Aayush Art And Bullion Ltd (540718)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Aayush Art's revenue was ₹169 Cr (+259.6% year on year, +252.1% on the previous half-year), and net profit ₹8.0 Cr (+300.0% year on year); the operating margin was 5.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹169 | +259.6% | +252.1% |
| Operating profit | ₹10.0 | +400.0% | +900.0% |
| Net profit | ₹8.0 | +300.0% | — |
| EPS (₹) | 4.92 | +382.4% | — |
| Operating margin | 5.9% | — | — |
📢 Recent Corporate Announcements
Aayush Art And Bullion Limited announced the resignation of Mr. Afsar Ismail Khan (DIN: 11189994) from his position as Non-Executive Independent Director, effective 5th October, 2026. Following his resignation due to personal reasons, he also ceases to be a member of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. The director confirmed there are no other material reasons for his departure. The company holds a market cap of ₹1,995 Cr and reported FY26 annual revenue of ₹216 Cr.
- Independent Director Mr. Afsar Ismail Khan resigned effective 5th October, 2026
- Cessation covers memberships in Audit, Nomination & Remuneration, and Stakeholders Relationship committees
- Reason cited strictly as personal reasons with confirmation of no other material reasons
- Holds directorships in NIL other listed entities
Aayush Art And Bullion Limited announced the resignation of Mr. Afsar Ismail Khan (DIN: 11189994) from his position as Non-Executive Independent Director, effective 5th October, 2026. Following his resignation due to personal reasons, he also ceases to be a member of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. The director confirmed there are no other material reasons for his departure. The company holds a market cap of ₹1,995 Cr and reported FY26 annual revenue of ₹216 Cr.
- Independent Director Mr. Afsar Ismail Khan resigned effective 5th October, 2026
- Cessation covers memberships in Audit, Nomination & Remuneration, and Stakeholders Relationship committees
- Reason cited strictly as personal reasons with confirmation of no other material reasons
- Holds directorships in NIL other listed entities
Aayush Art And Bullion Limited announced the resignation of Non-Executive Director Mr. Piyush Parmar due to personal reasons, effective September 22, 2026. Concurrently, the Board approved the appointment of Mr. Bikash Rasily as an Additional Director (Non-Executive), who brings over 5 years of marketing experience. Consequently, the company reconstituted its Audit, Nomination & Remuneration, and Stakeholders Relationship Committees to replace Mr. Parmar with Mr. Rasily. The changes do not alter company operations or financial guidance.
- Resignation of Non-Executive Director Mr. Piyush Parmar effective September 22, 2026
- Appointment of Mr. Bikash Rasily as Non-Executive Additional Director effective September 22, 2026
- New appointee brings more than 5 years of experience in marketing and business development
- Reconstitution of 3 board committees: Audit, Nomination & Remuneration, and Stakeholders Relationship
Aayush Art And Bullion Limited announced the resignation of Non-Executive Director Mr. Piyush Parmar due to personal reasons, effective September 22, 2026. Concurrently, the Board approved the appointment of Mr. Bikash Rasily as an Additional Director (Non-Executive), who brings over 5 years of marketing experience. Consequently, the company reconstituted its Audit, Nomination & Remuneration, and Stakeholders Relationship Committees to replace Mr. Parmar with Mr. Rasily. The changes do not alter company operations or financial guidance.
- Resignation of Non-Executive Director Mr. Piyush Parmar effective September 22, 2026
- Appointment of Mr. Bikash Rasily as Non-Executive Additional Director effective September 22, 2026
- New appointee brings more than 5 years of experience in marketing and business development
- Reconstitution of 3 board committees: Audit, Nomination & Remuneration, and Stakeholders Relationship
Aayush Art And Bullion Limited announced the resignation of Non-Executive Director Mr. Piyush Parmar due to personal reasons, effective September 22, 2026. Concurrently, the Board approved the appointment of Mr. Bikash Rasily as an Additional Director (Non-Executive), who brings over 5 years of marketing experience. Consequently, the company reconstituted its Audit, Nomination & Remuneration, and Stakeholders Relationship Committees to replace Mr. Parmar with Mr. Rasily. The changes do not alter company operations or financial guidance.
