NSE: AGOL · BSE: 542579
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and sale of gold jewellery (B2B), Aneya diamond and polki brand (5%). B2B, design-led gold jewellery manufacturer exposed to gold price volatility, with 100% hedging on fixed-price sales
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 164 | 158 | 165 | 316 | 317 |
| EBITDA (ex other income) | 5 | 4 | 10 | 16 | 26 |
| margin % | 3.2 | 2.3 | 5.8 | 5.1 | 8.1 |
| Owners' profit | 3 | 2 | 7 | 12 | 19 |
| EPS, as reported (₹) | 1.23 | 0.71 | 0.30 | 0.38 | 0.56 |
| ROE % · ROCE % | 3.8 · 5.0 | 2.2 · 3.3 | 8.3 · 11.6 | 8.2 · 11.2 | 11.1 · 15.0 |
| Debt / equity (x) | 0.05 | 0.08 | 0.02 | 0.00 | 0.00 |
| Cash from operations | (5) | (2) | 5 | (36) | 9 |
| Capex | (1) | (0) | (0) | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87 | 101 | 84 | 53 | 102 | 91 | 71 | 65 |
| Profit before tax | 5 | 5 | 2 | 5 | 11 | 8 | 1 | 7 |
| Net profit | 3 | 4 | 1 | 3 | 8 | 6 | 1 | 5 |
| EPS (₹) | 0.10 | 0.13 | 0.03 | 0.10 | 0.25 | 0.17 | 0.04 | 0.16 |
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. % |
|---|---|---|---|---|---|---|---|---|
| Khazanchi Jewellers Limited | 1,788 | 12.6 | 5.59 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 766 | 29.0 | 3.69 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 622 | 13.1 | 4.38 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 289 | 18.4 | 4.02 | 32.2 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 252 | 18.4 | 3.14 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 193 | 46.1 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L ◆ | 151 | 7.3 | 0.91 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.3 | 13.1 | 13 of 47 | 74% |
| P/B | 0.9 | 0.9 | 19 of 37 | 50% |
| ROCE | 15.0 | 4.7 | 15 of 50 | 71% |
| ROE | 11.1 | 2.3 | 11 of 37 | 72% |
| Debt / Equity | 0.0 | 0.1 | 1 of 37 | 75% |
| EBITDA margin | 11.4 | 6.8 | 12 of 35 | 68% |
| Revenue growth | 22.4 | 13.8 | 17 of 36 | 54% |
| Profit growth | 64.2 | 1.4 | 13 of 34 | 64% |
| Market cap | 151 | 25 | 7 of 54 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · 18th AGM scheduled Oct 30 via video conferencing; e-voting from Oct 27-29 | compliance | minimal | — | — |
| 9 Oct 2026 · Ashapuri Gold Ornament gets NSE listing approval, trading from Oct 12 | capital market events | high | — | — |
| 8 Oct 2026 · Notice of 18th AGM via video conferencing on October 30, 2026 | compliance | minimal | — | — |
| 7 Oct 2026 · Book closure for 18th AGM from Oct 24 to Oct 30 | corporate actions | low | — | — |
| 7 Oct 2026 · Cut-off date for e-voting at 18th AGM fixed as October 23, 2026 | board shareholder meetings | low | — | — |
| 7 Oct 2026 · AGM Notice: Auditor Re-appointment, Director Pay Hike up to Rs 10 Cr | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Ashapuri Gold files FY26 Annual Report, AGM notice for Oct 30, 2026 | board shareholder meetings | medium | — | — |
| 6 Oct 2026 · Board approves CEO and CFO resignations, Jenik Soni named new CFO | management changes | medium | — | — |
| 6 Oct 2026 · CFO change: Jenik Soni appointed, Jitendrakumar steps down, auditor reappointed | management changes | high | — | — |
| 6 Oct 2026 · CEO and CFO resign in internal realignment; auditor reappointed for 5 years | management changes | critical | — | — |
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.