Shukra Bullions Limited

Consumer Cyclical — Luxury Goods · BSE

₹39.99+₹1.17 (+3.01%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

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

What does this company do?

Shukra Bullions Limited engages in the manufacturing and sale of diamond studded gold jewellery in India. The company is also involved in the trading of cut and polished diamonds; and real estate business. It also exports its products.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees3

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹54.1 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹54.1 lakh

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?Little sign of one

Returns on capital of 3.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

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 +167% while net margin moved +108% 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+167%

Margin effect+108%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking
✗ P/B of 12.69x is a steep premium to book

Quality vs. Valuation

Company Quality

53/ 100

Average

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

Valuation

20/ 100

Expensive

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

270.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 2.7% to 4.5% over 3 years.
Return on capital is rising
ROCE has improved from 0.4% to 3.5%.
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

3 items require attention · 1 high · 2 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Receivables growing faster than salesFinancial
Receivables up 194% against revenue up 167% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 2.7% to 4.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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 194% against revenue up 167%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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 29% a year✓ 38.8% CAGR
Latest reported year was 4.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 4.5%
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 8%✗ 3.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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

1 good · 4 neutral · 6 weak

Market Cap

₹20 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

12.69x

Rich

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

EPS (TTM)

₹-0.01

Loss-making

Negative earnings per share — the business is losing money

ROE

2.9%

Weak

Weak capital efficiency

ROCE

3.5%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

4.0%

Modest

Modest growth

Profit Growth (YoY)

22.5%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-9.4%

Weak

Thin margins leave little room for error

Net Margin

3.5%

Average

Average bottom-line conversion

Current Ratio

1.02

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

-0.04

Defensive

Steadier than the market

52W Range Position

64%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

31.3 / 26.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

98.8

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+38.8%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+64.7%
EBITDA Margin	2.7%	4.4%	3.7%	4.5%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+77.2%
EPS	₹0.02	₹0.03	₹0.08	₹0.1	+71.0%
ROE	0.8%	1.0%	1.6%	2.9%	—
ROCE	0.4%	1.3%	2.0%	3.5%	—
Free Cash Flow	-₹2 Cr	₹3 Cr	₹0 Cr	-₹0 Cr	—

🟢 Revenue has grown at 38.8% a year over 3 years.

🟢 EBITDA has grown at 64.7% a year over 3 years.

🟢 EBITDA Margin has risen from 2.7% to 4.5% over 3 years (+1.8 pts).

🟢 PAT (Net Profit) has grown at 77.2% a year over 3 years.

🟢 EPS has grown at 71.0% a year over 3 years.

🟢 ROE has risen from 0.8% to 2.9% over 3 years (+2.1 pts).

🟢 ROCE has risen from 0.4% to 3.5% over 3 years (+3.1 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹12 Cr

Total Liabilities

₹11 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

5.0%

Insider Holding

76.9%

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 positive1 mixed4 general

Shukra Bullions approves FY26 report, schedules Sept 30 AGM

scanx.trade, 30 Sept

CREST VENTURES Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 17 Oct

Shukra Bullions Ltd (BSE:531506) - Company Profile and Sector Overview

Kalkine India, 17 Sept

Gold Bullion Trading Penny Stocks India 2027: 5 Picks

Univest, 17 Sept

Shyamkamal Investments reports standalone net profit of Rs 0.39 crore in the June 2026 quarter

Business Standard, 14 AugResults

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

Paramount Communications consolidated net profit rises 9.50% in the March 2026 quarter

Business Standard, 22 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongGrowth

MiddlingFinancial Health

WeakBusiness Quality · Profitability · Valuation · Risk

Points for each in the Score ↑

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. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 4 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