Ashapuri Gold Ornament Ltd (542579)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ashapuri Gold's revenue was ₹64.8 Cr (+22.4% year on year, -8.2% on the previous quarter), and net profit ₹5.2 Cr (+64.2% year on year); the operating margin was 11.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹64.8 | +22.4% | -8.2% |
| Operating profit | ₹7.3 | +46.4% | +556.2% |
| Net profit | ₹5.2 | +64.2% | +285.6% |
| EPS (₹) | 0.16 | +60.0% | +300.0% |
| Operating margin | 11.3% | — | — |
📢 Recent Corporate Announcements
Ashapuri Gold Ornament Limited has received in-principle approval to list and trade its equity shares on the National Stock Exchange of India (NSE). The listing encompasses 33,33,14,666 fully paid-up equity shares of Re. 1 face value each under the symbol 'AGOL'. Dealings on the exchange are scheduled to commence on Monday, October 12, 2026. The dual listing on NSE alongside BSE is intended to improve liquidity and widen investor reach.
- Listing and trading of 33,33,14,666 equity shares approved on NSE.
- Trading commences effective Monday, October 12, 2026 under the symbol AGOL.
- Shares have a face value of Re. 1/- each with a market lot size of 1.
- Approval granted vide NSE letter reference NSE/LIST/230 dated October 08, 2026.
Ashapuri Gold Ornament Limited has announced the closure of its Register of Members and Transfer Books from October 24, 2026, to October 30, 2026 (both days inclusive). The closure is scheduled under Regulation 42 of SEBI LODR to determine voting eligibility for the upcoming 18th Annual General Meeting (AGM). The company had reported TTM revenue of Rs 329 Cr and TTM PAT of Rs 21 Cr. This is a standard compliance filing and has no financial or operational impact.
- Book closure period set from October 24, 2026, to October 30, 2026 (both days inclusive)
- Purpose is to determine eligible members entitled to vote at the 18th AGM
- Filing submitted under Regulation 42 of SEBI (LODR) Regulations, 2015
Ashapuri Gold Ornament Limited has announced the cut-off date for determining shareholder voting eligibility for its upcoming 18th Annual General Meeting (AGM). The cut-off date for e-voting has been fixed for Friday, October 23, 2026. The 18th AGM itself is scheduled to be held on Friday, October 30, 2026. The notice detailing the agenda items will be dispatched to shareholders in due course.
- Cut-off/Record date for e-voting fixed as October 23, 2026
- 18th Annual General Meeting scheduled for October 30, 2026
- Notice containing resolution details to be sent in due course
Ashapuri Gold Ornament Ltd has filed its Annual Report for FY2025-26 under Regulation 34 of SEBI LODR Regulations. The 18th Annual General Meeting is scheduled for October 30, 2026, via Video Conferencing. Agenda items include the reappointment of statutory auditor M/s. Shivam Soni & Co. for a second 5-year term until 2031 and approval for revised managerial remuneration exceeding statutory limits for Managing Directors Saremal Soni and Dineshkumar Soni. Additionally, Jenik Dineshkumar Soni was appointed CFO, replacing Jitendrakumar Soni effective October 6, 2026.
- 18th AGM scheduled for Friday, October 30, 2026 at 12:00 Noon via VC/OAVM
- Proposal to reappoint M/s. Shivam Soni & Co. as Statutory Auditor for a second 5-year term until 2031
- Special resolutions proposed for revision in remuneration of Managing Directors Saremal C. Soni and Dineshkumar S. Soni effective April 01, 2026
- CFO transition: Jitendrakumar S. Soni resigned and Jenik Dineshkumar Soni appointed as CFO effective October 06, 2026
Ashapuri Gold Ornament Ltd announced an internal leadership restructuring effective October 06, 2026. Mr. Jitendrakumar S Soni has resigned as Chief Financial Officer (CFO), while remaining Joint Managing Director. Simultaneously, Mr. Jenik Dineshkumar Soni resigned as Chief Executive Officer (CEO) after a 5-year tenure and was appointed as the new CFO. Additionally, the Board proposed reappointment of M/s Shivam Soni & Co. as statutory auditors for a second 5-year term and recommended an increase in managerial remuneration at the upcoming 18th AGM.
