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Koura Fine Diamond Jewelry reported strong top-line growth for H1 FY26, with revenue from operations jumping to Rs. 6,000.78 lakhs from Rs. 2,573.96 lakhs in H1 FY25, a rise of about 133%. Profit after tax grew sharply to Rs. 35.75 lakhs from Rs. 10.38 lakhs (around 3.4x), with basic EPS at Rs. 0.94 versus Rs. 0.23. However, the cost of raw material consumed (Rs. 6,394.66 lakhs) exceeded revenue, leaving thin margins with PBT of just Rs. 47.95 lakhs. The company also raised Rs. 499.07 lakhs via a preferential issue (total issue size Rs. 985.95 lakhs) to promoter and non-promoter groups at Rs. 31.30 per share/warrant, earmarked for working capital. The auditor (Bimal Shah Associates) issued an unqualified limited review report.
Strong revenue and profit growth are positives, but the negative operating cash flow of Rs. 885.44 lakhs and very thin margins (raw material cost above revenue) suggest working-capital pressure and limited cushion for shareholders. Equity dilution from the preferential issue to promoters may weigh on share value, though the fund raise improves liquidity.