Ashapuri Gold Ornament Ltd (NSE: AGOL) Q4 2025 Earnings Call dated May. 29, 2025
Corporate Participants:
Jitendrakumar S Soni — Joint Managing Director
Jenik Soni — Chief Executive Officer
Analysts:
Harshil Ghanshyani — Analyst
Aditi Roy — Analyst
Priya Jain — Analyst
Abhishek Sharma — Analyst
Mohit Kumar — Analyst
Shreya Verma — Analyst
Satyam — Analyst
Nitin Verma — Analyst
Arvind Jadhav — Analyst
Abhinav Kajuria — Analyst
Suruchi Parmar — Analyst
Mahesh — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4 and FY25 Earnings Conference Call of Aashapuri Gold Ornament 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 the conference call, please signal an operator by pressing then 0 on your touchtone phone. Please note that this conference call is recorded.
I now hand the conference over to Mr. Harshil Ganeshani from Kiran Advisors. Thank you and over to you sir.
Harshil Ghanshyani — Analyst
Yes. Thank you everyone for joining the conference call of Ashapuri Gold on NSE Limited. From the management team we have Mr. Jitendra Kumar Soni, Joint Managing Director, Mr. Jignesh Soni, Chief Executive Officer.
Now I hand over the call to Mr. Hitenra Kumarswami over to you, sir.
Jitendrakumar S Soni — Joint Managing Director
Good afternoon, Sabiko. [Foreign Speech]
Jannik, you call. You can overview the company, please.
Jenik Soni — Chief Executive Officer
Okay. Good afternoon, everyone. On behalf of the entire team at Ashapura Group, I extend a very warm welcome to all of you for joining our first ever earnings conference call. It’s a moment of pride and purpose for us to be addressing you today as a public company with a strong vision, clear strategy and growing confidence in our journey. ahead.
So those who do not know our story, I would briefly like to explain our background as it’s our maiden earnings call. So Ashapuri Gold and Diamond Limited was founded in 1997 and incorporated in 2008. We are based out of Ahmedabad, Gujarat. With the rich legacy, a goal has emerged as one of the India’s most trusted names in antique gold jewelry manufacturing. The company serves a wide spectrum of jewellers from metropolitan cities to fastest growing urban centers, Tier 1, Tier 2 and promising Tier 3 cities as well. Anchored by the innovation and strong customer-centric philosophy, Ashapura Group operates with state-of-the-art manufacturing infrastructure with over 25,000 plus unique designs and more than 200 skilled artisans. The company invites the jewelers across the globe to be a part of India’s premier B2B jewelry hub where legacy meets contemporary design and tradition is always in the base of the company.
Now I would like to give you some operational insights and I would like to explain our business model. so basically I would keep it simple in four different parts. Who are we, what we offer, whom do we serve and how do we make money? So the step-by-step process is that we are a manufacturer of antique jewelry. We do not do any kind of trading. We have our in-house department and concept design department.
So first point is when we make a new design and concept and collections, then we manufacture it. After manufacturing it, we’ll do a collection launch. We launch at IJS exhibitions, we do private previews, and we have sales teams who cater to wide range of cities and customers across India. After launching the collection, we take orders from national chains and regional chains across India. Then we do production and dispatch and that’s how our business model and sales cycle are.
Product types are generally the bridal jewelry category which focuses on festive and occasion sales. It includes of mainly antique gold jewelry which has SKUs like choker, bangles, long necklace, short necklace, earrings, etc. We have to again large format retailers, regional jewelry stores across North, South and central part of India. And we always participate in all the big trade shows in India like IJS, GJS and PMIs. So that’s basically the business structure model.
And I would like Mr. Our MD, Mr. Jitendra Soni. to give you some financial performance of last year for year ending 24-25.
Jitendrakumar S Soni — Joint Managing Director
Thank you Jenny Suneja. [Foreign Speech] Thank you.
Jenik Soni — Chief Executive Officer
I would like to add a few more metrics for the last year in the con call. So the metrics I would like to give is the [Foreign Speech]. As a jewelry manufacturing company we will we analyze our data in kg’s so [Foreign Speech] Or hopefully we are planning to expand our production capacity in next two to three months. So you will see the difference.
Currently Ashapuri Gold is present in over 15 to 16 Regional and National Chains and 250 plus big box clients in India. When we add the showroom count of all the clients, it’s about 2000 showrooms in which our jewelries are present across India.