- CFO Jitendrakumar S Soni resigned effective October 06, 2026, citing realignment of senior management roles
- Jenik Dineshkumar Soni transitioned from CEO (held for 5 years) to CFO effective October 06, 2026
- Statutory auditor M/s Shivam Soni & Co. proposed for reappointment for a 5-year term (2026 to 2031)
- Independent Director Saurabh Govindbhai Patel proposed for a second 5-year term starting December 30, 2026
- Board approved shifting registered office to 'Ashapuri Corporate House', Navrangpura, Ahmedabad
Ashapuri Gold Ornament Ltd announced an internal leadership restructuring effective October 06, 2026. Mr. Jitendrakumar S Soni has resigned as Chief Financial Officer (CFO), while remaining Joint Managing Director. Simultaneously, Mr. Jenik Dineshkumar Soni resigned as Chief Executive Officer (CEO) after a 5-year tenure and was appointed as the new CFO. Additionally, the Board proposed reappointment of M/s Shivam Soni & Co. as statutory auditors for a second 5-year term and recommended an increase in managerial remuneration at the upcoming 18th AGM.
- CFO Jitendrakumar S Soni resigned effective October 06, 2026, citing realignment of senior management roles
- Jenik Dineshkumar Soni transitioned from CEO (held for 5 years) to CFO effective October 06, 2026
- Statutory auditor M/s Shivam Soni & Co. proposed for reappointment for a 5-year term (2026 to 2031)
- Independent Director Saurabh Govindbhai Patel proposed for a second 5-year term starting December 30, 2026
- Board approved shifting registered office to 'Ashapuri Corporate House', Navrangpura, Ahmedabad
Ashapuri Gold Ornament Ltd announced an internal leadership restructuring effective October 06, 2026. Mr. Jitendrakumar S Soni has resigned as Chief Financial Officer (CFO), while remaining Joint Managing Director. Simultaneously, Mr. Jenik Dineshkumar Soni resigned as Chief Executive Officer (CEO) after a 5-year tenure and was appointed as the new CFO. Additionally, the Board proposed reappointment of M/s Shivam Soni & Co. as statutory auditors for a second 5-year term and recommended an increase in managerial remuneration at the upcoming 18th AGM.
- CFO Jitendrakumar S Soni resigned effective October 06, 2026, citing realignment of senior management roles
- Jenik Dineshkumar Soni transitioned from CEO (held for 5 years) to CFO effective October 06, 2026
- Statutory auditor M/s Shivam Soni & Co. proposed for reappointment for a 5-year term (2026 to 2031)
- Independent Director Saurabh Govindbhai Patel proposed for a second 5-year term starting December 30, 2026
- Board approved shifting registered office to 'Ashapuri Corporate House', Navrangpura, Ahmedabad
Ashapuri Gold Ornament Ltd announced an internal leadership restructuring effective October 06, 2026. Mr. Jitendrakumar S Soni has resigned as Chief Financial Officer (CFO), while remaining Joint Managing Director. Simultaneously, Mr. Jenik Dineshkumar Soni resigned as Chief Executive Officer (CEO) after a 5-year tenure and was appointed as the new CFO. Additionally, the Board proposed reappointment of M/s Shivam Soni & Co. as statutory auditors for a second 5-year term and recommended an increase in managerial remuneration at the upcoming 18th AGM.
