WEBSITE BSE:532923 NSE: RGL Inc. Year: 1989 Industry: Diamond & Jewellery My Bucket: Add Stock
Last updated: 15:49
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.69 | 6.69 | 6.49 | 6.31 | 6.31 | 6.32 | 6.7 | 6.64 | 6.62 | 6.62 |
| FII | 0.16 | 0.09 | 0.07 | 0.08 | 0.08 | 0.13 | 0.12 | 0.13 | 0.24 | 0.22 |
| DII | 0.01 | 0 | 0 | 0.01 | 0.01 | 0.05 | 0.05 | 0.05 | 0.02 | 0 |
| Public | 2.75 | 2.84 | 3.05 | 3.21 | 4.32 | 4.22 | 3.86 | 3.91 | 3.85 | 3.89 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.61 | 9.61 | 9.61 | 9.61 | 10.72 | 10.72 | 10.73 | 10.73 | 10.73 | 10.73 |
* The pros and cons are machine generated.
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