VEGA JEWELLERS LIMITED

Sells jewellery through a growing retail network, with FY26 marking the first full year as a jewellery business after the company was restructured from its earlier identity as PH Trading Limited. The consolidated business recorded revenue of Rs 981.89 crore in FY26, with retail store expansion as a key operational lever — a sixth retail outlet was opened in Guntur, Andhra Pradesh, and the company purchased 3,300 square yards of land in Vijayawada for Rs 28 crore to support future growth. The disclosed cost shape shows employees at 2.6% of revenue, other operating expenses at 3.2%, depreciation at 0.7% and capital expenditure of Rs 22.98 crore (2.3% of revenue). Inventory management is central to the business: standalone inventory rose by Rs 28,842 lakhs in FY26, pushing standalone operating cash flow to negative Rs 12,847.52 lakhs, reflecting the stock-heavy nature of jewellery trading. The company raised Rs 9.87 crore via a preferential warrant conversion to promoters in January 2026 and followed with a 4:1 bonus issue of about 4.07 crore shares in April 2026, while dormant subsidiary Vega Jewellers DSNR LLP is being struck off as it had not commenced any business.