Varyaa Creations Ltd. Share Price

The sales declined to Rs. 1358.47 millions for the March 2026 quarter as compared to Rs. 1706.22 millions during the corresponding quarter last year.Handsome Net Profit growth of 73.21% reported above the corresponding previous quarter figure of Rs. 1431.08 millions to Rs. 826.20 millions.The company reported a good operating profit of 459.89 millions compared to 372.85 millions of corresponding previous quarter.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	1358.47	1706.22	-20.38	5632.76	6736.45	-16.38	5632.76	6736.45	-16.38
Other Income	441.88	356.40	23.98	1500.46	1243.47	20.67	1500.46	1243.47	20.67
PBIDT	459.89	372.85	23.34	1783.64	1611.28	10.70	1783.64	1611.28	10.70
Interest	21.61	25.44	-15.06	96.85	85.50	13.27	96.85	85.50	13.27
PBDT	1022.57	850.75	20.20	2271.08	1994.60	13.86	2271.08	1994.60	13.86
Depreciation	20.04	17.34	15.57	76.54	69.50	10.13	76.54	69.50	10.13
PBT	1002.53	833.41	20.29	2194.54	1925.10	14.00	2194.54	1925.10	14.00
TAX	-428.55	7.21	-6043.83	-371.01	84.82	-537.41	-371.01	84.82	-537.41
Deferred Tax	-475.32	-4.19	11244.15	-493.90	-1.39	35432.37	-493.90	-1.39	35432.37
PAT	1431.08	826.20	73.21	2565.55	1840.28	39.41	2565.55	1840.28	39.41
Equity	334.05	332.23	0.55	334.05	332.23	0.55	334.05	332.23	0.55
PBIDTM(%)	33.85	21.85	54.92	31.67	23.92	32.39	31.67	23.92	32.39

The sales for the March 2026 quarter moved down to Rs. 8.81 millions as compared to Rs. 10.85 millions during the year-ago period.The Total Profit for the quarter ended March 2026 of Rs. 0.17 millions grew from Rs.-0.31 millions Operating profit Margin for the quarter ended March 2026 improved to 0.38% as compared to -0.11% of corresponding quarter ended March 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	8.81	10.85	-18.80	16.24	15.62	3.97	16.24	15.62	3.97
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBIDT	0.38	-0.11	-445.45	0.73	0.63	15.87	0.73	0.63	15.87
Interest	0.00	0.03	0.00	0.01	0.03	-66.67	0.01	0.03	-66.67
PBDT	0.38	-0.14	-371.43	0.72	0.60	20.00	0.72	0.60	20.00
Depreciation	0.02	0.02	0.00	0.02	0.02	0.00	0.02	0.02	0.00
PBT	0.36	-0.16	-325.00	0.70	0.58	20.69	0.70	0.58	20.69
TAX	0.19	0.15	26.67	0.19	0.15	26.67	0.19	0.15	26.67
Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PAT	0.17	-0.31	-154.84	0.51	0.43	18.60	0.51	0.43	18.60
Equity	50.15	50.15	0.00	50.15	50.15	0.00	50.15	50.15	0.00
PBIDTM(%)	4.31	-1.01	-525.46	4.50	4.03	11.45	4.50	4.03	11.45

The revenue zoomed 15.76% to Rs. 1374.68 millions for the quarter ended March 2026 as compared to Rs. 1187.51 millions during the corresponding quarter last year.The Net Profit of the company registered a slight decline of -25.47% to Rs. 83.02  millions from Rs. 111.39 millions.Operating profit for the quarter ended March 2026 decreased to 141.59 millions as compared to 184.43 millions of corresponding quarter ended March 2025.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	1374.68	1187.51	15.76	4895.44	4621.12	5.94	4895.44	4621.12	5.94
Other Income	57.63	0.17	33800.00	62.92	7.39	751.42	62.92	7.39	751.42
PBIDT	141.59	184.43	-23.23	932.82	701.93	32.89	932.82	701.93	32.89
Interest	20.28	28.71	-29.36	60.39	87.96	-31.34	60.39	87.96	-31.34
PBDT	118.28	155.72	-24.04	869.40	613.97	41.60	869.40	613.97	41.60
Depreciation	4.45	4.92	-9.55	18.53	19.95	-7.12	18.53	19.95	-7.12
PBT	113.83	150.80	-24.52	850.87	594.02	43.24	850.87	594.02	43.24
TAX	30.81	39.41	-21.82	213.80	162.32	31.72	213.80	162.32	31.72
Deferred Tax	-1.29	-0.92	40.22	0.12	0.09	33.33	0.12	0.09	33.33
PAT	83.02	111.39	-25.47	637.07	431.70	47.57	637.07	431.70	47.57
Equity	1001.76	984.46	1.76	1001.76	984.46	1.76	1001.76	984.46	1.76
PBIDTM(%)	10.30	15.53	-33.68	19.05	15.19	25.45	19.05	15.19	25.45