- Resignation of Non-Executive Director Mr. Piyush Parmar effective September 22, 2026
- Appointment of Mr. Bikash Rasily as Non-Executive Additional Director effective September 22, 2026
- New appointee brings more than 5 years of experience in marketing and business development
- Reconstitution of 3 board committees: Audit, Nomination & Remuneration, and Stakeholders Relationship
Aayush Art And Bullion Limited has approved the appointment of Mr. Belim Rifaqathussain Mehboobbhai as Chief Financial Officer (CFO) effective August 24, 2026. The appointment was approved by the Board following recommendations from the Audit and Nomination and Remuneration Committees. Mr. Mehboobbhai brings over 15 years of experience in finance, accounting operations, taxation, and compliance. The company currently has a TTM revenue of ₹291 Cr and a market cap of approximately ₹2,000 Cr.
- Appointment of Mr. Belim Rifaqathussain Mehboobbhai as CFO effective August 24, 2026
- Appointee brings over 15 years of experience in accounting, taxation, GST/TDS compliance, and inventory management
- Board meeting approving the appointment concluded at 05:00 P.M. on August 24, 2026
- Follows the company's business transition and expansion with TTM revenue standing at ₹291 Cr
Aayush Art And Bullion Limited has approved the appointment of Mr. Belim Rifaqathussain Mehboobbhai as Chief Financial Officer (CFO), effective August 24, 2026. The decision was approved by the Board following recommendations from the Audit Committee and Nomination & Remuneration Committee. Mr. Mehboobbhai holds over 15 years of experience across accounting operations, taxation, compliance, and inventory management. This fills a core Key Managerial Personnel (KMP) position for the company.
- Appointed Mr. Belim Rifaqathussain Mehboobbhai as Chief Financial Officer effective August 24, 2026
- Appointee brings over 15 years of experience in accounting, taxation, ERP systems, and inventory controls
- Board meeting commenced at 04:30 PM and concluded at 05:00 PM on August 24, 2026
Aayush Art and Bullion Limited announced leadership changes following its board meeting on August 21, 2026. The company appointed Mr. Anuj Maheswari as Company Secretary and Compliance Officer effective August 21, 2026, bringing over 10 years of professional experience. Simultaneously, Ms. Bhagyashri Shyambihari Agrawal tendered her resignation from the post of Chief Financial Officer (CFO) effective August 20, 2026, citing personal reasons. A replacement for the CFO position was not named in the filing.
- Mr. Anuj Maheswari appointed as Company Secretary & Compliance Officer effective August 21, 2026
- Appointee brings over 10 years of professional experience, including over 6 years at Sterling Power Ventures
- CFO Ms. Bhagyashri Shyambihari Agrawal resigned effective August 20, 2026 due to personal reasons
- Board meeting concluded in 30 minutes (04:30 PM to 05:00 PM IST on August 21, 2026)
Aayush Art And Bullion Limited has announced the resignation of its Chief Financial Officer (CFO), Ms. Bhagyashri Shyambihari Agrawal, effective August 20, 2026, citing personal reasons. Concurrently, the Board approved the appointment of Mr. Anuj Maheswari as Company Secretary and Compliance Officer effective August 21, 2026. Mr. Maheswari brings over 10 years of professional experience in corporate secretarial and compliance matters. The company is currently operating with a market capitalization of Rs 1,979 Cr and TTM revenue of Rs 291 Cr.
- CFO Ms. Bhagyashri Shyambihari Agrawal resigned effective August 20, 2026
- Appointment of Mr. Anuj Maheswari as Company Secretary and Compliance Officer effective August 21, 2026
- Mr. Anuj Maheswari brings over 10 years of professional experience, including over 6 years at Sterling Power Ventures Pvt. Ltd.
- Board meeting to formalize the changes was held on August 21, 2026 from 4:30 PM to 5:00 PM
Aayush Art And Bullion Limited announced key managerial changes following its board meeting on August 21, 2026. Ms. Bhagyashri Shyambihari Agrawal resigned from the post of Chief Financial Officer (CFO) effective August 20, 2026, citing personal reasons. Concurrently, the board appointed Mr. Anuj Maheswari as Company Secretary and Compliance Officer effective August 21, 2026. The company has not yet named a replacement for the outgoing CFO.
- CFO Ms. Bhagyashri Shyambihari Agrawal resigned with effect from August 20, 2026, citing personal reasons.
- Mr. Anuj Maheswari appointed as Company Secretary and Compliance Officer effective August 21, 2026.
- Appointed CS brings over 10 years of professional experience, including over 6 years at Sterling Power Ventures Pvt. Ltd.
- Board meeting commenced at 04:30 P.M. and concluded at 05:00 P.M. on August 21, 2026.
