Ashapuri Gold Ornament Ltd (NSE: AGOL) Q1 2026 Earnings Call dated Aug. 04, 2025
Corporate Participants:
Unidentified Speaker
Jitendra Kumar Soni — Joint Managing Director
Analysts:
Unidentified Participant
Ganesh — Analyst
Arvind Jadhav — Analyst
Vinod Shah — Analyst
Parag Jain — Analyst
Aditi Roy — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to the ashapuri Gold Ornament Limited Q1FY26 results conference call hosted by Kiran Advisors Pvt LTD. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ganesh from Kiran Advisors Private Limited. Thank you. And over to you sir.
Ganesh — Analyst
Thank you everyone for joining the conference call of ashapuri Road Ornament Limited. From the management team we have Mr. Jitendra Kumar Soni, Managing Director, Joint Managing Director, Mr. Jainin Soni, Chief Executive Officer. With that now I hand over the call to Mr. Janik Soni. Over to you sir.
Jitendra Kumar Soni — Joint Managing Director
Good afternoon everyone. I am Janik Soni, CEO of Asha Puricold London Limited. Thank you for joining our Q1 FY26 earnings call. I am pleased to share that we are delivered a strong start of the financial year so supported by our operational efficiency, a focused business strategy and the overwhelming response at the recently concluded IHS Premier 2025. Our Q1 total income stood at 52.96 crore reflecting a robust growth of 18.72%. Year on year our EBITDA grew by over 34% and our margins are improving by 1.08 basis points to 9.48%. Our profit after tax is also up by 21% and earnings per share has also increased to 0.10 rupees per share.
That is a 25% jump. This indicates our efforts are translating into tangible shareholder value. This growth is primarily driven by strong demand of our premium antique jewelry line which improved our conversion cycles and better product mix strategy. Our collection based approach and timely deliveries have strengthened our value proposition among institutional retailers and big box clients. We have just concluded an extremely successful participation at the IAS Premier show which gave us direct access to both our existing clients and new institutional buyers across India and globally. The response of our 50 piece collection and ready stock range was phenomenal with inquiries from over 100 plus domestic genuine buyers.
Our ready to ship stock strategy enabled instant bookings and faster order cycles and we now expect a significant part of quarter two and quarter three order book to come from IHS follow ups and deliveries. Looking forward, we are strengthening our collection base and make to order model. We are also focusing on catering customization in north east and South India via our dedicated capsule collections. Focusing on strengthening our design department with high skill hires and improving delivery times through process executions. Our vision is clear to be Lasapuri as India’s most admired B2B antique jewelry manufacturer. Rooted in design, consistency and culture.
Thank you for your continued trust and support in us. Now I hand over call for question and answers.
Questions and Answers:
operator
Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of Arvind Jadav, an individual investor. Please go ahead.
Arvind Jadhav
Hello. Hello. Hello. Hello. Yeah, thank you for the opportunity. I want to know the volume in this quarter compared to year on year last year quarter.
Jitendra Kumar Soni
In terms of kg.
Arvind Jadhav
Yes. So.
Jitendra Kumar Soni
First of all welcome on this phone call. [Foreign Speech] So after your question 18% from year on year last year or 61.09 kg. Or each quarter may 72.03 kg over.
Arvind Jadhav
Okay.
Jitendra Kumar Soni
17.90%.
Arvind Jadhav
Yeah. Your conference call in Q4 25 you said that there will be volume growth of 50% and there was a revenue growth of than 50%. Same with the revenue and same with the profit. So what?
Jitendra Kumar Soni
Majorly. Majorly. This is the projection of a whole year projection. So in our specify bridal gallery the main season line is start from Q2 and Q3. So what? The company has prediction of 50% growth for whole year. Sir. Yes sir. Yes. 100%. We are very much sure because just Katam Karpi confidence. [Foreign Speech]
Arvind Jadhav
Thank you sir. Thank you. That’s it. From my side. Yes.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question you may press star and one on your touchstone telephone. The next question is from the line of Vinod Shah, an individual investor. Please go ahead.
Vinod Shah
Hello.
