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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fine diamond jewelry retail, Sterling silver jewelry retail. Asset-light online jewelry retail with a trading-style cost stack, heavily dependent on commodity input costs and inventory.
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 37 | 42 | 92 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 1.42 | 0.48 | 1.26 |
| ROE % · ROCE % | — · 6.5 | — · 5.7 | — · 6.8 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (1) | 0 | (12) |
| Capex | — | (0) | 0 |
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 31 | 16 | 26 | 60 | 32 |
| Profit before tax | 0 | 0 | 0 | 0 | 1 |
| Net profit | — | — | — | — | — |
| EPS (₹) | 0.76 | 0.25 | 0.23 | 0.94 | 0.32 |
| 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 |
| GOLKUNDA DIAMONDS & JEWELLERY | 230 | 16.8 | 2.87 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 164 | 39.2 | — | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Revised EGM voting results: 2 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Annual Report FY26 - Revenue more than doubles, PAT up 340 percent | results | high | — | — |
| 2 Sept 2026 · 4th AGM notice on Sep 30, 2026 to adopt FY26 accounts and re-appoint director | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board approves Directors Report and AGM notice for FY2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · EGM approves capital hike and 6 lakh convertible warrants issuance | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · EGM approves capital hike and 6 lakh convertible warrants issue | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · EGM held; warrants issue and authorized capital increase put to vote | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Corrigendum to EGM notice for preferential warrant issue allottee change | compliance | minimal | — | — |
| 25 Aug 2026 · Corrigendum to EGM notice; allottee change and valuation report revision | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Notice of EGM published; meeting scheduled for August 31, 2026 | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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) | 28.7 | 13.3 | 43 of 54 | 21% |
| ROCE | 5.9 | 3.9 | 22 of 52 | 59% |
| Revenue growth | 2.6 | 13.8 | 20 of 36 | 46% |
| Market cap | 30 | 27 | 25 of 54 | 55% |
| 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 |
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.
