The Investor/Analyst presentation for Q3 and Nine Months Ended December 31, 2025.
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Ashapuri Gold Ornament, an Ahmedabad-based B2B gold jewellery manufacturer listed on BSE SME, shared its Q3 and 9M FY26 results. Q3 FY26 Total Income came in at ₹91.24 Cr (down ~10% YoY) but EBITDA jumped 22% YoY to ₹8.01 Cr with margin expanding 233 bps to 8.78%, and PAT grew 8% YoY to ₹5.57 Cr with margin improving 103 bps to 6.11%. For 9M FY26, Total Income rose 5.6% YoY to ₹246.61 Cr, while EBITDA surged nearly 60% to ₹24.50 Cr and PAT grew 53% to ₹17.21 Cr, driven by a richer product mix and operational efficiency. Management highlighted strong order wins — ₹102 Cr at IIJS Premier 2025 and ₹5.41 Cr from the premium Aneya collection — alongside near-zero debt (D/E of 0.004) and 52% capacity utilization, leaving room for growth. The company serves major retail brands like Tanishq, Malabar, Kalyan, and Senco Gold across 11+ states with 18,000+ designs and 300+ artisans.
Positive for shareholders — margin expansion despite topline softness in Q3 shows pricing power and cost discipline, while strong order pipeline and debt-free balance sheet support growth. The stock trades at ₹5.46 with a market cap of ~₹182 Cr, so the improving profitability metrics could attract investor attention.