Aayush Art And BullionShare price, financial results, shareholding and management

BSE SME · AAYUSHBULLJewellery and bullion trading
akmlace.com ↗Live price on BSE ↗ISIN INE777X01017 · Lot 125 shares · ₹1.68 lakh
₹1,344.20
+0.20% on the day
Close · 6 Nov 2026
Valuation
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
Returns and growth
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%
Safety
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%
Ownership and share
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

₹1,344.20+33.80% 1 year

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

SalesProfit
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 loss

Sales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
0100200300Sales, FY15: 1 ₹ cr1Net profit, FY15: 0 ₹ cr0FY15Sales, FY16: 1 ₹ cr1Net profit, FY16: 0 ₹ cr0FY16Sales, FY17: 11 ₹ cr11Net profit, FY17: 0 ₹ cr0FY17Sales, FY18: 13 ₹ cr13Net profit, FY18: 0 ₹ cr0FY18Sales, FY19: 8 ₹ cr8Net profit, FY19: 0 ₹ cr0FY19Sales, FY21: 2 ₹ cr2Net profit, FY21: 0 ₹ cr0FY21Sales, FY22: 3 ₹ cr3Net profit, FY22: 0 ₹ cr0FY22Sales, FY23: 13.2 ₹ cr13.2Net profit, FY23: 0.3 ₹ cr0.3FY23Sales, FY24: 7.3 ₹ cr7.3Net profit, FY24: 0.2 ₹ cr0.2FY24Sales, FY25: 73.8 ₹ cr73.8Net profit, FY25: 1.8 ₹ cr1.8FY25Sales, FY26: 216 ₹ cr216Net profit, FY26: 7.9 ₹ cr7.9FY26
The latest halves, ₹ crore
SalesNet profit
050100150200Sales, H1FY22: 1 ₹ cr1Net profit, H1FY22: 0 ₹ cr0H1FY22Sales, H2FY22: 2 ₹ cr2Net profit, H2FY22: 0 ₹ cr0H2FY22Sales, H2FY23: 13 ₹ cr13Net profit, H2FY23: 0 ₹ cr0H2FY23Sales, H1FY24: 7.2 ₹ cr7.2Net profit, H1FY24: 0.1 ₹ cr0.1H1FY24Sales, H1FY25: 26.6 ₹ cr26.6Net profit, H1FY25: 0.2 ₹ cr0.2H1FY25Sales, H2FY25: 47.2 ₹ cr47.2Net profit, H2FY25: 1.6 ₹ cr1.6H2FY25Sales, H1FY26: 47.7 ₹ cr47.7Net profit, H1FY26: 0.4 ₹ cr0.4H1FY26Sales, H2FY26: 169 ₹ cr169Net profit, H2FY26: 7.5 ₹ cr7.5H2FY26

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

₹ crore · growth on the same half a year before
H1FY22H2FY22H2FY23H1FY24H1FY25H2FY25H1FY26H2FY26
Sales12137.1626.5847.1947.72168.63
Expenses13137.1626.5845.1247.18158.42
Operating profit000002.070.5510.20
OPM7.0%-23.0%0.4%1.7%1.4%4.4%1.1%6.0%
Interest00000000
Depreciation0000.010.020.030.030.03
Profit before tax0000.110.362.060.5210.19
Net profit0000.080.241.560.377.53

Aayush Art And Bullion profit and loss

Full years to March, FY15 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY15FY16FY17FY18FY19FY21FY22FY23FY24FY25FY26
Sales11111382313.237.3373.77216.35
Expenses11111383413.237.3371.32205.60
Operating profit0000000002.4510.75
OPM-30.0%-19.0%0.4%0.2%0.3%-2.9%-13.0%0.0%-2.0%3.3%5.0%
Other income00000000.410.410.010.01
Interest00000000000
Depreciation00000000.030.030.050.05
Profit before tax00000000.380.232.4110.71
Tax rate·0.0%30.0%·50.0%100.0%2.0%31.1%34.0%24.9%26.3%
Net profit00000000.260.151.817.89
EPS ₹01.081.26-0.200.03-0.10-1.390.880.41··
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 capital

Last 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

-30%-20%-10%0%10%FY15: -30.0%-30.0%FY15FY16: -19.0%-19.0%FY16FY17: 0.4%0.4%FY17FY18: 0.2%0.2%FY18FY19: 0.3%0.3%FY19FY21: -2.9%-2.9%FY21FY22: -13.0%-13.0%FY22FY23: 0.0%0.0%FY23FY24: -2.0%-2.0%FY24FY25: 3.3%3.3%FY25FY26: 5.0%5.0%FY26
Per cent
FY15FY16FY17FY18FY19FY21FY22FY23FY24FY25FY26
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 capital