Yaashvi Jewellers

• Yaashvi Jewellers is coming out with an initial public offering (IPO) of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share.
• The issue will open on May 25, 2026 and will close on May 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 8.3 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Kalu Ram Kumawat.

Profile of the company

Yaashvi Jewellers is engaged in manufacturing and trading of a wide range of jewellery with major product portfolio being gold jewellery in 9K, 14K, 18K, 20K, and 22K, focusing on affordability and quality. It is mainly engaged in machine made gold chains, which form the core of its product portfolio and are used in various jewellery designs. Alongside manufacturing, it trades in studded gold and fashion silver jewellery, diamond jewellery, gold bullion, and also offer customized jewellery for clients. 

It manufactures the finished gold jewelleries from the raw gold i.e. bullions and required consumables and further supply these products to dealers, showrooms, and small jewellery shops in the wholesale quantities as well as in retail. Its core specialisation is in the manufacturing of machine-made gold chains which forms the major part of its product portfolio. Machine made gold chains are used in multiple formats, from being used as chain to be worn directly as final product or be used as part of larger jewellery such as mangalsutra, bracelets, ankelets, earrings etc where it forms the base of the jewellery piece or used to provide the design element. Machine-made gold chains are lightweight and can be crafted in a wide variety of designs and thicknesses, making them suitable for diverse customer needs. 

Primarily, it caters to B2B customers. Over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers. It provides an extensive range of jewellery designs of plain gold, the jewelleries studded with cubic zircon and / or coloured stones/ studded with American diamonds, named and fashion silver jewelleries, made to match the different needs and tastes of its customers. Its business model is designed to ensure seamless operations from sourcing gold bullion from DGFT-nominated vendor and other bullion dealers, which is then transformed into jewellery post passing the quality check from authorised hall marking centres. It adheres to applicable quality control measures to ensure that every piece of jewellery meets the expected standards of craftsmanship and purity. Various quality control practices are followed from the time of receiving the gold bullion to manufacturing of the final product, at each stage of the process, supervision of the quality metrics is taken care of. Its production team is responsible for detailed product supervision. Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity.

Proceed is being used for:

• Funding working capital requirements of the company 
• Repayment/ prepayment of certain borrowings availed by the company 
• General corporate purposes 

Industry Overview

India's Gems and Jewellery sector is a significant contributor to the economy, playing a crucial role in exports, employment, and overall GDP. The industry is well-positioned with a strong domestic market and an expanding international presence. As of March 2024, India's gold and diamond trade contributed around 7% to GDP. It accounted for 15.7% of India’s merchandise exports. The sector provides employment to around 5 million individuals. India's gems & jewellery market was $78.50 billion in FY21. In 2022, India's gems & jewellery sector contributed 4.3% to global jewellery exports. Expected export growth to $100 billion by 2027. The diamond jewellery market is projected to expand to $177 billion by 2031.

Gold holds a significant cultural and economic position in India, making the country one of the largest consumers of gold globally. India accounts for around 25% of the world’s gold demand, primarily driven by weddings, festivals, and traditional investment preferences. Despite limited domestic production, the country remains highly dependent on imports to meet its gold demand. In response, the government has introduced policy measures, including import duty revisions, to regulate gold inflows and enhance economic stability.

India’s gold imports surged in April 2024 to $3.1 billion, over three times the value recorded in April 2023 ($1 billion), driven by higher global gold prices (+16.8%) and increased demand. In FY 2023-24, gold imports rose by 17.2% to 795.3 tonnes, reflecting sustained domestic appetite. The import of gold bars grew by 78.29% in April-June 2024, while gold Jewellery imports skyrocketed by 250.91% over the previous year. This sharp rise is influenced by geopolitical instability and the RBI’s diversification strategy to hedge against inflation and currency risks.

Pros and strengths

Diversified product portfolio: Its product profile includes traditional, contemporary and combination designs across jewellery lines, and price points. The gold, and other jewellery inventory in its display outlet reflects the customer preferences and designs. It focuses on design and innovation, its ability to recognize consumer preferences and market trends, the intricacy of its designs and the quality and finish of its products are its key strengths. Its products are suitable for daily wear, party wear and festive wear. While its focus is on manufacturing and caters to B2B customers, over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers.