Aayush Art And Bullion Limited has submitted a regulatory disclosure pursuant to Regulation 7(2) read with Regulation 6(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015. The intimation was received from M/s Eklingji Broking LLP and submitted to BSE on August 14, 2026. Specific transaction metrics, including share quantity, transaction value, and post-transaction shareholding, were not detailed in the cover communication.
- SEBI PIT Regulations Regulation 7(2) intimation submitted to BSE on August 14, 2026.
- Disclosure received from entity M/s Eklingji Broking LLP.
- Specific share quantities and transaction values were not disclosed in the filing cover letter.
Aayush Art And Bullion Ltd has scheduled its 17th Annual General Meeting (AGM) for September 10, 2026. The board is seeking shareholder approval to increase borrowing, investment, and lending limits to Rs 100 Crores each. This is a significant step as the company currently reports zero debt and has a net worth of Rs 60 Crores, meaning the proposed limits are approximately 1.67x its current equity. Notably, the company is also seeking approval for loans to entities where directors are interested up to the same Rs 100 Crore limit.
- Proposed borrowing limit of Rs 100 Crores under Section 180(1)(c), significantly higher than current zero debt.
- Proposed limit of Rs 100 Crores for loans, guarantees, and investments under Section 186.
- Seeking approval for loans to director-interested entities up to Rs 100 Crores under Section 185.
- 17th Annual General Meeting scheduled for September 10, 2026, via Video Conferencing.
- Proposed limits represent ~167% of the company's current Net Worth of Rs 60 Crores.
Aayush Art And Bullion Ltd has issued the notice for its 17th Annual General Meeting (AGM) to be held on September 10, 2026. The primary agenda includes the adoption of FY26 financial statements and the regularization of Mr. Mehal Bipinchandra Raval as Managing Director for a five-year term. The company reported a significant revenue surge to ₹216 Cr in FY26 from ₹74 Cr in FY25, driven by its pivot from textiles to the bullion and jewellery segment. Shareholders as of the September 3, 2026 cut-off date are eligible for e-voting.
- 17th Annual General Meeting scheduled for September 10, 2026, at 03:30 P.M. via Video Conferencing.
- FY26 Revenue grew by approximately 192% to ₹216 Cr compared to ₹74 Cr in FY25.
- Proposed appointment of Mr. Mehal Bipinchandra Raval as Managing Director for 5 years effective July 23, 2026.
- Remote e-voting period set from September 7, 2026 (09:00 AM) to September 9, 2026 (05:00 PM).
- Maulik Rajendrabhai Shah resigned as Managing Director effective July 23, 2026.
Aayush Art and Bullion Ltd has released its FY26 Annual Report, confirming a significant revenue surge to Rs 216 cr from Rs 74 cr in FY25, driven by its pivot into the bullion and jewelry sector. The company has scheduled its 17th AGM for September 10, 2026, to regularize the appointment of Mehal Bipinchandra Raval as Managing Director for a five-year term. Financially, the company remains debt-free with a net worth of Rs 60 cr and saw promoter holding increase to 24.63% by March 2026. Despite high growth, the stock trades at a high P/E of 195.8, reflecting aggressive market expectations.
- FY26 Revenue grew by 191.9% to Rs 216 cr compared to Rs 74 cr in FY25.
- Net Profit for FY26 increased to Rs 8 cr from Rs 2 cr in the previous financial year.
- 17th Annual General Meeting (AGM) scheduled for September 10, 2026, via video conferencing.
- Proposed regularization of Mehal Bipinchandra Raval as Managing Director for 5 years following the resignation of the previous MD.
- Company maintains a zero-debt status with a total net worth of Rs 60 cr as of March 31, 2026.
Aayush Art And Bullion Ltd has announced its 17th Annual General Meeting (AGM) for September 10, 2026, to be conducted via video conferencing. The company has fixed September 3, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. The register of members and share transfer books will remain closed for 7 days, from September 4 to September 10, 2026, for the purpose of the AGM. Remote e-voting will be available to shareholders from September 7 to September 9, 2026.
- 17th Annual General Meeting scheduled for September 10, 2026, at 03:30 P.M.
- Book closure period set from September 4, 2026, to September 10, 2026 (both days inclusive).
- Cut-off date for determining e-voting eligibility is September 3, 2026.
- Remote e-voting window opens on September 7, 2026 (09:00 A.M.) and closes on September 9, 2026 (05:00 P.M.).
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents. The company operates in the gold jewellery and bullion segment, but specific YoY growth percentages for these segments are not provided.