Jitendra Kumar Soni
Yes, sir.
Vinod Shah
Yes, good evening. Am I audible? Yes, sir. How do you assist the underlying demand environment for B2B jewelry manufacturing in India and how has it influenced your Q1 performance?
Jitendra Kumar Soni
So Q1 performance after the globe Global challenge, [Foreign Speech] India, Pakistan war. In terms of quantity or in terms of turnover? [Foreign Speech]
Vinod Shah
Okay sir, next question. Question is like. Could you elaborate the factors that drive the 35, 34% year on year growth in the EBITDA this quarter?
Jitendra Kumar Soni
Sorry sir, don’t understand your question. Sir.
Vinod Shah
The 34 year year on year growth in EBITDA margin. So what Was what were the factors that contributed to it?
Jitendra Kumar Soni
Okay. What was the factor? Okay. So as I mentioned earlier that we are focusing on margin products. [Foreign Speech] We are focusing on more margin product. So cassette increase. We are introducing Polki and diamond as well.
Vinod Shah
Okay, sir. Or your 11 crore order. [Foreign Speech] So any detailed information contribution upcoming quarters May. What will be the contribution?
Jitendra Kumar Soni
No, I think so. [Foreign Speech] What Q1 may already exist. So some of. We don’t disclose our client name or quantities against client. It’s a confidential data.
Vinod Shah
Okay.
Jitendra Kumar Soni
We. We are not recommend the data is.
Vinod Shah
And so how is the company positioning itself to capture organized jewelry manufacturing market which is currently only 11% of the sector?
Jitendra Kumar Soni
Of course. Of course, sir. So as a result we are focusing more on corporate clients. So we. We are trying to do a big corporate client market last year. [Foreign Speech] We know that. Sanjo. Yes. We are looking for organized manufacturers or Unko Organized manufacturers.
Vinod Shah
That’s all from my side. Thank you.
Jitendra Kumar Soni
Yes, sir.
operator
Thank you. The next question is from the line of Chandra Singh, an individual investor. Please go ahead.
Unidentified Participant
Thank you for the opportunity. So question is what ships are you observing in design preferences or purchasing behavior from your corporate and big box creative strategy?
Jitendra Kumar Soni
Okay, you want to bifurcation. Hello.
Unidentified Participant
I mean just. Just. Just let me know what kind of design preferences you’re observing among you know, corporate and other.
Ganesh
Yes. So the design preferences are the culturally differentiated among north and south across clients. So when we talk you have to categorize into three parts. National chains, regional chains and big box stores. So the national trains prefer more type of a fusion jewelry preferences which is accepted all over India. When we talk about regional chains mainly focusing in south India, they focus on template temple jewelry collections which is more sellable and culturally rooted in that areas. And third is big box client which are focusing on vital niche areas which are very much value focused and high in design style.
Design preferences they are having.
Unidentified Participant
Okay. Also sir, if you could just elaborate. Evolving demand in tier 2 and tier 3 cities. Tier 2 versus tier 3 for the year F26.
Jitendra Kumar Soni
Can you come again please?
Unidentified Participant
How do you see demand evolving in tier 2 and tier 3 cities versus the metro market?
Jitendra Kumar Soni
Yes. So with the rising gold rate from 70,000 to 1 lakh, it took time in quarter one for people to digest the rate. But now when the rate is getting little bit stable, the demand is coming. And for the upcoming season, in the festival season, the demand is growing as seen in the I show that all the clients from tier 2 tier 3 cities are also much interested in buying and refilling their stocks for the upcoming season. But mainly focus on little bit lighter side of the jewelry and as compared to heavier side before four, five months.
Unidentified Participant
Okay, and are there new client segments or geographies that you’re targeting in the upcoming quarters?
Jitendra Kumar Soni
No, as of now we are not targeting any new geographies for the upcoming quarters because we have onboarded national chains and our focus is to increase our pockets share among them by giving them different design capsule collections and increasing our order book from our existing portfolio of clients.
Unidentified Participant
Okay sir, one last question I have is that what is your wallet share strategy with mirror client like type in that how it’s progressing.
