# Diamond, Gems & Jewellery — company-by-company sector analysis

> Diamond, Gems & Jewellery: Rajesh Exports Ltd owns the largest revenue base; Uday Jewellery Industries Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Diamond, Gems & Jewellery has outperformed NIFTY 500 by 22.7% over 52 weeks and 18.7% over 13 weeks. 15 of 23 covered companies beat NIFTY on Mansfield relative strength, while 7 of 22 beat the sector itself. Rajesh Exports Ltd leads with revenue of ₹7,78,716 crore, based on 23 of 26 comparable companies through Mar 2026.

### Is the Diamond, Gems & Jewellery sector outperforming NIFTY 500?

Diamond, Gems & Jewellery has outperformed NIFTY 500 by 22.7% over 52 weeks and 18.7% over 13 weeks. 15 of 23 covered companies beat NIFTY on Mansfield relative strength, while 7 of 22 beat the sector itself.

### Which Diamond, Gems & Jewellery company is largest by revenue?

Rajesh Exports Ltd leads with revenue of ₹7,78,716 crore, based on 23 of 26 comparable companies through Mar 2026.

### Which Diamond, Gems & Jewellery company is growing fastest?

Uday Jewellery Industries Ltd has the fastest current revenue growth at 100%, across 23 of 26 comparable companies.

### Which Diamond, Gems & Jewellery company has the strongest 4-Factor Sector Score?

Tribhovandas Bhimji Zaveri Ltd ranks first at 75.1/100 with 82.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Diamond, Gems & Jewellery company reports the most CAPEX?

Bluestone Jewellery & Lifestyle Ltd reports the largest latest CAPEX at ₹46 crore, with 6 of 26 companies comparable.

### Which Diamond, Gems & Jewellery company has the least gross debt?

PNGS Gargi Fashion Jewellery Ltd has the lowest comparable gross debt at ₹12 crore. Titan Company Ltd has the highest at ₹30,621 crore.

### Which Diamond, Gems & Jewellery company has the lowest comparable PEG?

PC Jeweller Ltd has the lowest comparable Guarded PEG at 0.26, among 10 of 26 companies that pass the metric’s comparability rules.

### How much history does this Diamond, Gems & Jewellery comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Diamond, Gems & Jewellery has outperformed NIFTY 500 by 22.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 18.7%. 15 of 23 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Utssav CZ Gold Jewels Ltd is the strongest against the sector itself at +70.8%.

13-week sector return versus NIFTY 500: 19%
52-week sector return versus NIFTY 500: 23%
Stocks leading NIFTY: 15/23
Stocks leading sector: 7/22

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 26
Combined market value: ₹5.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Tribhovandas Bhimji Zaveri Ltd (TBZ): 75/100 — Favorable setup; evidence 83%
   - Growth & earnings 27.9/35 | Capital efficiency 15.0/25 | Valuation 14.3/20 | Relative strength 17.9/20
   - Exact sum: 27.9 + 15 + 14.3 + 17.9 = 75.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Thangamayil Jewellery Ltd (THANGAMAYL): 74/100 — Favorable setup; evidence 96%
   - Growth & earnings 29.4/35 | Capital efficiency 16.2/25 | Valuation 9.6/20 | Relative strength 18.6/20
   - Exact sum: 29.4 + 16.2 + 9.6 + 18.6 = 73.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Senco Gold Ltd (SENCO): 70/100 — Favorable setup; evidence 90%
   - Growth & earnings 28.8/35 | Capital efficiency 12.8/25 | Valuation 16.0/20 | Relative strength 12.0/20
   - Exact sum: 28.8 + 12.8 + 16 + 12 = 69.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Khazanchi Jewellers Ltd (543953): 68/100 — Favorable setup; evidence 66%
   - Growth & earnings 26.4/35 | Capital efficiency 18.2/25 | Valuation 10.1/20 | Relative strength 13.0/20
   - Exact sum: 26.4 + 18.2 + 10.1 + 13 = 67.7
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
5. Sky Gold & Diamonds Ltd (SKYGOLD): 67/100 — Favorable setup; evidence 93%
   - Growth & earnings 26.0/35 | Capital efficiency 15.1/25 | Valuation 8.3/20 | Relative strength 17.6/20
   - Exact sum: 26 + 15.1 + 8.3 + 17.6 = 67
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Utssav CZ Gold Jewels Ltd (UTSSAV): 65/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.5/35 | Capital efficiency 15.4/25 | Valuation 9.9/20 | Relative strength 19.9/20
   - Exact sum: 19.5 + 15.4 + 9.9 + 19.9 = 64.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Vaibhav Global Ltd (VAIBHAVGBL): 60/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 18.0/35 | Capital efficiency 14.9/25 | Valuation 17.6/20 | Relative strength 9.7/20
   - Exact sum: 18 + 14.9 + 17.6 + 9.7 = 60.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Shanti Gold International Ltd (SHANTIGOLD): 59/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 22.3/35 | Capital efficiency 19.1/25 | Valuation 10.9/20 | Relative strength 7.1/20
   - Exact sum: 22.3 + 19.1 + 10.9 + 7.1 = 59.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Kalyan Jewellers India Ltd (KALYANKJIL): 59/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 23.8/35 | Capital efficiency 13.1/25 | Valuation 5.9/20 | Relative strength 16.3/20
   - Exact sum: 23.8 + 13.1 + 5.9 + 16.3 = 59.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Uday Jewellery Industries Ltd (539518): 56/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 27.5/35 | Capital efficiency 13.6/25 | Valuation 12.2/20 | Relative strength 2.9/20
   - Exact sum: 27.5 + 13.6 + 12.2 + 2.9 = 56.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -19.1% and the one-year return is -6.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
11. Shringar House of Mangalsutra Ltd (SHRINGARMS): 54/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.2/35 | Capital efficiency 16.4/25 | Valuation 10.2/20 | Relative strength 10.0/20
   - Exact sum: 17.2 + 16.4 + 10.2 + 10 = 53.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. PNGS Gargi Fashion Jewellery Ltd (543709): 53/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 13.5/35 | Capital efficiency 21.2/25 | Valuation 10.8/20 | Relative strength 7.6/20
   - Exact sum: 13.5 + 21.2 + 10.8 + 7.6 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. RBZ Jewellers Ltd (RBZJEWEL): 53/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 18.8/35 | Capital efficiency 14.4/25 | Valuation 13.2/20 | Relative strength 6.6/20
   - Exact sum: 18.8 + 14.4 + 13.2 + 6.6 = 53
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. D.P. Abhushan Ltd (DPABHUSHAN): 52/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 20.8/35 | Capital efficiency 15.2/25 | Valuation 5.3/20 | Relative strength 10.4/20
   - Exact sum: 20.8 + 15.2 + 5.3 + 10.4 = 51.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Golkunda Diamonds & Jewellery Ltd (523676): 52/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 13.2/35 | Capital efficiency 13.6/25 | Valuation 8.6/20 | Relative strength 16.1/20
   - Exact sum: 13.2 + 13.6 + 8.6 + 16.1 = 51.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Titan Company Ltd (TITAN): 48/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 19.1/35 | Capital efficiency 11.5/25 | Valuation 8.7/20 | Relative strength 8.3/20
   - Exact sum: 19.1 + 11.5 + 8.7 + 8.3 = 47.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. P N Gadgil Jewellers Ltd (PNGJL): 47/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 21.1/35 | Capital efficiency 10.6/25 | Valuation 8.4/20 | Relative strength 6.9/20
   - Exact sum: 21.1 + 10.6 + 8.4 + 6.9 = 47
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. PC Jeweller Ltd (PCJEWELLER): 47/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 14.3/35 | Capital efficiency 11.4/25 | Valuation 16.3/20 | Relative strength 4.8/20
   - Exact sum: 14.3 + 11.4 + 16.3 + 4.8 = 46.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
19. Bluestone Jewellery & Lifestyle Ltd (BLUESTONE): 47/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 23.5/35 | Capital efficiency 4.5/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - Exact sum: 23.5 + 4.5 + 8.5 + 10 = 46.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Motisons Jewellers Ltd (MOTISONS): 45/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 13.4/35 | Capital efficiency 15.3/25 | Valuation 11.4/20 | Relative strength 4.5/20
   - Exact sum: 13.4 + 15.3 + 11.4 + 4.5 = 44.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Radhika Jeweltech Ltd (RADHIKAJWE): 41/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 11.6/35 | Capital efficiency 15.7/25 | Valuation 11.2/20 | Relative strength 2.5/20
   - Exact sum: 11.6 + 15.7 + 11.2 + 2.5 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Manoj Vaibhav Gems N Jewellers Ltd (MVGJL): 40/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 12.5/35 | Capital efficiency 10.7/25 | Valuation 14.9/20 | Relative strength 2.3/20
   - Exact sum: 12.5 + 10.7 + 14.9 + 2.3 = 40.4
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
23. Asian Star Company Ltd (ASTAR): 32/100 — Adverse evidence; evidence 75%
   - Growth & earnings 11.8/35 | Capital efficiency 10.1/25 | Valuation 6.8/20 | Relative strength 3.2/20
   - Exact sum: 11.8 + 10.1 + 6.8 + 3.2 = 31.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Rajesh Exports Ltd (RAJESHEXPO): 32/100 — Adverse evidence; evidence 96%
   - Growth & earnings 16.3/35 | Capital efficiency 9.1/25 | Valuation 5.8/20 | Relative strength 0.3/20
   - Exact sum: 16.3 + 9.1 + 5.8 + 0.3 = 31.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. PNGS Reva Diamond Jewellery Limited (PNGSREVA): 58/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 21.8/35 | Capital efficiency 16.3/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 21.8 + 16.3 + 10 + 10 = 58.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. SJ Corporation Ltd (504398): 42/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 16.0/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 16 + 3 + 10 + 12.5 = 41.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Rajesh Exports Ltd is the scale leader at ₹7,78,716 crore, 789.1% ahead of Titan Company Ltd. Uday Jewellery Industries Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 120.5% from a ₹679 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Rajesh Exports Ltd is the scale benchmark; Uday Jewellery Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Rajesh Exports Ltd's growth falls below Uday Jewellery Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Rajesh Exports Ltd · ₹7,78,716 crore | 789.1% versus #2 · Titan Company Ltd | 7/8 recent comparable periods | 23/26 companies · 356 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Rajesh Exports Ltd (RAJESHEXPO): ₹7.8 L Cr
2. Titan Company Ltd (TITAN): ₹87.6K Cr
3. Kalyan Jewellers India Ltd (KALYANKJIL): ₹35.7K Cr
4. P N Gadgil Jewellers Ltd (PNGJL): ₹10.7K Cr
5. Thangamayil Jewellery Ltd (THANGAMAYL): ₹8.5K Cr

### Revenue growth — fastest growers
1. Uday Jewellery Industries Ltd (539518): 100%
2. Rajesh Exports Ltd (RAJESHEXPO): 84%
3. Shanti Gold International Ltd (SHANTIGOLD): 83%
4. Sky Gold & Diamonds Ltd (SKYGOLD): 77%
5. Thangamayil Jewellery Ltd (THANGAMAYL): 73%

