Aayush Art And BullionShare price, financial results, shareholding and management
- Market cap
- ₹2,058 cr
- Stock P/E
- 260.9peers 20.2
- Book value
- ₹39.2
- Price to book
- 34.29
- EV / operating profit
- -
- Market cap to sales
- 9.51
- ROCE · FY26
- 19.0%
- ROE · FY26
- 14.0%
- ROE, 3-year average
- 6.5%
- Operating margin · FY26
- 5.0%peers 9.2%
- Sales growth, 3 years
- 153.8%
- Profit growth, 3 years
- 211.9%
- Debt to equity
- 0.00peers 0.84
- Borrowings
- ₹0 cr
- Interest cover
- No interest
- Cash from business / op. profit
- 0%
- Debtor days
- 167
- Pledged
- 0.00%
- Promoter holding
- 24.63%
- Change in promoter holding
- +3.92 pts
- Shareholders
- 299
- 52-week high / low
- ₹1,350 / ₹998
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Aayush Art And Bullion share price chart
Close on 6 Nov 2026 · +0.23% on the day · Vol 1.25 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +5.5%
- 3 months
- +9.3%
- 6 months
- +13.4%
- 1 year
- +33.8%
- Traded a day, 20 days
- ₹10.99 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +193% | +336% |
| 3 years, a year | +154% | +212% |
| Latest half, H2 FY26 | +257% | +383% |
About Aayush Art And Bullion: business, products and customers
Aayush Art and Bullion says it makes and trades gold, diamond and silver jewellery; its accounts show it buying finished stock and reselling it to customers in India. It began as a lace and fabric company, and its shares trade on BSE SME.
The company started in 2009 as AKM Lace and Embrotex, listed on BSE SME in September 2017 and later changed its name to Aayush Art and Bullion. Its accounts now describe the business as manufacturing and trading of gold, diamond and silver ornaments and jewellery.
In practice the FY26 accounts show a trading business: revenue of ₹216.4 cr came from sale of materials, almost all costs were purchases of finished stock, and the company had three permanent employees. All sales were in India, and the annual report names no customers.
Read more about the business
The FY26 management report says the company wants to grow through franchise stores in new parts of India, to join physical stores with online selling, and to look at markets such as the Middle East. It gives no store counts, dates or amounts for these plans.
From the FY26 and FY25 annual reports.
Read the deeper study ↓In its favour
- Sales have grown very fast: 154% a year over three years.
- It has little debt for its size: debt to equity 0.00.
To watch
- Collection of trade receivables of ₹99.0 cr at 31 March 2026 (Annual report FY26, p.64).
- Payment of ₹61.7 cr owed to suppliers at 31 March 2026 (Annual report FY26, p.64).
- The franchise store and Middle East plans in the FY26 management report, for which no numbers or dates are given (Annual report FY26, p.48 to 49).
- The new Managing Director, Mehal Bipinchandra Raval, in office from 23 July 2026, and the board change announced on 22 September 2026 (Annual report FY26, p.27; Exchange announcement, 22 Sep 2026).
- Customers take longer to pay than before: 167 days in FY26, against 0 in FY15.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Aayush Art And Bullion revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Aayush Art And Bullion half-yearly results
SME companies report every six months · ₹ crore
| H1FY22 | H2FY22 | H2FY23 | H1FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 2 | 13 | 7.16 | 26.58 | 47.19 | 47.72 | 168.63 |
| Expenses | 1 | 3 | 13 | 7.16 | 26.58 | 45.12 | 47.18 | 158.42 |
| Operating profit | 0 | 0 | 0 | 0 | 0 | 2.07 | 0.55 | 10.20 |
| OPM | 7.0% | -23.0% | 0.4% | 1.7% | 1.4% | 4.4% | 1.1% | 6.0% |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0.01 | 0.02 | 0.03 | 0.03 | 0.03 |
| Profit before tax | 0 | 0 | 0 | 0.11 | 0.36 | 2.06 | 0.52 | 10.19 |
| Net profit | 0 | 0 | 0 | 0.08 | 0.24 | 1.56 | 0.37 | 7.53 |
Aayush Art And Bullion profit and loss
Full years to March, FY15 to FY26 · ₹ crore, consolidated where reported
| FY15 | FY16 | FY17 | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 1 | 11 | 13 | 8 | 2 | 3 | 13.23 | 7.33 | 73.77 | 216.35 |
| Expenses | 1 | 1 | 11 | 13 | 8 | 3 | 4 | 13.23 | 7.33 | 71.32 | 205.60 |
| Operating profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.45 | 10.75 |
| OPM | -30.0% | -19.0% | 0.4% | 0.2% | 0.3% | -2.9% | -13.0% | 0.0% | -2.0% | 3.3% | 5.0% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.41 | 0.41 | 0.01 | 0.01 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0.03 | 0.05 | 0.05 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.38 | 0.23 | 2.41 | 10.71 |
| Tax rate | · | 0.0% | 30.0% | · | 50.0% | 100.0% | 2.0% | 31.1% | 34.0% | 24.9% | 26.3% |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.26 | 0.15 | 1.81 | 7.89 |
| EPS ₹ | 0 | 1.08 | 1.26 | -0.20 | 0.03 | -0.10 | -1.39 | 0.88 | 0.41 | · | · |
| Dividend payout | · | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY22 come rounded to the nearest crore in the source.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share is left blank where the source shows zero against a profit.
