Outcome of the Board Meeting dated November 12, 2025
ASTAR · price
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Asian Star Company Ltd, a diamond and jewellery player, reported Q2 FY26 consolidated net sales of Rs. 75,940 lacs, up about 16% year-on-year (vs Rs. 65,400 lacs in Q2 FY25); H1 FY26 sales rose about 4.4% to Rs. 1,47,595 lacs. However, consolidated profit after tax fell sharply to Rs. 1,170 lacs in Q2 FY26 from Rs. 1,717 lacs a year earlier (down roughly 32%); H1 PAT slipped about 13% to Rs. 3,104 lacs. Standalone PAT also dropped around 30% in Q2 to Rs. 987 lacs. EBITDA margins were clearly compressed in Q2 (around 3.2% vs roughly 5.2% a year ago) due to higher raw material and processing costs and finance costs. An exceptional item loss of Rs. 257.40 lacs was booked. The jewellery segment posted strong growth (~23% Q2 YoY), while standalone diamonds revenue declined. Operating cash flow plunged to Rs. 1,794 lacs in H1 FY26 from Rs. 16,263 lacs in H1 FY25, mainly due to a Rs. 15,791 lacs inventory build-up.
Mixed bag for shareholders: top-line growth is healthy, especially in jewellery, but bottom-line has weakened sharply with margin compression, an exceptional loss and a steep fall in operating cash flow. Short-term sentiment may be cautious until working capital normalises and margins recover.