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Swarnsarita Jewels India Ltd

SWARNSAR

BSE

₹47.29+19.99%19 Oct 2026

Reports

Diamond Gems and Jewellery

Swarnsarita Jewels India Ltd

SWARNSAR

BSE

₹47.29

+19.99%

19 Oct 2026

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Diamond Gems and Jewellery

Indices

Business Overview: What the company does, in plain English.Forensic Report: Accounting quality and red flags.

Swarnsarita Jewels is a Mumbai-based jewellery house that designs, makes and trades gold and diamond ornaments from the heart of India’s diamond district, Zaveri Bazar. The company was incorporated on August 25, 1992, and was listed as a result of a takeover of a profit-making company Shyam Star Gems Ltd, with the Chordia family bringing nearly three decades of gold-jewellery experience and a simple, recurring approach: operate systematically in an industry that is overwhelmingly unorganised, and build repeat business through long-standing relationships on both the customer and supplier sides. That philosophy - organised processes inside a fragmented trade, with design depth as the differentiator - runs through everything the company does.

Business segments

A single jewellery engine spanning manufacturing, trading, exports and domestic sales - gold and diamond ornaments, plus cutting and polishing of stones - run as one integrated business.

1. Gold and diamond jewellery: the group’s single operating engine

The company makes and sells studded gold and silver jewellery, cuts and polishes diamonds, and earns job-work fees - all reported as one segment because the same design capability, customer relationships and inventory pool serve every activity.

Design is the in-house advantage - the company uses its own designers alongside freelancers to develop products that track emerging market trends, which improves precision, broadens the range, keeps customers coming back and reduces the cost of holding inventory.
Exports bring roughly a third of volume - in FY25, about 30% of sales volume came from exports, billed in US dollars to overseas clients in markets the group has been expanding into, while the rest is sold to domestic jewellers and end-consumers.
Repeat orders, not one-off deals - strong, long-standing client relationships on both the export and domestic sides generate a steady flow of repeat business, which provides recurring comfort in a trade where competition among manufacturers and exporters is cut-throat.
Gold and diamonds are the raw-material pulse - the business depends on gold and diamonds as key inputs, with the Indian industry sourcing nearly 90% of its rough stones and gold bars from imports, though the company itself reported nil import value in the last two fiscal years.
Organised habits in an unorganised world - the Indian gems and jewellery market is highly fragmented and dominated by small family-run shops, but the company attempts to operate in a systematic and organised manner, with adequate internal controls over purchasing and sales and fully insured assets.

Group structure and partners

The listed company controls one wholly-owned subsidiary, Swarnsarita Trading Private Limited, and the promoter family recently tightened its hold through a voluntary open offer that lifted their stake past 60%.

A single subsidiary with a large loan book - Swarnsarita Jewels India Ltd holds a Rs. 1,000 lakh investment in Swarnsarita Trading Private Limited and had extended loans to it; the outstanding amount including interest stood at Rs. 5,888.31 lakhs as of March 2025, up from Rs. 1,066.61 lakhs as of March 2022, and the parent earned Rs. 483.08 lakhs in interest income from the subsidiary that year.
Promoters are the Chordia family of Mumbai - key management is led by Managing Director Mahendra Madanlal Chordia (over 29 years in gold and gems), with the next generation in operational roles: Sunny Mahendra Chordia handles overseas marketing and Rajul Chordia covers marketing.
A related entity provides the premises - the company pays rent to M/s Swarnsarita Jewellers, an enterprise owned or significantly influenced by key managerial personnel.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹99Cr

