Pushpa Jewellers, a B2B gold jewellery manufacturer, delivered solid H1-FY26 results.

Revenue surged 18.3% YoY to ₹171 crore, with profit (PAT) also up 18.3% YoY to ₹11 crore.

EBITDA margins held strong at 9.30%, while EPS saw an 8.6% YoY decline to ₹4.55/share.

Notably, sales volumes dipped 13% YoY, hinting at value-driven sales.

The company boasts a healthy net cash position.

Key strategies include expanding geographic reach across India and overseas, alongside product premiumization, including a move into lab-grown diamonds, to boost margins.

Digital transformation, incorporating ERP and AI-driven lead management, is set to enhance efficiency and accelerate growth.

Management plans to strengthen cash conversion and boost sales capabilities.

The company recently completed its SME IPO, a significant milestone.

India's jewellery market outlook remains robust, fueled by rising incomes and a shift towards organized players.