Yaashvi Jewellers Limited
1. Overview
Yaashvi Jewellers Limited (YJL) is a Jaipur, Rajasthan-based gold jewellery manufacturer and trader incorporated in December 2016 as "Yaashvi Jewellers Private Limited" and converted to a public limited company in September 2024. The company is primarily engaged in the manufacturing of machine-made plain gold chains across multiple purity levels (9K, 14K, 18K, 20K, and 22K), supplemented by trading in designer gold jewellery, silver jewellery, and diamond jewellery.
YJL's core competitive advantage lies in its machine-made gold chain manufacturing — a capital-light, volume-driven segment that allows the company to generate high revenue throughput relative to asset size. Plain gold chains alone contributed ₹293.85 crore (65.57%) of FY2026 revenues. The company targets both institutional B2B customers (wholesale jewellers, retailers) and, more recently, direct B2C retail through two showrooms in Jaipur.
Revenue from operations scaled from ₹200.93 crore in FY2024 to ₹448.15 crore in FY2025-26, a CAGR of approximately 49%, with further acceleration expected through IPO-funded working capital expansion. PAT grew from ₹1.96 crore (FY2024) to ₹18.28 crore (FY2026) — a near 9x increase over two years — as the company shifted from a largely trading model toward higher-margin manufactured goods. As of FY2026, manufactured goods constitute 71.37% of revenues versus 54.30% in FY2024.
2. Business Model and Revenue Streams
Revenue Breakdown by Category (₹ Cr)
| Category | 2026 | % | 2025 | % | 2024 | % |
|---|---|---|---|---|---|---|
| Plain Gold Chains (Mfg) | 293.85 | 65.57% | 197.04 | 66.29% | 108.01 | 53.76% |
| Others Mfg. (Gold, Coins) | 25.99 | 5.80% | 15.90 | 5.35% | 1.09 | 0.54% |
| Designer Gold Jewellery (Trading) | 126.16 | 28.15% | 84.24 | 28.34% | 27.63 | 13.75% |
| Designer Silver Jewellery | 1.05 | 0.23% | 0.05 | 0.02% | — | — |
| Gold Bullions | 1.11 | 0.25% | — | — | 64.20 | 31.95% |
| Total Revenue | 448.15 | 100% | 297.23 | 100% | 200.93 | 100% |
The business model has undergone a significant structural transition: gold bullion trading (31.95% of FY2024 revenue) has been replaced by higher-margin manufactured gold jewellery, while designer gold jewellery trading has grown steadily. The company procures gold bullion from DGFT-nominated vendors and authorized bullion dealers, transforms it into BIS-hallmarked jewellery at the RIICO Area manufacturing unit, and distributes to wholesale buyers and retail customers.
Revenue by Purity (Karat)
The company manufactures gold jewellery across all major purity categories — 9K, 14K, 18K, 20K, and 22K — providing flexibility to serve customers at different price points and jewellery applications, from fashion/daily-wear (lower karat) to bridal/investment (22K).
Business Model Structure
YJL follows a direct B2B wholesale-dominant model with an evolving B2C retail overlay:
- B2B Wholesale: Sales to dealers and jewellery retailers across Rajasthan and surrounding markets; managed through dedicated sales executives
- B2C Retail: Two showrooms in Jaipur (Gopal Ji Ka Rasta and Jagatpura); early-stage but growing contribution
- Manufacturing: RIICO Area facility in Jaipur; BIS-hallmarked output; both in-house and some job-work
- Trading: Sourcing and reselling designer gold/silver jewellery and diamonds to supplement manufactured portfolio
Operational Scale (Capacity Utilisation)
| Period | Capacity Utilisation |
|---|---|
| 2024 | 18.07% |
| 2025 | ~35% (estimated) |
| 2026 | 53.09% |
3. Products and Service Portfolio
Manufacturing Products
- Plain Gold Chains (Core): Machine-made gold chains across 9K–22K, forming the company's primary revenue driver. These are produced at the RIICO Area manufacturing unit using casting, polishing, and hallmarking processes. The chains are distributed primarily through the B2B wholesale channel.
- Other Gold Products: Gold coins, biscuits, and other plain gold jewellery manufactured in-house.
Trading Products
- Designer Gold Jewellery: Diverse range of studded gold jewellery — with cubic zirconia, coloured stones, American diamonds — sourced from trusted suppliers and resold to B2B and B2C customers. Contributed ₹126.16 crore (28.15% of FY2026 revenue).
- Designer Silver Jewellery & Fashion Jewellery: Recently introduced product line; contribution is currently minimal (₹1.05 crore in FY2026) but represents a diversification into the non-gold jewellery space.
- Diamond Jewellery: Trading in diamond-studded pieces sourced from approved suppliers.
- Gold Bullions: Previously a significant revenue source (₹64.20 crore in FY2024), now de-emphasised as the company shifts toward higher-value jewellery manufacturing.
4. Key Business Strengths
- Established manufacturing capability: BIS-hallmarked, machine-made gold chain manufacturing with a RIICO Area unit; strong ramp in capacity utilisation from 18% (FY2024) to 53% (FY2026), with significant remaining headroom.
- Structural shift to manufacturing: Manufactured goods grew from 54% to 71% of revenues, improving gross margin quality and reducing dependency on gold bullion price-driven trading.
- Multi-segment product portfolio: Coverage across 9K–22K plain chains, designer studded gold jewellery, silver jewellery, and diamond jewellery — allowing the company to serve customers at different price points and occasions.
- Dual-channel distribution: B2B wholesale network complemented by growing B2C retail through two Jaipur showrooms, reducing channel concentration risk over time.
- BIS-hallmarked quality assurance: All products meet Bureau of Indian Standards purity benchmarks, critical for consumer trust in the jewellery sector.
5. Future Growth Strategy
- Working capital-funded revenue expansion: IPO proceeds of ₹21.50 crore earmarked for working capital to increase gold bullion procurement capacity, support wider inventory at showrooms, and fund credit sales to new wholesale customers — projected to drive topline growth in FY2027.
- Increasing retail proportion: Expanding from wholesale-only to a hybrid model; the two Jaipur showrooms are early-stage but strategically positioned to capture B2C margins (~5–8% higher than wholesale) and reduce dealer dependency.
- Capacity utilisation improvement: With 47% headroom remaining in manufacturing capacity, the company can increase production throughput without capex for the near term, directly translating working capital into revenue.
- Debt deleveraging: ₹11 crore earmarked for repayment of high-cost bank borrowings, reducing interest expenses (₹5.59 crore in FY2026) and improving net profitability.
- Product diversification: Growing designer silver jewellery and diamond trading lines to diversify beyond gold price-sensitive segments, targeting fashion-conscious younger demographic.
- Geographic expansion: Currently concentrated in Jaipur/Rajasthan; expanding distributor and dealer network into other Tier-1 and Tier-2 cities to capture national demand for machine-made chains and hallmarked gold jewellery.