Jitendra Kumar Soni
So the wallet cell strategy is that we have three different collections unlike any other manufacturer. So for antique jewelry we have an option for temple jewelry under Kavish brand we have an option designing option of bridal jewelry under Mayan brand, a fusion jewelry concept under Arzees brand and a diamond and poultry jewelry collection under Anaya brand. So a regional chain like Titan or Malabar or any other we can say have option of having or reselling their stock or orders for different types of geographies for their showrooms from a single manufacturer. So through that strategy we are focusing to increase our wallet share in this lines.
Unidentified Participant
Okay, that’s it from my slide for now. I’ll join back in the queue side. Have any more questions?
operator
Thank you. The next question is from the line of Rakesh Sharma, an individual investor. Please go ahead.
Unidentified Participant
Hello, I’m audible.
Jitendra Kumar Soni
Yes.
operator
Yes.
Unidentified Participant
So my first question is how does the company plan to balance customized jewelry orders with large sales standardized manufacturing?
Jitendra Kumar Soni
So the so this is a rebooked order. For example big national jewelry chains have their in house research and design team. So according to the catchment level they have their own brief. According to they have their designs, they want to manufacture the designs which they want to place in the showrooms. So they give us a brief under what weight range, under what design preferences they want to make a curated collection and we customize that collection for them. And according to that they give us bulk orders and we cater only cater that bulk orders for that plants.
So we are able to manage because it’s not ready to sell strategy in that we need to prepare prototypes and then supply in bulk for them. Okay.
Unidentified Participant
And at 93% capacity utilizations what are your plans for expanding manufacturing capabilities or improve efficiency?
Jitendra Kumar Soni
So as already mentioned in last control that with 93% we are already planning to increase to 750 kgs this quarter and we can go up to one ton also.
Unidentified Participant
Okay, and my last question is what steps are being Taken to manage raw material cost given recent fluctuation in gold prices.
Jitendra Kumar Soni
So in managing raw material cost we are focusing on 100% gold hedging strategy. So our 92% of the cost is under control and managed. And so by by this hedging strategy only we are focusing on our raw material cost.
Unidentified Participant
Okay. Thank you sir.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of meat from an individual investor. Please go ahead.
Unidentified Participant
So good evening sir. My first question is that are we on track to achieve a growth of. 50 to 55% for this year?
Jitendra Kumar Soni
Yes, as of now we don’t see any challenges as we have just completed IIS exhibition and we have books very good amount of orders in the hour. So. So as we are looking forward very confident about our target achievement.
Unidentified Participant
So if you could share what is the order books that you have received and what gives you the confidence. Like the festive seasons are early from a few two onwards. So what gives you the confidence to achieve that growth? Are you having any orders from big clients or the corporates? So if you can share some light on.
Jitendra Kumar Soni
Yes, as I mentioned that today phone call the show is going today last day. So the exact figure of order booking will become towards towards the management after today. So exact figure we have mentioned in our BSE exchange after today what order we have received in IAS show.
Unidentified Participant
Okay. And if you could share that what is the share of revenue from these exhibitions and the orders that you get from these corporates or big box lines.
Jitendra Kumar Soni
Yeah. We can try our best to bifurcate individual that what in corporate clients order and the big box client orders. Business and business change specification bifurcation. We will share in after two days on Bombay stock exchange platform.
Unidentified Participant
And my last question that you mentioned in the last call that you are increasing the share of high margin products like diamond tree and jewelry. So can we expect that the margins will improve from here? And how do we expect the margin guidance for this year?
Jitendra Kumar Soni
So the margin is as I mentioned earlier that we are focusing on margin products. So the EBITDA you just saw the EBITDA that increase on year on year. So management high margin product introduced high design high premium design high upcoming hair which may achieve margin. [Foreign Speech] Design margin Kakapi supply Mitai from design gold price other sustainable. So exactly right from product.
Unidentified Participant
And last that apnea that do you also have that ready jewelry that you supply when the inventory shorter for the big box clients and the corporates and Also we have that portion that corporates gives us the designs and the manufacturers for them. So also do we have any design team with us who are designing these catalogs?
