Utssav CZ Gold Jewels Limited (UGJL) is a prominent Indian B2B manufacturer and wholesaler specializing in lightweight gold jewellery. Established in **2007**, the company has evolved from a niche specialist in **Cubic Zirconia (CZ) 18K rose gold casting** into a diversified multi-segment player. UGJL serves as a critical manufacturing partner to leading retailers across India and international markets, leveraging a design-led strategy and 100% in-house production. --- ### **Core Product Ecosystem & Design Leadership** UGJL operates a sophisticated design-to-delivery model, focusing on "affordable luxury" and contemporary daily-wear jewellery. * **Product Segments:** * **CZ Gold Jewellery:** The flagship category, specializing in **18K Rose Gold** and **18K/22K Yellow Gold** studded with Cubic Zirconia. * **Plain Gold Jewellery:** Includes **22K** plain casting, paper casting, rings, studs, Quibin chains, and bracelets. * **Diamond Jewellery:** A high-growth segment featuring **18K Natural Diamonds** (VVS/EF certified) and **18K Lab-Grown Diamonds (LGD)**. * **Design Capabilities:** * A dedicated team of **50+ professionals** produces over **400 new designs monthly**. * The company maintains an extensive intellectual property library of over **70,000 designs**. * **Quality Assurance:** All products are **BIS-hallmarked**. As of late **2025**, the inventory is predominantly gold-based, with natural diamonds comprising approximately **2%** of total stock. --- ### **Manufacturing Scale & Operational Metrics** The company distinguishes itself through a **100% in-house manufacturing** model, ensuring total control over quality and lead times with zero outsourcing. | Metric | FY22 | FY25 | FY26 Target/Status | | :--- | :---: | :---: | :--- | | **Production Capacity** | **750 Kilograms** | **1.6 Tons** | **2.5 Tons** (Approved) | | **Revenue Growth** | - | **+89.4%** | **70% - 80%** (Projected) | | **Volume Growth** | - | - | **~11%** | | **New Clients Onboarded** | - | - | **112** | --- ### **Strategic Growth & Market Expansion** UGJL is executing an aggressive expansion strategy to transition from a regional specialist to a global jewellery powerhouse, targeting a revenue of **₹4,000 to ₹5,000 Crores by FY 2030**. * **Domestic Penetration:** Currently present in **23 states and 2 Union Territories**. Recent efforts have focused on deep penetration in South and West India, with new entries into Punjab, Haryana, and Eastern India. * **International Hub (Dubai):** In **February 2026**, the Board approved a **Wholly-Owned Subsidiary in the UAE**. This hub serves the **GCC region** and acts as a gateway for global exports. * **Future Markets:** Planned entry into the **USA, Singapore, and Malaysia**. * **Segment Diversification:** Increasing focus on **Natural and Lab-Grown Diamonds** to capture higher value-addition margins compared to plain gold. --- ### **Financial Performance & Capital Structure** Since its listing on the **NSE Emerge** platform in **August 2024**, UGJL has significantly strengthened its balance sheet to fund rapid scaling. **Annual Financial Summary (FY 2024-25):** * **Total Revenue:** **₹647.67 Crores** (up from ₹341.85 Cr in FY24) * **EBITDA:** **₹40.34 Crores** * **Net Profit (PAT):** **₹25.06 Crores** (up **92.3%** YoY) **Capital & Funding Instruments:** * **IPO (Aug 2024):** Raised **₹69.50 Crores** at **₹110/share**. * **Preferential Warrants (June 2025):** Allotted **11,80,000 warrants** at **₹222/unit** (convertible by Dec 2026). * **Authorized Capital:** Increased to **₹24.99 Crores** in May 2025. * **Promoter Skin in the Game:** Managing Director **Pankajkumar Hastimal Jagawat** holds a **69.93%** stake and personally participated in the **8,50,000 warrant** issue in 2025. --- ### **Working Capital & Debt Management** The company’s B2B model requires robust working capital management to support its high-growth trajectory. * **Receivables Cycle:** Trade receivables range between **70-80 days**. This extended credit is a strategic tool used to onboard high-value clients and maintain competitive advantages. * **Credit Facilities:** * **₹125 Crores** in short-term borrowings at an interest rate of **8.5%**. * Additional **₹50 Crores** cash credit facility from Saraswat Bank (Nov 2025). * **₹15 Crores** Gold Metal Loan facility with ICICI Bank. * **Inventory Valuation:** Valued on a **FIFO basis** at the lower of cost or net realizable value. --- ### **Governance, Risk & Compliance** UGJL operates under a structured framework to mitigate operational and ethical risks, adhering strictly to the **Companies Act, 2013**. * **Vigil Mechanism:** A formal **Whistle Blower Policy** allows employees to report unethical conduct directly to an **Ethics and Compliance Task Force**. * **Audit Oversight:** The **Audit Committee** provides high-level supervision; there have been **zero instances** of grievance redressal denial. * **Strategic Safeguards:** A **non-compete agreement** is in place with Shanti Gold (a promoter-linked entity) to ensure Shanti Gold focuses exclusively on bridal jewellery, preventing internal competition with UGJL’s lightweight focus. * **Security:** Borrowings are secured by hypothecation of stocks and personal/corporate guarantees from directors and **Shanti Gold International Ltd.** | Risk Category | Mitigation Strategy | | :--- | :--- | | **Market Competition** | Focus on **lightweight casting** and **70,000+ proprietary designs**. | | **Gold Price Volatility** | Utilization of **Gold Metal Loans** and **FIFO** inventory accounting. | | **Geographic Concentration** | Expansion into **23 states** and the **UAE/GCC** markets. | | **Ethical/Conduct Risk** | **Vigil Mechanism** and direct access to the **Audit Committee Chairman**. |