MOKSH

Moksh Ornaments financials

Market cap
₹90 Cr
Sector
Consumer Durables

What Moksh Ornaments Limited does

Moksh Ornaments Limited designs, crafts and manufactures gold jewellery, with a particular specialisation in gold bangles including the traditional Kolkata-style bangle. It sells to jewellery wholesalers and retailers across India and has expanded into international/export business. The company also built Digicat, a digital/electronic catalogue application that lets jewellery manufacturers, wholesalers and retailers showcase designs digitally to reach wider markets.

Segments

  • Gold jewellery & bangle manufacturing
Product specialisation
Gold bangles, incl. Kolkata-style bangle
Market reach
Pan-India distribution plus international/export business
Digital catalogue platform
Digicat — electronic catalogue app for jewellery manufacturers, wholesalers and retailers
Founded 2012Headquarters Mumbai, Maharashtra, India Company website

Quarterly results

Q1 FY27: revenue up 77.6%, net profit up 28.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue158 117 167 151 152 −4%115 −2%261 +56%268 +78%
EBITDA4 4 1 4 4 +0%4 −1%2 +179%5 +21%
Net profit2 2 1 2 3 +15%3 +14%2 +42%3 +28%
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 −26.0% 1Y

₹10.0₹12.0₹14.0₹16.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹13.93 on 10 Sept 2025 → ₹10.31. High ₹15.92 (18 Dec 2025), low ₹8.63 (30 Mar 2026).

Financials, as filed

Revenue grew 22.9% a year over 2 years, FY24 to FY26. Operating margin narrowed to 2.2%.

Year endingFY24FY25FY26
Revenue₹449 Cr₹580 Cr₹679 Cr
Operating profit₹12 Cr₹14 Cr₹15 Cr
Operating margin2.8%2.4%2.2%
Interest₹5 Cr₹5 Cr₹3 Cr
Depreciation₹0 Cr₹0 Cr₹0 Cr
Net profit₹6 Cr₹8 Cr₹10 Cr
Net margin1.4%1.5%1.5%
Cash from operations₹-18 Cr₹-27 Cr₹4 Cr
Free cash flow₹-18 Cr₹-27 Cr₹-3 Cr
ROCE15.0%13.0%11.0%
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₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹18 Cr₹18 Cr
Reserves₹30 Cr₹34 Cr₹40 Cr₹47 Cr₹107 Cr₹111 Cr
Borrowings₹36 Cr₹4 Cr₹28 Cr₹50 Cr₹39 Cr₹25 Cr
Other liabilities₹3 Cr₹1 Cr₹1 Cr₹0 Cr₹7 Cr₹31 Cr
Total liabilities₹79 Cr₹50 Cr₹80 Cr₹108 Cr₹170 Cr₹185 Cr
Fixed assets₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹7 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹79 Cr₹49 Cr₹79 Cr₹108 Cr₹169 Cr₹177 Cr
Total assets₹79 Cr₹50 Cr₹80 Cr₹108 Cr₹170 Cr₹185 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

Since Jun 2025, promoters added +3.22 pp while the public trimmed −1.75 pp. The shareholder count shrank 11% to 35,104.

Promoters
40.1%
FIIs
4.7%
DIIs
0.1%
Public
55.2%

Since Jun 2025

  • Promoters +3.22 pp
  • Public −1.75 pp
  • FIIs −1.51 pp

How it drifted, 12 quarters

Over this window promoters fell from 55.1% to 40.1% — −15.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.1%, Public 44.9%.Dec '23: Promoters 55.1%, Public 44.9%.Mar '24: Promoters 55.1%, FIIs 0.1%, Public 44.7%.Jun '24: Promoters 55.1%, FIIs 0.1%, Public 44.8%.Sep '24: Promoters 55.1%, Public 44.9%.Dec '24: Promoters 55.1%, Public 44.9%.Mar '25: Promoters 36.9%, FIIs 6.8%, Public 56.3%.Jun '25: Promoters 36.9%, FIIs 6.2%, Public 57.0%.Sep '25: Promoters 40.1%, FIIs 4.5%, Public 55.4%.Dec '25: Promoters 40.1%, FIIs 4.5%, DIIs 0.1%, Public 55.3%.Mar '26: Promoters 40.1%, FIIs 4.5%, DIIs 0.1%, Public 55.3%.Jun '26: Promoters 40.1%, FIIs 4.7%, DIIs 0.1%, Public 55.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Moksh Ornaments Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Amrit Jawanmalji Shah 33.92%unchanged
Sangeeta Amritlal Shah 6.17%unchanged
Pine Oak Global Fund FPI fund4.53%unchanged
Nataraj V Angadi 2.48%+0.56 pp
Rajann Gautam Mehta 1.89%+0.55 pp
Minal Securities Private Ltd 1.38%newly disclosed
Jawanmal Moolchand Shah Huf 0.00%unchanged
Amrit Jawanmal Shah Huf 0.00%unchanged
Harshita Amrit Shah 0.00%unchanged
Purvesh Amrit Shah 0.00%unchanged
Jawanmal Moolchand Shah 0.00%unchanged
Vimla Jawanmalji Shah 0.00%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

Attractive

To justify its price of ₹10, this stock must grow earnings at 2% every year for 7 years. Our analysis caps realistic growth at ~24%. At that growth it is worth ₹33 — upside of 224%.

Growth the price implies
2.1% a year
for 7 years, fading to 4%
It has actually compounded at
25.4% a year
net profit, FY24–FY26 · EPS 24.4%
The gap
-0.2 pp
224% downside if it only repeats history
Price today ₹10.31 Value at the reference growth ₹33.44

Change the assumptions yourself →

Learn to analyse Moksh Ornaments Limited

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