NSE: ASTAR · BSE: 531847
ASIAN STAR CO. LTD.
Processes rough diamonds and manufactures diamond-studded jewellery, operating through two segments — Diamonds and Jewellery — alongside a small Others line. In FY26, consolidated revenue from Diamonds was Rs. 1,73,852 lakhs and from Jewellery Rs. 85,339 lakhs, with total revenue of Rs. 2,882.0051 crore and net profit of Rs. 40.4246 crore. Operations span a Mumbai-registered entity with a Hosur manufacturing unit in India, a wholly-owned Dubai subsidiary (Asian Star FZCO) for international trading, and an associate entity (Shah Manufacturers) that recently converted from a partnership into an LLP. Raw materials — rough diamonds and gold — account for 82.2% of revenue, leaving the cost base heavily exposed to commodity prices and currency moves. Margins are thin, with FY26 EBITDA margin at 2.9557% and net profit margin at 1.4027%, reflecting the value-add nature of cutting, polishing and assembly work. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Diamonds, Jewellery, Others. Cyclical, materials-intensive diamond processing and jewellery manufacturing
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,544 | 4,423 | 4,478 | 2,956 | 2,882 |
| EBITDA (ex other income) | 60 | 125 | 147 | 78 | 64 |
| margin % | 2.4 | 2.8 | 3.3 | 2.7 | 2.2 |
| Owners' profit | 0 | 0 | 0 | 43 | 40 |
| EPS, as reported (₹) | 39.94 | 58.62 | 51.63 | 26.98 | 25.25 |
| ROE % · ROCE % | 5.3 · 4.8 | 7.1 · 8.4 | 5.8 · 8.1 | 2.8 · 5.3 | 2.4 · 4.3 |
| Debt / equity (x) | 0.45 | 0.53 | 0.44 | 0.34 | 0.30 |
| Cash from operations | 116 | (176) | 94 | 230 | 90 |
| Capex | (1) | (5) | (5) | (7) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 759 | 654 | 688 | 854 | 717 | 759 | 660 | 746 |
| Profit before tax | 21 | 22 | 16 | (5) | 23 | 15 | 12 | (1) |
| Net profit | 17 | 19 | 12 | (4) | 19 | 13 | 9 | (0) |
| EPS (₹) | 11.54 | 21.46 | 7.51 | (2.80) | 12.08 | 7.31 | 5.28 | (0.25) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| DIAMONDS | 2,055 | 67.6 |
| JEWELLERY | 965 | 31.7 |
| OTHERS | 21 | 0.7 |
| Total, before eliminations | 3,042 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,036 | 67.4 | 24.65 | 45.1 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 57,162 | 39.8 | 9.06 | 21.6 | 21.4 | 22.1 | 33.0 | 6.5 |
| THANGAMAYIL JEWELLERY LTD | 14,909 | 38.1 | 10.53 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| PC JEWELLER LTD | 13,517 | 14.1 | 1.65 | 16.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| BLUESTONE JEWEL LFSTL LTD | 12,206 | 240.5 | 6.77 | 29.3 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,990 | 17.9 | 4.07 | 13.6 | 20.9 | 26.1 | — | 8.0 |
| TIMEX GROUP INDIA LTD. | 7,191 | 97.7 | 64.62 | — | 67.8 | 61.8 | — | 16.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.3 | 26.3 | 15 of 29 | 50% |
| P/B | 0.6 | 2.8 | 2 of 28 | 93% |
| ROCE | 2.8 | 16.7 | 26 of 28 | 7% |
| ROE | 2.4 | 14.6 | 26 of 28 | 7% |
| Debt / Equity | 0.3 | 0.3 | 14 of 28 | 52% |
| EBITDA margin | 1.1 | 10.7 | 28 of 30 | 7% |
| Revenue growth | (12.7) | 45.7 | 24 of 25 | 4% |
| Profit growth | 91.2 | 49.8 | 6 of 25 | 79% |
| Market cap | 1028 | 2960 | 22 of 30 | 28% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · AGM 2026: all 4 resolutions pass; Rs 1.50 dividend declared | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Disclosure of Voting result of the Remote e-voting and e-voting at 32nd AGM of the Company held on Monday, September 28, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 32nd AGM of Asian Star Company held on Sept 28, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closure from Oct 1 2026 for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · ASIAN STAR replies to BSE on price movement, says it is market-driven | regulatory legal | medium | — | — |
| 21 Sept 2026 · BSE seeks clarification on sharp price movement | regulatory legal | medium | — | — |
| 10 Sept 2026 · Independent Director Bijayananda Pattanayak resigns citing professional commitments | management changes | medium | — | — |
| 9 Sept 2026 · Independent Director Bijayananda Pattanayak resigns from Asian Star | management changes | medium | — | — |
| 5 Sept 2026 · Asian Star 32nd AGM notice published, e-voting from Sep 25-27 | compliance | minimal | — | — |
| 5 Sept 2026 · Asian Star notifies shareholders about 32nd AGM and Annual Report 2025-26 weblink | compliance | minimal | — | — |
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.