Khazanchi Jewellers Ltd (KHAZANCHI) — share price & stock analysis

Market cap

₹1,836 Cr

P/E

24×

ROE

21.4%

vs own history (since 2024)

lowest ever

Book value / share

₹109

EPS (TTM)

₹30.9

10-yr median P/E

37.6×

Revenue (FY25)

₹1,772 Cr

Profit after tax (FY25)

₹45 Cr

Weinstein stage

Stage 2 (132 weeks)

Data as of

6 March 2026

4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 24% — a high-quality engine; effectively no debt; margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The business grew faster than the stock

Since May 2024, earnings per share grew 180% while the stock is up 83%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 24× is about the cheapest this stock has ever traded against its own history since 2024.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (37.6×).

Stage 2: the trend is up, and has been for 132 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 132 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹680 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 20 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

4 of 5 years up since listing — good compounding, but a short book

Over 5 years, sales went from ₹361 Cr to ₹1,772 Cr (about 38% a year), and profit from ₹2.0 Cr to ₹45.0 Cr.revenuenet_profit

Margins held steady throughout (2.1–5.0%) — disciplined growth.operating_profit

Sales exploded 50% last quarter

Dec 25 sales were ₹589 Cr, up 50% on the same quarter last year.revenue

Margins are widening — 4% → 6% in a year

Of every ₹100 of sales, the company keeps ₹6.0 as operating profit (a year ago it kept ₹4.1).opm_pct

The gross margin moved the same way (4% → 6%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit exploded 108% — mostly from keeping more of each sale

Dec 25 profit after tax was ₹25.0 Cr, up 108% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹86.0 Cr of profit and collected ₹−73.0 Cr of operating cash — about -85% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY25 collected ₹0.0 Cr against ₹45.0 Cr of reported profit — about 0%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The cash cycle is tightening — money comes home faster

One rupee now takes about 58 days to go out the door as materials and come back as collected cash — down from 104 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (95 → 55 days).inventory_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹13.0 Cr (FY20) to ₹13.0 Cr, with another ₹6.0 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 46% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹11.0 Cr) exceeded operating cash (₹−77.0 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹28 — total borrowings have shrunk from ₹78.0 Cr to ₹65.0 Cr over the window.borrowings

Every ₹100 kept in the business now earns ₹24 — and the number is rising

Return on capital employed is 24.0% (a year ago: 23.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

The owners aren’t moving

Promoters hold 74.5%, essentially unchanged. Foreign funds own null%, domestic funds 1.8%.promoters_pctfiis_pctdiis_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price hasn’t fully caught up with the improvement.

Best thing in the data: profit rising (₹12.0 Cr → ₹25.0 Cr).net_profit

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data