### 20-quarter Revenue history
- 504398: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- 523676: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹56 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹63 Cr | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹45 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹226 Cr | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹7 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹187 Cr | Sep 2023 — | Dec 2023 ₹208 Cr | Mar 2024 — | Jun 2024 ₹381 Cr | Sep 2024 ₹375 Cr | Dec 2024 ₹394 Cr | Mar 2025 ₹622 Cr | Jun 2025 ₹404 Cr | Sep 2025 ₹549 Cr | Dec 2025 ₹589 Cr | Mar 2026 ₹508 Cr | Jun 2026 —
- TITAN: Sep 2021 ₹7.5K Cr | Dec 2021 ₹10.0K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹9.4K Cr | Sep 2022 ₹8.7K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹10.4K Cr | Jun 2023 ₹11.9K Cr | Sep 2023 ₹12.5K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹12.5K Cr | Jun 2024 ₹13.3K Cr | Sep 2024 ₹14.5K Cr | Dec 2024 ₹17.7K Cr | Mar 2025 ₹14.9K Cr | Jun 2025 ₹16.5K Cr | Sep 2025 ₹18.7K Cr | Dec 2025 ₹25.4K Cr | Mar 2026 ₹26.9K Cr | Jun 2026 —
- KALYANKJIL: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹7.3K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹10.3K Cr | Jun 2026 —
- THANGAMAYL: Sep 2021 ₹705 Cr | Dec 2021 ₹631 Cr | Mar 2022 ₹609 Cr | Jun 2022 ₹826 Cr | Sep 2022 ₹813 Cr | Dec 2022 ₹745 Cr | Mar 2023 ₹772 Cr | Jun 2023 ₹960 Cr | Sep 2023 ₹993 Cr | Dec 2023 ₹896 Cr | Mar 2024 ₹983 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹348 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹587 Cr | Mar 2025 ₹461 Cr | Jun 2025 ₹493 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹749 Cr | Mar 2026 ₹681 Cr | Jun 2026 ₹737 Cr
- SKYGOLD: Sep 2021 ₹142 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹267 Cr | Mar 2023 ₹270 Cr | Jun 2023 ₹376 Cr | Sep 2023 ₹396 Cr | Dec 2023 ₹460 Cr | Mar 2024 ₹513 Cr | Jun 2024 ₹723 Cr | Sep 2024 ₹769 Cr | Dec 2024 ₹998 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- PCJEWELLER: Sep 2021 ₹560 Cr | Dec 2021 ₹611 Cr | Mar 2022 ₹189 Cr | Jun 2022 ₹547 Cr | Sep 2022 ₹898 Cr | Dec 2022 ₹854 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹449 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹639 Cr | Mar 2025 ₹699 Cr | Jun 2025 ₹725 Cr | Sep 2025 ₹825 Cr | Dec 2025 ₹875 Cr | Mar 2026 ₹927 Cr | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1.0K Cr | Sep 2022 ₹911 Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹814 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- VAIBHAVGBL: Sep 2021 ₹641 Cr | Dec 2021 ₹751 Cr | Mar 2022 ₹672 Cr | Jun 2022 ₹630 Cr | Sep 2022 ₹646 Cr | Dec 2022 ₹724 Cr | Mar 2023 ₹693 Cr | Jun 2023 ₹658 Cr | Sep 2023 ₹705 Cr | Dec 2023 ₹888 Cr | Mar 2024 ₹789 Cr | Jun 2024 ₹756 Cr | Sep 2024 ₹796 Cr | Dec 2024 ₹977 Cr | Mar 2025 ₹850 Cr | Jun 2025 ₹814 Cr | Sep 2025 ₹877 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹935 Cr | Jun 2026 —
- DPABHUSHAN: Sep 2021 ₹448 Cr | Dec 2021 ₹668 Cr | Mar 2022 ₹440 Cr | Jun 2022 ₹433 Cr | Sep 2022 ₹485 Cr | Dec 2022 ₹672 Cr | Mar 2023 ₹385 Cr | Jun 2023 ₹471 Cr | Sep 2023 ₹546 Cr | Dec 2023 ₹765 Cr | Mar 2024 ₹557 Cr | Jun 2024 ₹505 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹717 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹968 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹854 Cr
- RAJESHEXPO: Sep 2021 ₹41.2K Cr | Dec 2021 ₹65.2K Cr | Mar 2022 ₹85.8K Cr | Jun 2022 ₹49.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹94.5K Cr | Mar 2023 ₹1.2 L Cr | Jun 2023 ₹85.7K Cr | Sep 2023 ₹38.1K Cr | Dec 2023 ₹65.5K Cr | Mar 2024 ₹91.4K Cr | Jun 2024 ₹60.4K Cr | Sep 2024 ₹66.9K Cr | Dec 2024 ₹96.6K Cr | Mar 2025 ₹2.0 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.8 L Cr | Dec 2025 ₹2.4 L Cr | Mar 2026 ₹2.4 L Cr | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹271 Cr | Sep 2024 ₹416 Cr | Dec 2024 ₹391 Cr | Mar 2025 ₹351 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹529 Cr | Dec 2025 ₹659 Cr | Mar 2026 ₹726 Cr | Jun 2026 —
- TBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹812 Cr | Mar 2023 ₹465 Cr | Jun 2023 ₹571 Cr | Sep 2023 ₹481 Cr | Dec 2023 ₹741 Cr | Mar 2024 ₹507 Cr | Jun 2024 ₹596 Cr | Sep 2024 ₹567 Cr | Dec 2024 ₹928 Cr | Mar 2025 ₹529 Cr | Jun 2025 ₹624 Cr | Sep 2025 ₹688 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹830 Cr | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹114 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹137 Cr | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹240 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹430 Cr | Dec 2025 ₹637 Cr | Mar 2026 ₹659 Cr | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹7 Cr | Mar 2025 ₹58 Cr | Jun 2025 — | Sep 2025 ₹103 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹138 Cr | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹156 Cr | Dec 2023 — | Mar 2024 ₹184 Cr | Jun 2024 — | Sep 2024 ₹285 Cr | Dec 2024 — | Mar 2025 ₹362 Cr | Jun 2025 — | Sep 2025 ₹475 Cr | Dec 2025 — | Mar 2026 ₹679 Cr | Jun 2026 —
- ASTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹808 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹924 Cr | Sep 2023 ₹922 Cr | Dec 2023 ₹691 Cr | Mar 2024 ₹986 Cr | Jun 2024 ₹759 Cr | Sep 2024 ₹654 Cr | Dec 2024 ₹688 Cr | Mar 2025 ₹854 Cr | Jun 2025 ₹717 Cr | Sep 2025 ₹759 Cr | Dec 2025 ₹660 Cr | Mar 2026 ₹746 Cr | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹489 Cr | Mar 2023 ₹516 Cr | Jun 2023 ₹509 Cr | Sep 2023 ₹619 Cr | Dec 2023 ₹475 Cr | Mar 2024 ₹546 Cr | Jun 2024 ₹539 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹705 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹756 Cr | Dec 2025 ₹685 Cr | Mar 2026 ₹754 Cr | Jun 2026 —
- RADHIKAJWE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹57 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹193 Cr | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹92 Cr | Mar 2023 ₹78 Cr | Jun 2023 — | Sep 2023 ₹74 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹226 Cr | Mar 2026 ₹189 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 504398: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.9% | Jun 2026 —
- 523676: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -9.7% | Mar 2024 44% | Jun 2024 9.3% | Sep 2024 28% | Dec 2024 46% | Mar 2025 -23% | Jun 2025 16% | Sep 2025 42% | Dec 2025 -15% | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 -6.7% | Jun 2024 21% | Sep 2024 48% | Dec 2024 80% | Mar 2025 152% | Jun 2025 176% | Sep 2025 119% | Dec 2025 106% | Mar 2026 113% | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 54% | Dec 2023 78% | Mar 2024 117% | Jun 2024 582% | Sep 2024 113% | Dec 2024 104% | Mar 2025 48% | Jun 2025 -39% | Sep 2025 102% | Dec 2025 27% | Mar 2026 30% | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 104% | Sep 2024 — | Dec 2024 89% | Mar 2025 — | Jun 2025 6.0% | Sep 2025 46% | Dec 2025 49% | Mar 2026 -18% | Jun 2026 —
- TITAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 172% | Sep 2022 17% | Dec 2022 16% | Mar 2023 33% | Jun 2023 26% | Sep 2023 44% | Dec 2023 22% | Mar 2024 21% | Jun 2024 12% | Sep 2024 16% | Dec 2024 25% | Mar 2025 19% | Jun 2025 25% | Sep 2025 29% | Dec 2025 43% | Mar 2026 80% | Jun 2026 —
- KALYANKJIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 104% | Sep 2022 20% | Dec 2022 13% | Mar 2023 18% | Jun 2023 31% | Sep 2023 27% | Dec 2023 34% | Mar 2024 34% | Jun 2024 26% | Sep 2024 37% | Dec 2024 39% | Mar 2025 37% | Jun 2025 31% | Sep 2025 30% | Dec 2025 42% | Mar 2026 66% | Jun 2026 —
- THANGAMAYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 230% | Sep 2022 15% | Dec 2022 18% | Mar 2023 27% | Jun 2023 16% | Sep 2023 22% | Dec 2023 20% | Mar 2024 27% | Jun 2024 27% | Sep 2024 19% | Dec 2024 26% | Mar 2025 40% | Jun 2025 28% | Sep 2025 45% | Dec 2025 113% | Mar 2026 106% | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 41% | Sep 2025 38% | Dec 2025 28% | Mar 2026 48% | Jun 2026 50%
- SKYGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 120% | Sep 2022 114% | Dec 2022 -6.0% | Mar 2023 24% | Jun 2023 20% | Sep 2023 30% | Dec 2023 72% | Mar 2024 90% | Jun 2024 92% | Sep 2024 94% | Dec 2024 117% | Mar 2025 106% | Jun 2025 56% | Sep 2025 93% | Dec 2025 77% | Mar 2026 81% | Jun 2026 —
- PCJEWELLER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 121% | Sep 2022 60% | Dec 2022 40% | Mar 2023 -8.5% | Jun 2023 -88% | Sep 2023 -50% | Dec 2023 -95% | Mar 2024 -72% | Jun 2024 490% | Sep 2024 12% | Dec 2024 1,498% | Mar 2025 1,356% | Jun 2025 81% | Sep 2025 63% | Dec 2025 37% | Mar 2026 33% | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 33% | Sep 2024 46% | Dec 2024 24% | Mar 2025 5.0% | Jun 2025 2.8% | Sep 2025 8.9% | Dec 2025 36% | Mar 2026 123% | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 30% | Sep 2023 26% | Dec 2023 23% | Mar 2024 40% | Jun 2024 7.6% | Sep 2024 31% | Dec 2024 24% | Mar 2025 21% | Jun 2025 30% | Sep 2025 2.4% | Dec 2025 50% | Mar 2026 45% | Jun 2026 —
- VAIBHAVGBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.6% | Sep 2022 0.8% | Dec 2022 -3.6% | Mar 2023 3.1% | Jun 2023 4.4% | Sep 2023 9.1% | Dec 2023 23% | Mar 2024 14% | Jun 2024 15% | Sep 2024 13% | Dec 2024 10% | Mar 2025 7.7% | Jun 2025 7.7% | Sep 2025 10% | Dec 2025 9.1% | Mar 2026 10% | Jun 2026 —
- DPABHUSHAN: Sep 2021 160% | Dec 2021 61% | Mar 2022 -26% | Jun 2022 147% | Sep 2022 8.2% | Dec 2022 0.6% | Mar 2023 -12% | Jun 2023 8.8% | Sep 2023 13% | Dec 2023 14% | Mar 2024 45% | Jun 2024 7.2% | Sep 2024 84% | Dec 2024 42% | Mar 2025 29% | Jun 2025 6.9% | Sep 2025 -3.7% | Dec 2025 13% | Mar 2026 86% | Jun 2026 58%
- RAJESHEXPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.8% | Sep 2022 -97% | Dec 2022 45% | Mar 2023 35% | Jun 2023 73% | Sep 2023 2,760% | Dec 2023 -31% | Mar 2024 -21% | Jun 2024 -30% | Sep 2024 76% | Dec 2024 48% | Mar 2025 118% | Jun 2025 118% | Sep 2025 162% | Dec 2025 143% | Mar 2026 19% | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 23% | Sep 2025 27% | Dec 2025 69% | Mar 2026 107% | Jun 2026 —
- TBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -8.7% | Mar 2024 9.0% | Jun 2024 4.4% | Sep 2024 18% | Dec 2024 25% | Mar 2025 4.3% | Jun 2025 4.7% | Sep 2025 21% | Dec 2025 14% | Mar 2026 57% | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.1% | Mar 2024 29% | Jun 2024 2.3% | Sep 2024 21% | Dec 2024 18% | Mar 2025 1.8% | Jun 2025 -1.9% | Sep 2025 -17% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 22% | Sep 2025 62% | Dec 2025 110% | Mar 2026 122% | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1,957% | Mar 2026 138% | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 83% | Dec 2024 — | Mar 2025 97% | Jun 2025 — | Sep 2025 67% | Dec 2025 — | Mar 2026 88% | Jun 2026 —
- ASTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -15% | Mar 2024 -8.5% | Jun 2024 -18% | Sep 2024 -29% | Dec 2024 -0.4% | Mar 2025 -13% | Jun 2025 -5.6% | Sep 2025 16% | Dec 2025 -4.1% | Mar 2026 -13% | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.9% | Mar 2024 5.8% | Jun 2024 5.9% | Sep 2024 3.7% | Dec 2024 4.8% | Mar 2025 29% | Jun 2025 1.9% | Sep 2025 18% | Dec 2025 38% | Mar 2026 7.0% | Jun 2026 —
- RADHIKAJWE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 87% | Dec 2023 85% | Mar 2024 54% | Jun 2024 -13% | Sep 2024 23% | Dec 2024 17% | Mar 2025 1.9% | Jun 2025 5.8% | Sep 2025 1.2% | Dec 2025 3.7% | Mar 2026 24% | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 26% | Mar 2024 10% | Jun 2024 — | Sep 2024 58% | Dec 2024 67% | Mar 2025 59% | Jun 2025 -7.3% | Sep 2025 24% | Dec 2025 16% | Mar 2026 38% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: PNGS Gargi Fashion Jewellery Ltd leads opm at 23.4%; PNGS Reva Diamond Jewellery Limited leads margin change at +8 percentage points.

Investor read: PNGS Gargi Fashion Jewellery Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: PNGS Gargi Fashion Jewellery Ltd · 23.4% | 6.4% versus #2 · PNGS Reva Diamond Jewellery Limited | 5/8 recent comparable periods | 26/26 companies · 402 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. PNGS Gargi Fashion Jewellery Ltd (543709): 23%
2. PNGS Reva Diamond Jewellery Limited (PNGSREVA): 22%
3. PC Jeweller Ltd (PCJEWELLER): 18%
4. Bluestone Jewellery & Lifestyle Ltd (BLUESTONE): 15%
5. Senco Gold Ltd (SENCO): 14%

### Margin change — fastest expanders
1. PNGS Reva Diamond Jewellery Limited (PNGSREVA): +8.0 pp
2. Tribhovandas Bhimji Zaveri Ltd (TBZ): +7.0 pp
3. Senco Gold Ltd (SENCO): +5.0 pp
4. Khazanchi Jewellers Ltd (543953): +4.0 pp
5. Thangamayil Jewellery Ltd (THANGAMAYL): +4.0 pp

