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Renaissance Global Overview

1. Business Overview

Renaissance Global Ltd. (RGL) is engaged in the design, manufacturing, and distribution of diamond and gold jewelry. Its core business model involves creating various jewelry products, often for international and domestic markets. The company likely operates both as a business-to-business (B2B) supplier to major retailers and possibly has its own branded collections. RGL makes money by selling these finished jewelry pieces, leveraging its design capabilities, manufacturing infrastructure, and supply chain management for precious materials.

2. Key Segments / Revenue Mix

While specific revenue contributions are not detailed in the provided information, typical segmentation for a diamond and jewelry company like RGL often includes:

Branded Jewelry: Sales under its own proprietary brands.

Private Label / Contract Manufacturing: Production for other retailers or brands.

Geographic Markets: Revenue derived from domestic sales (India) versus international exports.

Product Categories: Different types of jewelry such as rings, earrings, necklaces, and pendants, which may have varying margins or market demand.

3. Industry & Positioning

The Diamond & Jewellery industry is a global, competitive, and often fragmented sector, characterized by a complex value chain from mining/sourcing of precious stones and metals to manufacturing, wholesale, and retail. It is heavily influenced by consumer discretionary spending, fashion trends, and raw material price volatility. India is a significant player globally, particularly in diamond cutting and polishing, and jewelry manufacturing, with a large domestic market. RGL is positioned as a manufacturer and distributor within this industry. Its standing relative to peers would depend on its scale of operations, brand portfolio, design innovation, manufacturing efficiency, and global distribution network, potentially competing with both large organized players and numerous unorganized entities.

4. Competitive Advantage (Moat)

For a jewelry manufacturer, potential competitive advantages, or "moats," could include:

Design & Innovation Capabilities: A strong in-house design team that consistently creates appealing and market-relevant collections.

Manufacturing Efficiency & Scale: Advanced production facilities and efficient processes that allow for cost-effective mass production or high-quality bespoke pieces.

Supply Chain Management: Robust relationships with diamond and gold suppliers, ensuring consistent quality, ethical sourcing, and competitive pricing.

Distribution Network: Established relationships with major retail chains globally and/or a strong direct-to-consumer presence (including e-commerce).

Brand Equity: If RGL has developed strong consumer-facing brands that command premium pricing and customer loyalty.

5. Growth Drivers

Key factors that could drive RGL's growth over the next 3-5 years include:

Rising Disposable Incomes: Growth in global and Indian middle-class wealth increasing demand for luxury and aspirational goods.

Urbanization & Changing Lifestyles: Increased penetration of organized retail and e-commerce channels for jewelry.

Export Market Expansion: Capitalizing on India's position as a jewelry manufacturing hub to grow international sales.

Brand Building & Portfolio Expansion: Launching new brands or expanding existing ones to capture different consumer segments.

E-commerce & Digital Marketing: Leveraging online platforms to reach a wider customer base and enhance brand visibility.

Product Innovation: Introducing new materials, designs, or customizable options to meet evolving consumer preferences.

6. Risks

Raw Material Price Volatility: Fluctuations in gold and diamond prices directly impact cost of goods sold and profitability.

Economic Slowdown: As a discretionary purchase, jewelry sales are sensitive to economic downturns, affecting consumer confidence and spending.

Intense Competition: The industry is highly fragmented with numerous players, leading to price pressure and potential margin erosion.

Changes in Consumer Preferences: Rapid shifts in fashion trends or consumer tastes can lead to inventory obsolescence.

Regulatory Changes: Import/export duties, hallmarking norms, and ethical sourcing regulations can impact operations and costs.

Foreign Exchange Fluctuations: As an exporter/importer, currency movements can affect revenues and costs.

Inventory Management: Maintaining optimal inventory levels of high-value goods is crucial to avoid blockages of working capital.

7. Management & Ownership

Renaissance Global Ltd., typical of many Indian companies, is likely promoter-driven, with the founding family or individuals holding a significant stake and exercising control over strategic direction. The quality of management would hinge on their experience in the diamond and jewelry sector, ability to navigate industry cycles, design innovation, and financial prudence. Ownership structure would typically involve a substantial promoter holding, alongside institutional investors and public shareholders.

8. Outlook

Renaissance Global operates in an industry with fundamental long-term demand drivers, particularly in India where jewelry holds significant cultural and investment value, and globally with increasing disposable incomes. The company's ability to capitalize on these trends through design innovation, efficient manufacturing, and effective market penetration (both B2B and potentially B2C) will be crucial. However, it faces inherent challenges from volatile raw material prices, intense competition, and the cyclical nature of consumer discretionary spending. Success will depend on its capacity to manage these risks, adapt to changing consumer preferences, strengthen its distribution channels, and maintain robust supply chain relationships to ensure sustained profitability and growth.

