UTSSAV
Introduction
Utssav company of Gold designer, manufacturer and dealer in exports. It is 18-karat, 20-karat, and 22-karat specialised gold jewelry. They produce cubic zirconia and rose gold casting accessories. It was incorporated in 2007, in Mumbai, as an NSE-listed manufacturer.
Company Overview
Utssav CZ is specialized in lightweight, BIS hallmarked products with a wide range of variety. The company operates in a B2B model where they provide directly to retailers. Rings, earrings, pendants, bracelets, necklaces, watches, and brooches are the key products.
Promotor and Founder Introduction
The founder of Utssav is Pankajkumar Hastimal Jagawat, who is the current managing director of the company that was established in November 2007.
He led the company with several strategic decisions, like shifting from traditional retail to caesar casting jewelry. They also implemented the shop-in-shop concept and MRP value sale.
Financial statement analysis
Income Statement
Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 238 | 340 | 646 |
Expenses | 226 | 319 | 607 |
Operating Profit | 12 | 21 | 40 |
OPM % | 5% | 6% | 6% |
Other Income | 2 | 2 | 1 |
Interest | 4 | 5 | 6 |
Depreciation | 1 | 1 | 1 |
Profit before tax | 10 | 17 | 33 |
Tax % | 26% | 25% | 24% |
Net Profit | 7 | 13 | 25 |
EPS in Rs | 17.02 | 7.65 | 10.52 |
Dividend Payout % | 0% | 0% | 0% |
Balance Sheet
Particulars | Mar 2024 | Mar 2025 | Sep 2025 |
Equity Capital | 17 | 24 | 24 |
Reserves | 18 | 103 | 144 |
Borrowings | 73 | 130 | 149 |
Other Liabilities | 13 | 13 | 25 |
Total Liabilities | 121 | 270 | 342 |
Fixed Assets | 12 | 8 | 8 |
CWIP (Capital Work-in-Progress) | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Other Assets | 110 | 261 | 334 |
Total Assets | 121 | 270 | 342 |
Cash flow statement
Particulars (Rs. Crores) | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | -12 | 7 | -89 |
Cash from Investing Activity | 1 | -1 | 3 |
Cash from Financing Activity | 10 | 19 | 118 |
Net Cash Flow | 0 | 24 | 32 |
Ratio Analysis
Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
Debtor Days | 48 | 61 | 62 |
Inventory Days | 39 | 25 | 51 |
Days Payable | 0 | 0 | 1 |
Cash Conversion Cycle | 87 | 86 | 112 |
Working Capital Days | 33 | 4 | 41 |
ROCE % | 20% | 24% | 22% |
Key Interpretation and Insights
Strengths-
The company has high operational capacity and consistent cash flows.
Weaknesses-
It has a high debt-to-equity ratio. And being a B2B model, it is restricted to a certain level.
Risk Factors -
It has a certain risk factor, which includes market volatility, which impacts the free cash flow.
Future Outlook -
It has a potential target price, with product differentiation and market expansion, which leads to high profit and efficiency.
Conclusion
Utssav CZ gold has a strong financial growth and performance, with efficient investment strategies. They have overvalued the stock, which results in decline.
Sources
https://www.tijorifinance.com/