### 20-quarter OPM history
- 504398: Sep 2021 4.7% | Dec 2021 -1.7% | Mar 2022 1.7% | Jun 2022 2.0% | Sep 2022 5.1% | Dec 2022 6.7% | Mar 2023 -0.1% | Jun 2023 2.5% | Sep 2023 1.0% | Dec 2023 -367% | Mar 2024 -3.7% | Jun 2024 -0.8% | Sep 2024 -0.4% | Dec 2024 -24% | Mar 2025 0.4% | Jun 2025 — | Sep 2025 — | Dec 2025 2.3% | Mar 2026 -4.8% | Jun 2026 —
- 523676: Sep 2021 3.8% | Dec 2021 6.7% | Mar 2022 6.8% | Jun 2022 7.4% | Sep 2022 5.5% | Dec 2022 6.6% | Mar 2023 6.6% | Jun 2023 2.6% | Sep 2023 6.8% | Dec 2023 10% | Mar 2024 8.4% | Jun 2024 10% | Sep 2024 3.8% | Dec 2024 10% | Mar 2025 6.3% | Jun 2025 7.1% | Sep 2025 6.4% | Dec 2025 9.7% | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 6.5% | Dec 2021 6.4% | Mar 2022 8.4% | Jun 2022 7.9% | Sep 2022 6.8% | Dec 2022 7.9% | Mar 2023 8.0% | Jun 2023 12% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 2.0% | Jun 2024 9.0% | Sep 2024 7.0% | Dec 2024 6.0% | Mar 2025 4.0% | Jun 2025 10% | Sep 2025 6.0% | Dec 2025 4.0% | Mar 2026 7.0% | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 24% | Mar 2022 26% | Jun 2022 25% | Sep 2022 26% | Dec 2022 18% | Mar 2023 26% | Jun 2023 22% | Sep 2023 23% | Dec 2023 24% | Mar 2024 21% | Jun 2024 32% | Sep 2024 30% | Dec 2024 32% | Mar 2025 21% | Jun 2025 23% | Sep 2025 28% | Dec 2025 29% | Mar 2026 23% | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.1% | Dec 2022 — | Mar 2023 4.3% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 5.0% | Mar 2024 5.0% | Jun 2024 4.0% | Sep 2024 4.0% | Dec 2024 4.0% | Mar 2025 3.0% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 6.0% | Mar 2026 7.0% | Jun 2026 —
- TITAN: Sep 2021 13% | Dec 2021 14% | Mar 2022 10% | Jun 2022 13% | Sep 2022 14% | Dec 2022 12% | Mar 2023 11% | Jun 2023 9.0% | Sep 2023 11% | Dec 2023 11% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 11% | Sep 2025 10% | Dec 2025 11% | Mar 2026 7.0% | Jun 2026 —
- KALYANKJIL: Sep 2021 7.9% | Dec 2021 8.7% | Mar 2022 7.7% | Jun 2022 7.9% | Sep 2022 7.7% | Dec 2022 8.0% | Mar 2023 8.0% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 7.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 7.0% | Sep 2025 6.0% | Dec 2025 7.0% | Mar 2026 7.0% | Jun 2026 —
- THANGAMAYL: Sep 2021 6.2% | Dec 2021 4.1% | Mar 2022 3.5% | Jun 2022 4.4% | Sep 2022 3.9% | Dec 2022 4.0% | Mar 2023 8.0% | Jun 2023 10% | Sep 2023 2.0% | Dec 2023 6.0% | Mar 2024 5.0% | Jun 2024 7.0% | Sep 2024 -1.0% | Dec 2024 7.0% | Mar 2025 4.0% | Jun 2025 6.0% | Sep 2025 6.0% | Dec 2025 7.0% | Mar 2026 8.0% | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6% | Sep 2024 -1.2% | Dec 2024 8.5% | Mar 2025 5.4% | Jun 2025 11% | Sep 2025 7.8% | Dec 2025 22% | Mar 2026 18% | Jun 2026 15%
- SKYGOLD: Sep 2021 1.8% | Dec 2021 2.0% | Mar 2022 4.3% | Jun 2022 2.6% | Sep 2022 1.0% | Dec 2022 5.0% | Mar 2023 4.0% | Jun 2023 5.0% | Sep 2023 4.0% | Dec 2023 4.0% | Mar 2024 5.0% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 7.0% | Jun 2026 —
- PCJEWELLER: Sep 2021 7.1% | Dec 2021 5.9% | Mar 2022 -101% | Jun 2022 15% | Sep 2022 16% | Dec 2022 4.0% | Mar 2023 -12% | Jun 2023 -64% | Sep 2023 -12% | Dec 2023 -182% | Mar 2024 -3.0% | Jun 2024 13% | Sep 2024 17% | Dec 2024 18% | Mar 2025 21% | Jun 2025 18% | Sep 2025 22% | Dec 2025 23% | Mar 2026 18% | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.0% | Sep 2023 3.0% | Dec 2023 5.0% | Mar 2024 6.0% | Jun 2024 4.0% | Sep 2024 3.0% | Dec 2024 5.0% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 5.0% | Dec 2025 7.0% | Mar 2026 4.0% | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.5% | Sep 2022 4.0% | Dec 2022 12% | Mar 2023 8.0% | Jun 2023 5.0% | Sep 2023 3.0% | Dec 2023 11% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 3.0% | Dec 2024 4.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 7.0% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- VAIBHAVGBL: Sep 2021 11% | Dec 2021 11% | Mar 2022 5.6% | Jun 2022 6.7% | Sep 2022 7.7% | Dec 2022 8.0% | Mar 2023 7.0% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 11% | Mar 2025 7.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 13% | Mar 2026 9.0% | Jun 2026 —
- DPABHUSHAN: Sep 2021 4.3% | Dec 2021 3.9% | Mar 2022 4.4% | Jun 2022 4.8% | Sep 2022 2.8% | Dec 2022 5.0% | Mar 2023 3.0% | Jun 2023 5.0% | Sep 2023 4.0% | Dec 2023 4.0% | Mar 2024 4.0% | Jun 2024 8.0% | Sep 2024 4.0% | Dec 2024 5.0% | Mar 2025 6.0% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 5.3% | Jun 2026 11%
- RAJESHEXPO: Sep 2021 0.8% | Dec 2021 0.5% | Mar 2022 0.2% | Jun 2022 0.6% | Sep 2022 3.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 9.0% | Sep 2024 6.0% | Dec 2024 5.0% | Mar 2025 7.0% | Jun 2025 12% | Sep 2025 6.0% | Dec 2025 6.0% | Mar 2026 6.0% | Jun 2026 —
- TBZ: Sep 2021 4.7% | Dec 2021 5.1% | Mar 2022 3.9% | Jun 2022 3.2% | Sep 2022 4.3% | Dec 2022 5.0% | Mar 2023 7.0% | Jun 2023 6.0% | Sep 2023 6.0% | Dec 2023 6.0% | Mar 2024 6.0% | Jun 2024 7.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 7.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 12% | Mar 2026 14% | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 15% | Mar 2023 10% | Jun 2023 15% | Sep 2023 15% | Dec 2023 16% | Mar 2024 15% | Jun 2024 12% | Sep 2024 16% | Dec 2024 16% | Mar 2025 16% | Jun 2025 15% | Sep 2025 34% | Dec 2025 20% | Mar 2026 6.1% | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 9.0% | Mar 2025 7.0% | Jun 2025 13% | Sep 2025 14% | Dec 2025 9.0% | Mar 2026 10% | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 27% | Mar 2025 14% | Jun 2025 — | Sep 2025 19% | Dec 2025 23% | Mar 2026 22% | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.0% | Dec 2023 — | Mar 2024 7.0% | Jun 2024 — | Sep 2024 5.0% | Dec 2024 — | Mar 2025 7.0% | Jun 2025 — | Sep 2025 9.0% | Dec 2025 — | Mar 2026 7.0% | Jun 2026 —
- ASTAR: Sep 2021 3.0% | Dec 2021 3.1% | Mar 2022 2.9% | Jun 2022 3.1% | Sep 2022 3.2% | Dec 2022 3.6% | Mar 2023 3.5% | Jun 2023 3.3% | Sep 2023 3.5% | Dec 2023 4.0% | Mar 2024 2.9% | Jun 2024 3.6% | Sep 2024 4.0% | Dec 2024 3.3% | Mar 2025 0.5% | Jun 2025 3.0% | Sep 2025 3.2% | Dec 2025 1.8% | Mar 2026 0.8% | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.1% | Dec 2022 9.0% | Mar 2023 6.0% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 7.0% | Sep 2024 7.0% | Dec 2024 8.0% | Mar 2025 6.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 5.0% | Jun 2026 —
- RADHIKAJWE: Sep 2021 16% | Dec 2021 16% | Mar 2022 12% | Jun 2022 21% | Sep 2022 7.0% | Dec 2022 16% | Mar 2023 8.0% | Jun 2023 18% | Sep 2023 12% | Dec 2023 12% | Mar 2024 11% | Jun 2024 20% | Sep 2024 15% | Dec 2024 15% | Mar 2025 12% | Jun 2025 26% | Sep 2025 19% | Dec 2025 20% | Mar 2026 5.7% | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 11% | Mar 2023 10% | Jun 2023 — | Sep 2023 19% | Dec 2023 10% | Mar 2024 5.0% | Jun 2024 17% | Sep 2024 12% | Dec 2024 11% | Mar 2025 11% | Jun 2025 17% | Sep 2025 19% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —

### 20-quarter Margin change history
- 504398: Sep 2021 +6.8 pp | Dec 2021 +4.1 pp | Mar 2022 +7.7 pp | Jun 2022 +102.0 pp | Sep 2022 +0.5 pp | Dec 2022 +8.4 pp | Mar 2023 −1.8 pp | Jun 2023 +0.5 pp | Sep 2023 −4.1 pp | Dec 2023 −373.3 pp | Mar 2024 −3.6 pp | Jun 2024 −3.3 pp | Sep 2024 −1.5 pp | Dec 2024 +342.9 pp | Mar 2025 +4.1 pp | Jun 2025 — | Sep 2025 — | Dec 2025 +26.0 pp | Mar 2026 −5.2 pp | Jun 2026 —
- 523676: Sep 2021 +1.7 pp | Dec 2021 +5.1 pp | Mar 2022 +2.0 pp | Jun 2022 +3.9 pp | Sep 2022 +1.8 pp | Dec 2022 −0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −4.8 pp | Sep 2023 +1.2 pp | Dec 2023 +3.5 pp | Mar 2024 +1.8 pp | Jun 2024 +7.4 pp | Sep 2024 −3.0 pp | Dec 2024 +0.4 pp | Mar 2025 −2.1 pp | Jun 2025 −2.9 pp | Sep 2025 +2.7 pp | Dec 2025 −0.8 pp | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 −9.5 pp | Dec 2021 −1.6 pp | Mar 2022 +4.5 pp | Jun 2022 +7.6 pp | Sep 2022 +0.3 pp | Dec 2022 +1.5 pp | Mar 2023 −0.4 pp | Jun 2023 +4.1 pp | Sep 2023 +2.2 pp | Dec 2023 +0.1 pp | Mar 2024 −6.0 pp | Jun 2024 −3.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −6.2 pp | Mar 2023 −0.1 pp | Jun 2023 −2.7 pp | Sep 2023 −3.3 pp | Dec 2023 +5.5 pp | Mar 2024 −5.5 pp | Jun 2024 +10.0 pp | Sep 2024 +7.6 pp | Dec 2024 +8.5 pp | Mar 2025 +0.3 pp | Jun 2025 −8.6 pp | Sep 2025 −2.2 pp | Dec 2025 −3.1 pp | Mar 2026 +2.6 pp | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2.9 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- TITAN: Sep 2021 +6.1 pp | Dec 2021 +3.2 pp | Mar 2022 −0.7 pp | Jun 2022 +8.7 pp | Sep 2022 +1.1 pp | Dec 2022 −2.4 pp | Mar 2023 +0.8 pp | Jun 2023 −3.7 pp | Sep 2023 −3.0 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −3.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- KALYANKJIL: Sep 2021 +6.9 pp | Dec 2021 −1.1 pp | Mar 2022 +0.2 pp | Jun 2022 +3.7 pp | Sep 2022 −0.2 pp | Dec 2022 −0.7 pp | Mar 2023 +0.4 pp | Jun 2023 −0.9 pp | Sep 2023 −0.7 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- THANGAMAYL: Sep 2021 −16.6 pp | Dec 2021 −3.2 pp | Mar 2022 −0.4 pp | Jun 2022 +5.4 pp | Sep 2022 −2.3 pp | Dec 2022 −0.1 pp | Mar 2023 +4.6 pp | Jun 2023 +5.6 pp | Sep 2023 −1.9 pp | Dec 2023 +2.0 pp | Mar 2024 −3.0 pp | Jun 2024 −3.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +7.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +10.5 pp | Sep 2025 +9.0 pp | Dec 2025 +13.5 pp | Mar 2026 +12.8 pp | Jun 2026 +3.4 pp
- SKYGOLD: Sep 2021 −0.5 pp | Dec 2021 — | Mar 2022 +3.5 pp | Jun 2022 +0.9 pp | Sep 2022 −0.8 pp | Dec 2022 +3.0 pp | Mar 2023 −0.3 pp | Jun 2023 +2.4 pp | Sep 2023 +3.0 pp | Dec 2023 −1.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- PCJEWELLER: Sep 2021 −5.4 pp | Dec 2021 −9.6 pp | Mar 2022 −115.5 pp | Jun 2022 +8.0 pp | Sep 2022 +9.3 pp | Dec 2022 −1.9 pp | Mar 2023 +88.8 pp | Jun 2023 −79.4 pp | Sep 2023 −28.4 pp | Dec 2023 −186.0 pp | Mar 2024 +9.0 pp | Jun 2024 +77.0 pp | Sep 2024 +29.0 pp | Dec 2024 +200.0 pp | Mar 2025 +24.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 +5.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −0.5 pp | Sep 2023 −1.0 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 −7.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +4.0 pp | Dec 2025 +9.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- VAIBHAVGBL: Sep 2021 −5.5 pp | Dec 2021 −5.6 pp | Mar 2022 −6.2 pp | Jun 2022 −6.7 pp | Sep 2022 −2.8 pp | Dec 2022 −3.3 pp | Mar 2023 +1.4 pp | Jun 2023 +2.3 pp | Sep 2023 +1.3 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- DPABHUSHAN: Sep 2021 −2.8 pp | Dec 2021 +0.2 pp | Mar 2022 +1.6 pp | Jun 2022 −1.1 pp | Sep 2022 −1.5 pp | Dec 2022 +1.1 pp | Mar 2023 −1.4 pp | Jun 2023 +0.2 pp | Sep 2023 +1.2 pp | Dec 2023 −1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 −0.7 pp | Jun 2026 +0.7 pp
- RAJESHEXPO: Sep 2021 +0.6 pp | Dec 2021 −0.1 pp | Mar 2022 −0.4 pp | Jun 2022 +0.0 pp | Sep 2022 +2.2 pp | Dec 2022 −0.5 pp | Mar 2023 −0.2 pp | Jun 2023 −0.6 pp | Sep 2023 −3.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +3.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- TBZ: Sep 2021 −10.5 pp | Dec 2021 −5.9 pp | Mar 2022 −2.0 pp | Jun 2022 +3.9 pp | Sep 2022 −0.5 pp | Dec 2022 −0.1 pp | Mar 2023 +3.1 pp | Jun 2023 +2.8 pp | Sep 2023 +1.8 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +6.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +1.2 pp | Mar 2024 +4.9 pp | Jun 2024 −2.4 pp | Sep 2024 +1.4 pp | Dec 2024 −0.5 pp | Mar 2025 +0.4 pp | Jun 2025 +2.6 pp | Sep 2025 +17.8 pp | Dec 2025 +4.5 pp | Mar 2026 −9.4 pp | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +7.0 pp | Sep 2025 +8.0 pp | Dec 2025 0.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 −4.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 +4.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- ASTAR: Sep 2021 −1.1 pp | Dec 2021 +1.6 pp | Mar 2022 −0.2 pp | Jun 2022 +0.4 pp | Sep 2022 +0.2 pp | Dec 2022 +0.5 pp | Mar 2023 +0.6 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 +0.3 pp | Mar 2024 −0.6 pp | Jun 2024 +0.3 pp | Sep 2024 +0.6 pp | Dec 2024 −0.7 pp | Mar 2025 −2.3 pp | Jun 2025 −0.6 pp | Sep 2025 −0.8 pp | Dec 2025 −1.5 pp | Mar 2026 +0.2 pp | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 −2.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- RADHIKAJWE: Sep 2021 −5.7 pp | Dec 2021 −9.7 pp | Mar 2022 −5.7 pp | Jun 2022 +7.8 pp | Sep 2022 −9.2 pp | Dec 2022 −0.5 pp | Mar 2023 −3.9 pp | Jun 2023 −3.7 pp | Sep 2023 +5.1 pp | Dec 2023 −3.8 pp | Mar 2024 +2.5 pp | Jun 2024 +2.2 pp | Sep 2024 +2.6 pp | Dec 2024 +3.1 pp | Mar 2025 +2.0 pp | Jun 2025 +5.6 pp | Sep 2025 +4.6 pp | Dec 2025 +4.2 pp | Mar 2026 −6.7 pp | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.0 pp | Mar 2024 −5.0 pp | Jun 2024 — | Sep 2024 −7.0 pp | Dec 2024 +1.0 pp | Mar 2025 +6.0 pp | Jun 2025 0.0 pp | Sep 2025 +7.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Titan Company Ltd leads with ₹5,074 crore of TTM profit, 275.6% above Kalyan Jewellers India Ltd. Uday Jewellery Industries Ltd shows ≥100% on the scoring scale (138.5% uncapped) growth from a ₹31 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Titan Company Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Titan Company Ltd · ₹5,074 crore | 275.6% versus #2 · Kalyan Jewellers India Ltd | 5/8 recent comparable periods | 23/26 companies · 356 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Titan Company Ltd (TITAN): ₹5.1K Cr
2. Kalyan Jewellers India Ltd (KALYANKJIL): ₹1.4K Cr
3. PC Jeweller Ltd (PCJEWELLER): ₹715 Cr
4. Senco Gold Ltd (SENCO): ₹575 Cr
5. P N Gadgil Jewellers Ltd (PNGJL): ₹409 Cr

### Profit growth — fastest growers
1. Uday Jewellery Industries Ltd (539518): 100%
2. Khazanchi Jewellers Ltd (543953): 100%
3. Senco Gold Ltd (SENCO): 100%
4. Shanti Gold International Ltd (SHANTIGOLD): 100%
5. Sky Gold & Diamonds Ltd (SKYGOLD): 100%