Jitendra Kumar Soni
Yes, yes, yes, 100%. As I have mentioned that we are focusing on two models which is one is ready to sell and one is make to order. So we do have predefined inventory for short, short of demand for corporates or big box stores. And we do make jewelry also for instant demand of corporates. And yes, we do also have an in house design team which is completely focused on value addition of new designs which can be focused on cultural references and margin based products.
Unidentified Participant
Okay, that’s all from my side. Thank you so much.
operator
Thank you. The next question is from the line of Parag Jain from Ace Investment Bank. Please go ahead.
Parag Jain
Hello. Am I audible?
Jitendra Kumar Soni
Yes.
operator
Yes.
Parag Jain
So the first question is can you please outline your strategy for digital transformation and omni channel engagement in the B2B space?
Jitendra Kumar Soni
So in B2B jewelry manufacturing space, digital involvement is still there. We have our own application to share our designs for existing clients. But mainly the real business works in direct face to face channel only. So because this is a high value product and touch and feel is required before placing orders and purchasing the jewelry. So that’s why Omnichannel does not work into that extent. But yes, there are digital transformation in other operational ways, in software ways, ERP systems like that.
Parag Jain
Okay, and what role will long term supply agreement with branded national chain play in your growth trajectory?
Jitendra Kumar Soni
Yes, they play a very good role in our long term growth because as we have seen there are there is almost 50% of shortfall in organized retail versus organized manufacturing. So we have a very good opportunity to, you know like get contracts and orders with corporates as we are focusing on corporates for long term growth.
Parag Jain
Okay, so as you already said you are expanding on branded portfolio. So can you please tell how you will scale Your revenue up 500 share while maintaining the operational efficiency and designing?
Jitendra Kumar Soni
Yes, it’s the gradual and regular process of creating different capsule collections and supplying to the corporates and taking orders from them and again catering their collections before seasons like Diwali or Akshaya and supplying them on a bulk scale. Through that we can achieve the targeted figure which you are expecting.
Parag Jain
Okay, that’s it from my job.
Jitendra Kumar Soni
Thanks.
operator
Thank you. The next question is from the line of D Upper tail from Unity Finance. Please go ahead.
Unidentified Participant
Would you elaborate on your current supply chain resilience, sourcing of movement and other raw materials and how you make it interest of Price for that vp, are you audible?
Jitendra Kumar Soni
Yes. Can you come again please?
Unidentified Participant
Could you elaborate on your current supply chain resilience especially sourcing of gold and other raw materials and how you mitigate risk of rifle after.
Jitendra Kumar Soni
So as I mentioned before that we focus on 100% heading policy and when we talk about gold sourcing that we have, we are registered as a qualified jeweler on IIBX and we source our gold from India International Bullion Exchange which is here in Gandhinagar. So it is imported gold. And sometimes we source our gold from market players as well.
Unidentified Participant
Okay. Are there opportunities to further optimize labor costs or increase out for output per partition without compromising craftsmanship?
Jitendra Kumar Soni
Yes, 100% we have. Actually we focus on design more so labor per carrier reduction. We do not focus much on that because the category is what that matters in NP gold jewelry. But per carrier production increasing, we are focusing through predefined raw materials, structured orders given to them and through structured follow up of our ERC system, we can increase our per carriage output rather than focusing on reducing the labor charges.
Unidentified Participant
Okay. Also can you share the insight into your designing innovation pipeline and how often you introduce new collections to stay ahead of market trends?
Jitendra Kumar Soni
So Ashapuri basically comes out with three to four different collection in a year as he participates in all the big B2B shows across India. So for IIJS we have launched a 50 piece collection next in September. September show coming. We are planning a capsule collection of 25 designs to be launched in September also and again in January there will be another show. So before the exhibition we planned three to four months before to launch a collection and give new designs to our existing clients and generate orders from them.
Unidentified Participant
Okay. And are there any plans to diversify your product mixed beyond gold ornaments like for example diamond or platinum jewelry to reduce dependence on a single metal category?
