ASHAPURI GOLD ORNAMENT L

Manufactures and sells gold jewellery on a B2B basis to organised jewellery retailers, operating as a single-segment business. The company runs 1.5 tonnes per annum of manufacturing capacity across three floors of 500 kg each in Ahmedabad, employing 300+ artisans to produce 18,000+ designs, with capacity utilisation at 52% in Q3 FY26. National and regional jewellery retail chains — including Tanishq, Malabar, Kalyan and Senco Gold across 11+ states — are the dominant customers, with corporate chains contributing 60-65% of revenue and big-box single-store clients 30-40%. The company hedges 100% of fixed-price sales to neutralise gold price volatility, and raw materials (gold) account for 90% of revenue cost. Aneya, a premium diamond and polki brand launched around six months ago, contributes less than 5% of revenue but is being pushed as a higher-margin line alongside new 18-carat handmade jewellery offerings. Recent wins include INR 102 cr of domestic orders at IIJS 2025 and INR 29 cr at IIJS Bharat Signature 2026, with an unfulfilled order book of about INR 34 cr as of February 2026. FY26 revenue was INR 317.2 cr with an EBITDA margin of 8.1%.