I would like to say we have four different types of jewelry collections which caters to all the different cultural preferences and segments across India. Naming Arjish, Mine, Kavish and Anaya. As you see the increase in profitability margin is lightweight antique jewelry [Foreign Speech] which will be a supply model from our Bangalore setup to all the five states of South. And we have Arjish and mine collection, which focuses on lightweight antique jewelry and it will for North India.
As we see the rising gold prices and the other all the big retail chains, KallKol, they are very much bullish and focusing on lightweight jewelry concepts. And according to them and their figures, we are also very much aligned with their requirements in focusing on upcoming with the lightweight jewelry collection in the upcoming exhibitions. So I’m very much confident we will have a very good amount of sales figure closed.
And I would like to just close by for the last exhibitions. If you have seen in IJS signature, we have closed around 48 crores of sales order and in IJS Srikakulam we close around 21 crore of the orders.
At the closing, I would like to say Tashawood is not just a jewelry company. We are a Timeless Legacy in working every day to convert the tradition and actual demand of the market. into the sales numbers. Thank you once again for joining us.
With that, I will now hand over the call for question and answers to all the present, all of our present in the call. Thank you so much.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. 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 Aditi Roy from Patel Advisors. Please go ahead.
Aditi Roy
Thank you for giving me the opportunity. My question is, can you please provide the insights into your manufacturing capabilities and how the company ensures consistent quality and craftsmanship in every piece?
Jenik Soni
So, Aditi, welcome to our call. I would like to answer your question. So, for the manufacturing capacity, I would like to just give you some basic insights. In Indian retail jewelry space, there is 60% of the jewelry players which are on organized side. And when we see is the organized manufacturing of jewelry in India is only around 11%. And we fall under the organized manufacturing player with all the SOPs, departmentalized system, good set of customized ERP, and over an average 10 years of experience team members we have and the overall 15 years plus experience of board of directors. With all the things in place, we focus on giving the right manufacturing capabilities and right demand what does the market needs.
Aditi Roy
I have one last question. How are you leveraging technology to improve operations in inventory management or customer engagement?
Jenik Soni
We have digital tools for that.
Operator
Thank you. The next question is from the line of Priya Jain, an individual investor. Please go ahead. Miss Priya, your line is unmuted. You can ask your question.
Priya Jain
Hi, Anusuya. So, I have a couple of questions with me. The first one is the growing awareness around sustainability and ethical sourcing. How is Asapuri addressing responsible business practice in the golden or ornamented face.
Jenik Soni
Can you repeat the question?
Priya Jain
Yes, sir. With growing awareness, you know, around sustainability and ethical sourcing. So how are some people addressing this responsibility of being ethical in a business practice around gold and ornamented space?
Jitendrakumar S Soni
Ethical. Ethical.
Jenik Soni
Yes. Sir, you would like to go with it?
Jitendrakumar S Soni
No, no, you can.
Jenik Soni
Okay, so for the ethical gold resource, we have our all the vendor Partners very much conform and fundamental that from where do they Source their gold? It should be based. It should be rightly imported also. And we are the qualified Jewelers by iabx. So according to their criteria, when a jeweler is qualified in all terms of sustainability and ethical thing, then only they can become a qualified jeweler and directly import gold under SEZ agreement. So through that we follow the ethical practices.
Priya Jain
So my next question is on brand visibility like what are the key initiatives are underway to straighten the brand visibility of Asapura?
Jitendrakumar S Soni
As a we are a B2B company. So we are a B2B company, madam. [Foreign Speech]
Priya Jain
Even in B2B it’s not easy to get time. So certain trust level is built there to get B2B business also. So I want to understand that how you are catching to these clients and this business.
Jenik Soni
So now for the trust sector, we are present in all over the markets and participating all the exhibitions and shows. And we are working with over 15 years to all the big chains and corporates in India and through our work, our designs and our clear jewelry concepts the trust is formed in the B2B space. So B2B space is not like the retail one where the scope is so broader, it’s so narrow. All the clients very well know us and they know how do we work in the markets.
Priya Jain
So also do you like plan any exhibitions or do you plan to go in that segment or in future can we expect that Asapuri will be a customer centric business and catering to retail?
Jenik Soni
No, ma’am, we are very much clear on the manufacturing side and supplying to all the national and regional jewelry chains. We have not plans of any retail presence or supplying directly to the end users.
Priya Jain
Fair enough. Good to hear all the best. Thank you.
Operator
Thank you. The next question is from the line of Abhishek Sharma, an individual investor. Please go ahead.
Abhishek Sharma
Hello?
Operator
Yes.
Abhishek Sharma
Hello?
