Ashapuri Gold Ornament Ltd (NSE: AGOL) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Ganesh — Investor Relations
Jitendra Kumar Soni — Joint Managing Director
Jainik Soni — Chief Executive Officer
Analysts:
Arvind Jadav — Analyst
Raj — Analyst
Vidhi Purohit — Analyst
Kishore Patel — Analyst
Ganesh Varan — Analyst
Kostub Agarwal — Analyst
Pooja Mishra — Analyst
Meet Mehta — Analyst
Dhanraj Tulani — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to ashapuri Gold Ornaments Limited Q3 and 9 months FY26 results earnings conference call hosted by Kirin Advisors Private Limited 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 this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. Before we begin a brief disclaimer. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call.
These statements are not the guarantees of future performance and it may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Ganesh from Kirin Advisors Private Limited. Thank you, thank you. And over to you sir.
Ganesh — Investor Relations
Thank you everyone for joining the conference call of ashapuri World Ornament Limited. From the management team we have Mr. Jitendra Kumar Soni, Joint Managing Director and Mr. Jainik Soni, Chief Executive Officer. With that now I hand over the call to Mr. Jitendra Kumar Soni for the opening remarks. Over to you sir.
Jitendra Kumar Soni — Joint Managing Director
Good afternoon everyone. A warm welcome to all participants joining us today for the Asapuri Goldaran Q3 and 9 month FY26 earning calls. Thank you for taking the time to join us and for your continued interest in our company. We are delighted to report another good quarter of performance in Q3FY26 with PET growing by 7.76% year on year and EBITDA grow with 22.01% year on year. Our EBITDA margin expanded by 233 basis points to 8.78 percentage and the PET margin improved by 103 basis point to 6.1 percentage. This remarkable improvement reflects our discipline, execution, operational efficiency and inherent strength of our B2B jewelry business model.
We are equally pleased with the strong momentum in volume this quarter. Total income increased by 5.65%6.4% year on year in 9 month FY26 driven by substantial demand for our differentiate product portfolio and increase acceptance of our design led offering among leading retail chains and big box clientele. This continued the growth in sales which demonstrate the strong market appetite for our jewelry collections and validate our strategy of building scale while ensuring product excellence. Despite recent volatility in the commodity market and rising gold price, the underlining demand for organized design led jewelry remains resilient supported by steady retail off tech.
Going forward, we will focus on expanding our presence in high potential domestic market. Supported by a strengthening regional alliance. Salesforce. Salesforce. To deepen engagement with our organized jewelry retailers. These initiatives are aimed to at driving sustainable revenue growth While maintaining margin discipline. Thank you.
Questions and Answers:
operator
So, can we begin for Q and a session?
Jitendra Kumar Soni
Yes. Yes, we can.
operator
Okay, sir. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please 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 will 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 Jadav
Hello.
Jitendra Kumar Soni
Yes, sir. Yes. Gold price suddenly 50% comparison last year say to be equivalent which is market key situation. 40 to 50% gold price increase within a short time frame. Or last year quantity may be performance there. I know. Last 10 to 15 days.
Arvind Jadav
Quarter 4 or quarter 1 of FY27 20.
Jitendra Kumar Soni
Demand direct to connect to gold price as of now consumer customer Joe buyer hair. So again the customer. Demand. Yes sir. Yes, sir. So it’s a process.
Arvind Jadav
To 50% because of this. Because of that shareholder is also losing. Promoter is also losing. So.
Jitendra Kumar Soni
Uk as a B2B manufacturing company in terms of rupee as a manufacturer. Again somehow quantity realistic analysis According to us. Promoter holding increase.
Arvind Jadav
Okay. Okay. Thank you sir. That’s what.
operator
Yes, thank you sir. Ladies and gentlemen, to ask a question please press star and one now. Participants who wish to ask questions may please press Star and one at this time. The next question is on the line of Raj from Shah Ventures. Please go ahead.
Raj
Okay. Yeah. So. Hi, good afternoon. So I have some couple of questions that I want to cover. Basically how is the order pipeline shaping up After IIJS Premier and upcoming IIJS Signature exhibitions.
Jitendra Kumar Soni
Hello.
Raj
Hello.
