💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents. The company operates in the gold jewellery and bullion segment, but specific YoY growth percentages for these segments are not provided.

Geographic Revenue Split

Not disclosed in available documents. The company currently operates in India with a registered office in Delhi and a corporate office in Ahmedabad, and has stated intentions to expand into non-South Indian markets and Middle Eastern countries.

Profitability Margins

Not disclosed in available documents. However, the company confirmed it has not incurred cash losses in the current financial year (FY25) or the immediately preceding financial year (FY24).

EBITDA Margin

Not disclosed in available documents. The auditor's report confirms the company is capable of meeting its liabilities within one year, suggesting stable core profitability.

Capital Expenditure

Not disclosed in available documents. The company is pursuing a 'capital-efficient' growth strategy through franchised showrooms rather than heavy owned-asset CapEx.

Credit Rating & Borrowing

The company has not been sanctioned a working capital limit in excess of INR 5 Cr from banks or financial institutions based on the security of current assets. Specific interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

Gold and Bullion (approximately 90-95% of product value). The business model revolves around the procurement and sale of gold jewellery and bullion products.

Import Sources

Not disclosed in available documents, though the company identifies Middle Eastern countries as a target for market expansion.

Capacity Expansion

The company is transitioning from a lace and embroidery focus (formerly AKM Lace and Embrotex) to a bullion and jewellery focus. Expansion is planned via franchised showrooms to enhance the business profile without heavy capital outlay.

Raw Material Costs

Not disclosed in available documents. Gold price volatility is cited as a primary factor impacting short-term consumer demand and inventory valuation.

Manufacturing Efficiency

Not disclosed in available documents. The company focuses on 'omnichannel retailing' to improve customer conversion rates.

📈 Strategic Growth

Expected Growth Rate

14%

Growth Strategy

The company plans to achieve growth by aggressively foraying into non-South Indian markets and Middle Eastern countries. This will be executed through capital-efficient franchised showrooms. Additionally, the company is implementing omnichannel retailing and using data analytics to improve customer conversion and engagement.

Products & Services

Gold jewellery (necklaces, bangles, earrings), Bullion, and Art-related bullion products.

Brand Portfolio

Aayush Art and Bullion Limited (formerly AKM Creations Limited).

New Products/Services

The company is focusing on innovative and contemporary designs in gold jewellery to meet evolving fashion trends. Specific revenue contribution percentages for new designs are not disclosed.

Market Expansion

Targeting non-South Indian markets and Middle Eastern countries through franchised showrooms. Timeline for specific openings is not disclosed.

Market Share & Ranking

Not disclosed in available documents. The organized jewellery retailing market in India is projected to grow at 14%.

🌍 External Factors

Industry Trends

The Indian jewellery market is shifting toward organized retailing, which is projected to grow at 14%. There is a significant trend toward omnichannel retailing and the use of analytics to drive engagement. Consumer preferences are moving toward contemporary designs and the convenience of e-commerce.

Competitive Landscape

The company competes with both local unorganized jewellery shops and large organized retailers. The market is evolving as consumers shift from local shops to organized, branded showrooms.

Competitive Moat

The company's moat is built on its transition to a specialized bullion and art brand and its 'capital-efficient' franchise model. Sustainability depends on its ability to successfully scale the franchise network and maintain brand trust in the high-value jewellery sector.

Macro Economic Sensitivity

Highly sensitive to gold price fluctuations and consumer spending power. Shifting customer behaviors toward organized retail and digital platforms are key macro drivers.

Consumer Behavior

Consumers are increasingly seeking innovative designs and convenience, driving the growth of organized retail and e-commerce in the jewellery sector.

Geopolitical Risks

Expansion into Middle Eastern countries introduces exposure to regional geopolitical stability and international trade regulations.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with the Companies Act, 2013, and Indian Accounting Standards (IND AS). A deficiency was noted regarding Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, as the company's accounting software lacked an audit trail (edit log) facility for FY25.

Legal Contingencies

The company reported zero pending litigations that would impact its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the volatility of gold prices, which can impact demand by 10-20% in the short term. The lack of an audit trail in accounting software presents a regulatory and internal control risk.

Geographic Concentration Risk

Currently concentrated in India (Delhi/Ahmedabad), with plans to diversify into the Middle East.

Third Party Dependencies

Dependency on franchisees for the planned expansion model and on RTA (Skyline Financial Services) for share registry management.

Technology Obsolescence Risk

The company's accounting software is currently deficient in audit trail capabilities. Failure to adopt robust omnichannel technology could lead to loss of market share to digital-first competitors.

Credit & Counterparty Risk

Not disclosed in available documents. The auditor noted no material uncertainty regarding the company's ability to meet liabilities falling due within one year.