531847

Asian Star financials

Market cap
₹933 Cr
Sector
Consumer Durables

What Asian Star Co. does

Asian Star is a vertically integrated diamond and jewellery company: it ethically sources rough diamonds from mining companies, cuts and polishes them into loose diamonds (certified and non-certified, up to 5 carats) at its Surat unit, and manufactures diamond jewellery — bridal, fashion, classic, ceramic fine jewellery and men's jewellery — at facilities in Mumbai and Hosur. Finished diamonds and jewellery are sold worldwide through a network of the company's own marketing arms and subsidiaries, supplying leading jewellery brands and retail chains as well as its own jewellery boutique in Mumbai. It also runs a small captive power business using windmills in Kerala.

Segments

  • Diamond (cutting & polishing)
  • Jewellery (manufacturing & retail)
  • Power
Diamond cutting & polishing facility
100,000 sq. ft. (Surat)
Jewellery manufacturing facilities
60,000 sq. ft. (Mumbai & Hosur)
Workforce (talent pool)
2,000+
Marketing arms / offices worldwide
Antwerp, Chicago, New York, Shanghai, Dubai, Hong Kong, Bangkok, Singapore, Ahmedabad, Chennai
Rough-diamond procurement centres
Antwerp and Dubai
Key consumer markets served
US, Europe, China, India
Founded 1971Headquarters Mumbai, MaharashtraEmployees 2,000 (FY25) Company website

Quarterly results

Q1 FY27: revenue down 1.4%, net profit down 31.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue550 545 644 554 598 +9%492 −10%563 −13%546 −1%
EBITDA22 20 6 18 20 −9%10 −50%5 −17%13 −28%
Net profit14 9 -2 16 10 −29%8 −11%-1 +50%11 −31%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −22.2% 1Y

₹600₹650₹700₹750Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26

1Y: ₹729.35 on 8 Sept 2025 → ₹567.2. High ₹749.9 (19 Nov 2025), low ₹567.2 (9 Sept 2026).

Financials, as filed

Revenue fell 19.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 2.4%.

Year endingFY23FY24FY25FY26
Revenue₹4.2k Cr₹2.7k Cr₹2.3k Cr₹2.2k Cr
Operating profit₹139 Cr₹100 Cr₹72 Cr₹53 Cr
Operating margin3.3%3.7%3.1%2.4%
Interest₹23 Cr₹30 Cr₹32 Cr₹25 Cr
Depreciation₹12 Cr₹10 Cr₹10 Cr₹8 Cr
Net profit₹76 Cr₹66 Cr₹38 Cr₹33 Cr
Net margin1.8%2.4%1.6%1.5%
Cash from operations₹46 Cr₹-11 Cr₹164 Cr₹109 Cr
Free cash flow₹43 Cr₹-27 Cr₹160 Cr₹106 Cr
ROCE7.0%7.0%5.0%4.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹16 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr
Reserves₹806 Cr₹861 Cr₹916 Cr₹979 Cr₹1.6k Cr₹1.0k Cr
Borrowings₹494 Cr₹629 Cr₹626 Cr₹685 Cr₹514 Cr₹492 Cr
Other liabilities₹337 Cr₹436 Cr₹465 Cr₹475 Cr₹318 Cr₹294 Cr
Total liabilities₹1.7k Cr₹1.9k Cr₹2.0k Cr₹2.2k Cr₹2.4k Cr₹1.8k Cr
Fixed assets₹245 Cr₹222 Cr₹213 Cr₹220 Cr₹210 Cr₹207 Cr
Capital work in progress₹0 Cr₹0 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹88 Cr₹86 Cr₹67 Cr₹83 Cr₹83 Cr₹101 Cr
Other assets₹1.3k Cr₹1.6k Cr₹1.7k Cr₹1.9k Cr₹2.1k Cr₹1.5k Cr
Total assets₹1.7k Cr₹1.9k Cr₹2.0k Cr₹2.2k Cr₹2.4k Cr₹1.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025.

Promoters
74.7%
DIIs
4.2%
Public
21.1%

Since Jun 2025

  • Public −0.01 pp
  • Promoters 0.00 pp
  • DIIs 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.7%, DIIs 4.3%, Public 21.0%.Dec '23: Promoters 74.7%, DIIs 4.3%, Public 21.1%.Mar '24: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Jun '24: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Sep '24: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Dec '24: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Mar '25: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Jun '25: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Sep '25: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Dec '25: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Mar '26: Promoters 74.7%, DIIs 4.2%, Public 21.1%.Jun '26: Promoters 74.7%, DIIs 4.2%, Public 21.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Asian Star Co. above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vipul Prabodh Shah 24.99%unchanged
Dharmesh Dineshchandra Shah 24.68%unchanged
Arvind Tarachand Shah 9.90%unchanged
Priyanshu Arvind Shah 7.59%unchanged
Rasila Arvind Shah 7.50%unchanged
Flora Impex Private Limited 4.90%unchanged
Nishant Impex Private Limited 4.80%unchanged
Rahil Impex Private Limited 4.32%unchanged
United India Insurance Company Limited Insurer4.21%unchanged
Liston Investments Ltd. 3.78%unchanged
Shloka Traders Pvt Ltd 2.30%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹567, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~-24%. At that growth it is worth ₹30 — downside of 95%.

Growth the price implies
30.7% a year
for 7 years, fading to 4%
It has actually compounded at
-24.2% a year
net profit, FY23–FY26 · EPS -24.3%
The gap
0.5 pp
-95% downside if it only repeats history
Price today ₹567.2 Value at the reference growth ₹30.46

Change the assumptions yourself →

Learn to analyse Asian Star Co.

Guides on how to read this kind of business and the numbers that matter.