- CFO Jitendrakumar S Soni resigned effective October 06, 2026, citing realignment of senior management roles
- Jenik Dineshkumar Soni transitioned from CEO (held for 5 years) to CFO effective October 06, 2026
- Statutory auditor M/s Shivam Soni & Co. proposed for reappointment for a 5-year term (2026 to 2031)
- Independent Director Saurabh Govindbhai Patel proposed for a second 5-year term starting December 30, 2026
- Board approved shifting registered office to 'Ashapuri Corporate House', Navrangpura, Ahmedabad
Ashapuri Gold Ornament Ltd announced an internal leadership restructuring effective October 06, 2026. Mr. Jitendrakumar S Soni has resigned as Chief Financial Officer (CFO), while remaining Joint Managing Director. Simultaneously, Mr. Jenik Dineshkumar Soni resigned as Chief Executive Officer (CEO) after a 5-year tenure and was appointed as the new CFO. Additionally, the Board proposed reappointment of M/s Shivam Soni & Co. as statutory auditors for a second 5-year term and recommended an increase in managerial remuneration at the upcoming 18th AGM.
- CFO Jitendrakumar S Soni resigned effective October 06, 2026, citing realignment of senior management roles
- Jenik Dineshkumar Soni transitioned from CEO (held for 5 years) to CFO effective October 06, 2026
- Statutory auditor M/s Shivam Soni & Co. proposed for reappointment for a 5-year term (2026 to 2031)
- Independent Director Saurabh Govindbhai Patel proposed for a second 5-year term starting December 30, 2026
- Board approved shifting registered office to 'Ashapuri Corporate House', Navrangpura, Ahmedabad
Ashapuri Gold Ornament Ltd has scheduled a Board of Directors meeting for October 6, 2026. The agenda includes revising the draft Directors' Report and notice for the 18th Annual General Meeting (AGM). Additionally, the board will consider proposing a five-year second-term reappointment of statutory auditors M/s. Shivam Soni & Co. and the reappointment of Non-Executive Independent Director Shri Saurabh G Patel. The company maintains an annual revenue base of Rs 317.2 Cr with a market cap of Rs 151 Cr.
- Board meeting scheduled for October 06, 2026
- Proposal to revise Draft Directors' Report and 18th AGM notice
- Proposed reappointment of M/s. Shivam Soni & Co. as Statutory Auditors for a second term of 5 years
- Proposed reappointment of Shri Saurabh G Patel as Non-Executive Independent Director
Ashapuri Gold Ornament reported a strong performance for the quarter ended June 30, 2026, with revenue from operations growing 24.47% YoY to ₹64.79 Cr compared to ₹52.05 Cr in the corresponding quarter last year. Net profit (PAT) increased 64.19% YoY to ₹5.21 Cr from ₹3.17 Cr in Q1 FY26, alongside a steep sequential recovery from ₹1.35 Cr in Q4 FY26. Profit before tax (PBT) stood at ₹7.19 Cr, rising 47.77% YoY. The Board also approved the reappointment of statutory auditors Shivam Soni & Co. and Independent Director Saurabh G Patel for a second 5-year term.
- Revenue from operations grew 24.47% YoY to ₹6,479.07 Lakhs (₹64.79 Cr) from ₹5,205.31 Lakhs.
- Net profit (PAT) rose 64.19% YoY to ₹520.61 Lakhs (₹5.21 Cr) vs ₹317.08 Lakhs in Q1 FY26.
- Profit before tax surged 47.77% YoY to ₹718.70 Lakhs from ₹486.37 Lakhs.
- Total expenses rose to ₹5,761.22 Lakhs driven primarily by cost of materials consumed at ₹5,106.31 Lakhs.
- Approved reappointment of statutory auditor M/s Shivam Soni & Co. for a 5-year term subject to shareholder approval.
Ashapuri Gold Ornament reported standalone revenue from operations of ₹64.79 Cr (₹6,479.07 Lakhs) for the quarter ended June 30, 2026, marking a 24.5% YoY growth compared to ₹52.05 Cr in the previous year's quarter. Net profit after tax surged 64.2% YoY to ₹5.21 Cr (₹520.61 Lakhs) from ₹3.17 Cr, and recovered sharply QoQ from ₹1.35 Cr reported in March 2026. Profit before tax stood at ₹7.19 Cr compared to ₹4.86 Cr in Q1 FY26. The board also approved the reappointment of statutory auditors M/s Shivam Soni & Co. and Independent Director Saurabh G Patel for a second 5-year term, subject to shareholder approval.
