Aayush Art and Bullion Ltd (540718)
🎯 Key Takeaways
- Aayush Art and Bullion Ltd appears to be in a nascent or development-stage phase within the diamond and jewellery sector, with no meaningful revenue generation in recent quarters and minimal operational activity. The company's financials reflect a pre-revenue or near-zero operations profile, with negative operating cash flows and no consistent profitability.
- Revenue declined 89.3% QoQ to ₹0 in Q2FY20.
- ⚠️ 1) Persistent zero or negligible revenue over multiple periods raises concerns about the viability of the core business model. 2) Chronic negative ope
- Market Cap
- ₹1,995
- P/B Ratio
- 32.83
- Debt/Equity
- 0.00
- Promoter
- 24.6%
📖 The Story
Aayush Art and Bullion Ltd appears to be in a nascent or development-stage phase within the diamond and jewellery sector, with no meaningful revenue generation in recent quarters and minimal operational activity. The company's financials reflect a pre-revenue or near-zero operations profile, with negative operating cash flows and no consistent profitability. Management has not yet demonstrated scalable commercial traction, placing it likely in an early investment or turnaround phase awaiting operational ramp-up.
📰 What's Happening
The company filed its latest results for September 2019, showing zero revenue and marginally negative operating performance, continuing a trend from September 2018 where revenue was ₹2 crore but still loss-making. There is no public record of new orders, expansions, or strategic initiatives in the provided filings. Balance sheet data up to March 2026 shows stable equity and reserves with no debt, but asset growth has plateaued, suggesting limited reinvestment. Shareholding patterns indicate promoter stake has remained flat around 20-24%, while public shareholding has declined slightly, with no FII or DII participation observed.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2018 | Sep 2019 |
|---|---|---|
| Revenue | 2 | 0 |
| Operating Profit | -0 | -0 |
| OPM % | -3.3% | -13.0% |
| Net Profit | -0 | 0 |
| EPS | ₹0.14 | ₹0.11 |
Revenue has collapsed from ₹2 crore in September 2018 to ₹0 in September 2019, with operating margins deteriorating to -13% from -3.3%, reflecting either seasonal shutdowns or structural challenges in the business. Net profit remains negligible, and EPS has dropped slightly despite lower base, indicating no improvement in bottom-line efficiency. The absence of revenue in the latest quarter combined with persistent negative operating cash flow suggests the company has not yet achieved commercial viability or order execution momentum.
🔮 Management Outlook & What's Next
There is no available forward guidance or explicit commentary from management in the provided filing extracts regarding future revenue targets, timelines for commercialization, or strategic milestones. The company has not issued profit warnings or updated its business outlook in the disclosed documents, leaving its operational trajectory unclear. Without stated roadmaps or timelines, investor expectations remain uncertain about when or how the business might scale.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2019 | Mar 2020 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 15 | 15 | 15 |
| Reserves | 5 | 5 | 38 | 45 | 38 |
| Borrowings | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 8 | 8 | 58 | 125 | 76 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 8 | 8 | 58 | 125 | 76 |
The balance sheet shows a stable capital structure with zero debt and minimal equity changes over time, indicating conservative financial management but little reinvestment. Reserves have grown modestly from ₹38 crore to ₹45 crore, suggesting retained losses or revaluations, while total assets remain small and stagnant at ₹58–125 crore. This implies limited capital deployment, with no evidence of aggressive expansion or asset acquisition, consistent with a company in a dormant or pre-commercial phase.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -40 |
| Investing | +13 |
| Financing | +26 |
| Net Cash Flow | -1 |
👥 Shareholding Pattern
| Category | Q3FY25 | Q4FY25 | Q2FY26 | Q4FY26 |
|---|---|---|---|---|
| Promoters | 20.7% | 20.7% | 20.7% | 24.6% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 25.7% | 23.8% | 23.5% | 19.2% |
| # Shareholders | 162 | 177 | 249 | 299 |
Promoter holding has slightly increased from 20.7% to 24.63% in Q4FY26, possibly signaling confidence or consolidation, but remains low. Public shareholding has declined from 25.71% in Q3FY25 to 19.17% in Q4FY26, with the number of shareholders also reducing, indicating possible retail exit or consolidation. Notably, FII and DII holdings are consistently zero, suggesting no institutional interest or confidence in the company’s current profile or prospects.
⚖️ Peer Comparison — Diamond, Gems and Jewellery
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TITAN | 4.16 L Cr | 72.2 | 20.9% | — | 1.75 |
| KALYANKJIL | 58,866 | 41.0 | 29.0% | — | 0.69 |
| LALITHAA | 18,747 | — | — | — | 0.55 |
| THANGAMAYL | 16,128 | 41.3 | 26.3% | — | 0.58 |
| PCJEWELLER | 12,857 | 13.4 | 9.7% | — | 0.13 |
| SKYGOLD | 12,773 | 38.0 | 42.5% | — | 0.89 |
| BLUESTONE | 12,322 | 242.8 | 13.2% | — | 1.23 |
| PNGJL | 7,943 | 17.8 | 19.9% | — | 0.80 |
| SENCO | 5,376 | 9.4 | 20.4% | — | 0.93 |
| GOLDIAM | 4,879 | 17.5 | 38.4% | — | 0.01 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent zero or negligible revenue over multiple periods raises concerns about the viability of the core business model. 2) Chronic negative operating cash flow with no clear path to improvement indicates liquidity and execution risks. 3) Complete absence of institutional ownership (FII/DII) suggests lack of market confidence or visibility. 4) Low and declining public shareholding may limit liquidity and increase price volatility.
📋 Recent Filings
- Announcement2026-09-24Aayush Art and Bullion Limited announced that its insider trading window will close on 1 October 2026, remaining shut until 48 hours after the un-audi…
- 🟡 Board Meeting2026-09-22The board approved the resignation of Non-Executive Director Piyush Parmar effective 22 September 2026 and appointed Bikash Rasily as a new Non-Execut…
- 🟡 Board Meeting2026-09-22Aayush Art and Bullion announced board changes effective 22 September 2026, appointing Bikash Rasily as an additional director and accepting Piyush Pa…
- 🟡 Board Meeting2026-09-22Aayush Art and Bullion announced the resignation of Non-Executive Director Piyush Parmar effective 22 September 2026 and the appointment of Bikash Ras…
- 🟡 Board Meeting2026-09-10The 17th AGM of Aayush Art and Bullion Limited was held on 10 September 2026 via video conferencing, where shareholders approved the audited financial…
- 🟡 voting results2026-09-10Aayush Art and Bullion Limited held its 17th Annual General Meeting on September 10, 2026, via video conferencing, where shareholders approved all sev…
🧠 Analyst's Read
The company remains in an unproven developmental stage with no signs of revenue recovery or operational turnaround in the latest filings. Investors should monitor for any indication of new order wins, revenue resumption, or management updates in future filings to assess whether the business is entering a growth phase or remains stagnant.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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