### 20-quarter Net profit history
- 504398: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- 523676: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 — | Dec 2023 ₹6 Cr | Mar 2024 — | Jun 2024 ₹9 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- TITAN: Sep 2021 ₹639 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹510 Cr | Jun 2022 ₹785 Cr | Sep 2022 ₹857 Cr | Dec 2022 ₹913 Cr | Mar 2023 ₹736 Cr | Jun 2023 ₹756 Cr | Sep 2023 ₹916 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹715 Cr | Sep 2024 ₹704 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹871 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- KALYANKJIL: Sep 2021 ₹69 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹410 Cr | Jun 2026 —
- THANGAMAYL: Sep 2021 ₹27 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹143 Cr | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-59 Cr | Sep 2024 ₹-84 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹-51 Cr | Jun 2025 ₹-35 Cr | Sep 2025 ₹-52 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹31 Cr | Jun 2026 ₹6 Cr
- SKYGOLD: Sep 2021 ₹5 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹91 Cr | Jun 2026 —
- PCJEWELLER: Sep 2021 ₹-79 Cr | Dec 2021 ₹-74 Cr | Mar 2022 ₹-173 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹-61 Cr | Mar 2023 ₹-302 Cr | Jun 2023 ₹-172 Cr | Sep 2023 ₹-138 Cr | Dec 2023 ₹-198 Cr | Mar 2024 ₹-122 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹179 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹153 Cr | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹22 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹90 Cr | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹23 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹157 Cr | Jun 2026 —
- VAIBHAVGBL: Sep 2021 ₹42 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹91 Cr | Jun 2026 —
- DPABHUSHAN: Sep 2021 ₹11 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹51 Cr | Jun 2026 ₹64 Cr
- RAJESHEXPO: Sep 2021 ₹291 Cr | Dec 2021 ₹300 Cr | Mar 2022 ₹139 Cr | Jun 2022 ₹272 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹422 Cr | Mar 2023 ₹366 Cr | Jun 2023 ₹309 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹-54 Cr | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹17 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- TBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹21 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹13 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 — | Mar 2025 ₹15 Cr | Jun 2025 — | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 ₹30 Cr | Jun 2026 —
- ASTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹-0 Cr | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- RADHIKAJWE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹12 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 504398: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -655% | Jun 2026 —
- 523676: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 45% | Mar 2024 86% | Jun 2024 705% | Sep 2024 -36% | Dec 2024 55% | Mar 2025 -47% | Jun 2025 -11% | Sep 2025 203% | Dec 2025 -28% | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 -100% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 67% | Mar 2025 — | Jun 2025 167% | Sep 2025 100% | Dec 2025 20% | Mar 2026 450% | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 68% | Dec 2023 216% | Mar 2024 74% | Jun 2024 717% | Sep 2024 203% | Dec 2024 190% | Mar 2025 75% | Jun 2025 -49% | Sep 2025 102% | Dec 2025 16% | Mar 2026 25% | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 200% | Sep 2024 — | Dec 2024 100% | Mar 2025 — | Jun 2025 67% | Sep 2025 118% | Dec 2025 108% | Mar 2026 100% | Jun 2026 —
- TITAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3,825% | Sep 2022 34% | Dec 2022 -9.1% | Mar 2023 44% | Jun 2023 -3.7% | Sep 2023 6.9% | Dec 2023 15% | Mar 2024 4.8% | Jun 2024 -5.4% | Sep 2024 -23% | Dec 2024 -0.6% | Mar 2025 13% | Jun 2025 53% | Sep 2025 59% | Dec 2025 61% | Mar 2026 35% | Jun 2026 —
- KALYANKJIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 54% | Dec 2022 9.6% | Mar 2023 -2.8% | Jun 2023 33% | Sep 2023 27% | Dec 2023 22% | Mar 2024 96% | Jun 2024 24% | Sep 2024 -3.7% | Dec 2024 22% | Mar 2025 37% | Jun 2025 48% | Sep 2025 101% | Dec 2025 90% | Mar 2026 118% | Jun 2026 —
- THANGAMAYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -41% | Dec 2022 27% | Mar 2023 288% | Jun 2023 211% | Sep 2023 -50% | Dec 2023 100% | Mar 2024 -9.7% | Jun 2024 -3.4% | Sep 2024 -313% | Dec 2024 71% | Mar 2025 11% | Jun 2025 -19% | Sep 2025 — | Dec 2025 119% | Mar 2026 361% | Jun 2026 —
- SKYGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -80% | Dec 2022 100% | Mar 2023 50% | Jun 2023 120% | Sep 2023 600% | Dec 2023 50% | Mar 2024 133% | Jun 2024 91% | Sep 2024 429% | Dec 2024 311% | Mar 2025 171% | Jun 2025 110% | Sep 2025 81% | Dec 2025 119% | Mar 2026 139% | Jun 2026 —
- PCJEWELLER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -332% | Sep 2023 -260% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.9% | Sep 2025 17% | Dec 2025 28% | Mar 2026 61% | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 59% | Sep 2024 59% | Dec 2024 48% | Mar 2025 13% | Jun 2025 97% | Sep 2025 126% | Dec 2025 99% | Mar 2026 45% | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 22% | Sep 2023 33% | Dec 2023 5.8% | Mar 2024 23% | Jun 2024 82% | Sep 2024 0.0% | Dec 2024 -70% | Mar 2025 94% | Jun 2025 106% | Sep 2025 308% | Dec 2025 700% | Mar 2026 153% | Jun 2026 —
- VAIBHAVGBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -80% | Sep 2022 -45% | Dec 2022 -44% | Mar 2023 -15% | Jun 2023 50% | Sep 2023 26% | Dec 2023 21% | Mar 2024 -8.7% | Jun 2024 -10% | Sep 2024 -3.5% | Dec 2024 36% | Mar 2025 62% | Jun 2025 41% | Sep 2025 71% | Dec 2025 41% | Mar 2026 168% | Jun 2026 —
- DPABHUSHAN: Sep 2021 52% | Dec 2021 81% | Mar 2022 17% | Jun 2022 205% | Sep 2022 -26% | Dec 2022 27% | Mar 2023 -59% | Jun 2023 23% | Sep 2023 63% | Dec 2023 -15% | Mar 2024 300% | Jun 2024 56% | Sep 2024 92% | Dec 2024 118% | Mar 2025 56% | Jun 2025 44% | Sep 2025 104% | Dec 2025 97% | Mar 2026 104% | Jun 2026 78%
- RAJESHEXPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.2% | Sep 2022 -86% | Dec 2022 41% | Mar 2023 163% | Jun 2023 14% | Sep 2023 9.8% | Dec 2023 -97% | Mar 2024 -108% | Jun 2024 -96% | Sep 2024 2.2% | Dec 2024 200% | Mar 2025 — | Jun 2025 -183% | Sep 2025 126% | Dec 2025 97% | Mar 2026 -2,800% | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 71% | Sep 2025 44% | Dec 2025 131% | Mar 2026 127% | Jun 2026 —
- TBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 8.3% | Jun 2024 55% | Sep 2024 33% | Dec 2024 43% | Mar 2025 -31% | Jun 2025 29% | Sep 2025 167% | Dec 2025 170% | Mar 2026 656% | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 258% | Jun 2024 16% | Sep 2024 101% | Dec 2024 42% | Mar 2025 3.2% | Jun 2025 27% | Sep 2025 106% | Dec 2025 70% | Mar 2026 -25% | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 178% | Sep 2025 389% | Dec 2025 122% | Mar 2026 478% | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1,050% | Mar 2026 320% | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 43% | Dec 2024 — | Mar 2025 150% | Jun 2025 — | Sep 2025 190% | Dec 2025 — | Mar 2026 100% | Jun 2026 —
- ASTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 37% | Mar 2024 8.2% | Jun 2024 -26% | Sep 2024 10% | Dec 2024 -39% | Mar 2025 -133% | Jun 2025 11% | Sep 2025 -36% | Dec 2025 -16% | Mar 2026 — | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -24% | Mar 2024 40% | Jun 2024 16% | Sep 2024 23% | Dec 2024 32% | Mar 2025 29% | Jun 2025 -4.6% | Sep 2025 19% | Dec 2025 36% | Mar 2026 3.7% | Jun 2026 —
- RADHIKAJWE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 186% | Dec 2023 42% | Mar 2024 114% | Jun 2024 -5.4% | Sep 2024 23% | Dec 2024 45% | Mar 2025 -2.9% | Jun 2025 39% | Sep 2025 74% | Dec 2025 35% | Mar 2026 -32% | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 -40% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 86% | Mar 2025 200% | Jun 2025 -22% | Sep 2025 138% | Dec 2025 31% | Mar 2026 33% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Bluestone Jewellery & Lifestyle Ltd reports ₹46 crore of CAPEX; Bluestone Jewellery & Lifestyle Ltd has the highest covered intensity at 12.3%. Coverage is only 6 of 26 companies and 15 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Bluestone Jewellery & Lifestyle Ltd · ₹46 crore | 46× versus #2 · Utssav CZ Gold Jewels Ltd | 2/2 recent comparable periods | 6/26 companies · 15 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Bluestone Jewellery & Lifestyle Ltd (BLUESTONE): ₹46 Cr
2. Utssav CZ Gold Jewels Ltd (UTSSAV): ₹1 Cr
3. Motisons Jewellers Ltd (MOTISONS): ₹0 Cr
4. Manoj Vaibhav Gems N Jewellers Ltd (MVGJL): ₹0 Cr
5. PNGS Reva Diamond Jewellery Limited (PNGSREVA): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Bluestone Jewellery & Lifestyle Ltd (BLUESTONE): 12%
2. Utssav CZ Gold Jewels Ltd (UTSSAV): 0.1%
3. Motisons Jewellers Ltd (MOTISONS): 0.0%
4. Manoj Vaibhav Gems N Jewellers Ltd (MVGJL): 0.0%
5. PNGS Reva Diamond Jewellery Limited (PNGSREVA): 0.0%

### 20-quarter CAPEX history
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹32 Cr | Sep 2024 ₹46 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SKYGOLD: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | 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 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 9.2% | Sep 2024 12% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SKYGOLD: Sep 2021 0.0% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | 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 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.1% | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Rajesh Exports Ltd has the clearest covered balance-sheet capacity with ₹1,599 crore net cash and gross debt of ₹1,016 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: PNGS Gargi Fashion Jewellery Ltd · ₹12 crore | 66.7% versus #2 · Golkunda Diamonds & Jewellery Ltd | Not enough history | 26/26 companies · 333 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. PNGS Gargi Fashion Jewellery Ltd (543709): ₹12 Cr
2. Golkunda Diamonds & Jewellery Ltd (523676): ₹36 Cr — older report
3. Motisons Jewellers Ltd (MOTISONS): ₹39 Cr
4. Radhika Jeweltech Ltd (RADHIKAJWE): ₹58 Cr
5. Khazanchi Jewellers Ltd (543953): ₹110 Cr

### Net debt — lowest net debt
1. Rajesh Exports Ltd (RAJESHEXPO): ₹-1.6K Cr
2. PNGS Reva Diamond Jewellery Limited (PNGSREVA): ₹-185 Cr
3. Vaibhav Global Ltd (VAIBHAVGBL): ₹10 Cr
4. Motisons Jewellers Ltd (MOTISONS): ₹23 Cr
5. Radhika Jeweltech Ltd (RADHIKAJWE): ₹52 Cr

### 20-quarter Gross debt history
- 504398: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹161 Cr | Jun 2026 —
- 523676: Sep 2021 — | Dec 2021 — | Mar 2022 ₹41 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹40 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹39 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹36 Cr | Jun 2025 — | Sep 2025 ₹36 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 — | Dec 2021 — | Mar 2022 ₹27 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹33 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹25 Cr | Jun 2025 — | Sep 2025 ₹26 Cr | Dec 2025 — | Mar 2026 ₹162 Cr | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹12 Cr | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 ₹84 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹85 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹55 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹65 Cr | Jun 2025 — | Sep 2025 ₹60 Cr | Dec 2025 — | Mar 2026 ₹110 Cr | Jun 2026 —
- TITAN: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹7.7K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹9.4K Cr | Jun 2023 ₹9.4K Cr | Sep 2023 ₹14.3K Cr | Dec 2023 ₹14.3K Cr | Mar 2024 ₹15.5K Cr | Jun 2024 ₹15.5K Cr | Sep 2024 ₹21.6K Cr | Dec 2024 ₹21.6K Cr | Mar 2025 ₹20.8K Cr | Jun 2025 ₹20.8K Cr | Sep 2025 ₹12.5K Cr | Dec 2025 ₹28.6K Cr | Mar 2026 ₹30.6K Cr | Jun 2026 —
- KALYANKJIL: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- THANGAMAYL: Sep 2021 ₹356 Cr | Dec 2021 ₹356 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹420 Cr | Sep 2022 ₹562 Cr | Dec 2022 ₹562 Cr | Mar 2023 ₹571 Cr | Jun 2023 ₹571 Cr | Sep 2023 ₹527 Cr | Dec 2023 ₹527 Cr | Mar 2024 ₹532 Cr | Jun 2024 ₹532 Cr | Sep 2024 ₹800 Cr | Dec 2024 ₹800 Cr | Mar 2025 ₹797 Cr | Jun 2025 ₹797 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹913 Cr | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.7K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹2.0K Cr
- SKYGOLD: Sep 2021 ₹78 Cr | Dec 2021 — | Mar 2022 ₹92 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹104 Cr | Dec 2022 — | Mar 2023 ₹146 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹330 Cr | Sep 2024 ₹494 Cr | Dec 2024 ₹494 Cr | Mar 2025 ₹630 Cr | Jun 2025 ₹632 Cr | Sep 2025 ₹814 Cr | Dec 2025 ₹814 Cr | Mar 2026 ₹869 Cr | Jun 2026 —
- PCJEWELLER: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹398 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹387 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹380 Cr | Dec 2023 — | Mar 2024 ₹455 Cr | Jun 2024 ₹455 Cr | Sep 2024 ₹262 Cr | Dec 2024 ₹262 Cr | Mar 2025 ₹930 Cr | Jun 2025 ₹930 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- VAIBHAVGBL: Sep 2021 ₹154 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹166 Cr | Dec 2022 ₹166 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹218 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹241 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹227 Cr | Mar 2026 ₹416 Cr | Jun 2026 —
- DPABHUSHAN: Sep 2021 ₹153 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹170 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹184 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹226 Cr | Mar 2026 ₹304 Cr | Jun 2026 ₹304 Cr
- RAJESHEXPO: Sep 2021 ₹742 Cr | Dec 2021 ₹742 Cr | Mar 2022 ₹815 Cr | Jun 2022 — | Sep 2022 ₹720 Cr | Dec 2022 ₹720 Cr | Mar 2023 ₹723 Cr | Jun 2023 ₹724 Cr | Sep 2023 ₹627 Cr | Dec 2023 ₹627 Cr | Mar 2024 ₹655 Cr | Jun 2024 ₹655 Cr | Sep 2024 ₹736 Cr | Dec 2024 ₹736 Cr | Mar 2025 ₹923 Cr | Jun 2025 ₹923 Cr | Sep 2025 ₹879 Cr | Dec 2025 ₹879 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹98 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹93 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹110 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹138 Cr | Dec 2024 — | Mar 2025 ₹123 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹189 Cr | Jun 2026 —
- TBZ: Sep 2021 ₹475 Cr | Dec 2021 ₹475 Cr | Mar 2022 ₹588 Cr | Jun 2022 ₹588 Cr | Sep 2022 ₹573 Cr | Dec 2022 ₹573 Cr | Mar 2023 ₹575 Cr | Jun 2023 ₹575 Cr | Sep 2023 ₹620 Cr | Dec 2023 ₹620 Cr | Mar 2024 ₹614 Cr | Jun 2024 ₹614 Cr | Sep 2024 ₹664 Cr | Dec 2024 ₹664 Cr | Mar 2025 ₹792 Cr | Jun 2025 ₹792 Cr | Sep 2025 ₹822 Cr | Dec 2025 ₹822 Cr | Mar 2026 ₹886 Cr | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹159 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹164 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹174 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹111 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹144 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹165 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹211 Cr | Jun 2024 ₹211 Cr | Sep 2024 ₹273 Cr | Dec 2024 — | Mar 2025 ₹243 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹216 Cr | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹91 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹170 Cr | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹36 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹50 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹73 Cr | Jun 2024 — | Sep 2024 ₹38 Cr | Dec 2024 — | Mar 2025 ₹130 Cr | Jun 2025 — | Sep 2025 ₹149 Cr | Dec 2025 — | Mar 2026 ₹186 Cr | Jun 2026 —
- ASTAR: Sep 2021 ₹588 Cr | Dec 2021 ₹588 Cr | Mar 2022 ₹691 Cr | Jun 2022 ₹691 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹628 Cr | Jun 2023 — | Sep 2023 ₹682 Cr | Dec 2023 ₹682 Cr | Mar 2024 ₹741 Cr | Jun 2024 ₹741 Cr | Sep 2024 ₹578 Cr | Dec 2024 ₹578 Cr | Mar 2025 ₹528 Cr | Jun 2025 ₹528 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹514 Cr | Mar 2026 ₹493 Cr | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹503 Cr | Jun 2022 ₹503 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹485 Cr | Jun 2023 ₹485 Cr | Sep 2023 ₹474 Cr | Dec 2023 ₹474 Cr | Mar 2024 ₹429 Cr | Jun 2024 ₹429 Cr | Sep 2024 ₹432 Cr | Dec 2024 ₹432 Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹400 Cr | Sep 2025 ₹410 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹491 Cr | Jun 2026 —
- RADHIKAJWE: Sep 2021 ₹25 Cr | Dec 2021 — | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹64 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹96 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹69 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹91 Cr | Jun 2025 — | Sep 2025 ₹150 Cr | Dec 2025 — | Mar 2026 ₹170 Cr | Jun 2026 —

