BSE: 542477
GLAAM UP JWEL LIMITED
Trades in precious and non-precious stones, rough diamonds and metals out of Gujarat, having shifted operations there after its Delhi premises were sealed. FY26 revenue from operations was Rs. 1,239.27 lakhs (Rs. 12.39 crore), nearly flat versus Rs. 1,226.17 lakhs in FY25, with net profit of Rs. 11.87 lakhs. The H1 FY26 result captured the business pivot — revenue of Rs. 785.85 lakhs against Rs. 0.25 lakhs in H1 FY25 — as trading in precious stones and metals commenced. As reported, employee cost is 0.4% of revenue and other operating expenses 1.8%, with no materials cost and no capex line shown. The business carries legacy baggage from its Delhi operations: a Rs. 2.06 crore Axis Bank credit-facility default outstanding since December 2019 and now before Debt Recovery Tribunal, plus a contingent CGST penalty of Rs. 2,223.54 lakhs for alleged fraudulent input-tax credit that, if recognised, would push the company into negative net worth. The name was changed from Gleam Fabmat Limited to Glaam Up Jwel Limited on December 15, 2025 to signal the new focus. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading in precious and non-precious stones, rough diamonds and metals (100%). Small, single-line trading business in precious stones and metals, recently relocated from Delhi to Gujarat
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 0 | 1 | 12 | 12 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | (0.01) | (0.05) | 0.08 | 0.01 | 0.12 |
| ROE % · ROCE % | — · (0.1) | — · (0.4) | — · 0.7 | — · 0.1 | — · 1.3 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | 0 | (0) | (0) | 0 |
| Capex | — | — | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 1 | 0 | 12 | 8 | 5 |
| Profit before tax | (0) | (0) | (0) | 0 | 0 | (0) | 0 | 0 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (0.01) | (0.04) | (0.07) | 0.15 | 0.03 | 0.02 | 0.04 | 0.08 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 116.8 | 13.9 | 122 of 130 | 6% |
| ROCE | 1.3 | 2.1 | 97 of 177 | 46% |
| Revenue growth | 592.9 | (8.6) | 6 of 135 | 96% |
| Market cap | 20 | 21 | 95 of 179 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate filed confirming all shares held in demat form | compliance | minimal | — | — |
| 30 Sept 2026 · AGM voting results: all 9 resolutions passed with 99.72% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 8th AGM held via video conferencing; 9 resolutions transacted | board shareholder meetings | low | — | — |
| 9 Sept 2026 · AGM notice newspaper ad published; 8th AGM set for Sep 29, 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · AGM notice published in newspaper with e-voting facility for members | compliance | minimal | — | — |
| 7 Sept 2026 · Book Closure for 8th AGM from Sep 23 to Sep 29, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 8th AGM on Sep 29, 2026 - notice and annual report submitted | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 8th AGM Notice and FY 2025-26 Annual Report filed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board reshuffles directors, clears Rs 100 Cr borrowing, AGM on Sept 29 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board reshuffle, new Chairman appointed, Rs 100 Cr borrowing approved, office shifted | general | low | — | — |
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.