Advit Jewels Q4 FY26 Results (NSE: RAMBHAJO)
Signal: Steady quarter
The read
Advit Jewels reported FY26 revenue of ₹16,701.56 Lakh (+33.7% YoY) and PAT of ₹3,438.79 Lakh (+35.6%), with stable EBITDA margins around 29.5%. However, capacity utilisation dropped sharply to 31.5% from 45.9%, indicating significant spare capacity and possible inventory build-up (inventories at ₹13,819.93 Lakh). Q4 standalone figures show revenue ₹4,322.55 Lakh and EBITDA margin 29.04%, consistent with full year. Net debt remains high at ₹7,076 Lakh but improved from prior year. Key positives: strong return ratios (ROE 45.6%, ROCE 29.4%), growing customer base, and diversified revenue mix. Key concerns: low capacity utilisation and high working capital intensity.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹43.23 Cr | N/A | N/A |
| Net profit | ₹8.74 Cr | N/A | |
| EBIT margin | 29.04% |
P&L walk
Q4 FY26 results show revenue of ₹4,322.55 Lakh with EBITDA margin of 29.04% and PAT of ₹874.05 Lakh; no comparable prior period due to recent listing.
Key positives
- FY26 revenue grew 33.7% YoY to ₹16,701.56 Lakh
- PAT grew 35.6% to ₹3,438.79 Lakh
- ROE of 45.63% and ROCE of 29.39% indicate strong capital efficiency
- EBITDA margin stable at 29.48% despite revenue scale-up
- Customer base expanded to 274 with reduced top-10 concentration to 52.69%
- Integrated manufacturing facility provides quality control and production headroom (capacity utilisation only 31.45%)
Key concerns
- Capacity utilisation dropped from 45.86% in FY25 to 31.45% in FY26, suggesting under-utilisation and potential inventory overhang
- Net debt of ₹7,076 Lakh remains high despite improvement
- Inventory days appear elevated given high inventory of ₹13,819.93 Lakh
- Q4 results have no comparable due to recent listing, making trend analysis incomplete
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