Earnings per share before FY19 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Aayush Art And Bullion profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY15 | FY16 | FY17 | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -30.0% | -19.0% | 0.4% | 0.2% | 0.3% | -2.9% | -13.0% | 0.0% | -2.0% | 3.3% | 5.0% |
| Tax rate | · | 0.0% | 30.0% | · | 50.0% | 100.0% | 2.0% | 31.1% | 34.0% | 24.9% | 26.3% |
| ROCE | · | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.5% | 1.4% | 6.3% | 19.0% |
| ROE | · | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.1% | 0.9% | 4.7% | 14.0% |
| Dividend payout | · | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Aayush Art And Bullion debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It has almost no borrowings. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Aayush Art And Bullion balance sheet
At each 31 March · ₹ crore
| FY15 | FY16 | FY17 | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.09 | 0.09 | 1 | 3 | 3 | 3 | 3 | 3 | 12 | 15 | 15 |
| Reserves | 3 | 3 | 2 | 5 | 5 | 5 | 4 | 7 | 12 | 38 | 45 |
| Net worth | 3.09 | 3.09 | 3 | 8 | 8 | 8 | 7 | 10 | 24 | 53 | 60 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | -0.09 | -0.09 | 6 | 0 | 0 | 1 | 0 | 0 | 1 | 5 | 65 |
| Total liabilities | 3 | 3 | 9 | 8 | 8 | 9 | 7 | 10 | 25 | 58 | 125 |
| Fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 3 | 3 | 9 | 8 | 8 | 9 | 7 | 10 | 25 | 58 | 125 |
Aayush Art And Bullion cash flow
₹ crore
| FY15 | FY16 | FY17 | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 0 | -4 | 0 | 0 | -1 | 3 | 0 | -40 | 0 |
| Cash from investing | 0 | 0 | 0 | -1 | 0 | 0 | 1 | -6 | -14 | 13 | 0 |
| Cash from financing | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 2 | 15 | 26 | 0 |
| Net cash flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 1 | -1 | 0 |
Working capital
Days
| FY15 | FY16 | FY17 | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 0 | 266 | 147 | 100 | 202 | 0 | 0 | 11 | 0 | 136 | 167 |
| Inventory days | 0 | 0 | 90 | 59 | 116 | 528 | 0 | 5 | 17 | 92 | 30 |
| Days payable | · | · | 202 | 0 | 0 | 290 | · | 0 | 4 | 21 | 111 |
| Cash conversion cycle | 0 | 266 | 35 | 159 | 317 | 239 | 0 | 16 | 14 | 207 | 87 |
| Working capital days | 1,360 | 1,159 | 86 | 166 | 335 | 460 | 413 | 9 | 692 | 210 | 101 |
Aayush Art And Bullion peers and competitors
Listed SME companies in the same industryBy sales, Aayush Art And Bullion is number 14 of the 62 listed SME companies in textiles & apparels.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Bizotic Commercial | 587 | 32.6 | 251 | 18 | 10.0% | 0.07 |
| Karnika Industries | 818 | 29.3 | 248 | 28 | 15.0% | 0.78 |
| K K Silk Mills | 23 | 4.6 | 245 | 5 | 6.0% | 0.80 |
| Unitec Fibres | - | - | 223 | 8 | 7.0% | 1.20 |
| Aayush Art And Bullion | 2,058 | 260.9 | 216 | 7.9 | 5.0% | 0.00 |
| Angel Fibers | 25 | 25.0 | 212 | 1 | 3.7% | 1.17 |
| Shree Balaji (Mala) Textiles | 49 | 8.1 | 212 | 6 | 7.0% | 2.56 |
| Madhur Knit Crafts | 109 | 8.4 | 211 | 13 | 13.0% | 1.66 |
| Shree Karni Fabcom | 307 | 20.2 | 204 | 15.2 | 15.3% | 0.89 |
| Forcas Studio | 401 | 29.4 | 198 | 13.6 | 10.6% | 0.58 |
| S D Retail | 157 | 16.1 | 196 | 9.8 | 8.4% | 0.14 |
| Median of the 10 others | 157 | 20.2 | 212 | 11.4 | 9.2% | 0.84 |
Aayush Art And Bullion shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Aayush Art And Bullion shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 23 | Mar 24 | Apr 24 | Sep 24 | Dec 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 11.27% | 7.01% | 10.10% | 12.72% | 20.71% | 20.71% | 20.71% | 24.63% |