Jitendra Kumar Soni
Good afternoon. So IHS Premier dispatching almost clear. Or ongoing daily dispatching children. Maybe iis Premierka 80 to 90%. Almost 80%. So somehow we are. Customer affordable. Quality standards. Handmade jewelry 18 carat coffee difficult. Somehow we unlock organized manufacturer. Just recently he ordered. Huge opportunity here. So we are first mover advantage in antique jewelry handmade.
Raj
Okay. Okay. So basically. Existing.
Jitendra Kumar Soni
Majorly majorly contribution. Overall contribution. Looking after corporate national chains. Corporates.
Raj
Okay.
Jitendra Kumar Soni
They are onboarding with us only.
Raj
Great. Great.
Jitendra Kumar Soni
Agreement complete orders. Although a first order hotel. Second order hotel. Accordingly.
Raj
Okay.
Jitendra Kumar Soni
50% price hike owner exam history. Kajo challenge. Category. Abuse from 80 grams. 60 grams make. Accordingly. For making order of 18 credit also.
Raj
Okay. Okay. Great.
Jitendra Kumar Soni
Short period impact manufacturing become hora. Although Amara Manufacturing to last year.
Raj
Okay. Okay. Thank you so much, sir. Thank you so much.
Jitendra Kumar Soni
Thank you very much.
operator
Thank you, sir. Ladies and gentlemen, to ask a question please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Vidhi Purohit from HNI Corporation. Please go ahead. Miss Vidhi, your line has been unmuted. Please go ahead. There is no response. Can we go ahead?
Vidhi Purohit
Hello.
operator
Yes, ma’. Am. Please go ahead.
Vidhi Purohit
Okay. So sir, are you seeing any shift from retailers towards consignment or job work models instead of outright purchases? And if yes, how is that impacting your business model.
Jitendra Kumar Soni
As of now? Model maybe. Or. Advanced medal.
Vidhi Purohit
Okay. Another question is like. How do you see competition evolving among organized jewelry manufacturers? And are pricing pressures increasing this B2B segment?
Jitendra Kumar Soni
No, at such we are not in the stage that any competition. Or antique jewelry may the design lead manufacturers organized difficulty a challenge. Design focus. Competition. Jesse, somehow I said back.
Vidhi Purohit
All right. So are you exploring adjacent categories like 14 carat jewellery or more machine made jewellery to widen the. I mean to widen your product offering?
Raj
Of course. We are introducing 14 karat jewelry on in a diamond Polki segment. So before we gold price hike we are doing our jewelry in 18 carat in diamond and polki. But now we are moving in 14 Karat diamond or Polki Mamlogune 14 Karat introduction already. Or like machine fusion category. The collection lineman fusion category. Maybe design innovation, casting. Casting component kind part, lightweight casting component. Introduction fusion category.
Vidhi Purohit
Okay, so my last question is like. Given the volatile volatility in gold prices how are you balancing inventory levels and order execution? And has this had any impact on margins or working capital?
Jitendra Kumar Soni
We are managing as a last con call. Also I said that our policy is a hedging policy. So whatever we book we maintain our stock quantity in every. Stock. Maintain or stock.
Vidhi Purohit
Okay, sir. Thank you for the answers. That’s all from my side. Thank you.
operator
Thank you, mam.
operator
The next question is from the line of Kishore Patel an individual investor. Please go ahead.
Kishore Patel
Hello, sir. Good afternoon.
Jitendra Kumar Soni
Yes, good afternoon. Before one or one and a half months.
Kishore Patel
Okay. Okay. Next month. Okay, sir. Thank you. Thank you.
operator
Thank you, sir. The next question is from the line of Ganesh Varan an individual investor. Please go ahead.
Ganesh Varan
Yeah. Thank you. Good afternoon, sir. Capacity expansion. 1500 kilograms.
Jitendra Kumar Soni
Capacity utilization. Last year. 500 to 750 kgs. For 750 kg somehow.
Ganesh Varan
Okay. Thank you.
operator
Thank you sir. The next question is from the line of Arvind Jadav an individual investor. Please go ahead. Yes sir. Please go ahead.
Arvind Jadav
Design language. Already char collection collection May antique may some different different reason specific product. Already already advanced mental data. Definite. Definite. Current quarter Maybe. Hopefully we are gold price.
operator
Thank you sir. Ladies and gentlemen to ask a question please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Kostub Agarwal from Oakland Capital Management llp. Please go ahead.
