The Transcript for the Earnings Conference Call held at 18th November, 2025 is ecnlosed.
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Ashapuri Gold Ornament reported a strong Q2 FY26 with sales volume growing 20% year-on-year and total income up 18% to INR 102 crore. EBITDA doubled to INR 11.47 crore, marking a 540 basis point margin expansion to 11%, while profit after tax surged 145% YoY to INR 8.47 crore. The company booked fresh domestic orders worth INR 102 crore at the IIJS 2025 exhibition, plus INR 5.41 crore from its premium Aneya diamond and polki collection. Management guided for 20% volume growth in FY26 (from last year's 440 kg base to around 528 kg), citing higher volumes, premium product mix, and design-led innovation as margin drivers, while capacity was expanded to 750 kg with potential to scale to 1.5 tonnes. About 60-65% of revenue comes from national chain clients, with the company hedging 100% of fixed-price sales against gold price volatility.
The sharp improvement in margins and a strong order book are positive signals for near-term revenue visibility and could support the stock. However, management repeatedly declined to provide FY27 guidance and avoided certain analyst questions on inventory costs and revenue specifics, which may leave investors wanting more forward visibility.