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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Khazanchi Jewellers Limited | 1,868 | 13.2 | 5.85 | — | 28.0 | 37.7 | — | 6.8 |
| PNGS GARGI FASHION JEWELLERY L | 635 | 13.4 | 4.47 | — | 22.1 | 27.0 | — | 30.4 |
| UDAY JEWELLERY INDS. LTD. | 584 | 22.1 | 2.82 | — | 17.2 | 23.1 | — | 8.3 |
| KD GREEN INDUSTRIES LTD | 285 | 18.1 | 3.97 | 31.8 | 7.0 | 8.6 | — | 16.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Notice of 15th AGM on September 25, 2026 via video conferencing | compliance | minimal | — | — |
| 2 Sept 2026 · Darshan Orna fixes September 18, 2026 as e-voting cut-off for 15th AGM | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 15th AGM on Sep 25, 2026; revenue up 230 percent to Rs 71.49 cr | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Darshan Orna FY26 Annual Report: Revenue up 230% YoY to Rs 71.49 Cr | results | high | — | — |
| 2 Sept 2026 · Newspaper publication of 15th AGM notice - 25 September 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · New Statutory Auditor appointed for five year term | management changes | medium | — | — |
| 1 Sept 2026 · Statutory Auditor Shah Karia and Associates Resigns | management changes | medium | — | — |
| 1 Sept 2026 · SS Lunkad and Associates appointed as Secretarial Auditor for 5 years | management changes | medium | — | — |
| 1 Sept 2026 · Board approves auditor changes, fixes 15th AGM on Sep 25 | management changes | high | — | — |
| 1 Sept 2026 · Secretarial Auditor resigns from Darshan Orna citing personal reasons | management changes | medium | — | — |
| 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 |
| GOLKUNDA DIAMONDS & JEWELLERY |
| 230 |
| 16.8 |
| 2.87 |
| — |
| 17.1 |
| 20.7 |
| — |
| 9.0 |
| AJC Jewel Manufacturers Limite | 164 | 39.2 | — | — | — | 28.7 | — | — |
| Ashapuri Gold Ornament Limited | 152 | 7.3 | 0.91 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 140 | 7.5 | — | — | — | — | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.8 | 13.3 | 37 of 54 | 32% |
| P/B | 0.6 | 0.9 | 13 of 37 | 67% |
| ROCE | 2.5 | 3.9 | 32 of 52 | 39% |
| ROE | 1.8 | 2.5 | 25 of 40 | 39% |
| Debt / Equity | 0.0 | 0.1 | 18 of 40 | 56% |
| 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 | 22 | 27 | 32 of 54 | 42% |
| 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 |
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.
