As attached.
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Koura Fine Diamond Jewelry reported strong top-line and bottom-line growth for FY 2025-26. Total revenue grew to ₹9,188.10 lakhs from ₹4,248.69 lakhs in the prior year, representing approximately 119% year-on-year revenue growth driven by increased diamond jewelry sales. PAT surged to ₹75.91 lakhs from ₹17.25 lakhs, a ~340% increase, supported by higher operational scale. EPS improved to ₹1.26 per share (face value ₹10). The company raised ₹818.11 lakhs via a preferential issue (including warrant conversions) in August 2025. However, operating cash flow turned sharply negative at -₹1,208.59 lakhs versus +₹38.03 lakhs in FY 2024-25, driven primarily by a massive ₹728.75 lakh inventory build-up and a ₹141.68 lakh rise in trade receivables. The statutory auditor issued an unmodified opinion with no qualifications. Borrowings were reduced from ₹487.48 lakhs to ₹33.01 lakhs, reflecting debt deleveraging.
Despite impressive revenue and profit growth, the sharp negative operating cash flow and heavy inventory build-up raise concerns about working capital management and cash conversion. The stock may face scrutiny over liquidity despite the clean audit opinion.