Ahmedabad-based B2B gold jewellery manufacturer supplying wholesale, brand-collection (Arzish, Kaavis, Maayin, Aneya) and bespoke jewellery to 2,300+ retail outlets and national retail chains.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 64.8 | +22.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.3 | +1.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5.2 | +64.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 13.21 | +2.0 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.73 | +14.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 1.24 | −92.1 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 2 judged targets kept · 4 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Production Capacity | Expand 50% from 500 kgs to 750 kgs in next 2-3 months | Q4 FY25 | Setup is all ready for 750 kgs (though utilization is at 52%). | Achieved |
| FY27 Volume Growth | 30% or 35% | Q2 FY26 | Management refused to provide guidance: 'No, we won't give it for FY 27 right now. We will focus on this year only.' | Ghosted |
| Gold Jewellery Volume Growth | 50% to 60% growth | Q4 FY25 | Further softened to 15-20%; 9M volume is flat. | At Risk |
1 of Ashapuri Gold Ornament Limited's 6 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 3 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹6.07 on 24 Oct 2025 → ₹6.07. High ₹7.45 (22 Oct 2026), low ₹3.17 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 2 judged targets kept · 4 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Production Capacity | Expand 50% from 500 kgs to 750 kgs in next 2-3 months | Q4 FY25 | Setup is all ready for 750 kgs (though utilization is at 52%). | Achieved |
| FY27 Volume Growth | 30% or 35% | Q2 FY26 | Management refused to provide guidance: 'No, we won't give it for FY 27 right now. We will focus on this year only.' | Ghosted |
| Gold Jewellery Volume Growth | 50% to 60% growth | Q4 FY25 | Further softened to 15-20%; 9M volume is flat. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 6 tracked commitments, with each call’s wording and source.
Call summaries
Ashapuri Gold Q3 FY26
Ashapuri Gold reported strong profit and margin growth in Q3 FY26, driven by operational efficiency. However, gold price volatility significantly impacted volume growth, leading to a 29% QoQ degrowth and flat 9-month performance. The company is adapting with a strategic shift to 18-carat and lightweight jewelry and focusing on design IP, while also progressing with its NSE main board listing.
Read the full callAshapuri Gold Q2 FY26
Ashapuri Gold reported a strong Q2 FY26, driven by robust volume growth and significant margin expansion. The company's focus on premium product lines and design-led offerings contributed to a substantial increase in profitability. A healthy order book from recent exhibitions and ongoing discussions with national chains provide positive visibility for future quarters, despite adjustments to revenue growth targets due to rising gold prices.
Read the full callAshapuri Gold Q1 FY26
Ashapuri Gold Ornament Limited reported a strong start to FY26, with significant growth in revenue, EBITDA, and PAT, driven by strategic product focus and successful market engagement. The company is confident in achieving its ambitious full-year growth targets, supported by its collection-based approach and capacity expansion plans, despite initial market adjustments to rising gold prices.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +64% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 87 | 101 | 84 | 53 | 102 | 91 | 71 | 65 |
| Expenses | 82 | 95 | 83 | 48 | 91 | 83 | 69 | 57 |
| Operating profit | 5 | 6 | 1 | 5 | 11 | 8 | 1 | 7 |
| Operating margin | 5.7% | 6.0% | 1.3% | 9.5% | 11.2% | 8.8% | 1.6% | 11.3% |
| Other income | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 5 | 6 | 2 | 5 | 11 | 8 | 1 | 7 |
| Tax rate | 25.1% | 17.6% | 54.8% | 34.8% | 25.1% | 28.9% | −32.0% | 27.5% |
| Net profit | 3 | 5 | 1 | 3 | 8 | 6 | 1 | 5 |
| EPS (₹ per share) | 0.10 | 0.16 | 0.02 | 0.10 | 0.25 | 0.17 | 0.04 | 0.16 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 158 | 165 | 316 | 317 |
| Expenses | 154 | 155 | 301 | 292 |
| Operating profit | 4 | 10 | 16 | 26 |
| Other income | 0 | 2 | 2 | 0 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 |
| Profit before tax | 2 | 10 | 16 | 25 |
| Net profit | 2 | 8 | 12 | 19 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 25 | 25 | 25 | 33 | 33 | 33 |
| Reserves | 56 | 58 | 65 | 113 | 127 | 133 |
| Borrowings | 4 | 7 | 2 | 1 | 0 | 0 |
| Other liabilities | 2 | 1 | 4 | 6 | 9 | 6 |
| Total liabilities | 87 | 91 | 95 | 153 | 170 | 173 |
| Fixed assets | 8 | 8 | 6 | 6 | 6 | 5 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 2 | 8 | 7 | 8 |
| Other assets | 78 | 82 | 88 | 140 | 158 | 160 |
| Total assets | 87 | 91 | 95 | 153 | 170 | 173 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -25 | -5 | -2 | 5 | -36 | 9 |
| Cash from investing | -4 | -2 | 0 | 1 | -9 | -2 |
| Cash from financing | 30 | 4 | 2 | -6 | 45 | -1 |
| Net cash flow | 1 | -3 | 0 | 0 | 0 | 7 |
| Free cash flow | -30 | -7 | -3 | 6 | -36 | 9 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 32 | 46 | 35 | 66 | 25 | 28 |
| Inventory days | 124 | 126 | 157 | 135 | 137 | 169 |
| Days payable | 0 | 0 | 1 | 0 | 1 | 1 |
| Cash conversion cycle | 155 | 172 | 192 | 200 | 161 | 196 |
| Working capital days | 200 | 155 | 168 | 180 | 150 | 167 |
| Return on capital employed | 5.0% | 5.0% | 3.0% | 11.0% | 14.0% | 16.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Public hold 51.94% as of Jun 2026; institutions added 0.00 pts since Mar 2026.
Named in the Jun 2026 filing
Every holder of Ashapuri Gold Ornament Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 9.66% | unchanged | |
| 6.95% | unchanged | |
| 6.63% | unchanged | |
| 6.57% | unchanged | |
| 4.27% | unchanged | |
| 3.84% | unchanged | |
| 3.54% | unchanged | |
| 3.42% | unchanged | |
| 1.75% | unchanged | |
| 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.
Your own record
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