Close Price

₹47.29

Industry

Diamond Gems and Jewellery

Price To Earnings

8.04

Price To Sales

0.11

Revenue

₹922Cr

Rev Gr TTM

Revenue Growth TTM

21.63%

PAT Gr TTM

PAT Growth TTM

143.05%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	200	204	171	155	230	219	158	152	262	218	237	206
Growth YoY Revenue Growth YoY%	-25.6	-3.6	12.8	-20.2	14.6	7.3	-7.8	-2.0	13.9	-0.4	49.9	35.5
Expenses ExpensesCr	200	201	170	145	227	213	160	142	252	214	244	191
Operating Profit Operating ProfitCr	0	3	2	10	3	5	-3	10	10	4	-8	15
OPM OPM%	0.2	1.3	0.9	6.5	1.1	2.4	-1.6	6.3	3.8	1.8	-3.2	7.4
Other Income Other IncomeCr	1	0	0	0	0	0	0	0	0	0	7	0
Interest Expense Interest ExpenseCr	2	3	2	2	2	2	1	1	1	1	2	2
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-1	0	0	8	1	3	-4	8	9	2	-3	14
Tax TaxCr	0	0	0	2	0	1	0	2	2	0	4	3
PAT PATCr	-1	0	0	6	1	2	-4	6	7	2	-7	11
Growth YoY PAT Growth YoY%	-137.1	107.1	-98.1	12.0	169.5	1,045.0	-5,771.4	-3.0	834.3	-27.1	-70.8	76.7
NPM NPM%	-0.5	0.1	0.0	4.0	0.3	1.1	-2.5	4.0	2.6	0.8	-2.9	5.2
EPS EPS₹	-0.5	0.1	0.0	3.0	0.3	1.1	-1.9	2.9	3.3	0.8	-3.3	5.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	200	204	171	155	230	219	158	152	262	218	237	206
Growth YoY Revenue Growth YoY%	-25.6	-3.6	12.8	-20.2	14.6	7.3	-7.8	-2.0	13.9	-0.4	49.9	35.5
Expenses ExpensesCr	200	201	170	145	227	213	160	142	252	214	244	191
Operating Profit Operating ProfitCr	0	3	2	10	3	5	-3	10	10	4	-8	15
OPM OPM%	0.2	1.3	0.9	6.5	1.1	2.4	-1.6	6.3	3.8	1.8	-3.2	7.4
Other Income Other IncomeCr	1	0	0	0	0	0	0	0	0	0	7	0
Interest Expense Interest ExpenseCr	2	3	2	2	2	2	1	1	1	1	2	2
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-1	0	0	8	1	3	-4	8	9	2	-3	14
Tax TaxCr	0	0	0	2	0	1	0	2	2	0	4	3
PAT PATCr	-1	0	0	6	1	2	-4	6	7	2	-7	11
Growth YoY PAT Growth YoY%	-137.1	107.1	-98.1	12.0	169.5	1,045.0	-5,771.4	-3.0	834.3	-27.1	-70.8	76.7
NPM NPM%	-0.5	0.1	0.0	4.0	0.3	1.1	-2.5	4.0	2.6	0.8	-2.9	5.2
EPS EPS₹	-0.5	0.1	0.0	3.0	0.3	1.1	-1.9	2.9	3.3	0.8	-3.3	5.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	322	287	486	549	559	576	842	840	770	761	868	922
Growth Revenue Growth%	33.9	-10.9	69.7	12.8	1.9	3.0	46.2	-0.2	-8.4	-1.1	14.0	21.6
Expenses ExpensesCr	317	281	480	543	553	565	832	827	756	747	852	901
Operating Profit Operating ProfitCr	5	5	7	6	6	11	10	13	14	15	16	21
OPM OPM%	1.4	1.9	1.4	1.1	1.1	1.8	1.2	1.6	1.8	1.9	1.8	2.3
Other Income Other IncomeCr	5	4	4	6	7	4	7	3	2	1	7	8
Interest Expense Interest ExpenseCr	5	4	4	5	5	6	7	8	9	6	6	6
Depreciation DepreciationCr	0	0	0	0	1	0	0	0	0	0	0	0
PBT PBTCr	4	4	6	7	7	8	10	8	7	9	17	22
Tax TaxCr	1	1	2	2	2	2	3	2	2	4	4	10
PAT PATCr	3	3	4	5	5	5	8	6	5	5	12	12
Growth PAT Growth%	-15.8	7.1	49.9	10.6	-5.6	21.0	36.9	-16.1	-23.8	9.6	135.1	143.1
NPM NPM%	0.8	1.0	0.9	0.9	0.8	0.9	0.9	0.8	0.6	0.7	1.4	1.4
EPS EPS₹	1.3	1.4	2.1	2.3	2.2	2.6	3.6	3.0	2.3	2.5	5.8	5.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	322	287	486	549	559	576	842	840	770	761	868	922
Growth Revenue Growth%	33.9	-10.9	69.7	12.8	1.9	3.0	46.2	-0.2	-8.4	-1.1	14.0	21.6
Expenses ExpensesCr	317	281	480	543	553	565	832	827	756	747	852	901
Operating Profit Operating ProfitCr	5	5	7	6	6	11	10	13	14	15	16	21
OPM OPM%	1.4	1.9	1.4	1.1	1.1	1.8	1.2	1.6	1.8	1.9	1.8	2.3
Other Income Other IncomeCr	5	4	4	6	7	4	7	3	2	1	7	8
Interest Expense Interest ExpenseCr	5	4	4	5	5	6	7	8	9	6	6	6
Depreciation DepreciationCr	0	0	0	0	1	0	0	0	0	0	0	0
PBT PBTCr	4	4	6	7	7	8	10	8	7	9	17	22
Tax TaxCr	1	1	2	2	2	2	3	2	2	4	4	10
PAT PATCr	3	3	4	5	5	5	8	6	5	5	12	12
Growth PAT Growth%	-15.8	7.1	49.9	10.6	-5.6	21.0	36.9	-16.1	-23.8	9.6	135.1	143.1
NPM NPM%	0.8	1.0	0.9	0.9	0.8	0.9	0.9	0.8	0.6	0.7	1.4	1.4
EPS EPS₹	1.3	1.4	2.1	2.3	2.2	2.6	3.6	3.0	2.3	2.5	5.8	5.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	21	21	21	21	21	21	21	21	21	21	21
Reserves ReservesCr	61	64	68	73	77	83	91	97	102	107	119
Current Liabilities Current LiabilitiesCr	87	87	116	140	108	121	112	111	109	93	84
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	2	1	20	19	9	4	2
Total Liabilities Total LiabilitiesCr	169	171	205	234	208	226	244	248	241	225	226
Current Assets Current AssetsCr	159	167	196	221	194	211	229	210	221	210	208
Non Current Assets Non Current AssetsCr	10	5	9	13	15	15	15	38	20	15	19
Total Assets Total AssetsCr	169	171	205	234	208	226	244	248	241	225	226