Integrated manufacturing facility: The company is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. As of March 31, 2026 it has an installed manufacturing capacity of 1,100.00 kg per annum. The manufacturing facility has an area admeasuring 1,092 sq. metres. and is taken on lease by it. Its manufacturing facility is equipped with the necessary equipment, such as Induction Melting Furnace, Wire Drawing Machine, Chain Making Machine, Laser Welding Machine and other handling equipment, to support a seamless manufacturing process. By following necessary safety standards and conducting safety meetings, it tries to keep its workplace safe.

Commitment to quality and hallmarked jewellery assurance: Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity. It is committed to maintaining high-quality standards across all its products by implementing strict quality control measures. Its Jewellery is hallmarked, ensuring purity and authenticity, and it guarantees time-bound delivery of its products. Its transparent pricing policies, customer-friendly approach, and assurance of quality have helped it build a trusted and reputable brand in the Jewellery industry. 

Risks and concerns

High dependence on key suppliers for raw materials: It depends on few suppliers for its raw materials required for its operations and it has not entered into any long-term agreements. For the financial year ended March 31, 2026, March 31, 2025, and March 31, 2024, its top ten suppliers accounted for around 86.57%, 82.78%, and 88.12% of total purchases respectively. Any delays, interruptions or reduction in the supply of raw materials to manufacture its products and any abrupt fluctuations in the prices of its raw materials may adversely affect the pricing of its products and may have an impact on its business, results of operation, financial condition and cash flows.

Dependence on a single product category: Majority of its revenue is generated from manufacturing and sale of plain gold chains. Its revenue from this segment, contributed 65.57%, 66.29% and 53.76% of its total revenue from operations for the financial year ended March 31, 2026, 2025 and 2024, respectively. Its revenues may be adversely affected on account of any downward trend in the demand. The demand and sale of its products depend on various factors such as its ability to respond to change in market trends, end-customer preferences, the availability of alternate metals, increase in imitation jewellery, economic changes, regulatory challenges, shortage of skilled labour, disputes with its clients, etc.

Highly competitive and fragmented market: Competition in the Indian jewellery industry is significant. It operates in highly competitive and fragmented markets and competition in these markets is based primarily on market trends, pricing and customer preferences. The players in the jewellery sector in India often offer their products at highly competitive prices and many of them are well established in their local markets. Some of its competitors may be larger than it in terms of business volume and may have greater capital, technical capabilities and financial and other resources than it which may enable them to secure opportunities at lower prices or to otherwise incentivize the buyers. In addition, its competitors that are smaller specialized entities may compete effectively against it in a particular region based on price, size and established regional trust with the local customers.

Outlook

Yaashvi Jewellers is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. It has built long-standing relationships with a wide base of customers across the domestic jewellery market, enabling it to effectively cross-sell its products while also attracting new clients. On the concern side, its revenue is heavily reliant on its operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance. Additionally, it is subject to risks associated with expansion into new geographies. Further, under-utilization of its existing manufacturing facility and an inability to effectively utilize its manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance. For the financial year ended March 31, 2024, March 31, 2025 and March 31, 2026, the overall capacity utilisation was 18.07%, 28.57% and 53.09%, respectively which is under-utilized.

The company is coming out with an IPO of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share to mobilize Rs 43.88 crore. On performance front, its revenue from operations increased by 47.93% to Rs 29,722.65 lakh for FY25 from Rs 20,093.00 lakh for FY24. Profit after tax has increased by 475.48% to Rs 1,128.23 lakh for FY 2025 from Rs 196.05 lakh for FY 2024.

To cater to the growing demand from its existing customers, to meet requirements of new customers and to achieve the expanded capacities, recently, it has set up its first retail showroom, spread across 9,800 sq. mtrs., at Brijpuri Yojna, Jagatpura, Jaipur. Its investment in infrastructure will enable it to cater to the growing demand from its customers and help it expand its customer base and increase its revenue from operations. Going forward, it intends to repay cash credit facility to improvise its debt equity ratio and also this will help the company to obtain working capital loans / term loans for expansion in future which will improve its operational efficiency. Further, it also plans to keep participating in international jewellery exhibitions that will further amplify brand visibility, attract potential buyers, and drive sales growth to open new markets for it.

