BSE: 543545
Veerkrupa Jewellers Limited
Sells jewellery from a base in Ahmedabad, with FY26 revenue from operations of Rs. 5,933.79 lakhs, more than double the Rs. 2,925.02 lakhs reported in FY25. Inventory of Rs. 1,718.10 lakhs as of FY26 year-end indicates a stock-based business model stocking gems and jewellery products. Employee costs of 0.4% of revenue and other operating expenses of 0.4% of revenue suggest a very lean operating structure. Profitability is extremely thin: FY26 profit after tax of Rs. 16.65 lakhs on the doubled revenue base, compared to Rs. 18.23 lakhs the prior year. Holds 13,10,52,533 outstanding equity shares of Rs. 1 each; authorised share capital was raised to Rs. 27 crore at the September 2025 AGM, and BSE gave in-principle approval in January 2026 for a Rights Issue whose specific terms have not been disclosed in the filings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jewellery sales. Small, inventory-heavy single-product jewellery business with very thin margins
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 19 | 14 | 29 | 59 |
| EBITDA (ex other income) | 0 | — | — | — |
| margin % | 0.4 | — | — | — |
| Owners' profit | 0 | — | — | — |
| EPS, as reported (₹) | 0.05 | 0.31 | 0.23 | 0.01 |
| ROE % · ROCE % | 0.3 · 0.5 | — · 2.1 | — · 1.7 | — · 0.8 |
| Debt / equity (x) | 0.09 | — | — | — |
| Cash from operations | (9) | 0 | (7) | 0 |
| Capex | 0 | — | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 14 | 9 | 4 | 8 | 21 | 25 | 35 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | — | 0 | — | — | — | — | — | — |
| EPS (₹) | 0.01 | 0.06 | 0.05 | 0.29 | 0.00 | 0.12 | 0.00 | 0.01 |
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 | 1,792 | 12.6 | 5.61 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 753 | 28.5 | 3.63 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 540 | 11.4 | 3.81 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 246 | 18.0 | 3.07 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 198 | 47.5 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 192 | 9.3 | 1.15 | — | 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) | 3.1 | 12.9 | 8 of 47 | 85% |
| ROCE | 0.8 | 4.7 | 37 of 50 | 27% |
| Revenue growth | 694.8 | 13.8 | 2 of 36 | 97% |
| Market cap | 5 | 25 | 52 of 54 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · SEBI Reg 74(5) certificate filed for quarter ended Sep 30 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · M/s P H Shah and Co appointed as Statutory Auditor for 5 years | management changes | medium | — | — |
| 30 Sept 2026 · Secretarial Auditor appointed for 5 years at AGM | management changes | medium | — | — |
| 30 Sept 2026 · 7th AGM voting results - all 4 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 7th AGM held; FY26 revenue up 103 percent, profit dips | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Trading window closure from Oct 1 for half-yearly results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication of 7th AGM notice and e-voting details | compliance | minimal | — | — |
| 5 Sept 2026 · Cut off date fixed for Veerkrupa Jewellers 7th AGM e voting | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 7th AGM notice and FY26 annual report filed by Veerkrupa Jewellers | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Notice of 7th AGM and Integrated Annual Report for FY 2025-26 | 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.