Operates through a 90%-owned subsidiary, VEM Plastic Molding Private Limited, which manufactures plastic components for the automotive sector and was classified as a material subsidiary in FY26 after acquiring the business of VIM Tooling (India) through a Business Transfer Agreement. VEM secured purchase orders of approximately Rs. 13 crore: a Rs. 10 crore order from Sipradi Yatri P. Ltd. in Nepal to manufacture plastic panels for the Yatri P-2 scooter, and a Rs. 3 crore three-year contract from Magna Automotive India to supply plastic parts for the Tata Sierra and other Tata SUVs, generating Rs. 3 crore annually. Consolidated FY26 revenue was Rs. 45.2589 crore with net profit of Rs. 3.863 crore; the subsidiary contributed Rs. 2,081.96 lakhs of revenue and Rs. 99.28 lakhs of net profit, while the standalone parent generated Rs. 2,835.33 lakhs of revenue. The FY26 cost mix was 25.6% materials, 11.6% employees, 7.3% other operating expenses, and 3.7% depreciation, with capex at 67.6% of revenue. The statutory auditor issued a qualified opinion on FY26 results citing unverified bank balances of Rs. 40,436, incomplete GST reconciliation, and non-compliance with Ind AS 19 for employee retirement benefits. The parent's underlying standalone product line is not detailed in the filings, though the company is classified under Gems, Jewellery and Watches. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. VEM Plastic Molding subsidiary (automotive plastic components), Standalone parent operations. Small-cap BSE-listed holding entity with automotive plastic molding subsidiary; FY26 standalone operating cash flow was negative at Rs. 1,173.51 lakhs due to working capital build-up
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 45 |
| EBITDA (ex other income) | 4 |
| margin % | 9.5 |
| Owners' profit | 4 |
| EPS, as reported (₹) | 3.97 |
| ROE % · ROCE % | 4.0 · 6.0 |
| Debt / equity (x) | 0.06 |
| Cash from operations | 2 |
| Capex | (31) |
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 13 | 10 | 14 | 8 |
| Profit before tax | 0 | 1 | 0 | 4 |
| Net profit | 0 | 1 | 0 | 3 |
| EPS (₹) | 2.58 | 0.49 | 0.16 | 2.80 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Khazanchi Jewellers Limited | 1,868 | 13.2 | 5.85 | — | 28.0 | 37.7 | — | 6.8 |
| PNGS GARGI FASHION JEWELLERY L | 635 | 13.4 | 4.47 | — | 22.1 | 27.0 | — | 30.4 |
| UDAY JEWELLERY INDS. LTD. | 584 | 22.1 | 2.82 | — | 17.2 | 23.1 | — | 8.3 |
| KD GREEN INDUSTRIES LTD | 285 | 18.1 | 3.97 | 31.8 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 230 | 16.8 | 2.87 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 164 | 39.2 | — | — | — | 28.7 | — | — |
| Ashapuri Gold Ornament Limited |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 22 Aug 2026 · Newspaper advertisement filed for 39th AGM notice | compliance | minimal | — | — |
| 21 Aug 2026 · Book closure Sept 17-24, 2026 for 39th AGM on Sept 24 | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · Book Closure and Record Date Notice for 39th AGM on 24 September 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · AGM Sept 24: Capital Hike to 27 Crore and New ESOP Plan on Agenda | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Annual Report FY25-26 filed; 39th AGM on Sept 24, 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper ad of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 7 Aug 2026 · Zodiac-JRD-MKJ proposes rights issue of up to Rs 40 crore | corporate actions | high | — | — |
| 7 Aug 2026 · Zodiac-JRD-MKJ proposes Rights Issue of up to Rs 40 crore | corporate actions | high | — | — |
| 6 Aug 2026 · Board meeting on Aug 12 for Q1 results and Rights Issue pricing | results | low | — | — |
| 6 Aug 2026 · Rights Issue: Zodiac-JRD-MKJ plans to raise up to Rs 40 crore | corporate actions | high | — | — |
| 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 |
| 152 |
| 7.3 |
| 0.91 |
| — |
| 11.1 |
| 15.0 |
| — |
| 11.4 |
| Patdiam Jewellery Limited | 140 | 7.5 | — | — | — | — | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.3 | 13.3 | 14 of 54 | 76% |
| P/B | 0.4 | 0.9 | 5 of 37 | 89% |
| ROCE | 5.3 | 3.9 | 25 of 52 | 53% |
| ROE | 4.0 | 2.5 | 19 of 40 | 54% |
| Debt / Equity | 0.1 | 0.1 | 22 of 40 | 46% |
| EBITDA margin | 48.0 | 6.8 | 5 of 35 | 88% |
| Market cap | 42 | 27 | 21 of 54 | 62% |
| 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 |
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.
