Press Release

Press Release

August 14, 2026

REGAL JEWELLERS PRIVATE LIMITED (ERSTWHILE REGAL JEWELLERS LLP)
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	50.00	ACUITE A- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	254.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Total Outstanding	0.00	304.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed long-term rating at ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 254 crore bank facilities of Regal Jewellers Private Limited. The outlook is 'Stable'.
Further Acuité has assigned long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 50 crore bank facilities of Regal Jewellers Private Limited. The outlook is 'Stable'.

Rationale for rating:
The rating takes into account, increase in revenues to Rs. 4667.96 Cr. in FY 26(Prov.) as compared to Rs. 2103.63 Cr. in FY 25 albeit decline in operating profitability to 3.58 percent in FY 26(Prov) as compared to 5.35 percent in FY 25. The financial risk profile is moderate characterized by improving networth, low gearing and comfortable debt protection metrics. Further, the group has moderate working capital cycle and adequate liquidity albeit high bank limit utilization. The rating also takes into account the long track record of operations, benefits derived from the experienced promoters in the jewellery business and geographical diversification in Karnataka and Tamil Nadu. However, these strengths are partly offset by the volatility in the prices of gold, intense competition and exposure to regulatory risk.

About the Company

Thrissur based, Regal Jewellers Private Limited(RJPL) was incorporated in 2020. It has changed to a private limited company in November 2025. The company is engaged in the manufacturing of ornaments from gold, diamond and silver among others. It also runs 11 showrooms out of which 4 are based out of Kerala, 6 are based out of Karnataka and 1 based out of Chennai. The directors of the company are Ms. Pallavi Govind Namdev, Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and Ms. Kshemavathy.

About the Group

Optimum Jewellers LLP
Kerala based, Optimum Jewellers LLP(OJLLP) was incorporated in 2015. It has 3 showrooms based out of Kerala. The firm is engaged in the business of retail trading in precious metals including ornaments made from gold, silver etc. and other precious, precious/ semi- precious stone jewellery. The directors of the firm are Ms. Pallavi Govind Namdev, Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and Ms. Kshemavathy.

Regal Jewellers India Private Limited (Erstwhile Optimum Gold and Diamonds Private Limited)
Kerala based, Regal Jewellers India Private Limited (RJIPL)was incorporated in 2017. It has one showroom based out of Kerala. The company is engaged in the business of retail trading in precious metals including ornaments made from gold, silver etc. and other precious, precious/ semi- precious stone jewellery. The directors of the company are Ms. Pallavi Govind Namdev, Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and Ms. Kshemavathy.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has taken a consolidated view of Regal Jewellers Private Limited, Optimum Jewellers LLP and Regal Jewellers India Private Limited as all the 3 entities are in the same line of business, share common management and have operational and financial linkages.

Key Rating Drivers

Strengths

Experienced management
The promoters of the group namely Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and others who have experience of more than a decade in the jewellery business. Mr. Sivadasan Thamarassery Kuttappan has been managing the business operations and is ably supported by the second line of management. Out of the 12 showrooms, 2 showrooms are owned and 10 showrooms are on lease basis. It has presence in Kerala (4 showrooms), in Chennai, Tamil Nadu (1 showroom) and in Bengaluru, Karnataka (6 showrooms). Acuite believes that their experience will leverage the business and will continue to benefit the group going forward.

Healthy Revenues and operating profitability
The revenues of the group have increased to Rs. 4667.96 Cr. as on March 31, 2026(Prov.) as compared to Rs. 2103.63 Cr. as on March 31, 2025, on account of high realisation and volume sold. The group has achieved revenues of approximately Rs. 1822.09 Cr. as of Q1FY 27. The operating profitability margins have decreased to 3.58 percent as on March 31, 2026(Prov.) as compared to 5.35 percent as on March 31, 2025 on account of increase in raw material and selling costs. Acuite believes that the revenues and the operating profitability is expected to increase in the near term based on increasing showrooms and increasing realisations.

Moderate financial risk profile
The financial risk profile of the group is moderate marked by comfortable net worth, low gearing and comfortable debt protection metrics. The tangible net worth stood at Rs. 322.52 Cr. as on March 31, 2026(Prov.) as compared to Rs. 145.70 Cr. as on March 31,2025 due to accretion of reserves and infusion of equity. In FY27 (June 2026), the group has availed the entire disbursement of Rs. 34.10 Cr. in the form of working capital term loan under ECLGS 5.0 scheme (moratorium of 1 year). It is expected to provide additional cushion for liquidity for working capital management of the group. Gearing stood at 0.91 times as on March 31, 2026(Prov.) compared to 0.92 times in FY2025. The debt protection metrics remain comfortable by interest coverage ratio at 4.67 times as on March 31, 2026(Prov.) and debt service coverage ratio at 2.92 times as on March 31, 2026(Prov.). The TOL/TNW stood at 3.68 times as on March 31, 2026(Prov) and 3.87 times as on March 31, 2025. Acuite believes that the group’s financial risk profile is expected to remain moderate in medium term backed by steady cash accruals and in the absence of any debt funded capex plans.

