The earnings call transcript is enclosed

Ashapuri Gold Ornament reported a strong Q1 FY26 with total income of INR 52.96 crores, up 18.72% YoY, driven by 17.9% volume growth to 72.03 kg of jewellery sold. EBITDA grew over 34% YoY with margins improving by 108 basis points to 9.48%, while profit after tax rose 21% and EPS jumped 25% to INR 0.10. Management reaffirmed its full-year FY26 growth guidance of around 50%, citing strong demand traction at the recently concluded IIJS Premier 2025 show, where it received enquiries from over 100 domestic buyers for its 50-piece antique jewellery collection. The company is targeting a capacity ramp-up to 750 kg this quarter (from current 93% utilisation) and eventually up to 1 tonne, while continuing a 100% gold hedging policy that covers 92% of input costs. Management also highlighted onboarding Titan as a client and a long-term wallet-share strategy with national chains like Malabar, supported by its four-brand portfolio (Kaavis, Maayin, Arzish, Anaya).