Ashapuri Gold Ornament Ltd

AGOL

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Market Cap

₹ 203 Cr

P/E

11.51

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ashapuri Gold Ornament Limited is engaged in designing, manufacturing, and selling a wide range of gold jewellery, capitalizing on its strong design expertise and market presence.

The company has seen significant growth in domestic orders, with a notable achievement of securing ₹102 crore in orders at the IIJS Premier 2025, enhancing its order visibility and fortifying its market position.

Ashapuri's Q2 FY26 performance was commendable, with a 145% increase in PAT and a more than doubled EBITDA margin, underscoring efficient operational execution and strong market demand for its products.

Strategically focusing on capacity expansion, Ashapuri aims to augment its production capacity to meet rising demand, highlighting its commitment to scale and operational excellence.

The company’s expanding presence across India, with strategic client relationships and a focus on premium product lines, demonstrates its robust growth potential in the competitive jewellery market.

Sector

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Medium / Small

Market Cap

203 Cr

Volatility

Moderate Risk

P/E Ratio

11.5

Industry P/E

22.8

PEG Ratio

0.2

P/B Ratio

1.3

52W High

9.70

52W Low

5.35

Sales CAGR

92.16%

24.63%

21.34%

10Y

21.34%

Profit CAGR

56.98%

57.68%

90.99%

10Y

78.95%

ROE

TTM

11.00%

6.73%

5.68%

10Y

4.79%

ROCE

TTM

15.16%

9.37%

7.86%

10Y

6.91%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PUSHPA	106.50	258 Cr	11.58	1.88	0.00	14.88	21.92	12.89
DIVINEHIRA	171.00	223 Cr	40.14	5.14	0.00	13.28	14.37	7.74
AGOL	6.10	203 Cr	11.51	1.27	0.00	11.00	15.16	10.38
SILGO	74.01	182 Cr	40.66	2.11	0.00	6.90	9.73	—
NARBADA	67.30	140 Cr	18.39	2.33	0.00	12.67	14.21	7.85
GOLKUNDIA	185.50	129 Cr	9.55	1.85	0.81	19.37	20.18	9.98
MOKSH	14.08	124 Cr	13.80	1.00	0.00	7.20	9.97	5.26

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	20	44	50	51	44	87	101	84	53	102
Expenses	19	42	47	47	41	82	96	83	48	91
Operating Profit	0.76	2.62	2.79	3.31	3.37	4.96	5.15	1.10	5.02	11
OPM %	3.81	5.90	5.58	6.53	7.62	5.71	5.08	1.31	9.48	11.19
Other Income	0.16	0.11	0.42	1.23	0.46	0.04	0.44	0.80	0.00	0.01
Interest	0.08	0.13	0.11	0.12	0.07	0.19	0.09	0.01	0.00	0.01
Depreciation	0.21	0.22	0.23	0.26	0.21	0.21	0.21	0.13	0.16	0.16
Profit Before Tax	0.63	2.39	2.86	4.16	3.56	4.60	5.29	1.77	4.86	11
Tax %	25.40	24.69	27.27	25.96	24.44	25.22	20.79	54.80	34.77	25.11
Net Profit	0.47	1.80	2.08	3.08	2.69	3.45	4.19	0.80	3.17	8.47
EPS in Rs	0.00	0.05	0.06	0.09	0.08	0.10	0.13	0.03	0.10	0.25

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	37	47	88	121	118	164	158	165	317	325
Expenses	37	46	87	120	114	159	154	155	300	309
Operating Profit	0.46	0.64	1.06	0.31	3.87	5.22	3.64	9.62	17	16
OPM %	1.25	1.36	1.20	0.25	3.29	3.19	2.30	5.83	5.36	4.99
Other Income	0.01	0.00	0.00	0.74	0.09	0.11	0.13	1.79	0.21	NaN
Interest	0.33	0.44	0.42	0.02	0.02	0.11	0.33	0.44	0.35	0.29
Depreciation	0.06	0.08	0.12	0.38	0.54	1.12	1.04	0.93	0.76	0.71
Profit Before Tax	0.05	0.11	0.52	0.64	3.40	4.11	2.40	10	16	17
Tax %	23.61	31.79	26.31	25.80	24.98	25.25	25.53	25.99	25.35	29.72
Net Profit	0.04	0.07	0.38	0.47	2.55	3.07	1.79	7.43	12	12
EPS in Rs	—	—	—	—	1.19	0.09	0.04	0.20	0.34	0.51
Dividend Payout %	0.00	0.00	0.00	—	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.06	0.10	0.10	21	21	25	25	25	25	33
Reserves	6.39	6.43	6.50	24	24	53	56	58	65	113
Borrowings	8.03	5.77	4.82	0.25	0.15	0.04	4.33	6.89	1.82	0.53
Other Liabilities	2.36	3.28	3.12	1.51	3.24	2.56	2.35	1.29	3.67	6.01
Total Liabilities	17	16	15	47	48	80	87	91	95	153
Fixed Assets	0.16	0.11	0.64	2.73	3.12	7.96	8.20	7.58	5.88	5.72
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	1.48	2.91	0.53	0.77	0.65	1.62	7.97
Other Assets	17	15	14	42	42	72	78	82	88	140
Total Assets	17	16	15	47	48	80	87	91	95	153