Moderate working capital cycle
The operations of the group have moderate working capital requirement as reflected from Gross Current Assets of 100 days as on March 31, 2026(Prov.) compared to 104 days as on March 31, 2025. The inventory days stood at 100 days as on March 31, 2026(Prov.) as compared to 105 days as on March 31, 2025. The increase in inventory is because of the additions of the store in FY 26 and the variety of inventory holding by the group. The creditor days stood at 29 days as on March 31, 2026(Prov.) compared to 37 days as on March 31,2025. The group enjoys a credit period of 4-5 months for diamonds and 2-3 months for precious stones, the group typically makes payment within two months. Acuite believes that working capital requirements are expected to remain moderate over the near to medium term.

Weaknesses

Intense competition and exposure to regulatory risk
The country’s gems and jewellery sector is highly fragmented, the retail segment has high dominance of unorganized players, who enjoy around 70 per cent market share. While in case of the manufacturing segment, the dominance of unorganized players is even higher at around 90 per cent. Moreover, increased regulatory intervention such as gold hallmarking, requirement of PAN, etc. impact the demand-supply trend in the sector. Furthermore, the fluctuation in gold prices also impact the demand for gold. However, the group’s presence and strong brand value have enabled it to establish itself as a major player in Kerala over the years

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustained growth in the revenues in the medium term of over 25%
Operating profitability increase above 5 percent

TOL/TNW to reduce below 2 times

Potential triggers (individual or collective) for a downward rating action:

TOL/TNW to increase more than 3.75 times
Elongation of working capital cycle

Liquidity Position

Adequate

The liquidity is adequate marked by steady net cash accruals of Rs. 83.87 Cr. as on March 31, 2026(Prov.) as against long term debt repayment of Rs. 5.19 Cr. over the same period. The cash and bank balances stood at Rs. 11.61 Cr. as on March 31,2026(Prov.) as compared to Rs. 9.37 Cr. as on March 31, 2025. The current ratio stood at 1.12 times as on March 31, 2026(Prov.) as compared to 1.15 times as on March 31, 2025. The fund based utilization ended seven months, June 26 is 87%. Acuité believes that going forward the liquidity position of the group will remain adequate in the near to medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	4667.96	2103.63
PAT	Rs. Cr.	70.40	59.13
PAT Margin	(%)	1.51	2.81
Total Debt/Tangible Net Worth	Times	0.91	0.92
PBDIT/Interest	Times	4.67	7.25

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
06 Apr 2026	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	60.17	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	11.83	ACUITE A- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	0.68	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	0.87	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	1.96	ACUITE A- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.53	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	5.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	19.50	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	0.25	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	45.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	3.21	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	30.00	ACUITE A- \| Stable (Assigned)
07 Jan 2025	Cash Credit	Long Term	18.00	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	9.00	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	19.50	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	0.25	ACUITE BBB+ \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	0.96	ACUITE BBB+ \| Stable (Assigned)
	Covid Emergency Line.	Long Term	1.15	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	1.36	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	6.27	ACUITE BBB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	25.51	ACUITE BBB+ \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE A- \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	72.00	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	19.50	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.25	Simple	ACUITE A- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	05 Mar 2026	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A- \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	07 Jun 2022	Not avl. / Not appl.	07 Jun 2027	0.51	Simple	ACUITE A- \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.11	Simple	ACUITE A- \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.26	Simple	ACUITE A- \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Dec 2022	Not avl. / Not appl.	07 Dec 2027	0.71	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2025	Not avl. / Not appl.	31 May 2030	2.79	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2025	Not avl. / Not appl.	31 May 2030	1.77	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Dec 2025	Not avl. / Not appl.	15 Dec 2030	5.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	25 Jun 2026	Not avl. / Not appl.	25 Jun 2031	8.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	25 Jun 2026	Not avl. / Not appl.	25 Jun 2031	13.57	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	15 Jun 2026	Not avl. / Not appl.	15 Jun 2031	3.79	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	22 Jun 2026	Not avl. / Not appl.	22 Jun 2031	8.74	Simple	ACUITE A- \| Stable \| Assigned

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr No	Company Name
1	Regal Jewellers Private Limited (ERSTWHILE REGAL JEWELLERS LLP)
2	Regal Jewellers India Private Limited
3	Optimum Jewellers LLP

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Vedika Lahoti
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.