Steady Climb to New Heights
The stock price of Khazanchi Jewellers has demonstrated consistent upward momentum, trading above all key moving averages including the 5-day, 20-day, 50-day, 100-day, and 200-day marks. This technical positioning indicates a robust trend that has been maintained over recent weeks. The stock has recorded gains for seven consecutive days, delivering a cumulative return of 1.99% during this period.
On the day the all-time high was recorded, Khazanchi Jewellers posted a modest gain of 0.26%, outperforming the Sensex which declined by 0.17%. Over the past week, the stock’s performance stood at 1.60%, contrasting with the Sensex’s 0.48% decline. This outperformance extends over longer time frames as well, with the stock registering a 4.18% return over one month and a substantial 28.73% over three months, compared to the Sensex’s respective returns of -0.31% and 1.69%.
Market Comparison and Longer-Term Performance
Khazanchi Jewellers’ one-year return of 17.11% notably exceeds the broader market’s BSE500 index return of 1.97% over the same period. Year-to-date, the stock has delivered a 21.44% return, more than double the Sensex’s 8.03%. However, the company’s three-year, five-year, and ten-year returns are recorded as zero, while the Sensex has shown significant growth over these periods, indicating that Khazanchi Jewellers’ recent performance surge is a more recent development.
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Financial Performance Underpinning the Rise
Khazanchi Jewellers’ financial results have shown strong growth across key metrics. Net sales have expanded at an annual rate of 90.30%, while operating profit has grown at 105.40% annually. Net profit has also recorded a significant rise of 55.45%, with the company declaring outstanding results in the quarter ending September 2025.
The quarterly figures highlight the company’s highest recorded earnings before depreciation, interest, and taxes (PBDIT) at Rs.32.31 crores, profit before tax excluding other income (PBT less OI) at Rs.31.20 crores, and net profit after tax (PAT) at Rs.23.55 crores. These figures represent the strongest quarterly performance in the company’s history.
Debt and Efficiency Metrics
Khazanchi Jewellers maintains a low Debt to EBITDA ratio of 1.14 times, indicating a strong capacity to service its debt obligations. The company’s return on capital employed (ROCE) stands at 20%, reflecting efficient utilisation of capital in generating earnings. However, the enterprise value to capital employed ratio is at 6, suggesting a relatively high valuation in relation to the capital base.
Market Position and Shareholding
Despite the company’s market capitalisation and recent performance, domestic mutual funds currently hold no stake in Khazanchi Jewellers. This absence of mutual fund ownership may reflect a cautious stance regarding valuation or business fundamentals at prevailing prices. The company operates within the Gems, Jewellery And Watches sector, a segment known for its cyclical nature and sensitivity to consumer demand and economic conditions.
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Sector Context and Recent Trends
Within the Gems, Jewellery And Watches sector, Khazanchi Jewellers’ recent price performance has been in line with sector trends, reflecting broader market dynamics. The stock’s ability to maintain gains over multiple time frames and outperform the Sensex on several occasions highlights its relative strength in the current market environment.
The company’s recent quarterly results, showing positive outcomes for two consecutive quarters, reinforce the narrative of steady operational progress. This consistency in financial reporting supports the stock’s current valuation and price levels.
Valuation Considerations
While the company’s growth metrics and profitability are notable, valuation remains a key consideration. The PEG ratio stands at 0.7, which may indicate that the stock’s price reflects a balance between earnings growth and valuation multiples. Investors analysing the stock’s trajectory should consider this alongside the company’s capital efficiency and debt servicing ability.
Summary of Key Metrics
To summarise, Khazanchi Jewellers’ stock price reaching Rs.760.2 represents a culmination of strong sales growth, expanding profits, and positive quarterly results. The company’s financial health is supported by manageable debt levels and efficient capital use. Its recent market performance has outpaced broader indices, underscoring its position within the Gems, Jewellery And Watches sector.
As the stock marks this all-time high, it reflects a period of sustained progress and market confidence in the company’s fundamentals and operational execution.
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