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	21	21	21	21	21	21	21	21	21	21	21
Reserves ReservesCr	61	64	68	73	77	83	91	97	102	107	119
Current Liabilities Current LiabilitiesCr	87	87	116	140	108	121	112	111	109	93	84
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	2	1	20	19	9	4	2
Total Liabilities Total LiabilitiesCr	169	171	205	234	208	226	244	248	241	225	226
Current Assets Current AssetsCr	159	167	196	221	194	211	229	210	221	210	208
Non Current Assets Non Current AssetsCr	10	5	9	13	15	15	15	38	20	15	19
Total Assets Total AssetsCr	169	171	205	234	208	226	244	248	241	225	226

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	-17	-2	-26	13	6	8	9	5	12	20
Investing Cash Flow Investing Cash FlowCr	-4	5	5	2	1	-1	2	1	-1	5	-1
Financing Cash Flow Financing Cash FlowCr	21	0	22	20	-35	7	2	-13	-22	-28	-21
Net Cash Flow Net Cash FlowCr	18	-12	25	-4	-21	13	12	-3	-18	-11	-2
Free Cash Flow Free Cash FlowCr	-1	-17	-2	-27	11	3	8	8	3	16	19
CFO To PAT CFO To PAT%	21.8	-589.2	-46.4	-550.3	289.1	116.6	103.1	139.1	100.3	226.7	162.8
CFO To EBITDA CFO To EBITDA%	12.9	-320.7	-30.7	-416.3	207.3	60.2	76.8	65.6	34.4	81.0	127.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	-17	-2	-26	13	6	8	9	5	12	20
Investing Cash Flow Investing Cash FlowCr	-4	5	5	2	1	-1	2	1	-1	5	-1
Financing Cash Flow Financing Cash FlowCr	21	0	22	20	-35	7	2	-13	-22	-28	-21
Net Cash Flow Net Cash FlowCr	18	-12	25	-4	-21	13	12	-3	-18	-11	-2
Free Cash Flow Free Cash FlowCr	-1	-17	-2	-27	11	3	8	8	3	16	19
CFO To PAT CFO To PAT%	21.8	-589.2	-46.4	-550.3	289.1	116.6	103.1	139.1	100.3	226.7	162.8
CFO To EBITDA CFO To EBITDA%	12.9	-320.7	-30.7	-416.3	207.3	60.2	76.8	65.6	34.4	81.0	127.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	41	46	34	25	14	27	47	36	67	50	62	99
Price To Earnings Price To Earnings	15.0	15.9	7.9	5.3	3.2	5.0	6.3	5.7	14.0	9.6	5.0	8.0
Price To Sales Price To Sales	0.1	0.2	0.1	0.1	0.0	0.1	0.1	0.0	0.1	0.1	0.1	0.1
Price To Book Price To Book	0.5	0.6	0.4	0.3	0.1	0.3	0.4	0.3	0.6	0.4	0.4	0.7
EV To EBITDA EV To EBITDA	18.4	19.8	14.5	18.3	15.3	10.6	12.8	10.4	11.1	8.5	8.2	6.9
Profitability Ratios Profitability Ratios
GPM GPM%	3.2	4.2	3.0	3.3	3.1	3.2	2.3	2.8	3.3	3.5	3.2	3.2
