PUSJ—56

Pushpa Jewellers Ltd

Apparel & AccessoriesVerified

Score breakdown

Profitability+35Sentiment+30Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion95AI synthesis40Observations3

Pushpa Jewellers Ltd maintains a conservative capital structure with a debt-to-equity ratio of 0.38, below the median for its industry, and a current ratio of 3.29, indicating strong short-term liquidity [doc:HA-latest]. However, the company reports negative net cash after subtracting total debt, signaling potential liquidity constraints despite its high current ratio [doc:HA-latest]. Free cash flow of ₹127.5 million supports operational flexibility, but capital expenditures of -₹102.0 million suggest a reduction in investment activity [doc:HA-latest]. Profitability metrics show a return on equity of 38.34% and return on assets of 24.46%, both exceeding the median for the Apparel & Accessories industry, reflecting strong asset utilization and equity returns [doc:HA-latest]. Gross profit of ₹394.0 million and operating income of ₹311.7 million indicate healthy margins, though net income of ₹222.9 million is lower than the industry median, suggesting higher operating expenses or tax pressures [doc:HA-latest]. The company operates in a single disclosed segment, with all revenue generated in India, indicating high geographic concentration risk. No segment-specific revenue breakdown is available, limiting visibility into diversification or regional performance [doc:HA-latest]. Revenue growth is not explicitly forecasted, but the company’s focus on B2B sales and traditional jewelry suggests demand is tied to macroeconomic conditions and consumer confidence in India. No recent revenue history is provided to assess growth trends [doc:HA-latest]. Risk factors include medium liquidity risk due to negative net cash and low dilution risk, with no near-term pressure from share issuance. The company’s capital structure remains stable, but the absence of positive net cash could limit flexibility in capital allocation [doc:HA-latest]. No recent filings, transcripts, or events are disclosed in the input data to inform material changes in strategy, operations, or risk exposure [doc:HA-latest].

Profile

CompanyPushpa Jewellers Ltd

TickerPUSJ.NS

SectorConsumer Cyclicals

BusinessCyclical Consumer Products

Industry groupCyclical Consumer Products

IndustryApparel & Accessories

AI analysis

Business. Pushpa Jewellers Ltd designs and sells traditional and modern gold jewelry, including necklaces, bangles, and mangalsutra, with a focus on intricate detailing and fine stones such as emerald, jade, pearl, and meena, primarily operating in the B2B segment across India [doc:HA-latest].

Classification. Pushpa Jewellers Ltd is classified under the Consumer Cyclicals economic sector, Cyclical Consumer Products business sector, and Apparel & Accessories industry, with a confidence level of 0.92 based on verified market data [doc:verified market data].

Key takeaways

Pushpa Jewellers Ltd generates strong returns on equity (38.34%) and assets (24.46%), outperforming industry medians.
The company maintains a conservative debt-to-equity ratio of 0.38 and a high current ratio of 3.29, but negative net cash raises liquidity concerns.
Revenue is entirely concentrated in India, with no disclosed segment diversification, increasing geographic and market risk.
Free cash flow of ₹127.5 million supports operational flexibility, but capital expenditures are negative, indicating reduced investment.
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Financial snapshot

PeriodHA-latest

CurrencyINR

Revenue$2.81B

Gross profit$394.0M

Operating income$311.7M

Net income$222.9M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$1.5M

CapEx-$102.0M

Free cash flow$127.5M

Total assets$911.0M

Total liabilities$329.7M

Total equity$581.4M

Cash & equivalents—

Long-term debt$219.3M

Annual history (last 5)

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Quarterly history (last 4)

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Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$581.4M

Net cash-$219.3M

Current ratio3.3

Debt/Equity0.4

ROA24.5%

ROE38.3%

Cash conversion1.0%

CapEx/Revenue-3.6%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Apparel & Accessories · cohort 2 companies

MetricPUSJActivity

Op margin11.1%6.6% medp25 4.6% · p75 8.7%top quartile

Net margin7.9%3.7% medp25 2.0% · p75 5.5%top quartile

Gross margin14.0%57.5% medp25 57.5% · p75 57.5%bottom quartile

CapEx / revenue-3.6%1.1% medp25 0.9% · p75 1.4%bottom quartile

Debt / equity38.0%124.3% medp25 86.1% · p75 162.6%bottom quartile

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-03 14:00 UTC#3a7141c1

Source: analysis-pipeline (hybrid)Generated: 2026-05-03 14:02 UTCJob: d1edd501