O. P. ChainsShare price, financial results, shareholding and management
- Market cap
- ₹20 cr
- Stock P/E
- 7.5peers 33.9
- Book value
- ₹54
- Price to book
- 0.55
- EV / operating profit
- -
- Market cap to sales
- 2.47
- ROCE · FY25
- 10.1%
- ROE · FY25
- 7.6%
- ROE, 3-year average
- 4.5%
- Operating margin · FY25
- 27.0%peers 2.7%
- Sales growth, 3 years
- -30.6%
- Profit growth, 3 years
- 278.4%
- Debt to equity
- 0.00peers 0.18
- Borrowings
- ₹0 cr
- Interest cover
- No interest
- Cash from business / op. profit
- 376%
- Debtor days
- 672
- Pledged
- 0.00%
- Promoter holding
- 74.53%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 51
- 52-week high / low
- ₹31 / ₹30
- 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.
O. P. Chains share price chart
Close on 3 Nov 2026 · -4.53% on the day · Vol 5,000
Daily prices to 3 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 3 Nov 2026
- Traded a day, 20 days
- ₹0.03 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY25 on FY24 | -40% | +46% |
| 3 years, a year | -31% | +278% |
About O. P. Chains: business, products and customers
O. P. Chains is a gold and silver bullion dealer in Agra that supplies bars and coins to jewellers, goldsmiths and ornament makers. Its shares trade on BSE SME.
O. P. Chains trades bullion from its office in Seth Gali, Agra. It buys gold, silver and other precious metals from suppliers it names as State Trading Corporation of India, Hindustan Zinc, ICICI Bank, Punjab National Bank and SB Ornaments, and supplies them wholesale, mostly as bars and coins, to ornament makers, goldsmiths, jewellers and semi-wholesalers. It makes nothing itself and had eight people on its rolls at March 2026.
As a pure trader, its revenue moves with the amount of metal it deals in and with the price of gold and silver, and its margin is the small difference between what it pays and what it charges. In FY26 the metal it bought cost almost as much as it sold for, so the trading business added very little; the year's profit came from interest on a loan the company has given to YTT Industries, a company the annual report says a director or relative is linked to.
Read more about the business
Most of the company's assets are not used in trading. At March 2026 the loan to YTT Industries and money owed by customers for more than six months together made up nearly all of its balance sheet, while it held no stock and very little cash. Much of FY26 sales went to O.P. Chains Company, a proprietorship the annual report says a director is concerned with.
The company listed on BSE SME in 2015. It says it wants to grow in other markets in and around Uttar Pradesh and in other states through local marketing staff; the 2015 prospectus named Lucknow, Allahabad, Kanpur and the NCR. The documents name no competitors.
From the FY26 annual report (filed August 2026) and the March 2015 prospectus.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹8.3 cr against ₹2.7 cr in FY25.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 74.53%.
To watch
- Repayment or renewal of the ₹23.2 cr loan to YTT Industries, given for twelve months and renewable by both sides (Annual report FY26, p.65).
- Collection of the ₹15.0 cr of trade receivables overdue for more than six months (Annual report FY26, p.97).
- Sales to O.P. Chains Company and other related parties in the half year to September 2026 (Annual report FY26, p.64; trading window notice, 24 September 2026).
- The re-appointment of Satish Kumar Goyal as managing director and the new term for Moon Goyal put to the meeting of 21 September 2026 (Annual report FY26, p.9 to 10).
- Customers take longer to pay than before: 672 days in FY25, 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.