OPM OPM%	1.4	1.9	1.4	1.1	1.1	1.8	1.2	1.6	1.8	1.9	1.8	2.3
NPM NPM%	0.8	1.0	0.9	0.9	0.8	0.9	0.9	0.8	0.6	0.7	1.4	1.4
ROCE ROCE%	6.0	5.3	5.5	5.4	6.2	6.5	7.3	6.8	6.6	7.3	10.8	10.8
ROE ROE%	3.3	3.4	4.9	5.1	4.6	5.3	6.7	5.3	3.9	4.1	8.8	8.8
ROA ROA%	1.6	1.7	2.1	2.0	2.2	2.4	3.1	2.5	2.0	2.3	5.5	5.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	41	46	34	25	14	27	47	36	67	50	62	99
Price To Earnings Price To Earnings	15.0	15.9	7.9	5.3	3.2	5.0	6.3	5.7	14.0	9.6	5.0	8.0
Price To Sales Price To Sales	0.1	0.2	0.1	0.1	0.0	0.1	0.1	0.0	0.1	0.1	0.1	0.1
Price To Book Price To Book	0.5	0.6	0.4	0.3	0.1	0.3	0.4	0.3	0.6	0.4	0.4	0.7
EV To EBITDA EV To EBITDA	18.4	19.8	14.5	18.3	15.3	10.6	12.8	10.4	11.1	8.5	8.2	6.9
Profitability Ratios Profitability Ratios
GPM GPM%	3.2	4.2	3.0	3.3	3.1	3.2	2.3	2.8	3.3	3.5	3.2	3.2
OPM OPM%	1.4	1.9	1.4	1.1	1.1	1.8	1.2	1.6	1.8	1.9	1.8	2.3
NPM NPM%	0.8	1.0	0.9	0.9	0.8	0.9	0.9	0.8	0.6	0.7	1.4	1.4
ROCE ROCE%	6.0	5.3	5.5	5.4	6.2	6.5	7.3	6.8	6.6	7.3	10.8	10.8
ROE ROE%	3.3	3.4	4.9	5.1	4.6	5.3	6.7	5.3	3.9	4.1	8.8	8.8
ROA ROA%	1.6	1.7	2.1	2.0	2.2	2.4	3.1	2.5	2.0	2.3	5.5	5.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PJL	DEVLAB	RETAGGIO	SWARNSAR	MINID	AJIL	MIDAAS
Market CapitalizationMkt CapCr	147	138	107	99	95	93	80
Close PriceClose₹	340.00	29.10	52.00	47.29	4.05	9.27	180.45
IndustryIndustry	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery
Price To EarningsPE	8.84	14.41	11.90	8.04	50.63	61.80
Price To SalesPS	0.85	0.83	1.27	0.11	0.14	4,665.34	728.06
RevenueRevenueCr	173	167	84	922	663	0	0
Revenue Growth TTMRev Gr TTM%		219.0%		21.6%		-98.3%
PAT Growth TTMPAT Gr TTM%		641.8%		143.1%		-134.7%	-116.7%

	PJL	DEVLAB	RETAGGIO	SWARNSAR	MINID	AJIL	MIDAAS
Market CapitalizationMkt CapCr	147	138	107	99	95	93	80
Close PriceClose₹	340.00	29.10	52.00	47.29	4.05	9.27	180.45
IndustryIndustry	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery
Price To EarningsPE	8.84	14.41	11.90	8.04	50.63	61.80
Price To SalesPS	0.85	0.83	1.27	0.11	0.14	4,665.34	728.06
RevenueRevenueCr	173	167	84	922	663	0	0
Revenue Growth TTMRev Gr TTM%		219.0%		21.6%		-98.3%
PAT Growth TTMPAT Gr TTM%		641.8%		143.1%		-134.7%	-116.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2026

Jun 26