NSE: LGHL
LAXMI GOLDORNA HOUSE LTD
Sells gold jewellery and develops residential real estate in Ahmedabad. The Gold and Jewellery segment accounts for 79.9% of segment revenue (Rs 83.40 crore in FY26), while Real Estate contributes 20.0% (Rs 20.91 crore). The property business centres on the 'Laxmi Eternia' project in Narol, Ahmedabad, which spans 915,160 square feet of built-up area across 723 3BHK residential flats and 52 commercial shops and received its Building Use Certificate in May 2026. Materials cost is 120.7% of revenue — the largest cost line by far — reflecting pass-through gold pricing, while employee costs and other operating expenses are small at 2.5% and 3.6% of revenue respectively. Real Estate generated Rs 9.76 crore in segment EBIT against Rs 6.62 crore for Gold and Jewellery, despite the latter being roughly four times larger by revenue. Total FY26 revenue was Rs 104.31 crore with an EBITDA margin of 16.22%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold and Jewellery (80%), Real Estate (20%), Unallocated (0%). Small, family-promoted Ahmedabad business combining gold jewellery retail with a single residential real estate project
Exhibit 1: Financial summary, FY25–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 88 |
| EBITDA (ex other income) | 23 |
| margin % | 25.6 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 5.06 |
| ROE % · ROCE % | 16.2 · 16.6 |
| Debt / equity (x) | 1.57 |
| Cash from operations | (45) |
| Capex | (0) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 |
|---|---|---|
| Revenue | 28 | 29 |
| Profit before tax | 3 | 3 |
| Net profit | 1 | 2 |
| EPS (₹) | 0.32 | 1.06 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Gold and Jewellery | 22 | 78.4 |
| Real Estate | 6 | 20.9 |
| Unallocated | 0 | 0.7 |
| Total, before eliminations | 28 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 175.3 | 23.8 | 28 of 29 | 4% |
| P/B | 18.6 | 2.7 | 26 of 28 | 7% |
| ROCE | 10.3 | 16.7 | 18 of 28 | 37% |
| ROE | 16.2 | 14.6 | 12 of 28 | 59% |
| Debt / Equity | 1.6 | 0.3 | 28 of 28 | 0% |
| EBITDA margin | 18.2 | 10.7 | 7 of 30 | 79% |
| Market cap | 1212 | 2932 | 21 of 30 | 31% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · AGM voting results: All resolutions approved with requisite majority | compliance | minimal | — | — |
| 30 Sept 2026 · 17th AGM held on Sep 30, 2026; voting results awaited within 48 hours | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Postal ballot: 3 RPT resolutions passed for promoter loans up to Rs 100 cr each | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Newspaper publication of 17th AGM notice and e-voting information | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 17th AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board approves FY26 Directors Report, fixes AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper publication copy filed with exchange | compliance | minimal | — | — |
| 12 Aug 2026 · Postal ballot for related party borrowings up to 300 crore from promoters | regulatory legal | medium | — | — |
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.