### 20-quarter Net debt history
- TITAN: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹8.8K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹12.9K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹18.4K Cr | Dec 2024 ₹18.4K Cr | Mar 2025 ₹18.4K Cr | Jun 2025 ₹18.4K Cr | Sep 2025 ₹25.1K Cr | Dec 2025 ₹25.1K Cr | Mar 2026 ₹26.8K Cr | Jun 2026 —
- KALYANKJIL: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- THANGAMAYL: Sep 2021 ₹331 Cr | Dec 2021 ₹331 Cr | Mar 2022 ₹416 Cr | Jun 2022 ₹416 Cr | Sep 2022 ₹491 Cr | Dec 2022 ₹491 Cr | Mar 2023 ₹565 Cr | Jun 2023 ₹565 Cr | Sep 2023 ₹452 Cr | Dec 2023 ₹452 Cr | Mar 2024 ₹518 Cr | Jun 2024 ₹518 Cr | Sep 2024 ₹623 Cr | Dec 2024 ₹623 Cr | Mar 2025 ₹708 Cr | Jun 2025 ₹708 Cr | Sep 2025 ₹902 Cr | Dec 2025 ₹902 Cr | Mar 2026 ₹789 Cr | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.6K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹884 Cr | Dec 2025 ₹884 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- SKYGOLD: Sep 2021 ₹75 Cr | Dec 2021 — | Mar 2022 ₹91 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹103 Cr | Dec 2022 — | Mar 2023 ₹128 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹187 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹253 Cr | Sep 2024 ₹384 Cr | Dec 2024 ₹384 Cr | Mar 2025 ₹455 Cr | Jun 2025 ₹457 Cr | Sep 2025 ₹585 Cr | Dec 2025 ₹585 Cr | Mar 2026 ₹634 Cr | Jun 2026 —
- PCJEWELLER: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹306 Cr | Sep 2023 ₹356 Cr | Dec 2023 — | Mar 2024 ₹429 Cr | Jun 2024 ₹429 Cr | Sep 2024 ₹-106 Cr | Dec 2024 ₹-106 Cr | Mar 2025 ₹836 Cr | Jun 2025 ₹836 Cr | Sep 2025 ₹589 Cr | Dec 2025 ₹589 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1.0K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹939 Cr | Dec 2023 ₹939 Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- VAIBHAVGBL: Sep 2021 ₹-267 Cr | Dec 2021 ₹-267 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹-47 Cr | Dec 2022 ₹-47 Cr | Mar 2023 ₹-80 Cr | Jun 2023 ₹-80 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- DPABHUSHAN: Sep 2021 ₹147 Cr | Dec 2021 ₹147 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹207 Cr | Mar 2026 ₹278 Cr | Jun 2026 ₹278 Cr
- RAJESHEXPO: Sep 2021 ₹-5.2K Cr | Dec 2021 ₹-5.2K Cr | Mar 2022 ₹-989 Cr | Jun 2022 — | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-1.4K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-1.6K Cr | Sep 2024 ₹-1.8K Cr | Dec 2024 ₹-1.8K Cr | Mar 2025 ₹-968 Cr | Jun 2025 ₹-968 Cr | Sep 2025 ₹-1.7K Cr | Dec 2025 ₹-1.7K Cr | Mar 2026 ₹-1.6K Cr | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹108 Cr | Sep 2024 ₹133 Cr | Dec 2024 — | Mar 2025 ₹122 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- TBZ: Sep 2021 ₹438 Cr | Dec 2021 ₹438 Cr | Mar 2022 ₹543 Cr | Jun 2022 ₹543 Cr | Sep 2022 ₹532 Cr | Dec 2022 ₹532 Cr | Mar 2023 ₹530 Cr | Jun 2023 ₹529 Cr | Sep 2023 ₹579 Cr | Dec 2023 ₹579 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹564 Cr | Sep 2024 ₹615 Cr | Dec 2024 ₹615 Cr | Mar 2025 ₹694 Cr | Jun 2025 ₹694 Cr | Sep 2025 ₹730 Cr | Dec 2025 ₹730 Cr | Mar 2026 ₹784 Cr | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹161 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹161 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹172 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹83 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹168 Cr | Sep 2024 ₹221 Cr | Dec 2024 — | Mar 2025 ₹229 Cr | Jun 2025 ₹229 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹167 Cr | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹52 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹115 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹-185 Cr | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹48 Cr | Jun 2024 — | Sep 2024 ₹18 Cr | Dec 2024 — | Mar 2025 ₹74 Cr | Jun 2025 — | Sep 2025 ₹115 Cr | Dec 2025 — | Mar 2026 ₹134 Cr | Jun 2026 —
- ASTAR: Sep 2021 ₹212 Cr | Dec 2021 ₹212 Cr | Mar 2022 ₹458 Cr | Jun 2022 ₹345 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹400 Cr | Jun 2023 — | Sep 2023 ₹278 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹482 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹497 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹472 Cr | Jun 2023 ₹472 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹253 Cr | Sep 2024 ₹273 Cr | Dec 2024 ₹273 Cr | Mar 2025 ₹375 Cr | Jun 2025 ₹370 Cr | Sep 2025 ₹391 Cr | Dec 2025 ₹391 Cr | Mar 2026 ₹382 Cr | Jun 2026 —
- RADHIKAJWE: Sep 2021 ₹18 Cr | Dec 2021 — | Mar 2022 ₹-20 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹52 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Khazanchi Jewellers Ltd leads ROCE at 34.8%, 1 percentage points above PNGS Gargi Fashion Jewellery Ltd. Thangamayil Jewellery Ltd has the strongest latest improvement at +17.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Khazanchi Jewellers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Khazanchi Jewellers Ltd · 34.8% | 3% versus #2 · PNGS Gargi Fashion Jewellery Ltd | Not enough history | 26/26 companies · 248 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Khazanchi Jewellers Ltd (543953): 35%
2. PNGS Gargi Fashion Jewellery Ltd (543709): 34%
3. Shanti Gold International Ltd (SHANTIGOLD): 34%
4. Utssav CZ Gold Jewels Ltd (UTSSAV): 29%
5. Sky Gold & Diamonds Ltd (SKYGOLD): 27%

### ROCE change — fastest improvers
1. Thangamayil Jewellery Ltd (THANGAMAYL): +17.8 pp
2. Senco Gold Ltd (SENCO): +17.4 pp
3. Utssav CZ Gold Jewels Ltd (UTSSAV): +17.4 pp
4. Tribhovandas Bhimji Zaveri Ltd (TBZ): +15.0 pp
5. Khazanchi Jewellers Ltd (543953): +11.0 pp

### 20-quarter ROCE history
- TITAN: Sep 2021 27% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 36% | Dec 2022 — | Mar 2023 32% | Jun 2023 39% | Sep 2023 31% | Dec 2023 39% | Mar 2024 31% | Jun 2024 37% | Sep 2024 32% | Dec 2024 36% | Mar 2025 34% | Jun 2025 40% | Sep 2025 38% | Dec 2025 50% | Mar 2026 36% | Jun 2026 —
- KALYANKJIL: Sep 2021 20% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 21% | Dec 2023 24% | Mar 2024 19% | Jun 2024 24% | Sep 2024 19% | Dec 2024 24% | Mar 2025 19% | Jun 2025 25% | Sep 2025 21% | Dec 2025 30% | Mar 2026 25% | Jun 2026 —
- THANGAMAYL: Sep 2021 27% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 32% | Dec 2023 38% | Mar 2024 31% | Jun 2024 34% | Sep 2024 30% | Dec 2024 31% | Mar 2025 16% | Jun 2025 21% | Sep 2025 21% | Dec 2025 40% | Mar 2026 34% | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -2.2% | Sep 2024 — | Dec 2024 — | Mar 2025 -4.0% | Jun 2025 1.2% | Sep 2025 -0.4% | Dec 2025 7.7% | Mar 2026 6.3% | Jun 2026 11%
- SKYGOLD: Sep 2021 13% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 30% | Jun 2023 43% | Sep 2023 39% | Dec 2023 53% | Mar 2024 26% | Jun 2024 47% | Sep 2024 26% | Dec 2024 63% | Mar 2025 26% | Jun 2025 51% | Sep 2025 26% | Dec 2025 48% | Mar 2026 33% | Jun 2026 —
- PCJEWELLER: Sep 2021 9.8% | Dec 2021 — | Mar 2022 -3.1% | Jun 2022 — | Sep 2022 1.2% | Dec 2022 — | Mar 2023 5.9% | Jun 2023 — | Sep 2023 -3.2% | Dec 2023 -4.3% | Mar 2024 -6.4% | Jun 2024 0.1% | Sep 2024 1.3% | Dec 2024 11% | Mar 2025 6.0% | Jun 2025 14% | Sep 2025 7.4% | Dec 2025 15% | Mar 2026 6.9% | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14% | Dec 2023 — | Mar 2024 37% | Jun 2024 40% | Sep 2024 18% | Dec 2024 31% | Mar 2025 18% | Jun 2025 33% | Sep 2025 21% | Dec 2025 35% | Mar 2026 26% | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 24% | Jun 2023 27% | Sep 2023 20% | Dec 2023 23% | Mar 2024 20% | Jun 2024 29% | Sep 2024 22% | Dec 2024 20% | Mar 2025 14% | Jun 2025 23% | Sep 2025 18% | Dec 2025 41% | Mar 2026 31% | Jun 2026 —
- VAIBHAVGBL: Sep 2021 29% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 9.8% | Jun 2023 — | Sep 2023 11% | Dec 2023 15% | Mar 2024 13% | Jun 2024 14% | Sep 2024 12% | Dec 2024 15% | Mar 2025 13% | Jun 2025 16% | Sep 2025 14% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- DPABHUSHAN: Sep 2021 42% | Dec 2021 50% | Mar 2022 40% | Jun 2022 — | Sep 2022 40% | Dec 2022 — | Mar 2023 34% | Jun 2023 — | Sep 2023 35% | Dec 2023 38% | Mar 2024 37% | Jun 2024 47% | Sep 2024 35% | Dec 2024 51% | Mar 2025 39% | Jun 2025 53% | Sep 2025 41% | Dec 2025 61% | Mar 2026 46% | Jun 2026 —
- RAJESHEXPO: Sep 2021 11% | Dec 2021 — | Mar 2022 8.9% | Jun 2022 — | Sep 2022 9.0% | Dec 2022 — | Mar 2023 11% | Jun 2023 8.6% | Sep 2023 8.1% | Dec 2023 5.4% | Mar 2024 2.2% | Jun 2024 0.9% | Sep 2024 0.5% | Dec 2024 1.5% | Mar 2025 1.3% | Jun 2025 1.5% | Sep 2025 1.7% | Dec 2025 2.2% | Mar 2026 1.7% | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 27% | Dec 2024 — | Mar 2025 44% | Jun 2025 51% | Sep 2025 19% | Dec 2025 34% | Mar 2026 23% | Jun 2026 —
- TBZ: Sep 2021 16% | Dec 2021 — | Mar 2022 9.0% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 17% | Dec 2023 19% | Mar 2024 17% | Jun 2024 20% | Sep 2024 19% | Dec 2024 22% | Mar 2025 20% | Jun 2025 23% | Sep 2025 24% | Dec 2025 35% | Mar 2026 35% | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.3% | Sep 2022 15% | Dec 2022 — | Mar 2023 30% | Jun 2023 30% | Sep 2023 32% | Dec 2023 34% | Mar 2024 18% | Jun 2024 24% | Sep 2024 18% | Dec 2024 27% | Mar 2025 16% | Jun 2025 18% | Sep 2025 18% | Dec 2025 24% | Mar 2026 17% | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 44% | Jun 2025 57% | Sep 2025 26% | Dec 2025 50% | Mar 2026 37% | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 9.8% | Jun 2025 21% | Sep 2025 33% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 51% | Jun 2024 — | Sep 2024 23% | Dec 2024 — | Mar 2025 28% | Jun 2025 — | Sep 2025 38% | Dec 2025 — | Mar 2026 45% | Jun 2026 —
- ASTAR: Sep 2021 6.5% | Dec 2021 — | Mar 2022 8.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.9% | Jun 2023 — | Sep 2023 7.4% | Dec 2023 8.4% | Mar 2024 6.6% | Jun 2024 8.0% | Sep 2024 5.9% | Dec 2024 7.4% | Mar 2025 4.2% | Jun 2025 5.3% | Sep 2025 3.7% | Dec 2025 4.3% | Mar 2026 3.1% | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 30% | Jun 2023 30% | Sep 2023 21% | Dec 2023 21% | Mar 2024 21% | Jun 2024 26% | Sep 2024 20% | Dec 2024 23% | Mar 2025 21% | Jun 2025 23% | Sep 2025 20% | Dec 2025 25% | Mar 2026 20% | Jun 2026 —
- RADHIKAJWE: Sep 2021 18% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 18% | Jun 2023 23% | Sep 2023 22% | Dec 2023 27% | Mar 2024 25% | Jun 2024 28% | Sep 2024 25% | Dec 2024 31% | Mar 2025 26% | Jun 2025 31% | Sep 2025 27% | Dec 2025 33% | Mar 2026 25% | Jun 2026 —