SMR Jewels

• SMR Jewels is coming out with an initial public offering (IPO) of 49,80,000 shares in a price band of Rs 128-135 per equity share. 
• The issue will open on May 26, 2026 and will close on May 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Sangita Rajpurohit.

Profile of the company

The company specializes in Designer Heritage Jewellery that blends the richness of India’s cultural and artistic traditions with modern aesthetics. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. Each piece is created with its own storytelling, carrying cultural meaning, emotional value, and artistic expression. Its Theme-Based Designer Heritage Jewellery draws inspiration from mythology, spirituality, and cultural narratives. Collections include designs inspired by Radha-Krishna, Buddha, and other revered icons, celebrating India’s legacy of storytelling and devotion. These creations connect deeply with customers who view jewellery as more than ornamentation, but as a symbol of heritage, identity, and spirituality.

Alongside Designer Heritage Jewellery, the company also creates Nature-Inspired Jewellery, where designs are influenced by elements of the natural world such as flowers, leaves, vines, animals, and seasonal motifs. These pieces highlight harmony between nature and artistry, offering jewellery that represents freshness, beauty, and universal appeal. The company further specialises in Traditional Jewellery, which includes Jadtar Jewellery, Meenakari Jewellery, Polki Jewellery and Bridal Festive & Bridal Jewellery. In addition to these categories, its portfolio also includes Daily Wear Jewellery designed with simplicity, comfort, and durability for everyday use.

In addition to its diverse product portfolio, it also provides customisation services that allow customers to personalise jewellery designs as per their unique preferences. It specialises in recreating traditional and ancestral ornaments with modern styling, ensuring that timeless heritage is preserved while reflecting contemporary aesthetics. These value-added services not only enable customers to express their individuality but also ensure that jewellery retains its emotional and cultural relevance across generations.

Proceed is being used for:

• Funding capital expenditure requirements towards construction of jewellery studio
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• Funding long-term working capital requirement
• General corporate purposes

Industry overview

India’s gold and diamond trade contributed around 7% to India’s Gross Domestic Product (GDP). The Gems & Jewellery sector has employs around 5 million. Based on its potential for growth and value addition, the Government declared the Gems & Jewellery sector as a focus area for export promotion. The Government has undertaken various measures recently to promote investment and upgrade technology and skills to promote ‘Brand India’ in the international market. The Government has permitted 100% FDI in the sector under the automatic route, wherein the foreign investor or the Indian company do not require any prior approval from the Reserve Bank or the Government of India.

India’s Gems & Jewellery market size was at $78.50 billion in FY21. Growth in exports is mainly due to revived import demand in the export market of the US and the fulfilment of orders received by numerous Indian exhibitors during the Virtual Buyer-Seller Meets (VBSMs) conducted by GJEPC. In FY25, India's Gems & Jewellery exports stood at Rs 2,43,162 crore ($28.50 billion). In March 2025, India's Gems & Jewellery exports stood at Rs 2,20,379 crore ($25.82 billion).

In the coming years, growth in the Gems & Jewellery sector would largely be contributed by the development of large retailers/brands. Established brands are guiding the organised market and are opening opportunities to grow. Increasing penetration of organised players provides variety in terms of products and designs. Also, the relaxation of restrictions on gold import is likely to provide a fillip to the industry. The improvement in availability along with the reintroduction of low-cost gold metal loans and likely stabilisation of gold prices at lower levels is also expected to drive volume growth for jewellers over the short to medium term.

Pros and strengths

Specialisation in designer Heritage Jewellery and diversified Portfolio: The company is uniquely positioned in the jewellery industry through its focus on Designer Heritage Jewellery, which blends India’s cultural, mythological, and artistic traditions with modern aesthetics. Each piece carries its own storytelling value, making jewellery not merely ornamental but also a symbol of heritage, identity, and spirituality. Alongside heritage collections, it offers a wide and diversified product portfolio that caters to multiple customer segments across geographies. Its extensive range—necklaces, chokers, malas, pendant sets, bangles, kadas, patlas, rings, earrings, hair accessories, matha patti, tikka, nose pins, payal, and kandora (waist belts) - allows to serve diverse occasions, from weddings and festivals to milestone events and daily wear.

