WEBSITE BSE:543518 NSE: EIGHTY Inc. Year: 2010 Industry: Diamond & Jewellery My Bucket: Add Stock
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1. Business Overview
Eighty Jewellers Ltd. operates in the Diamond & Jewellery sector in India. The company is primarily involved in the design, manufacturing (or sourcing), and retailing of jewellery products. Its core business model revolves around offering a range of jewellery items, including gold, diamond, and precious stone-studded pieces, to consumers. The company generates revenue through the direct sale of these finished jewellery products to customers, typically via its retail stores or potentially online channels. Profitability is derived from the margins on these sales after accounting for raw material costs (gold, diamonds, other precious stones), manufacturing, operational expenses, and branding.
2. Key Segments / Revenue Mix
While specific data for Eighty Jewellers Ltd. is not available, companies in the Indian Diamond & Jewellery sector typically have major revenue segments including:
Gold Jewellery: Plain gold jewellery, often a significant portion due to cultural demand and investment value.
Diamond Jewellery: Jewellery studded with diamonds, which caters to aspirational and modern consumers.
Studded & Other Precious Stone Jewellery: Items featuring various other precious and semi-precious stones.
Silver/Platinum Jewellery: A smaller segment for some players.
Without specific company data, the exact contribution of each segment to Eighty Jewellers' revenue mix cannot be determined.
3. Industry & Positioning
The Indian Diamond & Jewellery industry is vast, highly fragmented, and deeply intertwined with cultural traditions. It is characterized by a mix of a large unorganized sector (local jewellers) and a growing organized retail sector. Organized players differentiate themselves through branding, certified products, modern designs, and a professional retail experience. Eighty Jewellers Ltd., as a listed entity (EIGHTY), positions itself as an organized player. Its specific market positioning (e.g., mass-market, premium, traditional, contemporary focus) would depend on its brand strategy, store locations, and product offerings, competing with both national chains and regional players.
4. Competitive Advantage (Moat)
For a jewellery company in India, potential competitive advantages (moats) could include:
Brand Trust & Reputation: Given the high value and emotional significance of jewellery, trust, and a long-standing reputation are critical.
Craftsmanship & Design Prowess: Unique designs and high-quality craftsmanship can attract and retain customers.
Retail Network & Customer Relationships: A well-established network of stores and strong local customer relationships can create loyalty.
Supply Chain Efficiency: Efficient sourcing of raw materials (gold, diamonds) can provide cost advantages.
The strength of Eighty Jewellers' moat would depend on the depth of its brand recognition, the uniqueness of its offerings, and the scale of its operations relative to competitors.
5. Growth Drivers
Key factors that can drive growth for Eighty Jewellers Ltd. over the next 3-5 years include:
Rising Disposable Incomes: Increasing wealth in India drives demand for discretionary luxury items like jewellery.
Urbanization & Changing Lifestyles: Growth in urban areas and evolving consumer preferences for branded and modern jewellery.
Cultural Significance: Continued strong demand for jewellery for weddings, festivals, and as an investment.
Shift from Unorganized to Organized Sector: Consumers increasingly prefer organized retailers due to better quality assurance, transparency, and wider designs.
Expansion of Retail Footprint: Opening new stores in strategic locations to reach a broader customer base.
E-commerce Adoption: Leveraging online sales channels to tap into a wider demographic.
6. Risks
Eighty Jewellers Ltd. faces several risks common to the Diamond & Jewellery sector:
Gold Price Volatility: Fluctuations in gold prices directly impact raw material costs, inventory valuation, and consumer demand.
Economic Slowdown: Jewellery sales are highly discretionary; an economic downturn can significantly reduce demand.
Intense Competition: The sector is highly competitive with numerous national, regional, and unorganized players.
Regulatory Changes: Changes in import duties, GST rates, or hallmarking regulations can affect business operations and profitability.
Changing Consumer Preferences: A shift away from traditional designs or a preference for other forms of luxury spending could impact sales.
Supply Chain Disruptions: Issues in sourcing diamonds or precious metals could impact production and sales.
7. Management & Ownership
Most Indian jewellery companies, especially those that started generations ago, are typically promoter-led and often family-owned, which usually implies a high promoter holding percentage. Management quality would depend on the experience of the key personnel, their strategic vision for growth and brand building, and their ability to navigate the cyclical and competitive nature of the jewellery market. Without specific information, it's presumed that Eighty Jewellers Ltd. has a promoter group guiding its strategic direction and operations.
8. Outlook
The outlook for Eighty Jewellers Ltd. presents a balanced view. On the bullish side, the company operates in a culturally significant and growing market driven by rising incomes and a preference shift towards organized retail. Successful brand building, strategic expansion, and effective inventory management can lead to sustained growth and market share gains. The inherent demand for jewellery in India provides a strong underlying base.
However, on the bearish side, the company faces significant challenges. High gold and diamond price volatility can compress margins and affect consumer spending. Intense competition from both large national chains and nimble local players requires continuous innovation and significant marketing investment. Any economic downturn or changes in regulatory policy could negatively impact discretionary spending on jewellery, posing a risk to revenue and profitability. The ability to differentiate through design, trust, and customer experience will be key to navigating these headwinds.
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Market Cap ₹34 Cr.