- Standalone revenue from operations increased 24.5% YoY to ₹64.79 Cr (₹6,479.07 Lakhs) vs ₹52.05 Cr in Q1 FY26
- Net profit after tax grew 64.2% YoY to ₹5.21 Cr (₹520.61 Lakhs) from ₹3.17 Cr in Q1 FY26
- Profit before tax expanded 47.8% YoY to ₹7.19 Cr (₹718.70 Lakhs) vs ₹4.86 Cr in the year-ago period
- Proposed reappointment of Statutory Auditors M/s Shivam Soni & Co. for a second 5-year term from the 18th AGM (2026) to the 23rd AGM (2031)
Ashapuri Gold Ornament Ltd has scheduled a board meeting for August 14, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The board will also finalize the 18th Annual General Meeting (AGM) details and propose the reappointment of M/s. Shivam Soni & Co. as Statutory Auditors for a second five-year term. Additionally, the reappointment of Shri Saurabh G Patel as a Non-Executive Independent Director is on the agenda. The trading window for designated persons has been closed since July 1, 2026.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results
- Proposal to reappoint Shivam Soni & Co. as Statutory Auditors for a second 5-year term
- Trading window closed from July 1, 2026, until 48 hours after results are made public
- Meeting will also approve the notice and date for the 18th Annual General Meeting (AGM)
- Company reported TTM revenue of ₹317 Cr and PAT of ₹19 Cr leading into this quarter
Financial Performance
Revenue Growth by Segment
Total revenue crossed the milestone of INR 300 Cr in FY25, nearly doubling (approx. 100% growth) from the previous year. In Q2 FY26, total income grew 18% YoY to INR 102 Cr, driven by healthy demand from national retail chains and the premium 'Aneya' brand.
Geographic Revenue Split
The company operates a wide B2B network across 11 Indian states. It is strategically expanding into the Gulf region (specifically UAE) to leverage the India-UAE CEPA trade agreement, though specific % splits by region are not disclosed.
Profitability Margins
For FY25, the Operating Profit Margin was 5.43% (down from 7.06% in FY24) and Net Profit Margin was 3.79% (down from 4.65% in FY24). However, Q2 FY26 showed a significant recovery with a 428 bps expansion in net margins.
EBITDA Margin
EBITDA margin reached 11% in Q2 FY26, representing a 540 bps expansion. EBITDA for the quarter was INR 11.47 Cr, which doubled compared to the previous quarter due to better operating leverage and a scaled product mix.
Capital Expenditure
The company is investing in CAD/CAM capabilities to scale bespoke jewellery solutions and digital platforms. While specific INR Cr figures for future capex are not detailed, the focus is on high-tech manufacturing to support 93% capacity utilization.
Credit Rating & Borrowing
The Debt-Equity ratio decreased in FY25, contributing to a stronger balance sheet. Specific credit ratings and interest rate percentages are not disclosed in the provided documents.
Operational Drivers
Raw Materials
Gold (primary raw material), Silver, and Platinum. Gold price volatility is a major factor, with prices rising 40-50% in the first half of FY26, impacting volume growth.
Import Sources
Primarily sourced within India (Gujarat hub) and through imports. The company utilizes tariff codes for ultra-pure grades (≥99.5% gold) to streamline imports under free trade agreements.
Key Suppliers
Not specifically named, but the company operates as a B2B manufacturing partner for national retailers like Tanishq, Malabar Gold & Diamonds, and Kalyan Jewellers.
Capacity Expansion
Current manufacturing utilizes a BIS-certified facility with 200+ artisans at 93% capacity utilization. Expansion is focused on strengthening regional sales forces and logistics to support B2B partner growth in Tier 2/3 cities.
Raw Material Costs
Raw material costs are highly sensitive to gold prices. The company manages this through disciplined inventory management and hedging via commodity derivatives to protect margins from price fluctuations.