### 20-quarter ROCE change history
- TITAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.6 pp | Dec 2022 — | Mar 2023 +4.6 pp | Jun 2023 — | Sep 2023 −5.9 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 −1.6 pp | Sep 2024 +1.7 pp | Dec 2024 −2.8 pp | Mar 2025 +2.3 pp | Jun 2025 +3.3 pp | Sep 2025 +6.2 pp | Dec 2025 +13.5 pp | Mar 2026 +2.6 pp | Jun 2026 —
- KALYANKJIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 — | Mar 2023 +4.4 pp | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 +0.3 pp | Mar 2025 −0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +1.9 pp | Dec 2025 +6.4 pp | Mar 2026 +6.6 pp | Jun 2026 —
- THANGAMAYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.5 pp | Dec 2022 — | Mar 2023 +8.4 pp | Jun 2023 — | Sep 2023 +12.5 pp | Dec 2023 — | Mar 2024 +5.3 pp | Jun 2024 — | Sep 2024 −1.7 pp | Dec 2024 −6.3 pp | Mar 2025 −15.1 pp | Jun 2025 −12.8 pp | Sep 2025 −8.8 pp | Dec 2025 +8.6 pp | Mar 2026 +17.8 pp | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +3.4 pp | Sep 2025 — | Dec 2025 — | Mar 2026 +10.3 pp | Jun 2026 +10.2 pp
- SKYGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.4 pp | Dec 2022 — | Mar 2023 +10.3 pp | Jun 2023 — | Sep 2023 +11.0 pp | Dec 2023 — | Mar 2024 −4.0 pp | Jun 2024 +4.4 pp | Sep 2024 −12.9 pp | Dec 2024 +9.6 pp | Mar 2025 −0.1 pp | Jun 2025 +3.3 pp | Sep 2025 −0.8 pp | Dec 2025 −14.7 pp | Mar 2026 +7.3 pp | Jun 2026 —
- PCJEWELLER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.6 pp | Dec 2022 — | Mar 2023 +9.0 pp | Jun 2023 — | Sep 2023 −4.4 pp | Dec 2023 — | Mar 2024 −12.3 pp | Jun 2024 — | Sep 2024 +4.5 pp | Dec 2024 +15.2 pp | Mar 2025 +12.4 pp | Jun 2025 +13.4 pp | Sep 2025 +6.1 pp | Dec 2025 +4.1 pp | Mar 2026 +0.9 pp | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.8 pp | Dec 2024 — | Mar 2025 −18.4 pp | Jun 2025 −7.0 pp | Sep 2025 +2.8 pp | Dec 2025 +4.1 pp | Mar 2026 +7.4 pp | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −4.3 pp | Jun 2024 +1.2 pp | Sep 2024 +1.5 pp | Dec 2024 −3.1 pp | Mar 2025 −6.3 pp | Jun 2025 −5.9 pp | Sep 2025 −3.8 pp | Dec 2025 +20.5 pp | Mar 2026 +17.4 pp | Jun 2026 —
- VAIBHAVGBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.4 pp | Dec 2022 — | Mar 2023 −9.3 pp | Jun 2023 — | Sep 2023 −0.6 pp | Dec 2023 — | Mar 2024 +3.0 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +1.5 pp | Sep 2025 +2.0 pp | Dec 2025 +3.5 pp | Mar 2026 +0.4 pp | Jun 2026 —
- DPABHUSHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 −5.4 pp | Dec 2023 — | Mar 2024 +3.4 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 +12.7 pp | Mar 2025 +1.2 pp | Jun 2025 +6.8 pp | Sep 2025 +6.2 pp | Dec 2025 +10.3 pp | Mar 2026 +7.2 pp | Jun 2026 —
- RAJESHEXPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 — | Mar 2023 +1.6 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 −8.3 pp | Jun 2024 −7.7 pp | Sep 2024 −7.6 pp | Dec 2024 −3.9 pp | Mar 2025 −0.9 pp | Jun 2025 +0.6 pp | Sep 2025 +1.2 pp | Dec 2025 +0.7 pp | Mar 2026 +0.4 pp | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −8.9 pp | Dec 2025 — | Mar 2026 −21.1 pp | Jun 2026 —
- TBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 — | Mar 2023 +5.6 pp | Jun 2023 — | Sep 2023 +4.8 pp | Dec 2023 — | Mar 2024 +2.4 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 +2.9 pp | Mar 2025 +2.8 pp | Jun 2025 +3.3 pp | Sep 2025 +5.0 pp | Dec 2025 +13.3 pp | Mar 2026 +15.0 pp | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +22.4 pp | Sep 2023 +17.5 pp | Dec 2023 — | Mar 2024 −11.4 pp | Jun 2024 −5.7 pp | Sep 2024 −13.9 pp | Dec 2024 −7.1 pp | Mar 2025 −2.5 pp | Jun 2025 −5.6 pp | Sep 2025 0.0 pp | Dec 2025 −2.7 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +5.9 pp | Dec 2025 — | Mar 2026 −7.2 pp | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +8.4 pp | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −23.3 pp | Jun 2025 — | Sep 2025 +15.0 pp | Dec 2025 — | Mar 2026 +17.4 pp | Jun 2026 —
- ASTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −2.3 pp | Jun 2024 — | Sep 2024 −1.5 pp | Dec 2024 −1.0 pp | Mar 2025 −2.4 pp | Jun 2025 −2.7 pp | Sep 2025 −2.2 pp | Dec 2025 −3.1 pp | Mar 2026 −1.1 pp | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −8.8 pp | Jun 2024 −3.3 pp | Sep 2024 −1.2 pp | Dec 2024 +2.3 pp | Mar 2025 −0.3 pp | Jun 2025 −3.1 pp | Sep 2025 +0.3 pp | Dec 2025 +1.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- RADHIKAJWE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 −1.2 pp | Jun 2023 — | Sep 2023 +3.3 pp | Dec 2023 — | Mar 2024 +7.1 pp | Jun 2024 +4.9 pp | Sep 2024 +3.2 pp | Dec 2024 +4.4 pp | Mar 2025 +1.7 pp | Jun 2025 +3.6 pp | Sep 2025 +2.5 pp | Dec 2025 +2.4 pp | Mar 2026 −1.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: PC Jeweller Ltd has the lowest comparable Guarded PEG at 0.26×, 21.2% below Vaibhav Global Ltd. Only 10 of 26 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: PC Jeweller Ltd · 0.26× | 21.2% versus #2 · Vaibhav Global Ltd | 1/8 recent comparable periods | 10/26 companies · 59 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. PC Jeweller Ltd (PCJEWELLER): 0.3
2. Vaibhav Global Ltd (VAIBHAVGBL): 0.3
3. Thangamayil Jewellery Ltd (THANGAMAYL): 0.8
4. Senco Gold Ltd (SENCO): 1.4
5. Titan Company Ltd (TITAN): 1.4

### P/E — lowest P/E
1. Manoj Vaibhav Gems N Jewellers Ltd (MVGJL): 6.6
2. Tribhovandas Bhimji Zaveri Ltd (TBZ): 8.5
3. Radhika Jeweltech Ltd (RADHIKAJWE): 10.0
4. RBZ Jewellers Ltd (RBZJEWEL): 10.3
5. Senco Gold Ltd (SENCO): 10.9

### 20-quarter Guarded PEG history
- TITAN: Sep 2021 2.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 5.9 | Mar 2024 7.8 | Jun 2024 11.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.4 | Dec 2025 3.1 | Mar 2026 1.4 | Jun 2026 —
- KALYANKJIL: Sep 2021 — | Dec 2021 3.3 | Mar 2022 — | Jun 2022 0.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 3.0 | Mar 2024 3.0 | Jun 2024 3.8 | Sep 2024 4.0 | Dec 2024 5.8 | Mar 2025 3.6 | Jun 2025 1.6 | Sep 2025 2.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- THANGAMAYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SKYGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 1.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PCJEWELLER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.7 | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.4 | Dec 2023 — | Mar 2024 2.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- VAIBHAVGBL: Sep 2021 1.0 | Dec 2021 2.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.5 | Jun 2024 1.4 | Sep 2024 2.8 | Dec 2024 5.5 | Mar 2025 3.3 | Jun 2025 1.8 | Sep 2025 1.0 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 —
- DPABHUSHAN: Sep 2021 — | Dec 2021 0.5 | Mar 2022 1.4 | Jun 2022 0.4 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 — | Jun 2023 1.3 | Sep 2023 0.6 | Dec 2023 2.7 | Mar 2024 — | Jun 2024 2.1 | Sep 2024 — | Dec 2024 1.5 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RAJESHEXPO: Sep 2021 — | Dec 2021 0.6 | Mar 2022 0.4 | Jun 2022 0.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 1.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 523676: Sep 2021 13.4 | Dec 2021 12.7 | Mar 2022 9.0 | Jun 2022 7.3 | Sep 2022 11.8 | Dec 2022 8.7 | Mar 2023 6.6 | Jun 2023 7.5 | Sep 2023 11.3 | Dec 2023 15.0 | Mar 2024 14.2 | Jun 2024 12.9 | Sep 2024 15.3 | Dec 2024 11.0 | Mar 2025 9.8 | Jun 2025 11.0 | Sep 2025 10.5 | Dec 2025 10.3 | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 47.3 | Dec 2021 46.3 | Mar 2022 44.6 | Jun 2022 36.8 | Sep 2022 41.4 | Dec 2022 31.1 | Mar 2023 23.0 | Jun 2023 25.7 | Sep 2023 28.4 | Dec 2023 42.7 | Mar 2024 29.8 | Jun 2024 34.7 | Sep 2024 41.6 | Dec 2024 39.8 | Mar 2025 32.5 | Jun 2025 29.1 | Sep 2025 21.2 | Dec 2025 16.6 | Mar 2026 12.4 | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 33.7 | Sep 2023 28.9 | Dec 2023 82.0 | Mar 2024 68.6 | Jun 2024 65.8 | Sep 2024 43.2 | Dec 2024 62.3 | Mar 2025 34.2 | Jun 2025 30.3 | Sep 2025 35.8 | Dec 2025 37.1 | Mar 2026 26.9 | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 36.4 | Sep 2024 47.5 | Dec 2024 49.3 | Mar 2025 45.4 | Jun 2025 31.5 | Sep 2025 29.1 | Dec 2025 29.7 | Mar 2026 20.4 | Jun 2026 —
- TITAN: Sep 2021 144.7 | Dec 2021 128.2 | Mar 2022 100.7 | Jun 2022 82.2 | Sep 2022 77.8 | Dec 2022 72.8 | Mar 2023 72.8 | Jun 2023 83.3 | Sep 2023 86.9 | Dec 2023 98.8 | Mar 2024 97.9 | Jun 2024 86.5 | Sep 2024 98.0 | Dec 2024 90.6 | Mar 2025 84.0 | Jun 2025 97.5 | Sep 2025 79.6 | Dec 2025 85.8 | Mar 2026 72.4 | Jun 2026 —
- KALYANKJIL: Sep 2021 37.2 | Dec 2021 30.3 | Mar 2022 27.1 | Jun 2022 26.8 | Sep 2022 25.9 | Dec 2022 30.9 | Mar 2023 24.9 | Jun 2023 33.3 | Sep 2023 47.7 | Dec 2023 70.1 | Mar 2024 79.8 | Jun 2024 86.4 | Sep 2024 115.3 | Dec 2024 118.7 | Mar 2025 72.4 | Jun 2025 78.6 | Sep 2025 58.7 | Dec 2025 54.5 | Mar 2026 34.6 | Jun 2026 —
- THANGAMAYL: Sep 2021 18.9 | Dec 2021 34.5 | Mar 2022 38.8 | Jun 2022 36.4 | Sep 2022 28.7 | Dec 2022 30.3 | Mar 2023 26.6 | Jun 2023 28.6 | Sep 2023 31.1 | Dec 2023 40.1 | Mar 2024 30.7 | Jun 2024 42.0 | Sep 2024 60.1 | Dec 2024 61.7 | Mar 2025 54.1 | Jun 2025 48.8 | Sep 2025 58.1 | Dec 2025 54.3 | Mar 2026 44.0 | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -104.3 | Mar 2026 479.3 | Jun 2026 147.7
- SKYGOLD: Sep 2021 8.1 | Dec 2021 6.8 | Mar 2022 5.8 | Jun 2022 6.3 | Sep 2022 10.6 | Dec 2022 14.4 | Mar 2023 17.3 | Jun 2023 16.2 | Sep 2023 14.6 | Dec 2023 36.1 | Mar 2024 32.6 | Jun 2024 48.6 | Sep 2024 64.7 | Dec 2024 68.6 | Mar 2025 41.0 | Jun 2025 34.5 | Sep 2025 25.4 | Dec 2025 26.9 | Mar 2026 21.8 | Jun 2026 —
- PCJEWELLER: Sep 2021 14.2 | Dec 2021 18.0 | Mar 2022 16.8 | Jun 2022 -4.3 | Sep 2022 -45.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -7.9 | Sep 2024 541.3 | Dec 2024 25.7 | Mar 2025 18.4 | Jun 2025 11.1 | Sep 2025 11.8 | Dec 2025 9.9 | Mar 2026 8.5 | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 58.3 | Dec 2024 53.0 | Mar 2025 30.5 | Jun 2025 36.3 | Sep 2025 32.0 | Dec 2025 28.2 | Mar 2026 19.6 | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21.7 | Dec 2023 24.6 | Mar 2024 31.8 | Jun 2024 48.3 | Sep 2024 55.6 | Dec 2024 40.4 | Mar 2025 33.2 | Jun 2025 35.1 | Sep 2025 26.0 | Dec 2025 21.0 | Mar 2026 9.7 | Jun 2026 —
- VAIBHAVGBL: Sep 2021 40.1 | Dec 2021 36.6 | Mar 2022 25.8 | Jun 2022 23.4 | Sep 2022 35.5 | Dec 2022 35.6 | Mar 2023 40.3 | Jun 2023 48.4 | Sep 2023 63.2 | Dec 2023 54.0 | Mar 2024 45.4 | Jun 2024 38.3 | Sep 2024 38.2 | Dec 2024 35.9 | Mar 2025 25.4 | Jun 2025 25.7 | Sep 2025 23.7 | Dec 2025 21.4 | Mar 2026 14.8 | Jun 2026 —
- DPABHUSHAN: Sep 2021 16.5 | Dec 2021 30.2 | Mar 2022 22.5 | Jun 2022 20.4 | Sep 2022 22.5 | Dec 2022 15.8 | Mar 2023 17.0 | Jun 2023 15.4 | Sep 2023 34.7 | Dec 2023 36.5 | Mar 2024 45.9 | Jun 2024 75.5 | Sep 2024 89.1 | Dec 2024 83.7 | Mar 2025 74.7 | Jun 2025 79.2 | Sep 2025 81.1 | Dec 2025 81.6 | Mar 2026 53.0 | Jun 2026 52.4
- RAJESHEXPO: Sep 2021 17.9 | Dec 2021 20.0 | Mar 2022 17.4 | Jun 2022 16.8 | Sep 2022 17.1 | Dec 2022 19.9 | Mar 2023 14.9 | Jun 2023 11.3 | Sep 2023 10.1 | Dec 2023 9.5 | Mar 2024 10.6 | Jun 2024 24.7 | Sep 2024 25.8 | Dec 2024 108.7 | Mar 2025 57.8 | Jun 2025 — | Sep 2025 61.6 | Dec 2025 47.6 | Mar 2026 14.9 | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 21.1 | Dec 2025 26.7 | Mar 2026 14.4 | Jun 2026 —
- TBZ: Sep 2021 9.3 | Dec 2021 11.2 | Mar 2022 17.9 | Jun 2022 21.1 | Sep 2022 16.2 | Dec 2022 17.2 | Mar 2023 12.7 | Jun 2023 14.0 | Sep 2023 15.9 | Dec 2023 16.2 | Mar 2024 13.0 | Jun 2024 14.8 | Sep 2024 30.5 | Dec 2024 25.2 | Mar 2025 17.1 | Jun 2025 18.1 | Sep 2025 16.3 | Dec 2025 11.7 | Mar 2026 5.5 | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28.9 | Mar 2024 48.5 | Jun 2024 42.4 | Sep 2024 83.5 | Dec 2024 69.8 | Mar 2025 39.3 | Jun 2025 45.9 | Sep 2025 39.6 | Dec 2025 27.1 | Mar 2026 16.7 | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 10.8 | Dec 2025 12.1 | Mar 2026 8.8 | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 24.5 | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 27.0 | Dec 2024 — | Mar 2025 25.5 | Jun 2025 — | Sep 2025 16.8 | Dec 2025 — | Mar 2026 10.3 | Jun 2026 —
- ASTAR: Sep 2021 16.0 | Dec 2021 14.3 | Mar 2022 11.4 | Jun 2022 12.7 | Sep 2022 11.9 | Dec 2022 11.6 | Mar 2023 12.7 | Jun 2023 13.9 | Sep 2023 15.2 | Dec 2023 19.2 | Mar 2024 15.7 | Jun 2024 16.2 | Sep 2024 18.3 | Dec 2024 17.3 | Mar 2025 17.1 | Jun 2025 26.3 | Sep 2025 24.9 | Dec 2025 26.5 | Mar 2026 26.9 | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17.4 | Mar 2024 13.7 | Jun 2024 13.0 | Sep 2024 15.4 | Dec 2024 13.1 | Mar 2025 10.2 | Jun 2025 11.4 | Sep 2025 9.4 | Dec 2025 8.8 | Mar 2026 5.9 | Jun 2026 —
- RADHIKAJWE: Sep 2021 5.7 | Dec 2021 9.5 | Mar 2022 10.9 | Jun 2022 14.3 | Sep 2022 11.7 | Dec 2022 12.3 | Mar 2023 12.1 | Jun 2023 15.5 | Sep 2023 13.2 | Dec 2023 13.6 | Mar 2024 17.6 | Jun 2024 14.7 | Sep 2024 34.6 | Dec 2024 23.1 | Mar 2025 16.1 | Jun 2025 16.8 | Sep 2025 16.9 | Dec 2025 12.8 | Mar 2026 8.1 | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15.5 | Mar 2024 20.2 | Jun 2024 17.8 | Sep 2024 22.3 | Dec 2024 30.3 | Mar 2025 16.6 | Jun 2025 15.0 | Sep 2025 14.5 | Dec 2025 11.9 | Mar 2026 8.5 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Rajesh Exports Ltd leads both ev/ebitda at 1.9× and p/bv at 0.15×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Rajesh Exports Ltd · 1.9× | 63.5% versus #2 · Tribhovandas Bhimji Zaveri Ltd | 0/8 recent comparable periods | 25/26 companies · 331 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Rajesh Exports Ltd (RAJESHEXPO): 1.9
2. Tribhovandas Bhimji Zaveri Ltd (TBZ): 5.2
3. Manoj Vaibhav Gems N Jewellers Ltd (MVGJL): 5.3
4. Radhika Jeweltech Ltd (RADHIKAJWE): 5.9
5. Shanti Gold International Ltd (SHANTIGOLD): 6.7

