Advit Jewels operates under the century-old Rambhajo brand, manufacturing premium handcrafted Kundan, Polki, and antique bridal jewellery from an integrated facility in Jaipur. The business historically functioned as a pure B2B manufacturer but is actively pivoting to B2C retail, currently sitting at an 80% B2B and 20% B2C revenue mix. The company claims to be the first listed entity doing 100% Polki business, distinguishing itself from large competitors like Titan and Kalyan Jewellers who only keep 5% to 10% Polki in their portfolios. In FY26, the company generated a total income of INR 167.02 crore and an EBITDA of INR 49.23 crore, translating to a 29.48% EBITDA margin. This margin level is exceptional for a manufacturing-heavy jewellery business and reflects the pricing power the company holds through its luxury artwork and design value rather than mere raw material content.
The durability of these economics stems from highly specialized production capabilities and structural market positioning. Manufacturing Polki and Jadau jewellery requires strict atmospheric controls, including specific temperature and humidity regulation, to prevent damage to the pieces. The process is heavily dependent on skilled master artisans, a labor pool that is difficult to replicate or scale rapidly. Furthermore, the company is a member of an elite international reliable jewelers club, a prerequisite for international brands to purchase from them, which establishes a high barrier to entry for global export markets. Polki jewellery is also exempt from BIS hallmarking regulations in India, yet the company maintains quality high enough to pass these approvals anyway, underscoring a specialized output that commands sustained margins through deep design expertise and qualification cycles.
The inflection point for the business is its transition from a pure B2B manufacturer to an omni-channel B2C retailer over the next 18 to 24 months. Management has tied up with Francorp to open 30 franchise stores over the next 3 years, alongside a target to open a minimum of 3 retail stores in FY27. The centerpiece of this expansion is a 30,000 sq ft flagship owned store in Jaipur, targeted to commence operations by the end of FY27, aligning with the November to March NRI and wedding season. Concurrently, the company is launching new verticals, including mens jewellery lines like Polki cufflinks and brooches, and lighter weight Gen Z daily wear collections. By FY28, the business should look like a vertically integrated luxury jewellery house with a significantly larger direct retail footprint, improved margin profiles from eliminating B2B mediators, and a growing international export presence starting with the UK and Middle East markets.
Management's walk-talk shows a deliberate and measured approach to capital allocation and expansion. During the July 2026 concall, management explicitly stated they will move slowly and evaluate the 3 initial FY27 stores before accelerating the broader 30-store franchise rollout, indicating a cautious stance to avoid bulk store opening risks. The active customer base already expanded from 96 to 274 customers during FY26, demonstrating early execution traction. However, management also noted that Q4 FY26 sales were softer year-on-year due to escalated geopolitical tensions between January and March, which made consumers conscious. The company maintains fixed margins on products regardless of raw material cost fluctuations, protecting profitability. Management expects FY27 performance to be far better than prior years based on current demand, with detailed revenue and EBITDA targets disclosed in the company's DRHP and 5-year projections.
Earnings visibility hinges on the successful conversion of the B2C retail expansion and the stabilization of new export channels. The company reported a Q4 FY26 EBITDA margin of 29.04% on a total income of INR 43.22 crore, and the transition to direct retail is expected to push overall margins higher than the current B2B model allows. For this thesis to hold, the 30,000 sq ft Jaipur flagship must open by the end of FY27 without significant cost overruns, and the 3 initial FY27 stores must demonstrate unit economics viable enough to justify the 30-store franchise rollout. The single most important watchpoint is the execution risk inherent in retail expansion, specifically whether the company can scale its artisan-dependent manufacturing to meet retail demand without compromising the strict atmospheric controls required for Jadau production. Any operational slippage in store rollouts or a failure to capture direct consumer appetite during the concentrated November to March wedding season would falsify the margin expansion trajectory.
companyname: Advit Jewels Limited ticker: RAMBHAJO sector: Luxury Handcrafted Kundan Polki Jewellery Advit Jewels Limited (ticker RAMBHAJO on NSE and BSE) is a Jaipur-based maker of handcrafted Kundan Polki, diamond-studded and antique bridal jewellery, operating under the Rambhajo brand that traces back over 100 years across four generations. The company listed its equity shares on NSE and BSE in FY26, and in that same year reported total income of INR167.02 crore (up 33.68%), EBITDA of INR49....
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