Yaashvi Jewellers Limited

Consumer Cyclical — Luxury Goods · BSE

₹87.00+₹8.72 (+11.14%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:49 pm

Understanding the Business

Company site ↗

The 60-second version of Yaashvi Jewellers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Yaashvi Jewellers Limited engages in the manufacturing and selling of jewellery in India. It offers gold mangalsutra, bangles, bracelets, chains, collection items, earrings, necklaces, pendants, rings, and tops, as well as jewellery customization services.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees54

Annual revenue₹448 Cr

How does it make money?

Turns over ₹448 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 54 employees supports ₹8.30 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹8.30 Cr

Who are its competitors?

The closest listed comparisons in its industry are TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 56.9%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 53.5% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +135% while net margin moved +1025% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+135%

Margin effect+1025%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

8.4x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 88% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -88%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.0x

PEG

0.04

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 1.2% to 6.9% over 3 years.
Return on equity is rising
ROE has improved from 20.5% to 42.0%.
High return on capital employed
ROCE of 56.9% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

5 items require attention · 5 high

🔴Debt has risen sharplyFinancial
Total debt is up 678% over 3 years, from ₹8 Cr to ₹65 Cr.
🔴High leverageFinancial
Debt/Equity of 1.54x — earnings must service borrowings before shareholders see anything.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 1467% against revenue up 135% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 931% against revenue up 135% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 56.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 1.2% to 6.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 88% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 1.54x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 1467% against revenue up 135%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
5 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 25% a year✓ 33.0% CAGR
Latest reported year was 50.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 5%✓ 6.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹18 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 54%✓ 56.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹153 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.4x

Cheap

Cheap against the generic band

P/B Ratio

2.45x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹10.38

Profitable

Profitable on a per-share basis

ROE

53.5%

Strong

Strong capital efficiency

ROCE

56.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.54x

High

High leverage

Revenue Growth (YoY)

50.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

62.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹21 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

19.1%

Good

Assets are working hard

Operating Margin

8.8%

Average

Average margins

Net Margin

4.1%

Average

Average bottom-line conversion

Current Ratio

1.39

Comfortable

Healthy short-term liquidity

52W Range Position

57%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

80.6 / 81.0

Bearish alignment (short < long)

RSI (14)

58.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹190 Cr	₹201 Cr	₹297 Cr	₹448 Cr	+33.0%
EBITDA	₹2 Cr	₹5 Cr	₹18 Cr	₹31 Cr	+140.9%
EBITDA Margin	1.2%	2.3%	6.2%	6.9%	—
PAT (Net Profit)	₹1 Cr	₹2 Cr	₹11 Cr	₹18 Cr	+198.1%
EPS	₹0.39	₹1.11	₹6.4	—	—
ROE	20.5%	22.4%	46.7%	42.0%	—
ROCE	55.2%	40.2%	67.0%	56.9%	—
Total Debt	₹8 Cr	₹16 Cr	₹43 Cr	₹65 Cr	+98.1%
Free Cash Flow	-₹2 Cr	-₹8 Cr	-₹30 Cr	-₹18 Cr	—

🟢 Revenue has grown at 33.0% a year over 3 years.

🟢 EBITDA has grown at 140.9% a year over 3 years.

🟢 EBITDA Margin has risen from 1.2% to 6.9% over 3 years (+5.7 pts).

🟢 PAT (Net Profit) has grown at 198.1% a year over 3 years.

🟢 ROE has risen from 20.5% to 42.0% over 3 years (+21.6 pts).

🟢 ROCE has risen from 55.2% to 56.9% over 3 years (+1.7 pts).

🔴 Total Debt has grown at 98.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹118 Cr

Total Liabilities

₹75 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹15 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.5%

Peer Comparison

Company	P/E	ROE
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 mixed5 general

YAASHVI JEWELLERS LIMITED Share Price

Upstox, 16 Oct

Yaashvi Jewellers Share Price Fall: Price, Valuation View

Univest, 20 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Yaashvi Jewellers shares list flat at IPO price of Rs 83 on BSE SME platform

The Economic Times, 02 Jun

Lacklustre debut! Yaashvi Jewellers shares list at IPO price of ₹83 on BSE SME

Livemint, 02 Jun

Yaashvi Jewellers Gets ₹15 Crore Gold Jewellery Order; Shares At ₹78

HDFC Sky, 09 Sept

Yaashvi Jewellers (BSE:544770) - Stock Analysis

Simply Wall Street, 02 Jun

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth · Profitability · Valuation

MiddlingBusiness Quality

WeakFinancial Health · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 5 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