### P/BV — lowest P/BV
1. Rajesh Exports Ltd (RAJESHEXPO): 0.2
2. Asian Star Company Ltd (ASTAR): 0.6
3. Manoj Vaibhav Gems N Jewellers Ltd (MVGJL): 0.9
4. PC Jeweller Ltd (PCJEWELLER): 1.0
5. RBZ Jewellers Ltd (RBZJEWEL): 1.9

### 20-quarter EV/EBITDA history
- 523676: Sep 2021 10.6 | Dec 2021 10.5 | Mar 2022 7.9 | Jun 2022 7.0 | Sep 2022 9.4 | Dec 2022 7.4 | Mar 2023 6.1 | Jun 2023 6.8 | Sep 2023 8.4 | Dec 2023 10.3 | Mar 2024 9.8 | Jun 2024 9.0 | Sep 2024 10.5 | Dec 2024 7.7 | Mar 2025 7.0 | Jun 2025 7.8 | Sep 2025 7.5 | Dec 2025 7.3 | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 32.8 | Dec 2021 32.1 | Mar 2022 30.3 | Jun 2022 25.0 | Sep 2022 29.7 | Dec 2022 22.3 | Mar 2023 16.7 | Jun 2023 18.2 | Sep 2023 20.0 | Dec 2023 29.7 | Mar 2024 21.2 | Jun 2024 24.1 | Sep 2024 27.9 | Dec 2024 27.3 | Mar 2025 22.7 | Jun 2025 19.3 | Sep 2025 15.2 | Dec 2025 11.6 | Mar 2026 11.5 | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 55.1 | Mar 2023 63.9 | Jun 2023 22.1 | Sep 2023 33.3 | Dec 2023 54.8 | Mar 2024 47.4 | Jun 2024 47.0 | Sep 2024 33.8 | Dec 2024 46.5 | Mar 2025 24.6 | Jun 2025 22.8 | Sep 2025 24.5 | Dec 2025 25.4 | Mar 2026 17.8 | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 37.5 | Dec 2023 44.0 | Mar 2024 50.8 | Jun 2024 25.8 | Sep 2024 32.3 | Dec 2024 32.2 | Mar 2025 35.6 | Jun 2025 22.6 | Sep 2025 21.1 | Dec 2025 21.6 | Mar 2026 14.8 | Jun 2026 —
- TITAN: Sep 2021 82.8 | Dec 2021 77.4 | Mar 2022 64.2 | Jun 2022 52.2 | Sep 2022 51.4 | Dec 2022 48.2 | Mar 2023 47.2 | Jun 2023 53.3 | Sep 2023 55.5 | Dec 2023 62.6 | Mar 2024 61.7 | Jun 2024 54.3 | Sep 2024 59.2 | Dec 2024 54.3 | Mar 2025 49.7 | Jun 2025 54.9 | Sep 2025 46.6 | Dec 2025 49.6 | Mar 2026 43.3 | Jun 2026 —
- KALYANKJIL: Sep 2021 14.1 | Dec 2021 12.4 | Mar 2022 11.0 | Jun 2022 9.7 | Sep 2022 12.4 | Dec 2022 14.8 | Mar 2023 12.7 | Jun 2023 16.0 | Sep 2023 22.0 | Dec 2023 30.0 | Mar 2024 34.5 | Jun 2024 39.6 | Sep 2024 52.7 | Dec 2024 52.8 | Mar 2025 33.2 | Jun 2025 35.9 | Sep 2025 28.1 | Dec 2025 27.4 | Mar 2026 18.9 | Jun 2026 —
- THANGAMAYL: Sep 2021 13.0 | Dec 2021 20.6 | Mar 2022 21.0 | Jun 2022 19.4 | Sep 2022 18.4 | Dec 2022 18.4 | Mar 2023 16.1 | Jun 2023 17.8 | Sep 2023 19.9 | Dec 2023 24.1 | Mar 2024 19.1 | Jun 2024 26.1 | Sep 2024 35.7 | Dec 2024 35.1 | Mar 2025 31.6 | Jun 2025 27.8 | Sep 2025 31.0 | Dec 2025 32.7 | Mar 2026 27.4 | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 76.1 | Dec 2025 61.3 | Mar 2026 61.2 | Jun 2026 71.4
- SKYGOLD: Sep 2021 18.2 | Dec 2021 13.4 | Mar 2022 8.7 | Jun 2022 7.9 | Sep 2022 8.5 | Dec 2022 10.1 | Mar 2023 13.7 | Jun 2023 11.5 | Sep 2023 9.9 | Dec 2023 25.5 | Mar 2024 21.9 | Jun 2024 28.4 | Sep 2024 37.7 | Dec 2024 44.8 | Mar 2025 26.8 | Jun 2025 22.1 | Sep 2025 17.5 | Dec 2025 18.1 | Mar 2026 14.8 | Jun 2026 —
- PCJEWELLER: Sep 2021 7.8 | Dec 2021 10.0 | Mar 2022 16.7 | Jun 2022 — | Sep 2022 88.2 | Dec 2022 29.0 | Mar 2023 16.2 | Jun 2023 11.1 | Sep 2023 23.1 | Dec 2023 24.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 85.9 | Mar 2025 31.9 | Jun 2025 23.6 | Sep 2025 17.0 | Dec 2025 10.9 | Mar 2026 9.8 | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 38.7 | Dec 2024 33.6 | Mar 2025 19.1 | Jun 2025 22.9 | Sep 2025 19.8 | Dec 2025 17.7 | Mar 2026 12.5 | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16.0 | Dec 2023 17.6 | Mar 2024 17.7 | Jun 2024 23.6 | Sep 2024 27.2 | Dec 2024 21.1 | Mar 2025 15.3 | Jun 2025 16.4 | Sep 2025 13.9 | Dec 2025 12.7 | Mar 2026 7.3 | Jun 2026 —
- VAIBHAVGBL: Sep 2021 28.6 | Dec 2021 25.1 | Mar 2022 18.2 | Jun 2022 16.5 | Sep 2022 23.5 | Dec 2022 22.7 | Mar 2023 20.8 | Jun 2023 22.6 | Sep 2023 29.1 | Dec 2023 25.2 | Mar 2024 21.3 | Jun 2024 17.2 | Sep 2024 17.4 | Dec 2024 16.2 | Mar 2025 12.2 | Jun 2025 12.8 | Sep 2025 12.2 | Dec 2025 11.6 | Mar 2026 8.5 | Jun 2026 —
- DPABHUSHAN: Sep 2021 11.3 | Dec 2021 17.9 | Mar 2022 14.1 | Jun 2022 13.1 | Sep 2022 14.3 | Dec 2022 10.7 | Mar 2023 11.3 | Jun 2023 10.5 | Sep 2023 20.9 | Dec 2023 21.8 | Mar 2024 26.9 | Jun 2024 42.8 | Sep 2024 50.8 | Dec 2024 47.8 | Mar 2025 43.1 | Jun 2025 45.6 | Sep 2025 46.8 | Dec 2025 47.1 | Mar 2026 31.4 | Jun 2026 31.0
- RAJESHEXPO: Sep 2021 5.4 | Dec 2021 16.9 | Mar 2022 15.0 | Jun 2022 14.1 | Sep 2022 14.1 | Dec 2022 16.8 | Mar 2023 12.6 | Jun 2023 9.5 | Sep 2023 8.4 | Dec 2023 7.4 | Mar 2024 7.5 | Jun 2024 14.6 | Sep 2024 36.8 | Dec 2024 23.1 | Mar 2025 16.6 | Jun 2025 14.8 | Sep 2025 13.6 | Dec 2025 12.4 | Mar 2026 1.9 | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20.6 | Dec 2025 25.5 | Mar 2026 12.8 | Jun 2026 —
- TBZ: Sep 2021 6.4 | Dec 2021 8.0 | Mar 2022 10.0 | Jun 2022 9.8 | Sep 2022 10.1 | Dec 2022 10.1 | Mar 2023 8.8 | Jun 2023 9.1 | Sep 2023 9.8 | Dec 2023 10.2 | Mar 2024 8.9 | Jun 2024 9.2 | Sep 2024 15.6 | Dec 2024 13.8 | Mar 2025 10.6 | Jun 2025 10.2 | Sep 2025 10.0 | Dec 2025 8.3 | Mar 2026 5.2 | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22.8 | Mar 2024 31.6 | Jun 2024 28.1 | Sep 2024 50.1 | Dec 2024 40.4 | Mar 2025 25.0 | Jun 2025 29.4 | Sep 2025 25.8 | Dec 2025 18.5 | Mar 2026 11.9 | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 15.1 | Dec 2025 9.6 | Mar 2026 6.7 | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 109.7 | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 23.4 | Dec 2024 — | Mar 2025 17.5 | Jun 2025 — | Sep 2025 12.4 | Dec 2025 — | Mar 2026 8.3 | Jun 2026 —
- ASTAR: Sep 2021 15.2 | Dec 2021 13.7 | Mar 2022 11.1 | Jun 2022 10.6 | Sep 2022 11.1 | Dec 2022 10.6 | Mar 2023 10.8 | Jun 2023 10.9 | Sep 2023 11.4 | Dec 2023 13.3 | Mar 2024 11.0 | Jun 2024 11.1 | Sep 2024 12.7 | Dec 2024 10.7 | Mar 2025 10.8 | Jun 2025 15.9 | Sep 2025 13.6 | Dec 2025 14.1 | Mar 2026 14.7 | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11.8 | Mar 2024 9.6 | Jun 2024 9.8 | Sep 2024 9.4 | Dec 2024 8.4 | Mar 2025 7.2 | Jun 2025 7.8 | Sep 2025 7.4 | Dec 2025 7.1 | Mar 2026 5.3 | Jun 2026 —
- RADHIKAJWE: Sep 2021 3.4 | Dec 2021 8.1 | Mar 2022 9.2 | Jun 2022 11.8 | Sep 2022 9.1 | Dec 2022 9.6 | Mar 2023 8.0 | Jun 2023 10.3 | Sep 2023 9.4 | Dec 2023 10.1 | Mar 2024 12.7 | Jun 2024 10.5 | Sep 2024 24.4 | Dec 2024 15.8 | Mar 2025 11.3 | Jun 2025 11.6 | Sep 2025 11.4 | Dec 2025 9.1 | Mar 2026 5.9 | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14.2 | Mar 2024 17.5 | Jun 2024 15.7 | Sep 2024 15.7 | Dec 2024 20.1 | Mar 2025 11.8 | Jun 2025 9.8 | Sep 2025 9.8 | Dec 2025 9.1 | Mar 2026 6.9 | Jun 2026 —