Jitendra Kumar Soni
So yes, we are thinking on it but not the different metal only focusing on gold. But we are focusing on different carat as the gold rate is increased. We are looking on opportunities of 18 carat as of now. But it’s still under process and we are identifying what are the challenges, what are the pros and cons if we go into 18 karat. But yes, we are looking for 18 karat but it’s under process.
Unidentified Participant
Okay. Okay. Thank you for answering.
operator
Thank you. The next question is from the line of Aditi Roy from Patel Wealth Advisor Private Limited. Please go ahead. Hello sir.
Aditi Roy
Hello. My question is how do you see the difference reduction in custom duty that is that will influencing your competitiveness and pricing strategy.
Jitendra Kumar Soni
Sorry. Hello. Can you repeat the question?
Aditi Roy
Yes, sir. How do you see the recent reduction in custom duty that influence your competitiveness and pricing strategy?
Jitendra Kumar Soni
Custom duties. [Foreign Speech] Okay.
Aditi Roy
Thank you. Thank you.
operator
The next question is from the line of Chandrash Singh, an individual investor. Please go ahead.
Unidentified Participant
Yes, sir. So my question is could you. Could you share some details on your long term supply agreements like how they are structured and how they might change your revenue visibility?
Jitendra Kumar Soni
[Foreign Speech] Yannick. Boss, can you come again?
Unidentified Participant
Yeah, I was asking if you could just share some details on your long term supply agreements and how they are structured and how they might change your revenue visibility.
Jitendra Kumar Soni
So the long term supply agreements like. We are the official vendors of all of the major national retail jewelry clients in India. So the business. How does the business works is they have our design bank like what are the Asha Buddhist designs they have stored into their ERP systems? Okay. So our focus is to increase our design bank into their ERP systems. And after design bank they have an amount of orders fixed to a vendor like Ashapuri. So from that they place our orders and increasing designing bank, we get orders from them. So our focus is only focus is to increase our design bank into the national jewelry chains.
That will help us to increase our sales into the retailers.
Unidentified Participant
Okay, thank you for answering that. Also, are you considering any strategic alliances or joint ventures with retailers or e commerce players to enhance your distribution reach?
Jitendra Kumar Soni
No. In our industry, having a joint venture with a retailer doesn’t work to improve our distribution because there is a two different part retailer separate distribution network. So as of now we are not focusing on any joint venture.
Unidentified Participant
Okay, so then sir, how are you, you know, looking to strengthening your regional sales force and entering new untapped cities or states.
Jitendra Kumar Soni
So as of now we have our physical presence in Bangalore through which Bangalore is the central of south. We are catering all four states. Tamil Nadu, Karnataka, Kerala and Andhra Pradesh. We have our physical teams present there who is servicing all the existing clients on day to day basis. And similarly we have a physical presence in Delhi through which we focus on the cities nearby Delhi, like Delhi, Punjab, Haryana. And we have our teams present in Delhi servicing all the existing clients on day to day basis. So that’s how we are focusing on servicing existing clients and increasing our market share.
Okay.
Unidentified Participant
And so the industry is moving towards organized players now. So how do we as a brand and operations tend to gain market share from smaller manufacturers?
Jitendra Kumar Soni
So the main point in this is in house design team, departmentalized, structured, a strong ERP software for data analysis and a visionary management. These four things separate us from a smaller manufacturer and helps us to increase on an organized side to cater the organized demand from the jewelers.
Unidentified Participant
Okay, sir, that’s it. From my side. I’ll join back in the queue again. If I have any more questions.
Jitendra Kumar Soni
Yeah.
Unidentified Participant
Thank you. Thank you.
operator
Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Ganesh advices private Limited, for closing comments.
Ganesh
Thank you, everyone, for joining the conference call of Asha Puri Gold Ornament Limited. If you have any further questions or queries, you can write us at researchadviscareenadvisors.com Once again, thank you, everyone, for joining the conference call.
Jitendra Kumar Soni
Thank you. Thank you.
operator
Thank you on behalf of Kiran Advisors Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.
Ganesh
Thank you very much. Sam.