The 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.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
0204060Net worth, FY15: 3.1 ₹ cr3.1Borrowings, FY15: 0 ₹ cr0FY15Net worth, FY16: 3.1 ₹ cr3.1Borrowings, FY16: 0 ₹ cr0FY16Net worth, FY17: 3 ₹ cr3Borrowings, FY17: 0 ₹ cr0FY17Net worth, FY18: 8 ₹ cr8Borrowings, FY18: 0 ₹ cr0FY18Net worth, FY19: 8 ₹ cr8Borrowings, FY19: 0 ₹ cr0FY19Net worth, FY21: 8 ₹ cr8Borrowings, FY21: 0 ₹ cr0FY21Net worth, FY22: 7 ₹ cr7Borrowings, FY22: 0 ₹ cr0FY22Net worth, FY23: 10 ₹ cr10Borrowings, FY23: 0 ₹ cr0FY23Net worth, FY24: 24 ₹ cr24Borrowings, FY24: 0 ₹ cr0FY24Net worth, FY25: 53 ₹ cr53Borrowings, FY25: 0 ₹ cr0FY25Net worth, FY26: 60 ₹ cr60Borrowings, FY26: 0 ₹ cr0FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-40-20020Cash from the business, FY15: 0 ₹ cr0Net profit, FY15: 0 ₹ cr0FY15Cash from the business, FY16: 0 ₹ cr0Net profit, FY16: 0 ₹ cr0FY16Cash from the business, FY17: 0 ₹ cr0Net profit, FY17: 0 ₹ cr0FY17Cash from the business, FY18: -4 ₹ cr-4Net profit, FY18: 0 ₹ cr0FY18Cash from the business, FY19: 0 ₹ cr0Net profit, FY19: 0 ₹ cr0FY19Cash from the business, FY21: 0 ₹ cr0Net profit, FY21: 0 ₹ cr0FY21Cash from the business, FY22: -1 ₹ cr-1Net profit, FY22: 0 ₹ cr0FY22Cash from the business, FY23: 3 ₹ cr3Net profit, FY23: 0.3 ₹ cr0.3FY23Cash from the business, FY24: 0 ₹ cr0Net profit, FY24: 0.2 ₹ cr0.2FY24Cash from the business, FY25: -40 ₹ cr-40Net profit, FY25: 1.8 ₹ cr1.8FY25Cash from the business, FY26: 0 ₹ cr0Net profit, FY26: 7.9 ₹ cr7.9FY26

Bars below the line are cash going out.

Aayush Art And Bullion balance sheet

At each 31 March · ₹ crore

₹ crore
FY15FY16FY17FY18FY19FY21FY22FY23FY24FY25FY26
Equity capital0.090.09133333121515
Reserves33255547123845
Net worth3.093.093888710245360
Borrowings00000000000
Other liabilities-0.09-0.096001001565
Total liabilities3398897102558125
Fixed assets00000000000
Capital work in progress00000000000
Investments00000000000
Other assets3398897102558125

Aayush Art And Bullion cash flow

₹ crore

₹ crore
FY15FY16FY17FY18FY19FY21FY22FY23FY24FY25FY26
Cash from operations000-400-130-400
Cash from investing000-1001-6-14130
Cash from financing0005000215260
Net cash flow0000000-11-10

Working capital

Days

Days
FY15FY16FY17FY18FY19FY21FY22FY23FY24FY25FY26
Debtor days026614710020200110136167
Inventory days00905911652805179230
Days payable··20200290·0421111
Cash conversion cycle0266351593172390161420787
Working capital days1,3601,159861663354604139692210101

Aayush Art And Bullion peers and competitors

Listed SME companies in the same industry

By 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.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Bizotic Commercial58732.62511810.0%0.07
Karnika Industries81829.32482815.0%0.78
K K Silk Mills234.624556.0%0.80
Unitec Fibres--22387.0%1.20
Aayush Art And Bullion2,058260.92167.95.0%0.00
Angel Fibers2525.021213.7%1.17
Shree Balaji (Mala) Textiles498.121267.0%2.56
Madhur Knit Crafts1098.42111313.0%1.66
Shree Karni Fabcom30720.220415.215.3%0.89
Forcas Studio40129.419813.610.6%0.58
S D Retail15716.11969.88.4%0.14
Median of the 10 others15720.221211.49.2%0.84

Aayush Art And Bullion shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The 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.

Promoters
24.63%
+13.36 pts since Dec 23
Number of shareholders
299
124 in Dec 23

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 23Mar 24Apr 24Sep 24Dec 24Mar 25Sep 25Mar 26
Promoters11.27%7.01%10.10%12.72%20.71%20.71%20.71%24.63%
Number of shareholders124119119162162177249299

Aayush Art And Bullion study: the business from its own documents

Read from 3 of the company's own documents

Aayush 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.
The evidence. Net profit was ₹7.9 cr on revenue of ₹216.4 cr in FY26, with purchases of stock at ₹202.6 cr. The management report lists gold price swings, currency moves and changes in import duty as risks.Annual report FY26, p.49 and p.65
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.
The evidence. The management report describes plans for franchise stores and online selling but gives no numbers. Property, plant and equipment stood at ₹0.14 cr at March 2026, and three permanent employees were on the rolls.Annual report FY26, p.40, p.48 to 49 and p.64
WatchWho are its customers?The annual report does not name any customer or say how much the largest ones take.
The evidence. Revenue is shown only as sale of materials, all of it in India; no customer list or concentration figures are given.Annual report FY26, p.79
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.
The evidence. Trade receivables were ₹99.0 cr and trade payables ₹61.7 cr at 31 March 2026. Net cash from operations was negative ₹0.07 cr in FY26 and negative ₹40.4 cr in FY25, when ₹26.3 cr came in from new shares.Annual report FY26, p.64 and p.66
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.
The evidence. Revenue rose to ₹216.4 cr in FY26 from ₹73.8 cr in FY25. The management report speaks of franchise led growth and the Middle East without figures.Annual report FY26, p.48 to 49 and p.65
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.
The evidence. Revenue was ₹7.3 cr in FY24, ₹73.8 cr in FY25 and ₹216.4 cr in FY26. The company began in lace and fabrics and now reports jewellery and bullion trading.Annual report FY25, p.30; Annual report FY26, p.48 and p.65

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.31
ATArhat 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.73
MBMehal 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.24
BPBhavnaben 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.27
AKAfsar 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.29
DPDharmesh 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.27

Aayush Art And Bullion latest news and announcements

Announcements · Documents · Corporate actions

What 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 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.

Every listed SME company in Textiles & Apparels →

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.