BSE: 544139
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. 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.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ 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 |
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 | 1,807 | 12.7 | 5.65 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 727 | 27.5 | 3.51 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 545 | 11.5 | 3.84 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 289 | 18.4 | 4.01 | 32.1 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 242 | 17.7 | 3.02 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 209 | 50.0 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 202 | 9.8 | 1.21 | — | 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) | 33.3 | 12.9 | 38 of 47 | 20% |
| ROCE | 5.9 | 4.7 | 22 of 50 | 57% |
| Revenue growth | 2.6 | 13.8 | 20 of 36 | 46% |
| Market cap | 35 | 25 | 22 of 54 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Promoter Soham Lodhiya receives 215,000 shares via warrant conversion | ownership changes | high | — | — |
| 19 Oct 2026 · CFO change at Koura: Charmi Lodhiya resigns, promoter Soham Lodhiya takes over | management changes | high | — | — |
| 19 Oct 2026 · Strong H1 results, 2.15 lakh warrants converted, promoter named CFO | fund raising | medium | — | — |
| 19 Oct 2026 · Koura Fine Diamond H1 FY26 results: revenue doubles, CFO replaced | results | high | — | — |
| 15 Oct 2026 · Promoter allots 3.5 lakh convertible warrants via preferential issue | ownership changes | high | — | — |
| 12 Oct 2026 · Board meeting on Oct 19, 2026 to approve interim results | results | low | — | — |
| 12 Oct 2026 · Board approves allotment of 6 lakh convertible warrants at Rs 37 each | fund raising | high | — | — |
| 5 Oct 2026 · Routine compliance certificate for Q2 FY27 filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: 2 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 4th AGM held, two ordinary resolutions passed | board shareholder meetings | 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.