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Renaissance Global Key Financials

Market Cap ₹1070 Cr.

Stock P/E 14.5

P/B 0.7

Current Price ₹99.7

Book Value ₹ 134.2

Face Value 2

52W High ₹147.8

Dividend Yield 0%

52W Low ₹ 85.1

Renaissance Global Share Price

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Volume
Price

Renaissance Global Quarterly Price

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Renaissance Global Peer Comparison

Renaissance Global Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 442 655 537 445 412 710 514 530 546 963
Other Income 1 3 3 2 1 2 3 5 2 2
Total Income 443 658 540 447 413 712 517 535 549 965
Total Expenditure 411 604 494 408 378 659 476 494 506 902
Operating Profit 32 54 45 39 35 53 41 41 43 63
Interest 12 14 14 13 14 14 12 11 11 13
Depreciation 8 7 8 7 7 7 8 8 8 8
Exceptional Income / Expenses 0 0 0 0 0 0 0 -12 0 0
Profit Before Tax 12 32 23 19 14 32 20 9 24 42
Provision for Tax 2 4 2 4 3 8 -3 3 3 9
Profit After Tax 10 28 21 15 11 24 23 7 20 33
Adjustments 0 0 -1 0 -0 0 2 -0 -1 -1
Profit After Adjustments 11 28 20 16 11 24 25 6 19 32
Adjusted Earnings Per Share 1.1 2.9 2 1.6 1.2 2.3 2.3 0.6 1.8 3

Renaissance Global Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1276 1320 1473 1811 2591 2502 2031 2190 2237 2107 2081 2553
Other Income 18 4 18 34 2 17 16 31 6 10 8 12
Total Income 1295 1324 1491 1845 2593 2519 2047 2220 2243 2117 2089 2566
Total Expenditure 1219 1241 1410 1744 2469 2348 1932 2014 2065 1943 1916 2378
Operating Profit 75 83 81 101 124 170 116 206 178 174 173 188
Interest 12 11 13 14 25 30 25 35 51 59 58 47
Depreciation 17 15 14 11 18 35 31 35 32 30 30 32
Exceptional Income / Expenses -1 0 0 0 0 0 0 0 0 0 0 -12
Profit Before Tax 46 57 54 75 81 106 59 136 95 85 85 95
Provision for Tax 6 10 11 11 4 18 13 30 7 12 12 12
Profit After Tax 40 47 43 64 77 88 46 106 88 74 74 83
Adjustments 0 0 -0 -1 -0 0 -4 -1 -1 -1 2 0
Profit After Adjustments 40 47 42 63 77 88 42 106 87 72 76 82
Adjusted Earnings Per Share 4.2 5 4.6 6.7 8.2 9.4 4.5 11.2 9.2 7.5 7.1 7.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -1% -2% -4% 5%
Operating Profit CAGR -1% -6% 0% 9%
PAT CAGR 0% -11% -3% 6%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -24% 4% 1% 15%
ROE Average 6% 7% 8% 10%
ROCE Average 8% 9% 9% 9%

Renaissance Global Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 399 461 512 549 665 699 843 924 1026 1149 1391
Minority's Interest 0 0 -1 0 0 0 -0 0 1 -0 31
Borrowings 0 2 2 1 1 0 29 45 44 29 18
Other Non-Current Liabilities -2 -2 -15 -21 56 69 62 111 107 107 99
Total Current Liabilities 529 561 645 672 898 756 685 898 711 710 765
Total Liabilities 926 1023 1143 1202 1620 1525 1619 1979 1888 1995 2303
Fixed Assets 78 71 72 49 82 98 80 218 258 258 306
Other Non-Current Assets 24 33 13 24 11 21 19 39 27 31 39
Total Current Assets 824 919 1059 1123 1527 1406 1519 1721 1603 1705 1958
Total Assets 926 1023 1143 1202 1620 1525 1619 1979 1888 1995 2303

Renaissance Global Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 56 50 58 76 58 29 85 185 185 132 51
Cash Flow from Operating Activities 97 73 5 -34 -303 202 117 86 229 -35 -3
Cash Flow from Investing Activities -28 -25 -58 22 -2 -71 61 -117 -66 -28 -84
Cash Flow from Financing Activities -76 -40 71 -7 277 -76 -78 30 -217 -17 142
Net Cash Inflow / Outflow -6 8 19 -19 -29 56 100 -2 -54 -80 54
Closing Cash & Cash Equivalent 50 58 76 58 29 85 185 185 132 51 105