Jenik Soni
Yeah.
Abhishek Sharma
So my question is, what is the company strategy to manage inventory turnover efficiently, especially in premium and custom design categories? Hello?
Jenik Soni
Yeah. So I will, I will take this question. So for the inventory turnover and for customized designs, we have a very clear guidelines. We have two types of Revenue system. One is make to order and one is ready to dispatch stock. So, for example, when there are upcoming season, we make capsule collections. on manual sketch and present it to our clients. So the filtration and selection process is done beforehand making the physical jewelry. So on that terms, we are very much clear that what we make manufactured will be delivered. So that’s how we manage our inventory. And if you have seen, we have reduced our cash conversion cycle from around 200 to 160 days also. So that’s increasing operational efficiency for us.
Abhishek Sharma
Okay, so next question is, could you elaborate on the company digital or omnichannel strategy to enhance sales and reach younger tech-savvy customers?
Jenik Soni
Yes, we do follow that omnichannel, but it does not implement what in B2B as it does in retail because when a retailer or a big box retailer is sourcing from us, He would, he or she would prefer to have a physical touch and feel of the jewelry because it’s a high value product. So, and we also deal in the bridal category. So the product ranges are around 8 lakhs to 15 lakhs per piece. So the omni-channel part doesn’t make much sense here, but we do follow, we do have our ER applications and design catalog as well.
Abhishek Sharma
Okay, the last question, so what are the key levels the company is exploring to improve EBITA margins in the coming quarters.
Jenik Soni
Sir, you would like to go with this?
Jitendrakumar S Soni
[Foreign Speech] we have more focus on margin increase, high margin product focusing and premium products. [Foreign Speech] through our high margin product.
Abhishek Sharma
Okay. Thank you. So that’s it from my side.
Jitendrakumar S Soni
Yeah.
Operator
Thank you. We’ll take our next question from the line of Mohit Kumar, an individual investor. Please go ahead.
Mohit Kumar
Yeah, thank you for the opportunity, first of all. So my question is, how is Ashapuri managing pricing strategies amid changing gold duties and competition from online first jewelry brands?
Jitendrakumar S Soni
[Foreign Speech] we are using the hedging strategy. Majorly we have two type of sales is one is an unfixed and one is fixed. When the product selling and fixed sales that doesn’t impact in our pricing movement. [Foreign Speech]
Mohit Kumar
Okay, thank you. So, the next question I have is, are there any plans for fundraising or equity dimension to support growth initiatives, acquisitions or working capital needs in the near future?
Jitendrakumar S Soni
[Foreign Speech]
Mohit Kumar
Oh, okay. Thank you for answering that. So, yeah, that’s it from my side.
Operator
Thank you. The next question is from the line of Shreya Verma from Unity Finance. Please go ahead.
Shreya Verma
Hi sir, good afternoon. Hello.
Jenik Soni
Good afternoon. Yes.
Shreya Verma
Sir, I wanted to know what is Aasha Pradish’s current market share in the regions it operates and how does the company plan to capture a larger share of the organized regions.
Jenik Soni
Yes, so I would like to take this question. By defining the market share in this industry is a little bit tricky and difficult because it’s very much segmented markets. There are lots of types of different jewelry concepts and scales between in which other players deal. So bringing out the right market share for this industry is pretty much difficult. But you can judge the company on terms of numbers and volumes that does in the industry under one category because there are other players who deal in lightweight which is a very concept. But we focus on antique jewelry which is occasion and festive concept. So kind of retailer purchases both types of concepts. So bringing out market share is difficult in this.
Shreya Verma
Okay and how do you differentiate like from other listed and unlisted players in the antique and traditional jewelry?
Jenik Soni
Yes, so I would like to say that our main addition on the fundamental basis is design language from FY 2324 to FY 2425 our design bank increased from 18,000 designs to 25,000 designs so that’s the main value addition for us where we differentiate and second is the rapid delivery and we have a physical stock also. So in terms when the client’s urgent needs rises, we can supply them from our stock directly. So that two things are our differentiation from other players in the market.
Shreya Verma
And what percentage of the company’s revenue comes from institutional or bulk orders versus retail customers? Is there any focus strategy to grow either?
Jenik Soni
Yes. So currently we have our revenue distributed in two parts. One is national and regional chains and one is big box slide. So in last year, around 222 carats was generated from corporate clients and around 93-94 carats was generated from big box clients.
Shreya Verma
And has the company explored or implemented export opportunities for its antique or designer jewelry collection? If so, what markets have been targeted?
