BSE: 540718
AAYUSH ART AND BULLION LIMITED
Operates as a trading business rather than a textile manufacturer, despite its exchange classification under textiles and apparels. Segment data for the period ending 30 September 2021 shows two revenue streams: trading in shares and securities (Rs 0.84 crore, 85.4% of segment revenue) and trading in fabric (Rs 0.14 crore, 14.6%). The FY26 results filing attributes that year's Rs 21,635.17 lakh in revenue to the bullion and trading business, indicating the commercial mix has since shifted toward bullion rather than fabric. Costs are dominated by other operating expenses (0.9% of revenue) and employee costs (0.1% of revenue), with materials and depreciation at 0%, consistent with a pure trading model rather than manufacturing. Total assets stood at Rs 125.32 crore, net profit at Rs 7.89 crore and EBITDA margin around 4.98% in FY26. The audited FY26 results flag trade receivables of Rs 9,299.77 lakh as a working-capital concern. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading in shares and securities (85%), Trading in fabric (15%), Bullion trading. Asset-light trading business with minimal physical inputs or workforce
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 13 | 7 | 74 | 216 |
| EBITDA (ex other income) | — | (0) | (0) | 2 | 11 |
| margin % | — | (0.0) | (2.1) | 3.3 | 5.0 |
| Owners' profit | — | 0 | 0 | 2 | 8 |
| EPS, as reported (₹) | (1.41) | 0.88 | 0.41 | 1.29 | 5.15 |
| ROE % · ROCE % | — · (5.7) | 2.7 · 3.9 | 1.2 · 0.9 | 3.4 · 4.6 | 13.0 · 17.6 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (1) | (2) | 0 | (40) | (0) |
| Capex | — | (0) | (0) | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 13 | 7 | 0 | 27 | 47 | 48 | 169 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 10 |
| Net profit | 0 | 0 | — | 0 | — | 2 | 0 | 8 |
| EPS (₹) | 0.21 | 0.67 | 0.27 | 0.28 | 0.37 | 0.92 | 0.24 | 4.91 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 204.0 | 16.5 | 172 of 179 | 4% |
| P/B | 33.1 | 1.1 | 184 of 185 | 1% |
| ROCE | 17.6 | 4.3 | 23 of 215 | 90% |
| ROE | 13.0 | 4.7 | 33 of 188 | 83% |
| Debt / Equity | 0.0 | 0.4 | 1 of 188 | 89% |
| EBITDA margin | 6.1 | 9.8 | 131 of 198 | 34% |
| Revenue growth | 98860.9 | 6.9 | 2 of 192 | 100% |
| Profit growth | 4076.0 | 20.0 | 5 of 203 | 98% |
| Market cap | 2012 | 59 | 18 of 223 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Independent Director Mr. Afsar Ismail Khan resigns effective 5 Oct 2026 | management changes | medium | — | — |
| 5 Oct 2026 · Independent Director Mr. Afsar Ismail Khan resigns | management changes | medium | — | — |
| 22 Sept 2026 · Non-Executive Director Resigns, Replacement Appointed | management changes | low | — | — |
| 22 Sept 2026 · Non-Executive Director resigns, new appointee joins board | management changes | medium | — | — |
| 22 Sept 2026 · Board changes: director resignation and new appointment | board shareholder meetings | low | — | — |
| 10 Sept 2026 · All 7 Resolutions Passed at 17th AGM; 17.22 Percent Voting Turnout | board shareholder meetings | minimal | — | — |
| 10 Sept 2026 · 17th AGM held on Sep 10, 2026; 7 resolutions including MD regularization | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Board appoints Mr. Belim Rifaqathussain Mehboobbhai as new Chief Financial Officer | management changes | high | — | — |
| 24 Aug 2026 · Aayush Art and Bullion appoints new Chief Financial Officer | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.