Moksh Ornaments Limited

Consumer Cyclical — Luxury Goods · NSE

₹8.82−₹0.10 (−1.12%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

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, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Moksh Ornaments Limited manufactures and sells jewellery in India. It offers gold jewellery, such as bangles and malas. The company also exports its products. Moksh Ornaments Limited was incorporated in 2012 and is based in Mumbai, India.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees50

Annual revenue₹449 Cr

How does it make money?

Turns over ₹449 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 50 employees supports ₹8.98 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin3.1%

Net margin1.4%

Revenue / employee₹8.98 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.

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 23.3%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 10.9% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE23.3%

ROE10.9%

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 2 years revenue moved +39% while net margin moved -12% 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+39%

Margin effect-12%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

• ROE of 10.9% is moderate

Quality vs. Valuation

Company Quality

58/ 100

Average

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

Valuation

84/ 100

Cheap

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

6.9x

4Y Median

13.8x

52 monthly readings · mean 14.2x · range 8.4x–23.6x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 50% below its 4y median of 13.8x. 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 90% below the peer median of 69.2x.

vs. its own history

Cheap

13.8x median over 52 months · -50%

vs. sector peers

Cheap

69.2x median of 4 peers · -90%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

6.9x

P/B

0.57x

EV/EBITDA

8.7x

PEG

0.66

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Return on capital is rising
ROCE has improved from 15.9% to 23.3%.
High return on capital employed
ROCE of 23.3% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 6.9x the stock trades 50% below its own median of 13.8x.
Very low debt
Debt/Equity of 0.19x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention3

Debt is rising
Total debt is up 1107% over 2 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 259% against revenue growth of 39% — stock may not be moving.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1107% over 2 years, from ₹4 Cr to ₹49 Cr.
🔴Inventory building faster than salesFinancial
Inventory up 259% against revenue up 39% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 4.9x to 2.6x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹18 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 23.3% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 50% 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 90% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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 13% a year✓ 17.7% CAGR
Latest reported year was 77.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 3.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹18 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.6x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

7 / 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

7 good · 3 neutral · 1 weak

Market Cap

₹74 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.9x

Cheap

Cheap against the generic band

P/B Ratio

0.57x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.28

Profitable

Profitable on a per-share basis

ROE

10.9%

Moderate

Moderate capital efficiency

ROCE

23.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.19x

Low

Conservative leverage

Revenue Growth (YoY)

77.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

27.8%

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

-₹18 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹8.82

Operating Margin

1.6%

Weak

Thin margins leave little room for error

Net Margin

1.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.23

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.27

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

9.5 / 10.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

24.9

Oversold zone

Financial Trend (3-Year)

Metric	FY22	FY23	FY24	2Y CAGR
Revenue	₹324 Cr	₹447 Cr	₹449 Cr	+17.7%
EBITDA	₹8 Cr	₹11 Cr	₹14 Cr	+32.4%
EBITDA Margin	2.5%	2.4%	3.1%	—
PAT (Net Profit)	₹5 Cr	₹6 Cr	₹6 Cr	+10.4%
EPS	₹0.84	₹1	₹1.03	+10.4%
ROE	11.4%	12.0%	10.9%	—
ROCE	15.9%	19.6%	23.3%	—
Total Debt	₹4 Cr	₹28 Cr	₹49 Cr	+247.5%
Free Cash Flow	₹26 Cr	-₹21 Cr	-₹18 Cr	—

🟢 Revenue has grown at 17.7% a year over 2 years.

🟢 EBITDA has grown at 32.4% a year over 2 years.

🟡 EBITDA Margin has held roughly flat at 3.1% over 2 years.

🟢 PAT (Net Profit) has grown at 10.4% a year over 2 years.

🟢 EPS has grown at 10.4% a year over 2 years.

🟡 ROE has held roughly flat at 10.9% over 2 years.

🟢 ROCE has risen from 15.9% to 23.3% over 2 years (+7.3 pts).

🔴 Total Debt has grown at 247.5% a year over 2 years.

🔴 Free Cash Flow has turned negative, from ₹26 Cr to -₹18 Cr.

Balance Sheet & Cash Flow — FY2024

Total Assets

₹107 Cr

Total Liabilities

₹50 Cr

Total Debt

₹49 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹18 Cr

Capex

-₹0 Cr

Corporate Actions

Ex-Dividend Date

28 Oct 2021

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 mixed5 general

Moksh Ornaments (MOKSH.NS) Ticks Up 1.01% to ₹8.98 as Buyers Hold Near-Term Support - Single Stock ETF

siam.in, 12 Oct

Moksh Ornaments vs Nifty 50: Share Price Performance Compared

Univest, 07 Oct

Moksh Ornaments Ltd is Rated Sell

MarketsMojo, 09 Oct

Is Moksh Ornaments the Best Stock in Its Sector? A Look at the Numbers

Univest, 01 Oct

Moksh Ornaments Ltd. Confirms No Deviation in IPO Fund Utilisation for Q4 FY26

scanx.trade, 11 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Stock Manipulation: SEBI Slaps ₹55 Lakh Penalty on 4 for Misleading Recommendations on Social Media

Moneylife, 31 Jul

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate12.4/20

🟡Financial HealthAdequate11.8/20

🟡GrowthModest12.9/20

🔴ProfitabilityWeak6.5/15

🟢ValuationAttractive13.2/15

🟡RiskModerate5.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 13% a year17.7% CAGR
✓EBITDA margin holds above 1%3.1%
✗Debt / EBITDA falls below 3x3.5x
✗Free cash flow remains positive-₹18 Cr
✗Interest cover stays above 3x2.6x