest year stock and customer dues grew much faster than sales.
AverageCan it keep finding new work?Sales are growing fast through exhibitions, new branches and new retailer customers, but there is no order book to show what is coming.
WatchDo good and bad years swing a lot?Sales have grown every year, but gold price swings move its costs, stock values and what retailers order.
Who runs Pushpa Jewellers?
Promoters, directors and officers; tap a name for the background
ATAnupam TibrewalPromoter, Chairman and Managing Director · holds 27.22%
Holds a Bachelor of Engineering in electronics and telecommunication from the University of Pune. A first director since the company was formed in 2009 and Managing Director since June 2024; leads strategy and network building and oversees administration and the design department.
Offer document, p.217 to 220; Annual report FY26, p.19MTMridul TibrewalPromoter, Whole Time Director and Chief Executive Officer · holds 45.45%
Holds a Bachelor of Commerce from the University of Calcutta. A director since November 2010 and Chief Executive Officer since June 2024, responsible for operations, expansion and sales and marketing. The offer document states that Mridul Tibrewal, Anupam Tibrewal and Madhur Tibrewal are brothers.
Offer document, p.217 and p.220 to 222MTMadhur TibrewalPromoter, Whole Time Director and Chief Financial Officer
An associate member of the Institute of Chartered Accountants of India. A first director since the company was formed in 2009 and Chief Financial Officer since June 2024, in charge of finance, accounts and commercial work.
Offer document, p.218 and p.220 to 221GSGargi SinghIndependent Director
Holds a BA LL.B. (Hons.) from the University of Calcutta and an LL.M. in business laws from the National Law School of India University, with over a decade as a law consultant and academic. On the board since July 2024.
Offer document, p.219 and p.221; Annual report FY26, p.19SAShaista AfreenIndependent Director
A Company Secretary with a Bachelor of Commerce (Honours). On the board since August 2025 and chairs the audit committee.
Investor presentation, February 2026, p.7; Annual report FY26, p.5 and p.18MDMohit DujariIndependent Director
A practising Company Secretary. Appointed an additional independent director on 26 June 2026, with a five year term put to the 2026 AGM; chairs the nomination and remuneration committee.
Annual report FY26, p.5, p.18 and p.90Pushpa 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 ₹247 cr (+81%), net profit ₹14.9 cr (+14%) on H2 FY25.
- Shareholding, 30 June 2026: promoters 72.56% to 72.67%.
Pushpa Jewellers announcements
66 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enPushpa Jewellers Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q2 FY 2026-27PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 25, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 25, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Updates'Completion of AGM Notice Dispatch'PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Record Datethat Record date for the purpose of Intimation of Book Closure from 19.09.2026 to 25.09.2026 and Cut-off Date is 18.09.2026 is 18-Sep-2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 25, 2026PDF ↗
- Outcome of Board MeetingHeld on September 02, 2026PDF ↗
Pushpa Jewellers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 28 Feb 2026 ↗read
Pushpa Jewellers share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Pushpa Jewellers' data · 9
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 (2,42,22,912 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓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 changes basis between FY24 (₹583.33) and FY25 (₹11.82) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Pushpa Jewellers
What does Pushpa Jewellers do?
Pushpa Jewellers designs gold jewellery, such as necklaces, earrings and bangles, has it made by craftsmen in Kolkata, and sells it in bulk to jewellery shops and chains across India. It does not supply shoppers directly, and its shares trade on NSE Emerge.
What is the share price of Pushpa Jewellers?
₹116 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Pushpa Jewellers?
₹280 cr at the close on 6 Nov 2026, on 2,42,22,912 shares.
What is the P/E of Pushpa Jewellers?
10.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Pushpa Jewellers' revenue and profit?
Revenue ₹418 cr and profit after tax ₹26 cr in FY26.
Who are the promoters of Pushpa Jewellers?
Anupam Tibrewal, Mridul Tibrewal, Madhur Tibrewal; promoters held 72.67% at 30 June 2026.
What was the IPO price of Pushpa Jewellers?
₹147 a share; it listed on 7 July 2025.
What is Pushpa Jewellers' website?
www.pushpajeweller.com
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Built from 2 annual reports, 1 offer document, 1 result filing, 1 investor presentation, 1 press release, 66 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.