| Number of shareholders | 124 | 119 | 119 | 162 | 162 | 177 | 249 | 299 |
Aayush Art And Bullion study: the business from its own documents
Read from 3 of the company's own documentsAayush Art And Bullion key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹216.4 cr
- Revenue from operations in FY26, up from ₹73.8 cr in FY25; all of it from sale of goods in India.Annual report FY26, p.65 and p.79
- Profit kept
- 3.6%
- Net profit of ₹7.9 cr in FY26 as a share of revenue: a thin trading margin.Annual report FY26, p.65; our arithmetic
- Unpaid bills
- ₹99.0 cr
- Trade receivables at 31 March 2026, up from ₹27.4 cr a year earlier; close to half a year of sales.Annual report FY26, p.64; our arithmetic
- Owed to suppliers
- ₹61.7 cr
- Trade payables at 31 March 2026, up from ₹4.0 cr a year earlier.Annual report FY26, p.64
- Cash from business
- -₹0.07 cr
- Net cash from operations in FY26, after an outflow of ₹40.4 cr in FY25, as profit went into unpaid bills.Annual report FY26, p.66
Show 4 more facts
- Staff
- 3
- Permanent employees on the company's rolls in FY26.Annual report FY26, p.40
- Promoter warrants
- ₹25.9 cr
- Warrants issued to promoters in July 2024 at ₹112.60 each, later turned into 23 lakh shares.Annual report FY25, p.36
- New Managing Director
- July 2026
- Mehal Bipinchandra Raval took over as Managing Director on 23 July 2026, after Maulik Rajendrabhai Shah resigned.Annual report FY26, p.19 and p.27
- Loan written off
- ₹0.9 cr
- Loss booked in FY26 on loans and advances the company assigned to others.Annual report FY26, p.66 and p.76
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Aayush Art and Bullion earns a thin margin buying jewellery and precious metal goods and reselling them in India, with a very small team.
Its weak spots are large unpaid bills, no named customers or stores, and frequent changes at the top.
WatchCan it set its own prices?The company keeps only a small slice of each sale, and the management report says gold price swings can hurt demand and profit.
WatchHow strong is it against rivals?The reports show no brand, stores, plant or certification that sets the company apart, and it works with three permanent employees.
WatchWho are its customers?The annual report does not name any customer or say how much the largest ones take.
WatchDoes it need a lot of money?Yes. Customers owed close to half a year of sales at the year end, and the gap was carried by credit from suppliers and by money raised from shares earlier.
WatchCan it keep finding new work?Sales grew fast for two years, but there is no order book, and the growth plans in the reports come without stores, dates or amounts.
WatchDo good and bad years swing a lot?Yes. The company has changed its line of business, and sales have jumped from one year to the next.
Who runs Aayush Art And Bullion?
Promoters, directors and officers; tap a name for the background
MRMaulik Rajendrabhai ShahPromoter; Managing Director from March 2024 to July 2026
Named as a promoter in the FY26 annual report. Appointed Managing Director on 13 March 2024 and resigned from that office with effect from 23 July 2026. The annual reports give no education or earlier work.
Annual report FY26, p.27 and p.73; Annual report FY25, p.31ATArhat Touch Private LimitedPromoter (a company)
A private company named in the promoter shareholding of the FY26 annual report. The annual report gives no other detail about it.