O. P. Chains revenue and profit growth
Half-yearly results · Profit and lossSales have fallen. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
O. P. Chains half-yearly results
SME companies report every six months · ₹ crore
| H2FY21 | H2FY22 | H2FY23 | H1FY24 | H2FY24 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 0.96 | 0.97 | 1.49 | 5.21 | 13.59 | 1.93 |
| Expenses | 0.85 | 0.84 | 1.31 | 4.22 | 12.08 | 1.99 |
| Operating profit | 0.11 | 0.13 | 0.18 | 0.99 | 1.51 | -0.06 |
| OPM | 11.5% | 13.4% | 12.1% | 19.0% | 11.1% | -3.2% |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0.18 | 0.13 | 2.42 | 1.68 | 2.31 | 1.47 |
| Net profit | 0.17 | 0.12 | 2.40 | 1.68 | 1.86 | 1.11 |
O. P. Chains profit and loss
Full years to March, FY15 to FY25 · ₹ crore, consolidated where reported
| FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 258.33 | 69.22 | 48.19 | 24.25 | 24.47 | 14.79 | 13.59 | 8.18 |
| Expenses | 257.96 | 68.96 | 47.98 | 24.17 | 24.42 | 14.72 | 12.08 | 5.97 |
| Operating profit | 0.37 | 0.26 | 0.21 | 0.08 | 0.05 | 0.07 | 1.51 | 2.21 |
| OPM | 0.1% | 0.4% | 0.4% | 0.3% | 0.2% | 0.5% | 11.1% | 27.0% |
| Other income | 0.02 | 0 | 0 | 0 | 0.03 | 0 | 0.80 | 1.38 |
| Interest | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0.09 | 0.06 | 0.03 | 0.03 | 0.02 | 0.01 | 0 | 0 |
| Profit before tax | 0.28 | 0.20 | 0.18 | 0.05 | 0.06 | 0.06 | 2.31 | 3.59 |
| Tax rate | 32.1% | 35.0% | 33.3% | 20.0% | 16.7% | 16.7% | 19.5% | 24.5% |
| Net profit | 0.19 | 0.13 | 0.13 | 0.04 | 0.05 | 0.05 | 1.86 | 2.71 |
| EPS ₹ | 0.38 | 0.19 | 0.19 | 0.06 | 0.07 | 0.07 | 2.71 | 3.96 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
O. P. Chains profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than 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 | FY20 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 0.1% | 0.4% | 0.4% | 0.3% | 0.2% | 0.5% | 11.1% | 27.0% |
| Tax rate | 32.1% | 35.0% | 33.3% | 20.0% | 16.7% | 16.7% | 19.5% | 24.5% |
| ROCE | · | 0.7% | 0.6% | 0.2% | 0.2% | 0.2% | 7.1% | 10.1% |
| ROE | · | 0.4% | 0.4% | 0.1% | 0.2% | 0.2% | 5.7% | 7.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
O. P. Chains 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 more cash than it showed as profit. Customers take longer to pay than they did in FY20, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
O. P. Chains balance sheet
At each 31 March · ₹ crore
| FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 6.85 | 6.85 | 6.85 | 6.85 | 6.85 | 6.85 | 6.85 |
| Reserves | 23.30 | 23.62 | 23.75 | 23.80 | 23.85 | 23.64 | 27.42 | 30.14 |
| Net worth | 28.30 | 30.47 | 30.60 | 30.65 | 30.70 | 30.49 | 34.27 | 36.99 |
| Borrowings | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | 0.01 | 0.01 | 0.02 | 0.03 | 0.07 | 0.05 | 0.47 | 0.93 |
| Total liabilities | 28.33 | 30.48 | 30.62 | 30.68 | 30.77 | 30.54 | 34.74 | 37.92 |
| Fixed assets | 0.18 | 0.12 | 0.09 | 0.06 | 0.04 | 0.03 | 0.01 | 0.01 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 27.23 | 27.23 | 27.74 | 28.23 | 28.21 | 27.69 | 0 | 0 |
| Other assets | 0.92 | 3.13 | 2.79 | 2.39 | 2.52 | 2.82 | 34.73 | 37.91 |
| Receivables | 0 | · | · | · | · | · | · | · |
| Inventory | 0.63 | · | · | · | · | · | · | · |
| Cash | 0.05 | · | · | · | · | · | · | · |
| Trade payables | 0.03 | · | · | · | · | · | · | · |
O. P. Chains cash flow
₹ crore
| FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2.65 | -2.04 | 0.51 | 0.48 | -0.02 | -0.27 | -6.66 | 8.30 |
| Cash from investing | -2.53 | 0 | -0.51 | -0.48 | 0.02 | 0.26 | 6.66 | -8.30 |
| Cash from financing | -0.09 | 2.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net cash flow | 0.03 | -0.03 | 0 | 0 | 0 | -0.01 | 0 | 0 |
Working capital
Days
| FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 0 | 0 | 0 | 0 | 0 | 11 | 431 | 672 |
| Inventory days | 1 | 14 | 19 | 32 | 35 | 57 | 495 | 0 |
| Days payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | · |
| Cash conversion cycle | 1 | 14 | 19 | 32 | 35 | 68 | 927 | 672 |
| Working capital days | 1 | 16 | 20 | 34 | 36 | 67 | 590 | 670 |
O. P. Chains peers and competitors
Listed SME companies in the same industryBy sales, O. P. Chains is number 72 of the 86 listed SME companies in commercial services & supplies.
