Key Metrics of Priority Jewels Limited
About Priority Jewels Limited
Sectors
Company details
- Registered office
- Plot No. 121, Street No. 15/18, Midc, Andheri (east), Mumbai, In-mh, 400093
- Listed
- NSE: PRIORITY · ₹274.60
Operational Areas of Priority Jewels Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 09 Oct 2025 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹99.0 Cr | View |
| 04 Oct 2024 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹99.0 Cr | View |
| 09 Oct 2023 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹99.0 Cr | View |
| 06 Oct 2022 | CARE | Revised (from BBB-) | BBB | A3+ | Stable | ₹99.0 Cr | View |
| 30 Dec 2021 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹99.0 Cr | View |
| 19 Mar 2021 | CARE | Revised (from BBB) | BBB- | A3 | Stable | ₹198 Cr | View |
| 31 Mar 2020 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹220 Cr | View |
| 28 Jan 2019 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹110 Cr | View |
Credit strengths (CARE, Oct 2025)
+ Experienced promoters with established track record
PJL has operational history of over 15 years in manufacturing studded gold jewellery. The company benefits from a robust in - house design team and operates from a dedicated manufacturing facility in Mumbai. PJL’s business is led by Shailesh H Sangani , Managing Director, who has over 30 years of experience in the gems and jewellery industry. He is supported by Tushar Mehta, 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publication
+ Diversified market presence and long-standing relationships with reputed clientele
PJL has a well-diversified market presence, with domestic segmentaccounting for ~64% of the TOI in FY25 (refers to April 01 to March 31), against ~58% in FY24. To cater to the domestic demand, PJL has multiple regional offices across India. The balance revenue is derived from exports to multiple international markets including the UAE, Hong Kong, the USA, and Norway. PJL has a reputed and diversified client base comprising independent jewellers and reputed jewellery retailers. The company enjoys
+ Moderate capital structure
PJL’s total debt primarily comprises working capital borrowings, unsecured interest-free loans (USL) from promoters, and minimal term debt. PJL has a moderately leveraged capital structure, as reflected by an overall gearing of 1.41x as on March 31, 2025, compared to 1.32x as on March 31, 2024.
Credit challenges
− Moderate scale of operations and profitability
PJL’s scale of operations has remained moderate and range -bound over the past four years ending FY25. The company reported a growth of ~6% in TOI, reaching ₹435.06 crore in FY25 against ₹410.02 crore in FY24, supported by healthy demand from the domestic market, partially offset by subdued performance in the export segment. The profitability margin also improved, with PBILDT margin increasing to 5.48% in FY25 from 4.63% in FY24, primarily due to lower raw material costs. In line with the
− Moderate debt protection metrics
The debt coverage metrics, though improved, remined moderate. TD/GCA, though improved, stood high at 11.78x as on March 31, 2025, against 14.33x as on March 31, 2024. Interest coverage ratio remained moderate at 3.02x in FY25 against 2.28x in FY24 owing to higher PBILDT. Working capital intensive operations PJL’s operations remain working capital intensive, as reflected in the elongated working capital cycle at 164 days in FY25 (157
− Working capital intensive operations
PJL’s operations remain working capital intensive, as reflected in the elongated working capital cycle at 164 days in FY25 (157 days in FY24). The company’s working capital is primarily blocked in receivables and inventory. While inventory days improved marginally to 107 days in FY25 (PY: 110 days), collection period increased to 99 days in FY25 from 92 days in FY24, primarily due to higher sales booked towards the end of Q4FY25 (refers to January 01 to March 31).
− Susceptible to raw material price volatility and foreign exchange fluctuation risk
PJL procures polished diamonds largely from the open market. This apart, the company procures gold from banks through gold metal loan and fixes purchase price of gold on the date of selling gold, which helps to mitigate risk of volatility in gold prices to an extent. Profit margins for players in the gems and jewellery (G&J) business remain susceptible to raw material price volatility. PJPL derived ~36% of its overall revenues from the export sales in FY25. The company is a net exporter, and for
Could lead to an upgrade
• Consistently growing scale of operations over ₹550 crore with profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin above 6% on a sustained basis. • Total debt to gross cash accruals (TD/GCA) below 8x on a sustained basis . • Operating cycle of less than 110 days on sustained basis .
Could lead to a downgrade
• Decline in total operating income (TOI) and/or profitability margins from the envisaged levels, leading to significant deterioration in cash accruals on a sustained basis. • Deterioration in capital structure marked by overall gearing above 1.50x on a sustained basis. • Elongation in operating cycle to over 170 days on a sustained basis.
Agency-reported financials (CARE, 09 Oct 2025)
| Metric | March 31, 2024 | March 31, 2025 | Q1FY26 |
|---|---|---|---|
| Total operating income | ₹410 Cr | ₹435 Cr | ₹90.66 Cr |
| PBILDT | ₹18.97 Cr | ₹23.85 Cr | ₹5.27 Cr |
| PAT | ₹7.15 Cr | ₹10.89 Cr | — |
| Overall gearing (times) | 1.32× | 1.41× | — |
| Interest coverage (times) | 2.28× | 3.02× | — |
| Revenue growth (YoY) | — | 6.1% | — |
| EBITDA margin | 4.6% | 5.5% | 5.8% |
| Implied interest cost (EBITDA ÷ coverage) | ₹8.32 Cr | ₹7.90 Cr | — |
| PAT margin | 1.7% | 2.5% | — |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹99.0 Cr | — | BBB / A3+ (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 04 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| LT/ST | ₹99.0 Cr | CARE BBB; Stable / CARE A3+ |
Lenders
| Fund-based/Non-fund-based | LT/ST | Axis Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Central Bank of India |
| Fund-based/Non-fund-based | LT/ST | HDFC Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Yes Bank Ltd. |
Credit assessment · Cut & polished diamonds
Rating Methodology – Cut and Polished Diamond Industry (Sep 2026) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 51% |
| Information on file | 56% · missing: Audited financial statements (last 18 months), Debt obligations and repayment schedule, Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 51% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 3.02×
- Working-capital limits 68.56% utilised on average
Rated limits by facility
Timeline
From the report
The free cash balance stood at ₹2.37 crore as on March 31, 2025.
