BSE: 539884
Darshan Orna Limited
Sells gold jewellery and ornaments from Ahmedabad, Gujarat, with revenue heavily geared to gold prices. Quarterly revenue from operations jumped to ₹2,507.03 lakhs in Q3 FY26 from ₹239.80 lakhs in Q3 FY25, and nine-month FY26 revenue reached ₹4,616.58 lakhs versus ₹1,328.33 lakhs a year earlier, with the surge largely attributed to the steep rise in gold prices. For the full FY26, revenue stood at ₹71.49 crore with net profit of ₹0.65 crore and total assets of ₹40.62 crore. Raw materials — primarily gold — make up 95.2% of revenue, leaving employee and other operating costs at 0.2% and 0.8% respectively, and EBITDA margin at 1.33%. Trade receivables rose from ₹257.30 lakhs to ₹1,396.89 lakhs over FY26, and operating cash flow was negative ₹1,433.68 lakhs. The company raised ₹1,500.88 lakhs through a 1:1 rights issue at ₹3 per share in November 2025, doubling its equity share capital to 10,00,58,670 shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold jewellery and ornaments. Thin-margin, gold-price-sensitive jewellery trader with negligible fixed costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13 | 14 | 21 | 22 | 71 |
| EBITDA (ex other income) | 0 | (0) | (0) | (0) | 1 |
| margin % | 0.8 | (0.3) | (1.3) | (0.8) | 1.3 |
| Owners' profit | 1 | 0 | 3 | 0 | 1 |
| EPS, as reported (₹) | 0.79 | (0.40) | 0.53 | 0.09 | 0.07 |
| ROE % · ROCE % | 6.0 · 7.1 | 0.4 · 1.0 | 14.1 · 16.5 | 2.4 · 3.1 | 1.8 · 2.7 |
| Debt / equity (x) | 0.04 | 0.00 | 0.20 | 0.32 | 0.03 |
| Cash from operations | (1) | (0) | (6) | (2) | (14) |
| Capex | 0 | 0 | 0 | 0 | (0) |
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 | 8 | 2 | 2 | 8 | 15 | 6 | 25 | 25 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.02 | 0.04 | 0.02 | 0.01 | 0.04 | 0.05 | 0.01 | 0.01 |
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 LTD | 1,792 | 12.6 | 5.61 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 753 | 28.5 | 3.63 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 540 | 11.4 | 3.81 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 246 | 18.0 | 3.07 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 198 | 47.5 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 192 | 9.3 | 1.15 | — | 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) | 18.0 | 12.9 | 28 of 47 | 39% |
| P/B | 0.6 | 1.0 | 12 of 37 | 69% |
| ROCE | 2.5 | 4.7 | 32 of 50 | 37% |
| ROE | 1.8 | 2.3 | 22 of 37 | 42% |
| Debt / Equity | 0.0 | 0.1 | 15 of 37 | 61% |
| EBITDA margin | 0.9 | 6.8 | 25 of 35 | 29% |
| Revenue growth | 201.3 | 13.8 | 4 of 36 | 91% |
| Profit growth | 197.1 | 1.4 | 5 of 34 | 88% |
| Market cap | 20 | 25 | 31 of 54 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 21 Oct 2026 · Appointment of new Company Secretary and Compliance Officer | management changes | medium | — | — |
| 21 Oct 2026 · Appointment of Company Secretary and Compliance Officer | management changes | medium | — | — |
| 21 Oct 2026 · Heena Rawal appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 13 Oct 2026 · No demat or remat requests received in Q2 FY27, confirms registrar | compliance | minimal | — | — |
| 29 Sept 2026 · Secretarial Auditor appointed for 5-year term | management changes | medium | — | — |
| 29 Sept 2026 · P H Shah and Co named statutory auditor for five years | management changes | medium | — | — |
| 29 Sept 2026 · 15th AGM results: All 4 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Darshan Orna 15th AGM concluded; 4 resolutions put to e-voting | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closure from October 1 for Q2 Results | 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.