Jenik Soni
As of now, For the gold, India is a blessing because now for last two years it has become the highest consumption market in the world. Yes, we do have export licenses and we have explored opportunities. We are open to explore. But currently we have very much big opportunity and much more forward going approach in Indian markets only. So we have a main focus present in domestic markets, supplying and increasing our pocket share in national regional utility chains.
Shreya Verma
Thank you. So I have one last question. Can you provide insights into the company’s R&D or design innovation capability like they’re dedicated in-house teams or collaboration with external design?
Jenik Soni
Yes, for R&D department mainly we have mentioned in my remarks that we have launched our new collection Paniaa. So we have four different connections and a separate design team for each connections. So we have a process of filtering other designs from manual sketch to CAD to 3D to sampling to prototype stage to final designs. So that all R&D process is there and we do have dedicated team for all these things and that’s how the design is created.
Shreya Verma
Thank you so much for answering all your questions.
Jenik Soni
Thank you.
Operator
Thank you. The next question is from the line of Satyam who is an investor. Please go ahead.
Satyam
Hi team, thanks for the opportunity. My question is since the management is really confident about the growth prospect, is there any plan to go for increasing the management share by via by that. That is the question.
Jenik Soni
Jitubhai, you will go with this?
Jitendrakumar S Soni
I just proper not here on this question.
Satyam
Okay, so mine is whether the management is planning to increase the stake because currently the management shareholding is somewhere around 50 percentage. Previously it was closer to 70. So now any plan to increase the percentage as a buyback option?
Jitendrakumar S Soni
100%. We have we close the FY 23-24 as well in terms of KGV sales. 273 kg and in Fy 2024-25 we sales almost 440 kg. So its growth shows in last year to year 61 and we are very much hopeful about this year that we close 50 to 60 growth in terms of quantity kg stems. So we majorly analysis our all the meetings, board meetings or target achievement in only in kg, not in figures. So we are very much open for the this year that we close the approximately 50 to 60% growth from here.
Satyam
Okay. And any plan to increase the shareholding from the promoter side?
Jitendrakumar S Soni
Yeah, of course. Why not? Whenever it’s get we have some opportunity gets we can increase our shareholding pattern.
Satyam
But any but no plan to reduce it, right? Because already we have less than just below 50 percentage. So no plan to reduce. But if in case any opportunity arises, you will increase this.
Jitendrakumar S Soni
Just because last year we raised a fund. That’s why the somehow the shareholding pattern is the shareholders promoter shareholding reduced. but when the last year we have just a fundraising. So if any chance to the shareholder, plus increase, we can increase.
Satyam
Okay. Okay. Thank you. Thank you so much. That’s it from my side.
Operator
Thank you. The next question is from the line of nitin Varma, an individual Investor. Please go ahead.
Nitin Verma
Hi. Hi. I’m audible.
Operator
Yes.
Jitendrakumar S Soni
Yes.
Nitin Verma
So my question is based on your intro that you said that you are trying to venture into Diamond as well. And the second thing you said that in the next two, three months you are trying to increase the capacity. So regarding those two in Diamond, are you planning to venture into lab grown diamonds or natural diamonds or both?
And regarding the second increase the capacity, how much capacity are you planning to increase from the existing gas. Currently you are on 93% utilization. So what is the new capacity that you are going to add in the next two three months? These are the two questions.
Jitendrakumar S Soni
Janik?
Jenik Soni
Yes. So for the capacity utilization around we are on 500 kgs and we are looking to expand around 50% of 500 kgs. in next two, three months. And again, it depends on the market condition. If we got good orders and good response, and we can get up to one ton also.
And can you come back with the second question, please?
Nitin Verma
I do. You just mentioned that you are planning to go into diamonds also.
Jenik Soni
Diamonds. Yes. Okay. Yes. Okay.
Nitin Verma
Two markets are there. There is a lap grown diamond and natural diamond, so. Okay, what are the plans?
Jenik Soni
Okay, so currently we are doing specific project based collections for bulky and diamond jewelry in which the major part of jewelry is will be focusing on Polki side. And for the diamond we are not looking to foray into lab grown diamonds. As of now, we will only dealing in natural diamonds.
Nitin Verma
Okay. And one more. The current capacity which you have, how much percentage is going to increase on that? I just couldn’t. collect the number.
Jenik Soni
50%.
Nitin Verma
So if things go well, so in this current year financially, will we will we be able to utilize the whole capacity which we are increasing?
Jenik Soni
Surely, surely we can go over about that also to 100%.
