1. Merger with Narbada Gems - The amalgamation of Narbada Gems and Jewellery Limited became effective on 19 February 2026, adding its entire assets, liabilities, and gold-studded precious-stone portfolio to UJIL. The merger combines complementary product lines and distribution networks, creating immediate scale and cost efficiencies that management confirms improved operational leverage in the year of completion.
2. Sanghi Jewellers manufacturing consolidation - The Board approved the purchase of the studded jewellery manufacturing business of Sanghi Jewellers Private Limited, the HRS Group flagship and India's largest manufacturer of precious gem studded jewellery, for up to ₹80 crore. This transaction consolidates the group's core manufacturing under UJIL, immediately scaling its production base and market access.
3. Export scale-up - Export sales grew 50% to ₹29.94 crore in FY25, and management expects exports to account for a significant portion of revenues in the short to medium term. The established UAE beachhead and plans for rapid global outreach open a higher-margin channel beyond the domestic B2B base.
4. Western India branch office - A Mumbai branch office opened on 30 April 2025 to serve as a central hub for the key jewellery markets of Mumbai, Gujarat, Indore, Bhopal, and Pune. The physical presence in western India removes a geographic bottleneck, enabling direct customer relationships and faster order turnaround in a high-demand region.
5. Enhanced working capital facilities - Kotak Mahindra Bank sanctioned enhanced working capital limits of ₹125.50 crore in October 2025, alongside an ICRA rating of BBB(Stable) that was reaffirmed with no change from the previous year. The larger credit line supports the higher inventory and receivables that come with the merged entity and expanded production, ensuring the growth pipeline is not constrained by liquidity.
6. B2C retail and e-commerce entry - Retail sales resumed in FY25 at ₹2.96 crore, and management is pursuing an asset-light franchise and e-commerce model to build direct-to-consumer reach. Moving closer to end-customers captures the retail margin that currently goes to third-party jewellers, improving blended realizations over time.