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.17	0.06	-0.11	0.59	-1.35	-25	-5.17	-2.38	4.74	-36
Cash from Investing Activity	-0.11	-0.01	0.04	-0.61	-2.07	-4.41	-1.59	-0.21	0.70	-8.56
Cash from Financing Activity	0.00	0.00	0.00	0.00	-0.06	30	4.18	2.24	-5.51	45
Net Cash Flow	0.07	0.05	-0.07	-0.02	-3.47	0.52	-2.57	-0.35	-0.07	0.41

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	62.17%	62.17%	62.17%	62.17%	62.45%	64.08%	48.06%	48.06%	48.06%	48.06%	48.06%	48.06%
FIIs	4.32%	4.32%	4.32%	4.32%	4.32%	0.00%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	33.51%	33.51%	33.51%	33.51%	33.23%	35.92%	50.20%	51.94%	51.94%	51.94%	51.94%	51.94%
Total Shareholders	1,238	1,036	1,106	3,916	10,297	46,212	68,014	74,358	93,356	97,159	97,884	98,272

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 28, 2024	Nitesh hissaria huf	Bulk	Sell	7.40	1.48 Cr	20,00,000	0.60
Jun 27, 2024	Nitesh hissaria huf	Bulk	Buy	7.73	1.55 Cr	20,00,000	0.60
Jun 27, 2024	Multiplier share & stock advi...	Bulk	Sell	7.64	1.38 Cr	18,00,001	0.54
Jun 25, 2024	Topgain finance private limited	Bulk	Sell	8.42	5.05 Cr	59,96,586	1.79
Jun 25, 2024	Topgain finance private limited	Bulk	Buy	8.41	0.32 Cr	3,77,480	0.11
Jun 24, 2024	Topgain finance private limited	Bulk	Buy	7.34	5.73 Cr	78,00,000	2.34
Jun 24, 2024	Ankita vishal shah	Bulk	Sell	7.98	1.60 Cr	20,00,000	0.60
Apr 15, 2024	Shah daxesh balvantray	Bulk	Sell	13.12	1.88 Cr	14,30,210	0.42
Apr 15, 2024	Jai vinayak securities	Bulk	Sell	13.97	1.77 Cr	12,70,060	0.38
Apr 15, 2024	Jai vinayak securities	Bulk	Buy	13.91	1.73 Cr	12,45,060	0.37

Projection

Actions

Action Type

‌
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Announcements

Last 7 days

Newest

Sentiment

Analyst/Investor Meet

16 hours ago

Outcome of Analyst/Investor Meet

Management of Ashapuri Gold Ornament Limited conducted an Analyst/Investor meeting to discuss business operations and strategic direction, emphasizing no sensitive information was disclosed.

Analyst/Investor Meet

6 days ago

Investor Meet Scheduled for Value Discovery Summit 2025

The management of Ashapuri Gold Ornament Limited will meet Investors and Analysts at the Value Discovery Summit-2025 on December 15, 2025, at 04:00 PM IST.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

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Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PUSHPA	106.50	258 Cr	11.58	1.88	0.00	14.88	21.92	12.89
DIVINEHIRA	171.00	223 Cr	40.14	5.14	0.00	13.28	14.37	7.74
AGOL	6.10	203 Cr	11.51	1.27	0.00	11.00	15.16	10.38
SILGO	74.01	182 Cr	40.66	2.11	0.00	6.90	9.73	—
NARBADA	67.30	140 Cr	18.39	2.33	0.00	12.67	14.21	7.85
GOLKUNDIA	185.50	129 Cr	9.55	1.85	0.81	19.37	20.18	9.98
MOKSH	14.08	124 Cr	13.80	1.00	0.00	7.20	9.97	5.26

Overview

Detailed Summary

Ashapuri Gold Ornament Limited is engaged in designing, manufacturing, and selling a wide range of gold jewellery, capitalizing on its strong design expertise and market presence.

Strategically focusing on capacity expansion, Ashapuri aims to augment its production capacity to meet rising demand, highlighting its commitment to scale and operational excellence.

Sector

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Medium / Small

Market Cap

203 Cr

Volatility

Moderate Risk

P/E Ratio

11.5

Industry P/E

22.8

PEG Ratio

0.2

P/B Ratio

1.3

52W High

9.70

52W Low

5.35

Sales CAGR

92.16%

24.63%

21.34%

10Y

21.34%

Profit CAGR

56.98%

57.68%

90.99%

10Y

78.95%

ROE

TTM

11.00%

6.73%

5.68%

10Y

4.79%

ROCE

TTM

15.16%

9.37%

7.86%

10Y

6.91%