BSE: 544168
VARYAA CREATIONS LIMITED
Trades in gems and jewellery as a single-segment business, holding inventory valued by a registered valuer at ₹2,345.45 lakhs as of FY26 year-end. Revenue from operations grew to ₹3,492.74 lakhs in FY26 from ₹3,134.33 lakhs in FY25, an 11.4% year-on-year increase, with profit after tax rising to ₹51.90 lakhs from ₹42.06 lakhs (23.4% growth). The cost structure is dominated by materials at 94.4% of revenue, with employee costs at 1.5% and other operating expenses at 4.7%. Earnings were uneven across the year: H1 FY26 delivered a profit after tax of ₹66.23 lakhs on revenue of ₹953.27 lakhs, but H2 FY26 swung to a net loss of ₹14.33 lakhs. Operating cash flow remained negative at ₹-394.81 lakhs for the full year, though improved sharply from ₹-1,949.77 lakhs in the prior year. The company has been listed on BSE's SME platform under scrip code 544168 since its April 2024 IPO, which raised ₹20.10 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Gems and Jewellery Trading (100%). Single-segment, inventory-heavy trading in gems and jewellery with thin margins (EBITDA margin 3.79%, net margin 1.49% in FY26)
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 21 | 31 | 35 |
| EBITDA (ex other income) | 4 | 1 | 1 |
| margin % | 16.8 | 2.9 | 3.7 |
| Owners' profit | 3 | 0 | 1 |
| EPS, as reported (₹) | 8.75 | 0.88 | 1.08 |
| ROE % · ROCE % | 83.5 · 111.6 | 1.8 · 3.8 | 2.1 · 5.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.18 |
| Cash from operations | (4) | (19) | (4) |
| Capex | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q4 FY24 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 0 | 16 | 10 | 25 |
| Profit before tax | 0 | 0 | 1 | 0 |
| Net profit | 0 | (0) | 1 | (0) |
| EPS (₹) | 0.00 | 0.42 | 1.38 | 0.30 |
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 | 1,767 | 12.4 | 5.53 | — | 28.0 | 37.7 | — | 6.7 |
| UDAY JEWELLERY INDS. LTD. | 712 | 26.9 | 3.43 | — | 17.2 | 23.1 | — | 6.6 |
| PNGS GARGI FASHION JEWELLERY L | 561 | 11.9 | 3.56 | — | — | — | — | 23.8 |
| KD GREEN INDUSTRIES LTD | 273 | 17.3 | 3.79 | 35.5 | 7.0 | 8.6 | — | 15.9 |
| GOLKUNDA DIAMONDS & JEWELLERY | 260 | 38.3 | 2.73 | — | 12.5 | 15.3 | — | 11.2 |
| AJC Jewel Manufacturers Limite | 209 | 50.1 | — | — | — | 28.7 | — | 4.4 |
| ASHAPURI GOLD ORNAMENT L | 200 | 10.2 | 1.11 | — | 7.0 | 9.4 | — | 12.2 |
| Patdiam Jewellery Limited | 147 | 8.8 | — | — | — | 24.6 | — | 8.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.6 | 11.9 | 25 of 45 | 46% |
| P/B | 0.5 | 1.1 | 9 of 37 | 78% |
| ROCE | 4.1 | 3.2 | 17 of 36 | 54% |
| ROE | 2.1 | 2.1 | 13 of 26 | 52% |
| Debt / Equity | 0.2 | 0.1 | 21 of 37 | 44% |
| EBITDA margin | 1.2 | 2.3 | 27 of 46 | 42% |
| Market cap | 13 | 25 | 45 of 54 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Nov 2026 · Board meeting to approve Q2 and half-year results | results | low | — | — |
| 13 Oct 2026 · Reg 74(5) Certificate Filing for Quarter Ended Sept 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM 2026: All 5 resolutions passed with 100% approval | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 21st AGM proceedings held on 29 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Varyaa Creations publishes notice of 21st AGM in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Varyaa Creations 21st AGM notice and FY26 Annual Report filed | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · 21st AGM on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Notice of 21st AGM on September 29, 2026 via Video Conferencing | compliance | minimal | — | — |
| 2 Sept 2026 · Board approves MD re-appointment for 5 years, AGM on 29 Sept, mutual fund plans | management changes | 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.