Aayush Art and Bullion Limited

Consumer Cyclical — Luxury Goods · BSE

₹1,314.65+₹6.45 (+0.49%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Aayush Art and Bullion Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Aayush Art and Bullion Limited engages in manufacturing and trading of gold, diamond, silver ornaments, and jewelry in India. The company was formerly known as AKM Creations Limited. Aayush Art and Bullion Limited was incorporated in 2009 and is based in Ahmedabad, India.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees3

Annual revenue₹216 Cr

How does it make money?

Turns over ₹216 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹72.12 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹72.12 Cr

Who are its competitors?

The closest listed comparisons in its industry are TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.6% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +1536% while net margin moved +83% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+1536%

Margin effect+83%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.85 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

69/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

46/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

255.3x

3Y Median

859.7x

40 monthly readings · mean 1085.2x · range 49.3x–3351.3x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 70% below its 3y median of 859.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 269% above the peer median of 69.2x.

vs. its own history

Cheap

859.7x median over 40 months · -70%

vs. sector peers

Expensive

69.2x median of 4 peers · +269%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

172.2x

PEG

1.21

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 3.1% to 5.4% over 3 years.
Return on equity is rising
ROE has improved from 2.7% to 13.0%.
Return on capital is rising
ROCE has improved from 3.9% to 17.6%.
Very low debt
Debt/Equity of 0.02x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Receivables growing faster than salesFinancial
Receivables up 25614% against revenue up 1536% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 9160% against revenue up 1536% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 408% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 3.1% to 5.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 70% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 25614% against revenue up 1536%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 269% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 115% a year✓ 153.8% CAGR
Latest reported year was 257.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 5.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 15%✓ 17.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 859.7x✓ 255.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✗ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹2,013 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

255.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

33.12x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹5.15

Profitable

Profitable on a per-share basis

ROE

13.9%

Moderate

Moderate capital efficiency

ROCE

17.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.02x

Low

Conservative leverage

Revenue Growth (YoY)

257.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

569.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹10 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

7.3%

Average

Average asset productivity

Operating Margin

6.0%

Average

Average margins

Net Margin

3.6%

Average

Average bottom-line conversion

Current Ratio

1.94

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.85

Market-like

Moves roughly in line with the market

52W Range Position

90%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

1288.4 / 1271.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

57.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹13 Cr	₹7 Cr	₹74 Cr	₹216 Cr	+153.8%
EBITDA	₹0 Cr	₹0 Cr	₹2 Cr	₹12 Cr	+205.6%
EBITDA Margin	3.1%	3.6%	3.3%	5.4%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹2 Cr	₹8 Cr	+210.4%
EPS	₹0.83	₹0.27	₹1.29	—	—
ROE	2.7%	1.1%	3.4%	13.0%	—
ROCE	3.9%	0.9%	4.6%	17.6%	—
Free Cash Flow	₹3 Cr	₹0 Cr	-₹41 Cr	-₹0 Cr	—

🟢 Revenue has grown at 153.8% a year over 3 years.

🟢 EBITDA has grown at 205.6% a year over 3 years.

🟢 EBITDA Margin has risen from 3.1% to 5.4% over 3 years (+2.3 pts).

🟢 PAT (Net Profit) has grown at 210.4% a year over 3 years.

🟢 ROE has risen from 2.7% to 13.0% over 3 years (+10.3 pts).

🟢 ROCE has risen from 3.9% to 17.6% over 3 years (+13.8 pts).

🔴 Free Cash Flow has turned negative, from ₹3 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹125 Cr

Total Liabilities

₹65 Cr

Total Debt

—

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹0 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

84.6%

Peer Comparison

Company	P/E	ROE
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 positive5 general

Eklingji Broking increases stake in Aayush Art to 0.21%

scanx.trade, 17 Oct

Aayush Art And Bullion 52 Week High Streak And Valuation

Univest, 21 Sept

Aayush Art and Bullion Q4 Profit Jumps 368% to ₹7.5 Crore on Record Revenue

Sahi, 21 MayResults

🟢Potentially positiveA record operating figure, if it holds, feeds directly into the growth and profitability inputs on this page.

Aayush Art and Bullion Files Annual SEBI Disclosure Confirming No Share Encumbrance

scanx.trade, 03 Apr

AAYUSHBULL Stock Price and Chart — BSE:AAYUSHBULL

TradingView, 15 Jul

Aayush Art and Bullion reconstitutes board committees after director swap

scanx.trade, 22 Sept

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Profitability

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