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 |
|---|---|---|---|---|---|---|
| DMR Engineering | 27 | 15.8 | 12.5 | 1.7 | 21.6% | 0.05 |
| Glaam Up Jwel | 20 | 165.8 | 12.4 | 0.1 | 1.4% | 0.54 |
| Evans Electric | 41 | - | 11.7 | -0.4 | -1.0% | 0.03 |
| O. P. Chains | 20 | 7.5 | 8.2 | 2.7 | 27.0% | 0.00 |
| AA Plus Tradelink | 26 | 56.8 | 8.1 | 0.5 | -6.8% | 0.03 |
| Lex Nimble Solutions | 36 | 33.9 | 7.9 | 1.1 | 4.0% | 0.00 |
| Nirmitee Robotics India | 47 | 57.8 | 7.2 | 0.8 | 15.5% | 0.24 |
| Sun Retail | 7 | - | 7.1 | -0.2 | -37.7% | 0.21 |
| Zinema Media And Entertainment | 12 | 23.6 | 4.7 | 0.5 | 6.6% | 0.42 |
| Karnimata Cold Storage | 8 | 10.3 | 4.5 | 0.8 | 33.4% | 0.50 |
| Roni Households | 38 | - | 2.4 | -0.5 | -58.1% | 0.16 |
| Median of the 10 others | 27 | 33.9 | 7.6 | 0.5 | 2.7% | 0.18 |
O. P. Chains shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
O. P. Chains 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.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 74.53% | 74.53% | 74.53% | 74.53% | 74.53% | 74.53% | 74.53% | 74.53% |
| Number of shareholders | 46 | 46 | 47 | 47 | 47 | 47 | 47 | 51 |
O. P. Chains study: the business from its own documents
Read from 3 of the company's own documentsO. P. Chains key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹1.93 cr
- Revenue from trading gold and silver, down from ₹8.18 cr in FY25.Annual report FY26, p.75 and p.92
- Trading margin
- ₹0.01 cr
- Sales less the cost of metal bought in FY26; there was no stock at the start or end of the year. Reported results; our arithmetic.Annual report FY26, p.92 and p.99
- Interest from YTT Industries
- ₹1.53 cr
- All of the FY26 other income, which is larger than the year's profit before tax of ₹1.39 cr.Annual report FY26, p.92 and p.99
- Loan to YTT Industries
- ₹23.2 cr
- Unsecured loan outstanding at March 2026, up from ₹21.9 cr; YTT Industries is a company in which a director or relative is a director or member.Annual report FY26, p.65 and p.97
- Money owed by customers
- ₹15.0 cr
- Trade receivables at March 2026, all overdue for more than six months, against FY26 sales of ₹1.93 cr.Annual report FY26, p.91 and p.97
Show 5 more facts
- Sales to a director's firm
- ₹1.42 cr
- FY26 sales to O.P. Chains Company, a proprietorship in which a director is concerned; most of the year's revenue.Annual report FY26, p.64
- FY26 profit
- ₹1.03 cr
- Profit after tax, down from ₹2.71 cr in FY25.Annual report FY26, p.92
- People on the rolls
- 8
- Permanent employees, including directors and key managers, at March 2026.Annual report FY26, p.72
- No pay to the executives
- Nil
- The managing director and the two whole-time directors drew no remuneration in FY26, against ₹0.01 cr each in FY25.Annual report FY26, p.99
- IPO in 2015
- ₹2.04 cr at ₹11
- A fixed price issue of 18.5 lakh shares on BSE SME, opened on 30 March 2015.Prospectus, March 2015, p.1
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.
O. P. Chains is a small bullion dealer whose trading now earns almost nothing; its profit comes from interest on a large loan to a company linked to its directors.
Its weak spots are falling sales, a large amount owed by customers for a long time, and how much of its business and money sits with related parties.
WatchCan it set its own prices?Gold and silver prices are set by the market, so a dealer earns only a thin spread, and in the latest year that spread was close to nothing.
WatchHow strong is it against rivals?Any dealer can supply the same metal, and the company's own claim rests on its standing in the Agra wholesale market.
WatchWho are its customers?Most of the latest year's sales went to a firm linked to a director, and the company has long said it depends on very few customers.
WatchDoes it need a lot of money?Trading needs little equipment, but almost all the company's money is tied up in a related party loan and in old amounts owed by customers.
WatchCan it keep finding new work?Sales have shrunk and the plan to expand beyond Agra has been stated for years without a visible result in the reports.
WatchDo good and bad years swing a lot?Sales swing with metal prices and with how much the company chooses to trade, and trading profit can disappear in a year.
Who runs O. P. Chains?
Promoters, directors and officers; tap a name for the background
SKSatish Kumar GoyalPromoter and Managing Director · holds 17.23%
A graduate with more than 42 years of experience in managing business; on the board since December 2001. The board re-appointed Satish Kumar Goyal as managing director for five more years on 24 August 2026, subject to shareholders. Also a director of YTT Foundation and YTT Energies. The annual report records Satish Kumar Goyal as the brother of Ashok Kumar Goyal.
