KOURA FINE DIAMOND JEWELRY LIM

Sells fine diamond jewelry and 925 sterling silver jewelry to end consumers, operating primarily through two online platforms — kourajewelry.com for diamond pieces and kourasilver.com for silver pieces. The company is registered in Ahmedabad and listed on the BSE SME platform, with a relatively short operating history (incorporated in 2022). In FY26, revenue from operations was ₹9,178.57 lakhs, up about 119% from ₹4,196.05 lakhs in the previous year, driven by higher diamond jewelry sales. The cost structure is heavily weighted to raw materials, which made up 96.6% of revenue in FY26, reflecting the trading-like nature of the business, while employee cost was just 0.5% and other operating expenses 6.8%. Capex was nil as a share of revenue, consistent with an online retail model. Profit after tax for FY26 was ₹75.91 lakhs against ₹17.25 lakhs in FY25, but operating cash flow was sharply negative at -₹1,208.59 lakhs because of a large inventory build-up (inventory nearly doubled to ₹1,550.56 lakhs) and a rise in trade receivables. The company has been funding growth through preferential allotments and warrant conversions to promoter and related parties.