Stock P/E 18.4
P/B 1.3
Current Price ₹33.5
Book Value ₹ 26.6
Face Value 10
52W High ₹45
Dividend Yield 0%
52W Low ₹ 22.2
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 82 | 65 | 78 | 116 | 94 | 81 | 110 | |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |
| Total Income | 82 | 65 | 79 | 117 | 94 | 81 | 110 | |
| Total Expenditure | 79 | 61 | 72 | 113 | 91 | 78 | 105 | |
| Operating Profit | 3 | 4 | 7 | 4 | 3 | 3 | 5 | |
| Interest | 1 | 2 | 2 | 1 | 1 | 1 | 2 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 2 | 5 | 3 | 2 | 2 | 3 | |
| Provision for Tax | 0 | 1 | 1 | 1 | 1 | 0 | 1 | |
| Profit After Tax | 1 | 2 | 4 | 2 | 1 | 1 | 2 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 2 | 4 | 2 | 1 | 1 | 2 | |
| Adjusted Earnings Per Share | 0 | 0 | 5.1 | 2.8 | 1.4 | 1.4 | 1.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 36% | -2% | 11% | 0% |
| Operating Profit CAGR | 67% | 8% | 5% | 0% |
| PAT CAGR | 100% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -8% | -20% | NA% | NA% |
| ROE Average | 7% | 7% | 19% | 22% |
| ROCE Average | 10% | 10% | 17% | 17% |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 4 | 6 | 9 | 11 | 24 | 25 | 27 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 2 | 2 | 1 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 2 | 3 | 3 | 2 | 2 | 2 |
| Total Current Liabilities | 20 | 23 | 18 | 16 | 14 | 10 | 30 |
| Total Liabilities | 27 | 32 | 32 | 31 | 40 | 36 | 59 |
| Fixed Assets | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1 | 2 | 3 | 3 | 2 | 2 | 2 |
| Total Current Assets | 25 | 29 | 28 | 28 | 38 | 34 | 57 |
| Total Assets | 27 | 32 | 32 | 31 | 40 | 36 | 59 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 2 | -2 | 2 | 0 | -10 | 2 | 3 |
| Cash Flow from Investing Activities | -1 | -0 | -1 | 0 | 1 | 0 | -0 |
| Cash Flow from Financing Activities | -2 | 2 | -0 | -2 | 9 | -2 | -2 |
| Net Cash Inflow / Outflow | -0 | 0 | 1 | -1 | 0 | -0 | 1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| # | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 5.13 | 2.77 | 1.39 | 1.43 | 1.82 |
| CEPS(Rs) | 1.9 | 2.44 | 5.37 | 2.94 | 1.49 | 1.52 | 1.93 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 12.39 | 15.16 | 23.39 | 24.82 | 26.63 |
| Core EBITDA Margin(%) | 3.5 | 5.66 | 8.06 | 2.72 | 2.92 | 3.47 | 4.07 |
| EBIT Margin(%) | 3.39 | 5.81 | 8.3 | 3.45 | 3.22 | 3.48 | 4.01 |
| Pre Tax Margin(%) | 1.72 | 3.26 | 6.35 | 2.62 | 2.13 | 2.36 | 2.32 |
| PAT Margin (%) | 1.23 | 2.41 | 4.91 | 1.79 | 1.51 | 1.8 | 1.69 |
| Cash Profit Margin (%) | 1.74 | 2.84 | 5.15 | 1.89 | 1.62 | 1.91 | 1.8 |
| ROA(%) | 3.66 | 5.27 | 12.12 | 6.58 | 3.97 | 3.81 | 3.89 |
| ROE(%) | 25.26 | 32.74 | 51.92 | 20.12 | 8.05 | 5.93 | 7.06 |
| ROCE(%) | 17.16 | 20.09 | 31.38 | 21.44 | 11.94 | 8.58 | 10.21 |
| Receivable days | 7.14 | 9.83 | 5.25 | 6.29 | 12.52 | 7.18 | 0.86 |
| Inventory Days | 101.18 | 139.18 | 116.13 | 72.76 | 107 | 143.07 | 137.07 |
| Payable days | 37.37 | 46.66 | 23.84 | 19.81 | 27.15 | 10.04 | 2.27 |
| PER(x) | 0 | 0 | 0 | 0 | 39.41 | 32.25 | 15.64 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 2.34 | 1.86 | 1.07 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.16 | 0.25 | 0.14 | 0.11 | 0.69 | 0.66 | 0.5 |
| EV/Core EBITDA(x) | 4.05 | 4.06 | 1.6 | 3.17 | 20.86 | 18.42 | 12.15 |
| Net Sales Growth(%) | 0 | -20.91 | 21.36 | 48.52 | -19.26 | -13.77 | 35.45 |
| EBIT Growth(%) | 0 | 35.3 | 73.55 | -38.38 | -24.54 | -6.83 | 56.24 |
| PAT Growth(%) | 0 | 54.96 | 147.57 | -45.93 | -31.82 | 2.87 | 27.1 |
| EPS Growth(%) | 0 | 0 | 147.57 | -45.93 | -49.87 | 2.87 | 27.1 |
| Debt/Equity(x) | 3.07 | 2.84 | 1.18 | 0.5 | 0.41 | 0.27 | 0.99 |
| Current Ratio(x) | 1.26 | 1.29 | 1.57 | 1.73 | 2.77 | 3.57 | 1.88 |
| Quick Ratio(x) | 0.12 | 0.12 | 0.28 | 0.31 | 0.41 | 0.27 | 0.19 |
| Interest Cover(x) | 2.03 | 2.28 | 4.25 | 4.18 | 2.94 | 3.1 | 2.37 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.17 | 0.14 | 0.93 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 100 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 | 73.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0 | 26.47 | 26.47 | 26.47 | 26.47 | 26.47 | 26.47 | 26.47 | 26.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.75 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 |
* The pros and cons are machine generated.
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