The Transcript of Company''s Investor/Analyst call held on 13th February, 2026 is enclosed.
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Ashapuri Gold Ornament reported Q3 FY26 PAT growth of 7.76% year-on-year and EBITDA growth of 22.01% year-on-year, with EBITDA margin expanding 233 basis points to 8.78% and PAT margin improving 103 bps to 6.11%. However, the company acknowledged a sharp 29% volume degrowth in Q3 year-on-year, blaming a 50% rise in gold prices that caused retailers and customers to hold back purchases. Management targets 15-20% volume growth for the current year and expects demand to recover in Q4 and Q1 FY27 as gold prices have stabilized. The company is also expanding capacity from 750 kgs toward 1500 kgs, has applied for NSE main board listing (under scrutiny), and is pushing into 18-carat and 14-carat jewelry along with high-margin Diamond-Polki products, with plans to file design patents starting August 2026.
While margin expansion and EBITDA growth are positives, the steep 29% volume drop and dependence on gold price stability are concerns. Recovery in Q4 and progress on NSE listing, national chain orders, and 18-carat product diversification could support the stock, but near-term volume weakness may keep valuations subdued.