Manufacturing Efficiency
Maintains high efficiency with 93% capacity utilization and a portfolio of 25,000+ designs, allowing for faster delivery and lower turnaround times for B2B clients.
Logistics & Distribution
The company is strengthening its logistics network to support the expansion of B2B partners into emerging high-growth Tier 2 and Tier 3 markets.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
The company plans to achieve growth by pivoting toward large national corporate clients and executing a 'Wallet Share Strategy.' It is expanding into Tier 2/3 cities, scaling its 'Aneya' diamond brand (currently <5% of revenue), and leveraging the India-UAE CEPA for exports. The target is to reach 45-50% revenue growth in the next 6-8 months as gold prices stabilize.
Products & Services
Gold ornaments, antique jewellery, wedding segments, studded jewellery (95% of concept), and premium diamond/polki jewellery.
Brand Portfolio
Ashapuri Gold Ornament, Aneya (Premium Diamond & Polki Jewellery).
New Products/Services
Launched a diamond jewellery collection ('Aneya') 6 months ago, currently contributing under 5% of revenue with high growth potential in the premium segment.
Market Expansion
Targeting Tier 2 and Tier 3 cities in India and expanding export presence in the Gulf region (UAE).
Market Share & Ranking
The company is a leading player in the organized manufacturing segment, which currently represents only 11% of the total market, providing a large consolidation opportunity.
Strategic Alliances
Long-term supply agreements with national retail chains to act as a critical manufacturing enabler for their aggressive expansion.
External Factors
Industry Trends
The industry is undergoing 'The Great Consolidation' where organized retail is expected to grow from 38% to 50% by FY30. Ashapuri is positioned to capture the gap in organized manufacturing (currently only 11%).
Competitive Landscape
Faces competition from national, regional, and digital-first brands. Competitors like Sky Gold and Shanti are noted for higher turnover in casting/chains, while Ashapuri focuses on higher-margin antique and wedding segments.
Competitive Moat
Durable advantages include 60+ years of promoter experience, a BIS-certified facility, and a massive 25,000+ design portfolio. These are sustainable because they create high barriers to entry for unorganized players in a regulated hallmarking environment.
Macro Economic Sensitivity
Highly sensitive to gold prices and CPI inflation (moderated to 5.4% in FY25). A 40% rise in gold prices led to a revision of revenue guidance from 45-50% down to 20-25%.
Consumer Behavior
Shift toward lower carat gold (to remain 'pocket friendly' amid high prices) and increasing demand for customized bridal and antique jewellery.
Geopolitical Risks
Trade agreements like the India-UAE CEPA are viewed as opportunities rather than risks, facilitating easier entry into the Gulf market.
Regulatory & Governance
Industry Regulations
Mandatory BIS hallmarking is a key regulatory enabler that favors compliant manufacturers like Ashapuri. Compliance with GST and gold import norms is strictly maintained to ensure 'best practices' in corporate governance.
Taxation Policy Impact
The company benefits from the reduction in customs duty on jewellery (HS 7113) from 25% to 20% and platinum findings from 25% to 5% as per Budget 2025-26.
Legal Contingencies
The company confirmed that none of its directors have been debarred or disqualified by SEBI or the Ministry of Corporate Affairs as of July 2025.
Risk Analysis
Key Uncertainties
Gold price volatility (primary risk), potential shifts in GST regulations, and changes in hallmarking standards. Gold price increases of 40% have already impacted growth projections.
Geographic Concentration Risk
Strong concentration in Gujarat and 11 other Indian states; expansion into the Gulf is intended to diversify this risk.
Third Party Dependencies
Dependent on 200+ skilled artisans for in-house manufacturing; loss of skilled labor could impact the 93% capacity utilization.
Technology Obsolescence Risk
Risk of falling behind in digital capabilities; mitigated by ongoing investments in CAD/CAM and digital try-on platforms.
Credit & Counterparty Risk
The company manages receivables through long-term agreements with reputable national retail chains, reducing credit risk.