Annual report FY26, p.73MBMehal Bipinchandra RavalManaging Director
A graduate with over 14 years in sales, marketing, business development and client relationships in financial services, including roles with securities firms, according to the AGM notice. Appointed Additional Director and Managing Director from 23 July 2026 for five years, subject to shareholder approval.
Annual report FY26, p.19 and p.24BPBhavnaben Prahaladbhai TrivediNon-Executive Director
A graduate described as having considerable experience in the textile industry. On the board since May 2025.
Annual report FY26, p.23 and p.27AKAfsar Khan IsmailIndependent Director
Holds an M.Com from the University of Mumbai and has over eight years in accounts and finance. Joined the board in July 2025 and chairs the audit committee.
Annual report FY25, p.24 and p.31; Annual report FY26, p.29DPDharmesh Pravinbhai SanghviIndependent Director
A graduate and Designated Partner at Arihant PMSC Foods LLP, a food processing business, who also works as a legal advisor. Joined the board in September 2025.
Annual report FY25, p.27; Annual report FY26, p.27Aayush Art And Bullion latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹169 cr (+257%), net profit ₹7.5 cr (+383%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 20.71% to 24.63%.
Aayush Art And Bullion announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the Quarter ended 30th September, 2026PDF ↗
- Company UpdateWe wish to inform you that Mr. Afsar lsmail Khan (DIN: 11189994), has resigned from the position of Non-Executive Independent Director of the Company with effecPDF ↗
- Company UpdateWe wish to inform you that Mr. Afsar lsmail Khan (DIN: 11189994), has resigned from the position of Non-Executive Independent Director of the Company with effecPDF ↗
- Insider Trading / SASTIntimation of Closure of Trading Window for the Quarter and half year ended 30th September, 2026PDF ↗
- Company UpdateTook note of the Resignation of Mr. Piyush Parmar (DIN: 09634827) from the position of Non-Executive Director of the Company with effect from 22nd September, 20PDF ↗
- Company Update1. Resignation of Mr. Piyush Parmar (DIN: 09634827) from the position of Non-Executive Director of the Company with effect from 22nd September, 2026. 2. AppoiPDF ↗
- OthersThis is to inform you that the Board of Directors at its meeting held Today, at the registered office of the Company, has inter alia, considered and approved thPDF ↗
Aayush Art And Bullion annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Aayush Art And Bullion share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Aayush Art And Bullion's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,53,12,175 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY15 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Aayush Art And Bullion
What does Aayush Art And Bullion do?
Aayush Art and Bullion says it makes and trades gold, diamond and silver jewellery; its accounts show it buying finished stock and reselling it to customers in India. It began as a lace and fabric company, and its shares trade on BSE SME.
What is the share price of Aayush Art And Bullion?
₹1,344 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Aayush Art And Bullion?
₹2,058 cr at the close on 6 Nov 2026, on 1,53,12,175 shares.
What is the P/E of Aayush Art And Bullion?
260.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Aayush Art And Bullion's revenue and profit?
Revenue ₹216 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of Aayush Art And Bullion?
Maulik Rajendrabhai Shah, Arhat Touch Private Limited; promoters held 24.63% at 31 March 2026.
What is Aayush Art And Bullion's website?
www.akmlace.com
More SME companies like Aayush Art And Bullion
Other listed SME companies in textiles & apparels, the closest in size first, each read from its own documents.
- Karnika IndustriesKARNIKA · NSE Emerge · Textiles & Apparels · listed 2023Market cap ₹831 cr
- Bizotic CommercialBIZOTIC · BSE SME · Textiles & ApparelsMarket cap ₹488 cr
- Purple United SalesPURPLEUTED · NSE Emerge · Textiles & Apparels · listed 2024Market cap ₹478 cr
- Shree Karni FabcomSHREEKARNI · NSE Emerge · Textiles & Apparels · listed 2024Market cap ₹337 cr
- Shreedhar SpinnersSHREEDHAR · NSE Emerge · Textiles & Apparels · listed 2026Market cap ₹334 cr
- Forcas StudioFORCAS · NSE Emerge · Textiles & Apparels · listed 2024Market cap ₹331 cr
Built from 2 annual reports, 1 offer document, 7 exchange announcements, 8 shareholding patterns and 11 years of reported results. Every figure carries its source; where the documents are silent, the page says so.