The Transcript for Investor/Analyst call is enclosed.
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Ashapuri Gold Ornament reported FY25 total income of INR 317.41 crores, up 90% YoY, with PAT of INR 12.04 crores (up 57%) and EPS rising to INR 0.38. The B2B antique gold jewellery manufacturer sold 440 kg of gold jewellery in FY25, a 61% volume increase from 273 kg in FY24, and lifted capacity utilisation from 40% to 93% of its 500 kg annual capacity. Management guided for 50–55% volume growth in FY26, plans to expand capacity by 50% (to ~750 kg) within 2–3 months, and outlined a shift toward higher-margin polki, diamond and premium products to improve EBITDA margins over the next 2–3 years. They disclosed an ongoing order book of INR 20–25 crores, recent exhibition orders of INR 48 cr at IIJS Signature and INR 21 cr at IIJS Tritiya, and a customer base spanning 15–16 national/regional chains and 250+ big-box retailers across 2,000+ showrooms.
First-ever earnings call highlights strong top-line and volume momentum with a clear growth roadmap, which is supportive for the stock. However, Q4 PAT of just INR 0.8 crores shows margin pressure remains, and forward EBITDA margin guidance was vague, so investors should watch whether planned capacity expansion and high-margin product mix actually translate into better profitability.