Annual report FY26, p.31 and p.33AKAshok Kumar GoyalPromoter, Chairman and Whole-Time Director · holds 20.18%
Holds a Bachelor of Commerce from Agra University and has more than 45 years in the gold and silver bullion trade. Also a director of Khush Infra and AKG Prime Developers. Retired by rotation and was proposed for re-appointment at the September 2026 meeting.
Annual report FY26, p.6 and p.35MGMoon GoyalPromoter and Whole-Time Director · holds 3.6%
A graduate with more than 21 years in bullion trading and more than 14 years in real estate; also a director of MSX Developers. The August 2026 notice proposes a five year term as whole-time director from 12 August 2026. The annual report records Moon Goyal as a cousin of Satish Kumar Goyal and Ashok Kumar Goyal.
Annual report FY26, p.9, p.28 and p.30 to 31KAKusum AgarwalPromoter · holds 14.19%
Named among the promoter shareholders and not on the board. The documents read give no background.
Annual report FY26, p.94SGSwapnla GuptaIndependent Director
A qualified company secretary with over 13 years in corporate governance, SEBI compliance, IPO readiness, legal advisory and capital market work, including roles at Vacmet India and Oyster Infraestate. Appointed from 27 November 2025 and sits on the audit and nomination committees.
Annual report FY26, p.24 to 25PVPraneeta VarshneyIndependent Director
A practising company secretary and law graduate (B.A. LL.B. Hons.) who advises companies on board processes, filings, secretarial audits and regulatory matters. Appointed from 27 November 2025.
Annual report FY26, p.26 to 28ASAbhishek SharmaIndependent Director
A non-executive independent director at March 2026. The documents read give no education or work history.
Annual report FY26, p.49AKAbhay Kumar PalChief Financial Officer
Chief financial officer at March 2026. The documents read give no background.
Annual report FY26, p.49 to 50O. P. Chains latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 74.53%.
O. P. Chains announcements
4 on record, latest first; each opens the filing on the exchange
- Insider Trading / SASTThe trading window of the company will be closed from the 01.10.2026 till the 48 hours of declaration of half yearly financial results of the companyPDF ↗
- AGM/EGMVoting results along with scrutinizer report of 25 th AGM of the company held on Monday 21st September, 2026 at 11:00 AM attachedPDF ↗
- Company UpdateIntimation under regulation 30 of Securities and Exchange Board of India (Listing Obligations and disclosure requirements) Regulations, 2015 regarding : 1.ReapPDF ↗
- AGM/EGM25th Annual General Meeting of the company held on Monday, 21st September, 2026 at 11:00 A.M. and Concluded at 01:00 P.M. We have attached the whole proceediPDF ↗
O. P. Chains annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
O. P. Chains 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 O. P. Chains' data · 11
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !The two halves of FY24 as reported add up to sales of ₹18.80 cr, the full year to ₹13.59 cr; one of the filings may have been restated.
- !The two halves of FY25 as reported add up to sales of ₹16.37 cr, the full year to ₹8.18 cr; one of the filings may have been restated.
- iThe shares traded on only 3 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY24 and FY25.
- ✓Market cap uses the share count in the latest shareholding pattern (68,50,000 shares).
- ✓The share capital in the FY25 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 FY25 add up to ₹16.4 cr of sales against ₹8.2 cr for the full year, so the half-years of FY25 are held back.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY15 to FY25.
- iPrices run to the close on 9 Sept 2026, from the exchange's daily figures.
Questions people ask about O. P. Chains
What does O. P. Chains do?
O. P. Chains is a gold and silver bullion dealer in Agra that supplies bars and coins to jewellers, goldsmiths and ornament makers. Its shares trade on BSE SME.
What is the share price of O. P. Chains?
₹29.5 at the close on 3 Nov 2026, from the exchange's daily figures.
What is the market cap of O. P. Chains?
₹20 cr at the close on 3 Nov 2026, on 68,50,000 shares.
What is the P/E of O. P. Chains?
7.5 times FY25 profit at the close on 3 Nov 2026 (our arithmetic).
What are O. P. Chains' revenue and profit?
Revenue ₹8 cr and profit after tax ₹3 cr in FY25.
Who are the promoters of O. P. Chains?
Satish Kumar Goyal, Ashok Kumar Goyal, Moon Goyal, Kusum Agarwal; promoters held 74.53% at 30 June 2026.
What is O. P. Chains' website?
www.opchainsltd.com
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Built from 2 annual reports, 1 offer document, 4 exchange announcements, 8 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.