From the report
The average utilisation of its working capital limits for 12 months ending July 31, 2025, stood at 68.56%.
From the report
The company generated cash flow of ₹3.71 crore from operating activities and current ratio stood at 1.30x as on March 31, 2025.
From the report
The company has given margin money and availed gold metal loans (GML), current ratio adjusting for margin money against GML stood at 1.46x as on March 31, 2025.
From the report
Average working capital utilisation of fund-based facilities of PJPL remained moderate at 66.20% in past 12 months ending July 2024.
From the report
The free cash balance stood moderately healthy at ₹10.26 crore as on March 31, 2024 against ₹15.35 crore as on March 31, 2023.
From the report
The average utilisation of its working capital limits in past 12 months ending July 2024 stood at 66.20%.
From the report
The cash flow from operating activities was negative at ₹2.14 crore against positive cash flow from operations of ₹12.75 crore in FY23.
From the report
The debt levels have increased slightly on account of h igher gold loan against SBLC availed against 100% cash margin along with higher dependence on unsecured loans from promoters.
From the report
Average working capital utilisation of fund -based facilities of PJPL remained moderate at 61.20% during past twelve months ending August 2023.
From the report
The free cash balance stood moderately healthy at Rs. 15.35 crore as on March 31, 2023, vis-à-vis Rs. 8.39 crore as on March 31, 2022.
From the report
The average utilization of its working capital limits during past 12 months ending August 2023 stood at 61.20% and provides some liquidity backup.
From the report
Average working capital utilisation of fund-based facilities of PJPL remained high at 81.66% during past twelve months ending August 2022.
From the report
The freecash balance stood moderate at Rs. 5.05 crore as on March 31, 2022.
From the report
The average utilization of its working capital limits during past 12 months ending July 2022 stood at 81.66%.
From the report
Average working capital utilization of fund-based facilities of PJPL remained high at 91% during past twelve months ending Sept 2021.
From the report
The free cash balance stood moderate at Rs. 12.11 crore as on March 31, 2021 vis-à-vis free cash and bank balance of Rs. 12.20 crore as on March 31, 2020.
From the report
The average utilization of its working capital limits during past twelve months ending September 2021 stood at 91%.
From the report
During FY21, PJPL has availed working capital term loan under Emergency Credit Line Guarantee Scheme (ECLGS).
From the report
Liquidity: Adequate st The company had cash & bank balance of Rs. 12.20 cr. as on March 31 , 2020.
From the report
Average of maximum monthly utilization of fund-based bank facilities remained around 90.49% for 12 months ended on February-21, while the non-fund-based utilization remained full.
From the report
The company has availed additional working capital term loan (partial sanction pending) of around Rs. 14 cr. under ECLGS scheme, which is likely to be st repaid in next 5 years h aving a moratorium of about 1 year.
From the report
The current cash and bank balance as on January 31 , 2021 remains around Rs. 6.02 cr.
From the report
The company st reported cash balance of Rs. 5.29 Crore as on 31 March 2019.
From the report
Analytical approach: Consolidated Applicable Criteria Rating Methodology: Factoring Linkages in Ratings Rating Methodology-Manufacturing Companies Criteria for Short Term Instruments Financials Ratio-Non Financial Sector Criteria on Assigning Outlook to Credit Ratings CARE's Policy on Default Recognition Liquidity Analysis: As of 31st March 2018 the company had a cash balance of Rs.103.41Crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Priority Jewels Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Jewellery · Consumer Electronics & Devices | rajeshindia.com | — | Bangalore, India | |
| Outlets operated by Titan World. | titancompany.in | — | Vijayawada, India | |
| Grt Jewellers (India) Private Limited | Jewellery · Consumer Electronics & Devices | — | — | Chennai, India |
 Kalyan Jewellers |
Outlets operated by Kalyan Jewellers. | kalyanjewellers.net | 1993 | Thrissur, India |
 Joyalukkas India Limited |
Outlets operated by Joyalukkas Show Room. | joyalukkas.com | — | Thrissur, Kerala, India |
| Jewellery · Consumer Electronics & Devices | pcjeweller.com | — | New Delhi, India | |
 Tribhovandas Bhimji Zaveri |
Jewellery · Consumer Electronics & Devices | tbztheoriginal.com | — | Mumbai, India |
| Vummidi Bangaru Jewellers | Jewellery · Consumer Electronics & Devices | — | — | Tamil Nadu, India |
| Kirtilal Kalidas Jewellers Private Limited | Jewellery · Consumer Electronics & Devices | — | — | Tamil Nadu, India |
| Radhika Jeweltech Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Gujarat, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.