Buy Radhika Jeweltech; target of Rs 290: Khambatta Securities

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26 Aug, 2025 12:21

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Khambatta Securities' research report on Radhika Jeweltech

Radhika Jeweltech Limited (RJL) reported flattish sales on a y-o-y basis whilst recording solid sequential growth in 3Q FY23. Revenues were up 3.3% y-o-y and 66.2% q-o-q to Rs 95.0 crore. The muted y-o-y growth is attributable to a high base-effect with a strong turnaround in sales seen in 3Q FY22, driven by pent-up demand as the second wave of Covid-19 waned. 3Q FY23 EBITDA remained flat on a y-o-y basis whilst jumping by more than 2.5x sequentially to Rs 15.2 crore as EBITDA margin expanded by 865 bps q-o-q to 16.0%. Quarterly PAT was lower by 3.7% y-o-y as it went up by 2.3x q-o-q and 129.9% q-o-q to Rs 10.9 crore. PAT margin fell by 82 bps y-o-y whilst expanding by 572 bps to 11.4%. 9M FY23 revenue growth was healthy whilst profits expanded by a fair margin.

Outlook

The stock nearly achieved our price target of Rs 295 when it crossed Rs 290 on 25 January this year. Based on an unchanged target multiple of 10x FY24E EPS, we reiterate a BUY rating with a price target of Rs 290, informing an upside of 50% from current levels.

More Info

At 11:09 hrs Radhika Jeweltech was quoting at Rs 185.50, up Rs 4.55, or 2.51 percent.

It has touched an intraday high of Rs 188.00 and an intraday low of Rs 180.00.

It was trading with volumes of 3,811 shares, compared to its thirty day average of 28,043 shares, a decrease of -86.41 percent.

In the previous trading session, the share closed down 6.56 percent or Rs 12.70 at Rs 180.95.

The share touched its 52-week high Rs 290.60 and 52-week low Rs 130.00 on 25 January, 2023 and 15 November, 2022, respectively.

Currently, it is trading 36.17 percent below its 52-week high and 42.69 percent above its 52-week low.

Market capitalisation stands at Rs 437.78 crore.

For all recommendations report, click here

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Radhika Jeweltech - 15 -02 - 2023 - khamb