### 20-quarter P/BV history
- 523676: Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 2.0 | Jun 2022 1.5 | Sep 2022 2.7 | Dec 2022 2.1 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.7 | Dec 2023 2.1 | Mar 2024 2.3 | Jun 2024 2.7 | Sep 2024 3.6 | Dec 2024 2.3 | Mar 2025 2.4 | Jun 2025 2.4 | Sep 2025 1.8 | Dec 2025 2.0 | Mar 2026 — | Jun 2026 —
- 539518: Sep 2021 5.1 | Dec 2021 4.1 | Mar 2022 3.7 | Jun 2022 4.0 | Sep 2022 5.4 | Dec 2022 4.5 | Mar 2023 3.7 | Jun 2023 4.2 | Sep 2023 4.1 | Dec 2023 6.0 | Mar 2024 4.3 | Jun 2024 4.5 | Sep 2024 4.5 | Dec 2024 4.0 | Mar 2025 4.0 | Jun 2025 4.3 | Sep 2025 3.4 | Dec 2025 2.6 | Mar 2026 2.1 | Jun 2026 —
- 543709: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.7 | Sep 2023 11.9 | Dec 2023 19.1 | Mar 2024 21.8 | Jun 2024 19.2 | Sep 2024 26.2 | Dec 2024 16.0 | Mar 2025 11.1 | Jun 2025 28.0 | Sep 2025 8.5 | Dec 2025 8.5 | Mar 2026 6.5 | Jun 2026 —
- 543953: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.9 | Mar 2024 4.5 | Jun 2024 5.3 | Sep 2024 6.6 | Dec 2024 7.5 | Mar 2025 6.6 | Jun 2025 7.5 | Sep 2025 6.0 | Dec 2025 7.0 | Mar 2026 5.8 | Jun 2026 —
- TITAN: Sep 2021 24.8 | Dec 2021 28.8 | Mar 2022 28.8 | Jun 2022 24.2 | Sep 2022 22.6 | Dec 2022 22.6 | Mar 2023 24.0 | Jun 2023 29.1 | Sep 2023 23.6 | Dec 2023 26.3 | Mar 2024 27.2 | Jun 2024 32.2 | Sep 2024 36.0 | Dec 2024 30.2 | Mar 2025 27.9 | Jun 2025 34.6 | Sep 2025 25.4 | Dec 2025 27.7 | Mar 2026 27.6 | Jun 2026 —
- KALYANKJIL: Sep 2021 2.5 | Dec 2021 2.5 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 3.0 | Dec 2022 3.9 | Mar 2023 3.5 | Jun 2023 4.8 | Sep 2023 6.5 | Dec 2023 9.5 | Mar 2024 11.4 | Jun 2024 14.2 | Sep 2024 17.4 | Dec 2024 17.1 | Mar 2025 11.1 | Jun 2025 13.4 | Sep 2025 9.8 | Dec 2025 9.5 | Mar 2026 7.5 | Jun 2026 —
- THANGAMAYL: Sep 2021 5.4 | Dec 2021 6.6 | Mar 2022 5.5 | Jun 2022 4.7 | Sep 2022 5.3 | Dec 2022 4.7 | Mar 2023 4.7 | Jun 2023 5.9 | Sep 2023 9.6 | Dec 2023 10.0 | Mar 2024 8.7 | Jun 2024 12.8 | Sep 2024 14.8 | Dec 2024 11.4 | Mar 2025 12.1 | Jun 2025 11.7 | Sep 2025 5.7 | Dec 2025 8.5 | Mar 2026 9.1 | Jun 2026 —
- BLUESTONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 5.4 | Dec 2025 4.3 | Mar 2026 4.2 | Jun 2026 4.6
- SKYGOLD: Sep 2021 1.6 | Dec 2021 — | Mar 2022 1.3 | Jun 2022 1.6 | Sep 2022 1.9 | Dec 2022 — | Mar 2023 3.0 | Jun 2023 3.1 | Sep 2023 3.6 | Dec 2023 9.6 | Mar 2024 10.9 | Jun 2024 17.5 | Sep 2024 14.0 | Dec 2024 16.2 | Mar 2025 13.5 | Jun 2025 11.4 | Sep 2025 5.8 | Dec 2025 5.0 | Mar 2026 4.9 | Jun 2026 —
- PCJEWELLER: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.2 | Jun 2022 0.3 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.6 | Sep 2024 2.7 | Dec 2024 2.2 | Mar 2025 2.2 | Jun 2025 1.9 | Sep 2025 1.2 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- PNGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.2 | Dec 2024 6.7 | Mar 2025 4.9 | Jun 2025 5.2 | Sep 2025 5.2 | Dec 2025 4.9 | Mar 2026 4.4 | Jun 2026 —
- SENCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.9 | Dec 2023 4.4 | Mar 2024 4.8 | Jun 2024 6.5 | Sep 2024 8.3 | Dec 2024 5.8 | Mar 2025 3.1 | Jun 2025 4.0 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 2.2 | Jun 2026 —
- VAIBHAVGBL: Sep 2021 12.1 | Dec 2021 9.0 | Mar 2022 5.8 | Jun 2022 5.2 | Sep 2022 5.0 | Dec 2022 4.5 | Mar 2023 4.0 | Jun 2023 4.5 | Sep 2023 6.0 | Dec 2023 5.4 | Mar 2024 4.9 | Jun 2024 4.2 | Sep 2024 4.0 | Dec 2024 3.6 | Mar 2025 2.8 | Jun 2025 3.1 | Sep 2025 2.9 | Dec 2025 2.7 | Mar 2026 2.1 | Jun 2026 —
- DPABHUSHAN: Sep 2021 4.8 | Dec 2021 8.7 | Mar 2022 7.9 | Jun 2022 8.5 | Sep 2022 6.6 | Dec 2022 4.7 | Mar 2023 5.0 | Jun 2023 4.5 | Sep 2023 10.2 | Dec 2023 10.7 | Mar 2024 13.5 | Jun 2024 22.2 | Sep 2024 26.1 | Dec 2024 24.6 | Mar 2025 21.9 | Jun 2025 23.2 | Sep 2025 23.8 | Dec 2025 23.9 | Mar 2026 15.6 | Jun 2026 15.4
- RAJESHEXPO: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 1.7 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 0.7 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 0.1 | Jun 2026 —
- SHRINGARMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 3.6 | Mar 2026 2.6 | Jun 2026 —
- TBZ: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 3.0 | Dec 2024 2.6 | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.1 | Jun 2026 —
- MOTISONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.8 | Jun 2024 5.0 | Sep 2024 9.3 | Dec 2024 7.6 | Mar 2025 4.8 | Jun 2025 6.1 | Sep 2025 4.3 | Dec 2025 3.4 | Mar 2026 2.5 | Jun 2026 —
- SHANTIGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.9 | Dec 2025 2.5 | Mar 2026 2.1 | Jun 2026 —
- PNGSREVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.0 | Jun 2026 —
- UTSSAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.2 | Dec 2024 — | Mar 2025 4.3 | Jun 2025 — | Sep 2025 3.4 | Dec 2025 — | Mar 2026 2.7 | Jun 2026 —
- ASTAR: Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- MVGJL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.7 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.9 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 0.9 | Jun 2026 —
- RADHIKAJWE: Sep 2021 0.8 | Dec 2021 1.8 | Mar 2022 2.0 | Jun 2022 2.3 | Sep 2022 2.0 | Dec 2022 1.8 | Mar 2023 1.9 | Jun 2023 2.5 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 3.2 | Jun 2024 3.4 | Sep 2024 6.4 | Dec 2024 4.1 | Mar 2025 3.2 | Jun 2025 3.1 | Sep 2025 3.3 | Dec 2025 2.8 | Mar 2026 2.0 | Jun 2026 —
- RBZJEWEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.5 | Sep 2024 3.2 | Dec 2024 3.6 | Mar 2025 2.4 | Jun 2025 2.8 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 1.6 | Jun 2026 —

## Market action

Thangamayil Jewellery Ltd has the strongest one-year price move in Diamond, Gems & Jewellery at +265.3%. SJ Corporation Ltd leads on Mansfield relative strength against NIFTY at +197.4%. 15 of 23 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Thangamayil Jewellery Ltd (THANGAMAYL): 265%
2. Utssav CZ Gold Jewels Ltd (UTSSAV): 130%
3. Sky Gold & Diamonds Ltd (SKYGOLD): 99%
4. Golkunda Diamonds & Jewellery Ltd (523676): 56%
5. Titan Company Ltd (TITAN): 38%

### Strongest relative strength versus NIFTY 500
1. SJ Corporation Ltd (504398): 197%
2. Utssav CZ Gold Jewels Ltd (UTSSAV): 107%
3. Thangamayil Jewellery Ltd (THANGAMAYL): 96%
4. Sky Gold & Diamonds Ltd (SKYGOLD): 72%
5. Golkunda Diamonds & Jewellery Ltd (523676): 53%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 9 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.

## Every company
- Titan Company Ltd (TITAN) — market value ₹4.2 L Cr; latest fundamentals Mar 2026
- Kalyan Jewellers India Ltd (KALYANKJIL) — market value ₹59.2K Cr; latest fundamentals Mar 2026
- Thangamayil Jewellery Ltd (THANGAMAYL) — market value ₹21.5K Cr; latest fundamentals Mar 2026
- Bluestone Jewellery & Lifestyle Ltd (BLUESTONE) — market value ₹11.8K Cr; latest fundamentals Jun 2026
- Sky Gold & Diamonds Ltd (SKYGOLD) — market value ₹10.1K Cr; latest fundamentals Mar 2026
- PC Jeweller Ltd (PCJEWELLER) — market value ₹9.0K Cr; latest fundamentals Mar 2026
- P N Gadgil Jewellers Ltd (PNGJL) — market value ₹8.8K Cr; latest fundamentals Mar 2026
- Senco Gold Ltd (SENCO) — market value ₹6.3K Cr; latest fundamentals Mar 2026
- Vaibhav Global Ltd (VAIBHAVGBL) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- D.P. Abhushan Ltd (DPABHUSHAN) — market value ₹3.0K Cr; latest fundamentals Jun 2026
- Rajesh Exports Ltd (RAJESHEXPO) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Shringar House of Mangalsutra Ltd (SHRINGARMS) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Tribhovandas Bhimji Zaveri Ltd (TBZ) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Khazanchi Jewellers Ltd (543953) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Motisons Jewellers Ltd (MOTISONS) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Shanti Gold International Ltd (SHANTIGOLD) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- PNGS Reva Diamond Jewellery Limited (PNGSREVA) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Utssav CZ Gold Jewels Ltd (UTSSAV) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Asian Star Company Ltd (ASTAR) — market value ₹971 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- SJ Corporation Ltd (504398) — market value ₹776 Cr; latest fundamentals Mar 2026
- Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) — market value ₹761 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Radhika Jeweltech Ltd (RADHIKAJWE) — market value ₹751 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- PNGS Gargi Fashion Jewellery Ltd (543709) — market value ₹685 Cr; latest fundamentals Mar 2026
- RBZ Jewellers Ltd (RBZJEWEL) — market value ₹564 Cr; latest fundamentals Mar 2026
- Uday Jewellery Industries Ltd (539518) — market value ₹491 Cr; latest fundamentals Mar 2026
- Golkunda Diamonds & Jewellery Ltd (523676) — market value ₹195 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 11. Unverified: 15. Withheld: 0. Graded companies: 26.

9 of 26 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | SHRINGARMS | Shringar House of Mangalsutra Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TBZ | Tribhovandas Bhimji Zaveri Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MOTISONS | Motisons Jewellers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SHANTIGOLD | Shanti Gold International Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PNGSREVA | PNGS Reva Diamond Jewellery Limited | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | UTSSAV | Utssav CZ Gold Jewels Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ASTAR | Asian Star Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MVGJL | Manoj Vaibhav Gems N Jewellers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | RADHIKAJWE | Radhika Jeweltech Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Diamond, Gems & Jewellery index?

The Nifty Diamond, Gems & Jewellery index tracks India's listed Diamond, Gems & Jewellery companies as a single basket. This page follows the same 26 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Diamond, Gems & Jewellery sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Diamond, Gems & Jewellery stocks in India?

Ranked by this page's four-factor score, Tribhovandas Bhimji Zaveri Ltd places first among 26 listed Diamond, Gems & Jewellery companies, followed by Thangamayil Jewellery Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Diamond, Gems & Jewellery stocks are listed in India?

This comparison covers 26 listed Diamond, Gems & Jewellery companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Diamond, Gems & Jewellery company is the biggest?

Rajesh Exports Ltd is the largest, with trailing-twelve-month revenue of ₹7,78,716 crore, ahead of Titan Company Ltd at ₹87,584 crore. That covers 23 of 26 companies with comparable reporting through Mar 2026.

### Which Diamond, Gems & Jewellery company is growing fastest?

Uday Jewellery Industries Ltd has the fastest revenue growth at 100% year on year, across 23 of 26 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Diamond, Gems & Jewellery company has the best profit margins?

PNGS Gargi Fashion Jewellery Ltd has the highest operating margin at 23.4%, from 26 of 26 comparable companies. PNGS Reva Diamond Jewellery Limited shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Diamond, Gems & Jewellery company makes the most profit?

Titan Company Ltd earns the most, at ₹5,074 crore of trailing-twelve-month net profit, from 23 of 26 comparable companies. Uday Jewellery Industries Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Diamond, Gems & Jewellery company earns the highest return on capital?

Khazanchi Jewellers Ltd leads on return on capital employed at 34.8%, across 26 of 26 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Diamond, Gems & Jewellery stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — PC Jeweller Ltd screens cheapest at 0.26×. Only 10 of 26 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Diamond, Gems & Jewellery company has the strongest balance sheet?

PNGS Gargi Fashion Jewellery Ltd carries the lowest comparable gross debt at ₹12 crore, from 26 of 26 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Diamond, Gems & Jewellery sector beating the market?

Diamond, Gems & Jewellery has outperformed NIFTY 500 by 22.7% over the last 52 weeks and 18.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 15 of 23 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Diamond, Gems & Jewellery stock has the strongest price momentum?

SJ Corporation Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Diamond, Gems & Jewellery company scores highest for research priority?

Tribhovandas Bhimji Zaveri Ltd scores 75.1 out of 100 with 82.8% evidence confidence, from 27.9 points on growth and earnings, 15 on capital efficiency, 14.3 on valuation and 17.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Diamond, Gems & Jewellery companies does this comparison cover, and over what period?

It compares 26 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Diamond, Gems & Jewellery sector?

The 26 Diamond, Gems & Jewellery companies on this page carry ₹5,68,128 crore of combined market value. Titan Company Ltd is the largest at ₹4,15,218 crore, about 73% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Diamond, Gems & Jewellery sector's P/E ratio?

The median price-to-earnings ratio across the 26 Diamond, Gems & Jewellery companies on this page is 19.9×, measured on the 25 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Diamond, Gems & Jewellery sector performing?

15 of the 23 covered Diamond, Gems & Jewellery companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 22.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/diamond-gems-jewellery