Ashapuri Gold Ornament Limited

Consumer Cyclical — Luxury Goods · BSE

₹4.78+₹0.26 (+5.75%)

DalalBaazaar Score

75 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Ashapuri Gold Ornament Limited engages in the manufacture, wholesale, and sale of gold jewelry in India.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees82

Annual revenue₹317 Cr

How does it make money?

Turns over ₹317 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 82 employees supports ₹3.87 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.87 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 15.0% 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?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +101% while net margin moved +418% 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+101%

Margin effect+418%

DalalBaazaar Score

75/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.31 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

77/ 100

Good

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

Valuation

88/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

7.7x

3Y Median

27.6x

40 monthly readings · mean 70.1x · range 7.0x–246.1x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 72% below its 3y median of 27.6x. 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 89% below the peer median of 69.2x.

vs. its own history

Cheap

27.6x median over 40 months · -72%

vs. sector peers

Cheap

69.2x median of 4 peers · -89%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.9x

PEG

0.07

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 2.4% to 8.1% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 2.2% to 11.1%.
Return on capital is rising
ROCE has improved from 3.3% to 15.0%.
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

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 2.4% to 8.1%. 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 72% 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.
Cheaper than its peers
It trades 89% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

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.

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

1Revenue growth stays above 20% a year✓ 26.2% CAGR
Latest reported year was 22.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 8.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹9 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 12%✓ 15.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 27.6x✓ 7.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ 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

7 good · 4 neutral · 0 weak

Market Cap

₹159 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.7x

Cheap

Cheap against the generic band

P/B Ratio

0.96x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.62

Profitable

Profitable on a per-share basis

ROE

11.1%

Moderate

Moderate capital efficiency

ROCE

15.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

22.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

60.0%

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

₹9 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

11.1%

Average

Average margins

Net Margin

6.3%

Average

Average bottom-line conversion

Current Ratio

24.90

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.31

Defensive

Steadier than the market

52W Range Position

48%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

4.5 / 4.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

68.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹158 Cr	₹165 Cr	₹316 Cr	₹317 Cr	+26.2%
EBITDA	₹4 Cr	₹11 Cr	₹17 Cr	₹26 Cr	+88.2%
EBITDA Margin	2.4%	6.4%	5.4%	8.1%	—
PAT (Net Profit)	₹2 Cr	₹8 Cr	₹12 Cr	₹19 Cr	+118.2%
EPS	₹0.06	₹0.25	₹0.38	₹0.56	+111.7%
ROE	2.2%	8.5%	8.2%	11.1%	—
ROCE	3.3%	11.9%	11.2%	15.0%	—
Total Debt	₹7 Cr	₹2 Cr	₹1 Cr	—	—
Free Cash Flow	-₹3 Cr	₹4 Cr	-₹36 Cr	₹9 Cr	—

🟢 Revenue has grown at 26.2% a year over 3 years.

🟢 EBITDA has grown at 88.2% a year over 3 years.

🟢 EBITDA Margin has risen from 2.4% to 8.1% over 3 years (+5.7 pts).

🟢 PAT (Net Profit) has grown at 118.2% a year over 3 years.

🟢 EPS has grown at 111.7% a year over 3 years.

🟢 ROE has risen from 2.2% to 11.1% over 3 years (+9.0 pts).

🟢 ROCE has risen from 3.3% to 15.0% over 3 years (+11.7 pts).

🟢 Free Cash Flow has turned positive, from -₹3 Cr to ₹9 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹173 Cr

Total Liabilities

₹6 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

₹9 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

48.1%

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

Ashapuri Gold Ornament Ltd Statistics – NSE:AGOL

TradingView, 12 Oct

Ashapuri Gold Ornament Share Price update and valuation

Univest, 12 Oct

Ashapuri Gold Ornament Ltd Upgraded to Hold Amid Mixed Financial and Technical Signals

MarketsMojo, 13 OctAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Ashapuri Gold Ornament gets NSE listing approval for Oct 12 trading

scanx.trade, 08 Oct

Ashapuri Gold Ornament Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Ashapuri Gold Ornament Receives NSE Listing Approval Effective October 12

Whalesbook, 09 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Profitability

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 5 tripwires holding · see Key things to watch ↑