542579
Ashapuri Gold financials
- Market cap
- ₹143 Cr
- Sector
- Consumer Durables
- Calls analysed
- 4
Ashapuri Gold Q3 FY26
EBITDA Margin 8.78%; PAT Margin 6.11%. PAT grew by 7.76% year-on-year in Q3 FY26.
Read the full call →What Ashapuri Gold does
Ashapuri Gold Ornament Limited manufactures gold jewellery in-house at its Ahmedabad facility and sells on a pan-India B2B wholesale basis to jewellery retailers and corporate clients (including Titan Company) rather than directly to consumers. It designs and produces jewellery across four regional brand collections — Arzish (pan-India, Kundan artistry), Kaavis (South Indian temple-motif), Maayin (North Indian lightweight/antique) and Aneya (Polki & diamond) — as well as bespoke customised pieces (chokers, bangles, necklaces, bracelets) for retailers seeking exclusivity. In response to gold-price volatility, it has also begun developing 18-carat lightweight jewellery as a lower-weight alternative to traditional 22-carat pieces.
Segments
- Pan India Collection (Arzish)
- Southern India Collection (Kaavis)
- North India Collection (Maayin)
- Polki & Diamond Collection (Aneya)
- Customised/bespoke jewellery
- Manufacturing facility
- 1 facility, 14,000+ sq ft (Ahmedabad, BIS-certified)
- Annual manufacturing capacity
- 750 Kgs (ready capacity, up from 500 Kgs prior year)
- Capacity utilization
- 52% (Q3 FY26)
- Retail outlet network
- 2,300+
- Geographic presence
- 11+ states
- Workforce (employees & artisans)
- 300+
Guidance record · Q3 FY26
what the last two calls moved 6 tracked 1 delivered 1 missed 4 open- Production Capacity delivered said Q4 FY25 Promised: Expand 50% from 500 kgs to 750 kgs in next 2-3 months Q3 FY26: Setup is all ready for 750 kgs (though utilization is at 52%).
- FY27 Volume Growth went quiet said Q2 FY26 Promised: 30% or 35% Q3 FY26: Management refused to provide guidance: 'No, we won't give it for FY 27 right now. We will focus on this year only.'
- Gold Jewellery Volume Growth at risk said Q4 FY25 Promised: 50% to 60% growth Q3 FY26: Further softened to 15-20%; 9M volume is flat.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 22.4%, net profit up 64.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87 | 101 | 84 | 53 | 102 +18% | 91 −10% | 71 −16% | 65 +22% |
| EBITDA | 5 | 6 | 1 | 5 | 11 +130% | 8 +31% | 1 +1% | 7 +46% |
| Net profit | 3 | 5 | 1 | 3 | 8 +145% | 6 +8% | 1 +69% | 5 +64% |
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 −28.8% 1Y
1Y: ₹6.36 on 10 Sept 2025 → ₹4.53. High ₹6.42 (3 Oct 2025), low ₹3.17 (30 Mar 2026).
How the price took the results
close before → close after
- Q3 FY26
- −1.9%
- 13 Feb
- Q2 FY26
- −1.0%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 26.1% a year over 3 years, FY23 to FY26. Operating margin widened to 8.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹158 Cr | ₹165 Cr | ₹316 Cr | ₹317 Cr |
| Operating profit | ₹4 Cr | ₹10 Cr | ₹16 Cr | ₹26 Cr |
| Operating margin | 2.3% | 5.9% | 4.9% | 8.1% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹2 Cr | ₹8 Cr | ₹12 Cr | ₹19 Cr |
| Net margin | 1.1% | 4.7% | 3.8% | 5.9% |
| Cash from operations | ₹-2 Cr | ₹5 Cr | ₹-36 Cr | ₹9 Cr |
| Free cash flow | ₹-3 Cr | ₹6 Cr | ₹-36 Cr | ₹9 Cr |
| ROCE | 3.0% | 11.0% | 14.0% | 16.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹33 Cr | ₹33 Cr |
| Reserves | ₹53 Cr | ₹56 Cr | ₹58 Cr | ₹65 Cr | ₹127 Cr | ₹133 Cr |
| Borrowings | ₹0 Cr | ₹4 Cr | ₹7 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹4 Cr | ₹9 Cr | ₹6 Cr |
| Total liabilities | ₹80 Cr | ₹87 Cr | ₹91 Cr | ₹95 Cr | ₹170 Cr | ₹173 Cr |
| Fixed assets | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹6 Cr | ₹6 Cr | ₹5 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹7 Cr | ₹8 Cr |
| Other assets | ₹72 Cr | ₹78 Cr | ₹82 Cr | ₹88 Cr | ₹158 Cr | ₹160 Cr |
| Total assets | ₹80 Cr | ₹87 Cr | ₹91 Cr | ₹95 Cr | ₹170 Cr | ₹173 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. The shareholder count shrank 5% to 93,178.
- Promoters
- 48.1%
- Public
- 51.9%
Since Jun 2025
- Public +0.01 pp
- Promoters 0.00 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Over this window the public went from 33.5% to 51.9% — +18.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 62.2%, FIIs 4.3%, Public 33.5%.Dec '23: Promoters 62.5%, FIIs 4.3%, Public 33.2%.Mar '24: Promoters 64.1%, Public 35.9%.Jun '24: Promoters 48.1%, FIIs 1.7%, Public 50.2%.Sep '24: Promoters 48.1%, Public 51.9%.Dec '24: Promoters 48.1%, Public 51.9%.Mar '25: Promoters 48.1%, Public 51.9%.Jun '25: Promoters 48.1%, Public 51.9%.Sep '25: Promoters 48.1%, Public 51.9%.Dec '25: Promoters 48.1%, Public 51.9%.Mar '26: Promoters 48.1%, Public 51.9%.Jun '26: Promoters 48.1%, Public 51.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ashapuri Gold above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Soni Saremal Champalal | 9.66% | unchanged |
| Dineshkumar Saremal Soni | 6.95% | unchanged |
| Jitendrakumar Saremal Soni | 6.63% | unchanged |
| Narmadadevi Saremal Soni | 6.57% | unchanged |
| Kiranben Dineshkumar Soni | 4.27% | unchanged |
| Soni Dineshkumar Saremal Huf | 3.84% | unchanged |
| Soni Saremal Champalal Huf | 3.54% | unchanged |
| Alka Jitendra Soni | 3.42% | unchanged |
| Jitendra S Soni Huf | 1.75% | unchanged |
| Aimwin Capital-Acting Through Jitendra Saremal Soni,Partner | 1.43% | 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.
All earnings calls (4)
Read the Q3 FY26 call →Learn to analyse Ashapuri Gold
Guides on how to read this kind of business and the numbers that matter.