Kostub Agarwal
Yeah. Thank you. Retailers inventory stocking levels reduce.
Jitendra Kumar Soni
Talking reduced. They hold their purchase. Consumer mindset. Accordingly during compared to this current gold price day. So they hold their new purchases. Order flow last quarter gold price. Somehow order complete dispatch hold temporary. Position make the less. So they hold their orders, their display their purchase. Okay. Wedding or festive or a daily segment delivery jewelry segments current demand trends. Well as Indians. They are happy. So demand or festive seasons celebrations.
Kostub Agarwal
Okay. International B2B partnerships.
Jitendra Kumar Soni
So. Direct SAB export. May B2B show current or client co onboard current India they are looking to expansion their global vision.
Kostub Agarwal
Thank you sir.
operator
Thank you sir. The next question is on the line of Pooja Mishra from JM Financial. Please go ahead.
Pooja Mishra
Hello. Am I audible?
operator
Yes ma’. Am.
Pooja Mishra
So my first question is. Is there any plan to move up the value chain from pure B2B manufacturing to our design IP ownership or brand licensing.
Jitendra Kumar Soni
Question. Can you repeat the question? Can you answer the question?
Jainik Soni
Yes. So I will take this question. Currently we are focusing on design IP So which is a very interesting subject. Currently going on components. Unique components develop Kia unique shapes on the in house design. Kia or Joe Manufacturing technique component design.
Pooja Mishra
Okay. But Nikki Samban.
Jainik Soni
See so other products if there is any any innovation something new which is attainable in the market. So. Increase in margin making charges. But before that currently we are only only focusing on design innovation.
Pooja Mishra
Okay. Thank you.
Jainik Soni
Yes, thank you.
operator
Thank you ma’. Am. The next question is from the line of meet Mehta an individual investor. Please go ahead.
Meet Mehta
Hello. Good afternoon sir. Yes, good afternoon sir.
Jitendra Kumar Soni
This quarter may volume 29 degrees in terms of quantity comparison.
Meet Mehta
Okay. Quarter on God. Typically
Jitendra Kumar Soni
FY25 quarter three or FY26 quarter three. It’s my 29.
Meet Mehta
Okay. Quarter three stronger quarter because of wedding and festivities. Because of gold price increase. Yeah. They are more conservative.
Jitendra Kumar Soni
No. No. Consumer demand. They get other customer demand. Retailers customer demand. Other customer demand. Customer demand. Or joe abi market. Customer conceit. Right. Segment. Inventory hit stores. Inventory come kyoga or manage kyoga purchase. Around 110crores. Overall working summarize.
Meet Mehta
Okay. Thank you sir. And all the best for the next quarters.
Jitendra Kumar Soni
Yeah. Thank you very much.
operator
Thank you sir. The next question is from the line of Dhanraj Tulani from Kuber Advisors. Please go ahead.
Dhanraj Tulani
Hello. Good afternoon sir. Am I audible?
operator
Yes.
Jitendra Kumar Soni
Before the gold price hiker. Slow and steady. Wait and watch again. Somehow reach customer. Express customer customer. Price. Product gold May Lena Giang customer Diamond Polkin privilege. Centric product aggressively.
Dhanraj Tulani
Okay, So what sort of. Margin?
Jitendra Kumar Soni
High margin product already design bank. Realistic numbers, direct impact.
Dhanraj Tulani
Okay.
Jitendra Kumar Soni
From design to final product. Oh, depends.
Dhanraj Tulani
Yes. So generally designed to final product takes around 45 to 60 days. But again depending on the intricacy and the use of components, we are taking. 45 to 60 days.
Jitendra Kumar Soni
Customer to customer, 15 to 20 days.
Dhanraj Tulani
Thank you so much.
operator
Thank you sir. As there are no further questions from the participants, I now hand the conference over to Mr. Ganesh from Kirin Advisors Private Limited for closing comments.
Ganesh
Thank you everyone for joining the conference call of Ashapuri Gold Ornament Limited. If you have any further queries, you can write us@researcher advisors.com Once again, thank you everyone for joining the conference.
operator
Thank you sir. On behalf of Kirin Advisors Private Limited. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines. Thank you.