- **Uday Jewellery Industries is a manufacturer that turns gold, lab-grown Cubic Zirconia, and natural coloured gemstones into finished fashion jewellery for other businesses to sell - it does not run its own chain of retail stores.** The company was born from the century-old Sanghi Global Group, which began crafting ornaments for the Nizams of Hyderabad in 1905, and was formally acquired and renamed by the current promoters in 2010 to enter the listed jewellery market. Its recurring approach is to act as the behind-the-scenes design-and-production engine for India’s largest jewellery retailers, combining a deep heritage in Hyderabadi gemstone artistry with modern casting technology to deliver lightweight, trend-driven collections at scale. # Business segments A single engine - manufacturing and wholesaling gold jewellery studded with Cubic Zirconia and coloured gemstones - serving national retail chains, regional jewellers, and export markets from one integrated facility. ## 1. Gemstone-studded jewellery manufacturing: the outsourced design-and-production partner for India’s jewellery brands **The company makes finished gold ornaments studded with Cubic Zirconia and natural precious and semi-precious stones, then sells them wholesale to large retailers who put their own brand on the product - it is a pure-play manufacturer, not a retailer.** - **Design partner to national chains** - UJIL is a preferred product development partner for marquee Indian brands including Kalyan Jewellers, Malabar Gold & Diamonds, and Joyalukkas, creating custom collections that match each retailer’s brand identity rather than selling a standard catalogue. Roughly 70% of its revenue comes from just five customers, all with strong market standing, under one- or two-year contracts that specify designs, input specifications, and the making charge payable. - **Paid by making charge, not gold price** - the invoice splits into two parts: the prevailing market price of gold on the day of delivery, plus a pre-agreed making charge. Because the gold cost is passed through, the company’s real earnings come from the value it adds through design and craftsmanship, which is why it focuses on complex studded pieces rather than plain gold items. - **Lightweight, hollow, and bangle-focused designs** - the product range spans rings, earrings, bracelets, bangles, necklaces, choker sets, pendants, and bridal sets, with a deliberate emphasis on lightweight, hollow construction and contemporary styles suited for daily wear. An extension of its “Kuwaity Collection” - an Arabian-inspired line in gold studded with ruby and emerald - was launched to capture export orders from outside India. - **One integrated factory, scaling sixfold** - manufacturing happens at a five-storey facility in Basheerbagh, Hyderabad, where each floor is dedicated to a specific group company and product line. The plant is being upgraded from a capacity of 20 kg per month to 125 kg per month, with a Rs. 12 crore investment in modernising machinery including German-technology casting machines, 3D printing, laser engraving, and CAD equipment. - **Raw materials hedged and sourced through decades-old networks** - gold is procured from authorised bullion dealers, government agencies, and banks, often through Gold Metal Loans, while gemstones and CZ are bought from a vendor network built by the HRS Group over 80-100 years, giving the company price advantages from scale and long-standing relationships. Treasury teams hedge gold inventory using forwards and futures to protect against price swings, and the entire inventory - from raw materials to finished goods - is insured around the clock with 24-hour CCTV and armed security at the factory. # Group structure and partners **UJIL is one of three specialised manufacturing arms of the Hyderabad-based Sanghi Global Group, and it has recently absorbed its sister company to consolidate operations under a single listed entity.** - **A century-old family group with three listed and unlisted verticals** - the HRS Group traces its jewellery lineage to 1905 and operates through three principal entities: Sanghi Jewellers Pvt. Ltd. (the largest manufacturer of precious gem-studded jewellery in India), Narbada Gems & Jewellery Ltd. (focused on diamond and coloured-stone studded jewellery), and Uday Jewellery Industries (focused on CZ and coloured-stone studded jewellery). The group is managed by fourth-generation family members, with fifth-generation members Uday Sanghi and Tejas Sanghi already involved in strategy and operations. - **Narbada Gems has been merged into UJIL** - a Scheme of Amalgamation, effective 19 February 2026, dissolved Narbada Gems & Jewellery Ltd. and vested all its assets and liabilities into UJIL, with NGJL shareholders receiving 4,623 UJIL shares for every 10,000 NGJL shares held. The merger consolidates two businesses that operated under common management in adjacent product niches - NGJL in precious stones, UJIL in CZ and coloured stones - aiming for cost efficiencies and operational synergies. - **Potential acquisition of the group’s flagship manufacturing business** - the Board has authorised exploring the purchase of the studded jewellery manufacturing business of Sanghi Jewellers Private Limited as a going concern, and in October 2025 approved a related-party transaction to buy inventories and stocks from SJPL estimated at up to Rs. 80 crore. This signals a broader consolidation of the group’s manufacturing assets under the listed entity. - **No subsidiaries, but expanding financial infrastructure** - the company has no subsidiaries, joint ventures, or associates, and has recently secured enhanced working capital limits of Rs. 125.50 crore from Kotak Mahindra Bank, while also obtaining registration for bullion trading on the India International Bullion Exchange (IIBX) and opening a bullion account with Karur Vysya Bank.