NSE: MOKSH
MOKSH ORNAMENTS LIMITED
Sells ornaments and jewellery products from a base at the SEEPZ Special Economic Zone in Andheri (East), Mumbai, classifying under the gems, jewellery and watches industry on NSE. The business generated revenue from operations in FY26 higher than the Rs 57,090.20 lakhs reported in FY25, with profit after tax rising to Rs 985.42 lakhs from Rs 842.76 lakhs the previous year. Finance costs increased to Rs 345.04 lakhs in FY26 from Rs 313.19 lakhs in FY25. The board has proposed raising the borrowing limit under Section 180(1)(c) of the Companies Act to Rs 3,500 crores, alongside a separate resolution permitting creation of charges on company assets for borrowings up to Rs 500 crores. The company is led by Managing Director and promoter Amrit Shah and appointed M/s Mukesh Mehta & Associates as internal auditor for FY27. Promoters filed a nil disclosure under SEBI Regulation 31(4) confirming no encumbrance on shares during FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gems, jewellery and ornaments. Consumer discretionary, gems and jewellery
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 324 | 447 | 449 | 580 | 679 |
| EBITDA (ex other income) | 7 | 10 | 12 | 14 | 15 |
| margin % | 2.2 | 2.3 | 2.7 | 2.4 | 2.2 |
| Owners' profit | 0 | 6 | 6 | 8 | 10 |
| EPS, as reported (₹) | 0.96 | 1.14 | 1.17 | 1.01 | 0.56 |
| ROE % · ROCE % | — · — | 12.0 · 19.6 | 10.9 · 23.3 | 7.6 · 14.8 | 7.6 · 13.0 |
| Debt / equity (x) | — | 0.54 | 0.86 | 0.29 | 0.19 |
| Cash from operations | 26 | (21) | (18) | (27) | 4 |
| Capex | (0) | 0 | (0) | (0) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 158 | 117 | 167 | 151 | 152 | 115 | 261 | 268 |
| Profit before tax | 3 | 3 | 2 | 3 | 4 | 4 | 3 | 4 |
| Net profit | 2 | 2 | 1 | 2 | 3 | 3 | 2 | 3 |
| EPS (₹) | 0.45 | 0.46 | 0.15 | 0.29 | 0.16 | 0.16 | 0.10 | 0.18 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.0 | 23.8 | 8 of 29 | 75% |
| P/B | 0.6 | 2.7 | 2 of 28 | 96% |
| ROCE | 10.4 | 16.7 | 17 of 28 | 41% |
| ROE | 7.6 | 14.6 | 19 of 28 | 33% |
| Debt / Equity | 0.2 | 0.3 | 11 of 28 | 63% |
| EBITDA margin | 2.3 | 10.7 | 27 of 30 | 10% |
| Revenue growth | 77.6 | 45.7 | 3 of 25 | 92% |
| Profit growth | 28.2 | 49.8 | 18 of 25 | 29% |
| Market cap | 74 | 2932 | 27 of 30 | 10% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Routine demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results - both resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 14th AGM held on Sep 30, 2026; e-voting results awaited | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closure from October 1, 2026 for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper publication of 14th AGM notice | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 14th AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Book Closure for AGM from 24 Sept to 30 Sept 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board fixes AGM date as Sep 30, 2026; approves annual report | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Q1 FY27 financial results published in newspapers | compliance | minimal | — | — |
| 11 Jul 2026 · Routine compliance filing for Q1 FY27, all shares already in demat form | compliance | minimal | — | — |
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.