Strong in-house design capabilities and innovation focus: Its in-house design team plays a central role in conceptualisation, CAD modelling, and product development. By drawing inspiration from mythology, spirituality, nature, and global fashion trends, its designers ensure that every collection remains both culturally rooted and contemporary. This innovation-led approach, combined with customisation services and a growing digital presence on platforms such as Instagram and WhatsApp, allows to stay aligned with evolving consumer tastes. By blending heritage artistry with modern styling, it creates jewellery that resonates across diverse age groups and customer segments, ensuring relevance for traditional buyers as well as trend-conscious customers.

Established artisan network and dual-phase manufacturing model: It has built long-standing relationships with highly skilled artisans across India. Its dual-phase outsourcing model separates mould creation from artisanal enhancements, ensuring structural precision, intricate detailing, and confidentiality of its original designs. To further strengthen consistency and protect its creative processes, it has entered into exclusive long-term agreements with its network of job workers and artisans, who are committed to working only with SMR Jewels. This exclusivity ensures quality, timely execution, and scalability while preserving the authenticity of craftsmanship.

Risks and concerns

High revenue concentration from top ten customers: The company may continue to derive a material portion of its revenue from its top ten customers and its financial dependence on its top ten customers poses a potential risk. Its top ten customers contribute 60.46%, 62.43%, 61.34% and 51.89% of total revenue for operation for the period ended December 31, 2025 and year ended March 31, 2025, 2024 and 2023 respectively. A reduction in business from these top ten customers or any other major clients could have negative implications for both its revenue and profitability. Accordingly, its continued dependence on a limited number of customers represents a material risk, and any adverse development in relation to these customers could have a significant negative effect on its business, results of operations, and financial condition.

Revenue dependence on Gujarat: Its revenues are significantly concentrated in the state of Gujarat. For the period ended December 31, 2025 and for the years ended March 31, 2025, 2024 and 2023, revenue from Gujarat contributed 73.31%, 74.37%, 71.33% and 30.86% of its total revenue from operations respectively. Such concentration exposes to risks arising from adverse developments in this region, including increased competition, economic downturns, regulatory changes, or demographic shifts in Gujarat. Any negative event affecting customer demand, supply chain logistics, or local business conditions in this region could materially and adversely impact its business, results of operations, and financial condition. 

Fluctuations in Gold Prices: Gold is the primary raw material for its jewellery, along with precious and semi-precious stones, mani-moti, and gemstones. Gold prices are inherently volatile and are influenced by global commodity markets, currency fluctuations, monetary policies, inflation trends, and investor sentiment. Any significant increase in gold prices may raise its cost of goods sold, force it to increase product prices, and potentially reduce consumer demand. Conversely, any decline in gold prices could adversely affect the value of its existing inventory purchased at higher prices, thereby impacting its margins and profitability. Its inability to effectively manage the risks associated with gold price fluctuations may materially and adversely affect its business, results of operations, and financial condition.

Outlook

SMR Jewels is primarily engaged in manufacturing, trading and job work of jewellery and other accessories/products. The company sells and trades its manufactured and traded jewellery and other accessories/products through wholesale and retail outlet. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. On the concern side, the jewellery industry is highly sensitive to evolving consumer preferences, which are influenced by fashion trends, cultural shifts, disposable income levels, weddings, festivals, and seasonal variations. These preferences can change rapidly, and demand for specific jewellery styles, designs, or product categories may vary from period to period. If it is unable to anticipate, adapt to, or respond effectively to such changes, it may face reduced sales, excess or obsolete inventory, loss of market relevance, and lower profitability.

The company is coming out with a maiden IPO of 49,80,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 63.74 crore to Rs 67.23 crore based on lower and upper price band respectively. On performance front, revenue from operations grew from Rs 12,452.30 lakh in FY 2023-24 to Rs 26,325.18 lakh in FY 2024-25, representing a robust growth of 111.41% year-on-year. Profit After Tax (PAT) surged to Rs 1,041.23 lakh in FY 2024-25 as against Rs 384.51 lakh in FY 2023-24, registering an impressive growth of 170.79%.

As part of its growth strategy, it places strong aim on expanding and refreshing its design portfolio to stay aligned with evolving consumer preferences and industry trends. In the past year alone, it has developed over 500 distinct designs, each with unique concepts and creative themes. This continuous addition of new designs ensures freshness, variety, and wide appeal across regions, occasions, and customer segments. To complement its design expansion, it follows a disciplined inventory management approach that balances innovation with efficiency. Its collections are regularly reviewed, replenished, and curated to provide customers with a wide and appealing selection, while also recreating and enhancing past curations to maintain relevance. This integrated approach prevents monotony, supports timely responsiveness to changing market demand, and helps it sustains profitability by reducing inefficiencies.