Geographic Revenue Split
Not disclosed in available documents. The company currently operates in India with a registered office in Delhi and a corporate office in Ahmedabad, and has stated intentions to expand into non-South Indian markets and Middle Eastern countries.
Profitability Margins
Not disclosed in available documents. However, the company confirmed it has not incurred cash losses in the current financial year (FY25) or the immediately preceding financial year (FY24).
EBITDA Margin
Not disclosed in available documents. The auditor's report confirms the company is capable of meeting its liabilities within one year, suggesting stable core profitability.
Capital Expenditure
Not disclosed in available documents. The company is pursuing a 'capital-efficient' growth strategy through franchised showrooms rather than heavy owned-asset CapEx.
Credit Rating & Borrowing
The company has not been sanctioned a working capital limit in excess of INR 5 Cr from banks or financial institutions based on the security of current assets. Specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Gold and Bullion (approximately 90-95% of product value). The business model revolves around the procurement and sale of gold jewellery and bullion products.
Import Sources
Not disclosed in available documents, though the company identifies Middle Eastern countries as a target for market expansion.
Capacity Expansion
The company is transitioning from a lace and embroidery focus (formerly AKM Lace and Embrotex) to a bullion and jewellery focus. Expansion is planned via franchised showrooms to enhance the business profile without heavy capital outlay.
Raw Material Costs
Not disclosed in available documents. Gold price volatility is cited as a primary factor impacting short-term consumer demand and inventory valuation.
Manufacturing Efficiency
Not disclosed in available documents. The company focuses on 'omnichannel retailing' to improve customer conversion rates.
Strategic Growth
Expected Growth Rate
14%
Growth Strategy
The company plans to achieve growth by aggressively foraying into non-South Indian markets and Middle Eastern countries. This will be executed through capital-efficient franchised showrooms. Additionally, the company is implementing omnichannel retailing and using data analytics to improve customer conversion and engagement.
Products & Services
Gold jewellery (necklaces, bangles, earrings), Bullion, and Art-related bullion products.
Brand Portfolio
Aayush Art and Bullion Limited (formerly AKM Creations Limited).
New Products/Services
The company is focusing on innovative and contemporary designs in gold jewellery to meet evolving fashion trends. Specific revenue contribution percentages for new designs are not disclosed.
Market Expansion
Targeting non-South Indian markets and Middle Eastern countries through franchised showrooms. Timeline for specific openings is not disclosed.
Market Share & Ranking
Not disclosed in available documents. The organized jewellery retailing market in India is projected to grow at 14%.
External Factors
Industry Trends
The Indian jewellery market is shifting toward organized retailing, which is projected to grow at 14%. There is a significant trend toward omnichannel retailing and the use of analytics to drive engagement. Consumer preferences are moving toward contemporary designs and the convenience of e-commerce.
Competitive Landscape
The company competes with both local unorganized jewellery shops and large organized retailers. The market is evolving as consumers shift from local shops to organized, branded showrooms.
Competitive Moat
The company's moat is built on its transition to a specialized bullion and art brand and its 'capital-efficient' franchise model. Sustainability depends on its ability to successfully scale the franchise network and maintain brand trust in the high-value jewellery sector.
Macro Economic Sensitivity
Highly sensitive to gold price fluctuations and consumer spending power. Shifting customer behaviors toward organized retail and digital platforms are key macro drivers.
Consumer Behavior
Consumers are increasingly seeking innovative designs and convenience, driving the growth of organized retail and e-commerce in the jewellery sector.
Geopolitical Risks
Expansion into Middle Eastern countries introduces exposure to regional geopolitical stability and international trade regulations.
Regulatory & Governance
Industry Regulations
The company must comply with the Companies Act, 2013, and Indian Accounting Standards (IND AS). A deficiency was noted regarding Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, as the company's accounting software lacked an audit trail (edit log) facility for FY25.
Legal Contingencies
The company reported zero pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of gold prices, which can impact demand by 10-20% in the short term. The lack of an audit trail in accounting software presents a regulatory and internal control risk.
Geographic Concentration Risk
Currently concentrated in India (Delhi/Ahmedabad), with plans to diversify into the Middle East.
Third Party Dependencies
Dependency on franchisees for the planned expansion model and on RTA (Skyline Financial Services) for share registry management.
Technology Obsolescence Risk
The company's accounting software is currently deficient in audit trail capabilities. Failure to adopt robust omnichannel technology could lead to loss of market share to digital-first competitors.
Credit & Counterparty Risk
Not disclosed in available documents. The auditor noted no material uncertainty regarding the company's ability to meet liabilities falling due within one year.
