Utssav CZ Gold Jewels Ltd, incorporated in November 2007, is a prominent player in the designing, manufacturing, wholesaling, and exporting of 18, 20, and 22 Carat CZ Gold jewellery. The company specializes in crafting lightweight cubic zirconia (CZ) gold and rose gold casting jewellery. Their diverse product range includes rings, earrings, pendants, bracelets, necklaces, watches, and brooches, catering to a broad spectrum of customer preferences.
The company operates from its modern manufacturing facility in Andheri East, Mumbai, which spans 8,275 square feet. This facility is equipped to produce approximately 1,500 kg of jewellery per annum. Utssav CZ Gold Jewels focuses on creating lightweight designs that appeal to both traditional tastes and contemporary fashion trends, effectively serving various price segments.
Utssav CZ Gold Jewels Ltd serves a wide customer base across 17 states and 2 union territories within India, and also exports to 2 international countries. The company has carved a niche for itself as a specialized manufacturer in the cubic zirconia gold jewellery segment, a dynamic and expanding area within the broader jewellery industry.
Innovation is driven by a creative team of 15 CAD designers who develop around 400 new jewellery designs monthly. This ensures their product offerings remain fresh, innovative, and aligned with prevailing market trends and consumer demands.
The company has cultivated strong strategic partnerships with leading jewellery retailers such as D.P. Abhushan Limited and Kalamandir Jewellers Limited. These collaborations are vital for ensuring stable distribution channels and maintaining consistent revenue streams.
The company has demonstrated consistent financial growth, with revenue from operations increasing significantly from Rs 120.23 crore in FY22 to Rs 123.30 crore in FY23, and further to Rs 238.19 crore in FY24. Profit after tax has also seen a robust upward trend, rising from Rs 1.62 crore in FY22 to Rs 3.34 crore in FY23, and reaching Rs 7.15 crore in FY24.
- TTM Profit After Tax: ₹13 Crore (as of March 2025)
- Total Asset Value: ₹121 Crore (as on 31-Mar-24)
- Revenue FY24: ₹238.19 Crore
- PAT FY24: ₹7.15 Crore
- Revenue FY23: ₹123.30 Crore
- PAT FY23: ₹3.34 Crore
- Revenue FY22: ₹120.23 Crore
- PAT FY22: ₹1.62 Crore
The company's market capitalization stood at ₹548 Crore as of July 3, 2025. As classified by Value Research, Utssav CZ Gold Jewels Ltd is a Small Cap company.
- P/E Ratio: 21.86 times (a 33% discount to its peers' median range of 32.79 times)
- P/B Ratio: 12.97 times (a 158% premium to its peers' median range of 5.02 times)
Utssav CZ Gold Jewels Ltd shares were listed on the NSE SME platform on August 7, 2024. The scrip debuted at ₹110.05, representing a marginal premium of 0.05% over its Initial Public Offer (IPO) price.
The stock has recorded a 52-week high of ₹315.25 and a 52-week low of ₹110.05. This wide price range highlights the inherent volatility often seen in newly listed small-cap companies within specialized market segments.
From a technical analysis perspective, the stock is trading comfortably above its key moving averages, approximately 26% and 38% above its 50-day and 200-day moving averages, respectively. It has recently shown a breakout from a base on its weekly chart and is currently trading around 20% from its pivot point.
The Utssav CZ Gold Jewels Ltd IPO was a Small and Medium Enterprise (SME) offering comprising 6,318,000 equity shares, with a face value of ₹10 per share, aggregating up to ₹69.50 Crores. The IPO price band was set at ₹110 per share. The issue garnered significant investor interest, being subscribed 31.68 times.
Prior to the IPO, the company successfully raised ₹19.80 crore from anchor investors on July 30, 2024. The board allotted 18 lakh shares at ₹110 per share to 13 anchor investors.
There is no promoter share pledging in Utssav CZ Gold Jewels Ltd, indicating a clean capital structure with no encumbered promoter holdings.
The managing director of the company is Pankajkumar H Jagawat.
Utssav CZ Gold Jewels Ltd operates within the Consumer Discretionary sector, specifically in the Precious Metals, Jewellery & Watches sub-sector.
Key competitors include Mini Diamonds (I), Laxmi Goldorna House, Uday Jewellery, Ashapuri Gold, RBZ Jewellers, Goldkart Jewels, and Royal India Corp. The company's market cap of ₹550 Crore compares to the median market cap of its peers at ₹340 Crore.
The company's strategic focus on Cubic Zirconia (CZ) gold jewellery places it in a specialized niche that combines the aesthetic appeal of gold with affordability, making it accessible to a wider customer base compared to traditional solid gold jewellery manufacturers. Utssav CZ Gold Jewels offers a range of CZ gold jewellery options, from high-end to affordable pieces, all certified by the Bureau of Indian Standards (BIS) to ensure quality assurance.
