Synopsis: Shares of Advit Jewels (Rambhajo) declined around 4 percent despite the company reporting strong FY26 earnings, with total income rising 33.7 percent and net profit increasing 35.6 percent year-on-year. While the financial performance remained healthy, investors appeared to book profits following the company’s recent listing, overshadowing robust operational growth and stable margins.
India’s organised jewellery industry continues to benefit from premiumisation, an increasing consumer preference for branded players, and rising demand for handcrafted jewellery. Against this backdrop, Advit Jewels delivered another year of healthy growth, driven by its integrated manufacturing model and premium product portfolio. However, despite reporting robust earnings, the stock traded lower by nearly 4 percent, indicating that recent listing-related sentiment outweighed the positive financial performance.
Shares of Advit Jewels Limited were trading at Rs 203.78, down by 4.56 percent from the previous close of Rs 213.51. The stock opened at Rs 205, touching an intraday high of Rs 213.14 and a low of Rs 199.1. The company currently has a market capitalisation of Rs 935 crore.
Financial Performance
Advit Jewels delivered a strong financial performance during FY26, with Total Income increasing 33.68 percent year-on-year to ₹167.03 crore, compared to ₹124.94 crore in FY25. The healthy revenue growth reflects sustained demand for the company’s premium handcrafted jewellery portfolio in domestic markets and the continued expansion of its customer network.
Operating profitability remained equally strong. EBITDA increased 32.52 percent to ₹49.24 crore from ₹37.15 crore in the previous financial year. Although the EBITDA margin moderated marginally by 26 basis points to 29.48 percent from 29.74 percent, the company continued to maintain industry-leading profitability despite operating in a business where gold price volatility and input costs remain key variables.
The ability to sustain EBITDA margins close to 30 percent while delivering over 33 percent revenue growth reflects the strength of its integrated manufacturing model and disciplined cost management.
The bottom line outpaced revenue growth. Net Profit rose 35.56 percent year-on-year to ₹34.39 crore, compared to ₹25.37 crore in FY25, while the Net Profit Margin improved to 20.59 percent from 20.30 percent. The expansion in profitability, despite a marginal decline in the EBITDA margin, suggests improved operating efficiency below the EBITDA level and disciplined financial management.
Diluted EPS also increased 35.61 percent to ₹10.74, compared to ₹7.92 in the previous year, highlighting the company’s improved earnings generation for shareholders.
During the fourth quarter alone, the company reported revenue of ₹43.23 crore, EBITDA of ₹12.56 crore, and net profit of ₹8.74 crore, maintaining an EBITDA margin of 29.04 percent and a net profit margin of 20.22 percent, indicating consistency in profitability heading into the new financial year.
Integrated Manufacturing Model Continues to Support Margins
One of the key strengths behind Advit Jewels’ profitability is its fully integrated manufacturing model. The company undertakes designing, manufacturing, stone setting, polishing, and quality control in-house, allowing it to maintain product quality while exercising greater control over production timelines and costs. This integrated structure enables the company to maintain healthy margins while catering to the premium jewellery segment.
The company’s Kundan, Polki, diamond-studded, bridal, antique, traditional, and customised jewellery portfolio targets multiple customer segments and capitalises on India’s growing preference for organised jewellery brands.
Recent Listing Marks Beginning of Next Growth Phase
FY26 also marked an important milestone as Advit Jewels successfully listed on both the NSE and BSE on July 1, 2026. Management described the listing as the beginning of a new growth chapter that will support the company’s long-term expansion plans and strengthen investor confidence. Looking ahead, the company plans to expand its manufacturing capabilities, strengthen its domestic presence, and explore international market opportunities.
Management also expects that the ongoing shift towards organised jewellery retailers and the rising demand for premium handcrafted jewellery will support long-term growth.
Why Did the Stock Fall Despite Strong Results?
Despite reporting robust earnings, the stock declined around 4 percent. The reaction appears to reflect near-term profit booking following the company’s recent listing, rather than weakness in the underlying business.
Since the financial performance was largely healthy across revenue, EBITDA, profit, margins, and EPS, investors may have chosen to lock in gains after the initial post-listing rally. Such price action is not uncommon in newly listed companies, where valuation adjustments and short-term market sentiment often outweigh fundamentally positive earnings.
Advit Jewels Limited (Rambhajo) is one of India’s leading manufacturers of handcrafted jewellery specialising in Kundan, Polki, Diamond and Studded jewellery. The company has a legacy of 1921. It has an integrated manufacturing unit at Jaipur with an annual installed capacity of 400 kg of gold jewellery. It is for the Indian retailer and wholesaler with a focus on premium craftsmanship, design-led innovation and expanding its presence in international markets.
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