Renaissance Global Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 4.21 4.97 4.56 6.75 8.21 9.42 4.55 11.21 9.22 7.53 7.1
CEPS(Rs) 6 6.54 6.14 8.07 10.2 13.16 8.31 14.99 12.7 10.8 9.68
DPS(Rs) 0.2 0.4 0 0 0 0 0.9 1.7 0 0 0
Book NAV/Share(Rs) 41.82 48.36 55.58 58.78 71.15 74.85 89.5 96.82 108.21 118.7 128.72
Core EBITDA Margin(%) 4.47 5.95 4.3 3.68 4.51 5.67 4.73 7.6 7.34 7.52 7.64
EBIT Margin(%) 4.48 5.13 4.56 4.94 3.93 4.99 4 7.4 6.23 6.58 6.62
Pre Tax Margin(%) 3.57 4.34 3.67 4.14 3 3.89 2.82 5.89 4.05 3.91 3.94
PAT Margin (%) 3.12 3.59 2.89 3.55 2.87 3.24 2.2 4.59 3.75 3.37 3.4
Cash Profit Margin (%) 4.48 4.73 3.84 4.16 3.54 4.53 3.69 6.11 5.12 4.75 4.8
ROA(%) 4.28 4.86 3.93 5.48 5.47 5.58 2.94 5.92 4.54 3.79 3.43
ROE(%) 10.31 11.01 8.73 12.12 12.71 12.87 6.03 12.17 9.07 6.81 5.85
ROCE(%) 8.24 9.79 8.57 10.21 9.93 11.02 6.57 12.13 9.81 9.15 8.03
Receivable days 68.88 69.16 59 57.17 49.27 52.4 68.1 65.11 69.59 77.42 100.38
Inventory Days 139.18 140.91 134.88 115.91 108.95 123.52 144.33 140.56 140.47 152.78 163.07
Payable days 80.91 97.01 82.87 65.38 51.35 39.57 32.42 44.48 54.13 51.45 49.14
PER(x) 3.35 5.04 6.16 9.23 7.44 4.39 12.92 15.32 9.04 13.24 17.28
Price/Book(x) 0.34 0.52 0.51 1.06 0.86 0.55 0.66 1.77 0.77 0.84 0.95
Dividend Yield(%) 1.42 1.6 0 0 0 0 1.53 0.99 0 0 0
EV/Net Sales(x) 0.28 0.32 0.35 0.48 0.42 0.33 0.42 0.91 0.49 0.66 0.81
EV/Core EBITDA(x) 4.68 5.16 6.42 8.6 8.87 4.79 7.35 9.66 6.2 7.96 9.72
Net Sales Growth(%) 4.44 3.38 11.66 22.91 41.94 -3.43 -18.81 7.81 2.14 -5.79 -1.24
EBIT Growth(%) 14.12 18.52 -0.76 33.11 18.54 28 -37.75 103.54 -14.9 -1.29 -0.53
PAT Growth(%) 35.19 18.84 -10.2 51.28 20.96 13.72 -47.29 130.14 -17.51 -16.18 0.12
EPS Growth(%) 36.2 18.14 -8.26 47.87 21.74 14.68 -51.71 146.33 -17.7 -18.37 -5.67
Debt/Equity(x) 0.68 0.55 0.67 0.63 0.85 0.75 0.6 0.61 0.45 0.45 0.37
Current Ratio(x) 1.56 1.64 1.64 1.67 1.7 1.86 2.22 1.92 2.26 2.4 2.56
Quick Ratio(x) 0.63 0.69 0.77 0.79 0.57 0.78 0.99 0.87 1.04 1.04 1.3
Interest Cover(x) 4.93 6.43 5.09 6.18 4.23 4.55 3.37 4.91 2.85 2.46 2.47
Total Debt/Mcap(x) 2.02 1.05 1.28 0.59 0.98 1.34 0.9 0.35 0.59 0.53 0.39

Renaissance Global Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 69.55 69.55 67.46 65.59 58.83 58.97 62.49 61.89 61.7 61.7
FII 1.66 0.92 0.76 0.85 0.77 1.2 1.12 1.25 2.25 2.02
DII 0.12 0 0 0.13 0.07 0.44 0.43 0.43 0.22 0
Public 28.66 29.52 31.78 33.43 40.33 39.39 35.95 36.42 35.83 36.28
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Renaissance Global News

Renaissance Global Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Debtor days have improved from 51.45 to 49.14days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
  • The company has delivered a poor profit growth of -3% over past five years.
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