RADHIKAJWE Ltd. (Since 1987)
Introduction
Radhika Jewellers is a retailer of Rajkot, Gujarat. They deal in gold, diamonds, and customized jewelry. The company has gained more than 20 lakhs customers, with after-sales service of resizing, cleaning, and repairs.
RJL was established in 1987 and converted into a partnership in 2014. And 2 years later, it started being recognized as a publicly listed company. It uses a modern technology called CAD, computer-aided design.
Company overview
The company grew strongly from a 200 sq. ft. shop with 7 employees to a 10,000 sq. ft. showroom in Gujarat. It works for the bridal-quality jewels, with skilled craftsmanship, with gold, diamonds, and other gems.
It has an in-house designing and manufacturing process followed by outsourcing. It showcases an efficient business model. It has been ranked 8th in Fortune India’s 100 emerging stars in 2025.
It is delivering a consistent 5-year profit of approximately 42%.
Promotor & Founder Introduction
RJL was founded by Ashokkumar Mathuradas Zinzuwadia in 1987. He is the current chairman and managing director of RJL. It is a family business with an involvement of Hairsh Zinzuwadia and Darshit Zinzuwadia in it.
Financial Statement Analysis
Income statement
Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 313 | 544 | 588 |
Expenses | 272 | 474 | 499 |
Operating Profit | 41 | 70 | 89 |
OPM % | 13% | 13% | 15% |
Other Income | 2 | 2 | 0 |
Interest | 1 | 2 | 3 |
Depreciation | 2 | 2 | 2 |
Profit Before Tax | 40 | 67 | 84 |
Tax % | 26% | 26% | 29% |
Net Profit | 30 | 50 | 60 |
EPS | 2.52 | 4.20 | 5.09 |
Dividend Payout % | 8% | 5% | 0% |
The income statements of the past 3 years indicates a strong demand and operational efficiency.
Balance sheet
Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 24 | 24 | 24 |
Reserves | 192 | 241 | 299 |
Borrowings | 34 | 51 | 43 |
Other Liabilities | 10 | 5 | 10 |
Total Liabilities | 259 | 321 | 376 |
Fixed Assets | 14 | 12 | 10 |
CWIP | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Other Assets | 245 | 309 | 366 |
Total Assets | 259 | 321 | 376 |
Cash flow statement
Activities | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | -24 | -26 | 17 |
Cash from Investing Activity | -2 | -2 | -2 |
Cash from Financing Activity | -2 | 16 | -12 |
Net Cash Flow | -28 | -11 | 3 |
Ratio Analysis
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Debtor Days | 1 | 0 | 0 |
Inventory Days | 321 | 245 | 272 |
Days Payable | 12 | 2 | 5 |
Cash Conversion Cycle | 310 | 243 | 268 |
Working Capital Days | 225 | 174 | 196 |
ROCE % | 18% | 25% | 26% |
Key Insights & Interpretation
Strengths-
RJL has high operational efficiency and a good consistent financial performance. It focuses on high-end product, with a debt-free profile
Weaknesses-
It majorly performs in the Gujarat region, which leads to underperformance. It has the least significant stock performance.
Risk factor -
The competitive brands may act as a challenge and the market volatility.
Future outlook -
The expansion plan in the rest of the region of India will lead to scalable profit and growth potential.
Conclusion
The stocks are slightly undervalued. And may lead to a decline in the price due to competition. Despite that, the company holds a strong financial performance.
Sources-
Economic Times
https://www.radhikajeweltech.com/
Yahoo finance