Nitin Verma
Okay, perfect. That sounds perfect. Thank you. Thanks a lot. That was all from my side. Best of luck.
Jenik Soni
Okay.
Operator
Thank you. The next question is from the line of Arvind jadhav, an individual investor. Please go ahead.
Arvind Jadhav
Hello?
Operator
Yes, sir.
Jitendrakumar S Soni
Yes.
Arvind Jadhav
[Foreign Speech] What could be the reason? Hello?
Jitendrakumar S Soni
Sorry. Hello.
Arvind Jadhav
[Foreign Speech] compared to sales. What could be the reason?
Jitendrakumar S Soni
Cost of material cost.
Arvind Jadhav
Yes, material cost is [Foreign Speech]
Jitendrakumar S Soni
[Foreign Speech]
Arvind Jadhav
[Foreign Speech]. So what could be the reason?
Jenik Soni
Inventory increased because of fund raiser.
Arvind Jadhav
Inventory increased because of fund raiser.
Jenik Soni
[Foreign Speech]
Arvind Jadhav
[Foreign Speech] So, what could be the reason?
Jitendrakumar S Soni
[Foreign Speech]
Arvind Jadhav
[Foreign Speech]
Jitendrakumar S Soni
[Foreign Speech]
Arvind Jadhav
[Foreign Speech]
Jitendrakumar S Soni
[Foreign Speech] Jenik?
Jenik Soni
[Foreign Speech] And our loss profit and net profit margin, I hope, I am saying it will remain around this same only.
Arvind Jadhav
[Foreign Speech] Same only.
Jenik Soni
Same percentage based on the revenue.
Jitendrakumar S Soni
Based on the revenue growing, the net profit will also grow in terms of 50% to 55%.
Arvind Jadhav
Okay, that’s good. And who are the competitors? Can you mention one or two names?
Jenik Soni
It’s a segmented industry, sir. Each and everyone has their different design concepts and each and everyone has their right share of market. So as of now, we don’t see anyone as a direct competitor to us, but it’s an industry where we can work on our own concept because the main thing product and product is differentiation on terms of designs and that are different with all the other players.
Arvind Jadhav
And what could be the per piece costing of the juggling? Can you mention that? What is the minimum cost of the per piece? Is there any reason for that?
Jenik Soni
That’s objective. That depends on various factors like what type of design, what weight is, what weight range it is, what is the making charge, what are the stones used? So it’s objective, sir.
Arvind Jadhav
Okay. Okay.And last one, D, this time the employee cost is much lower compared to last quarter. means December quarter. So why that much of difference is there? Compared to December, it is less than 50%.
Jitendrakumar S Soni
Yes, sir.
Arvind Jadhav
Yes, compared to December, it is less than 50% employee cost.
Jitendrakumar S Soni
[Foreign Speech]
Arvind Jadhav
Right.
Jitendrakumar S Soni
[Foreign Speech]
Arvind Jadhav
Because compared to last quarter sales, last quarter sales was 100 and 1. and the employee’s benefit was 2.74 crore and this time sales is 84 crore and employee benefit is just 1.28 crore.
Jitendrakumar S Soni
[Foreign Speech]
Arvind Jadhav
[Foreign Speech]
Jitendrakumar S Soni
[Foreign Speech]
Arvind Jadhav
[Foreign Speech]
Jitendrakumar S Soni
Yes sir, studded antique jewelry. Yes.
Arvind Jadhav
Okay. Thank you, sir. That’s it from my side.
Jitendrakumar S Soni
Thank you.
Operator
Thank you. The next question is from the line of Abhinav Kajuria, an individual investor. Please go ahead.
Abhinav Kajuria
Hey, thank you for the opportunity. First, congratulations for the good number. [Foreign Speech]
Jitendrakumar S Soni
[Foreign Speech]
Abhinav Kajuria
[Foreign Speech]
Jitendrakumar S Soni
[Foreign Speech]
Abhinav Kajuria
[Foreign Speech]
Jitendrakumar S Soni
[Foreign Speech]
Abhinav Kajuria
Okay, sir. Thank you, sir.
Operator
Thank you. The next question is from the line of Suruchi Parmar from NX Wealth Management. Please go ahead.
Suruchi Parmar
Hello. Thank you for the opportunity. Sir, I just wanted to know [Foreign Speech] in the Northeast expansion you are talking about, you have given insight in the Northeast expansion. Any onboarding of any client you have done?
Jitendrakumar S Soni
Janik?
Jenik Soni
Yes, for the Northeast we have onboarded two regional chains as of now and we are also currently seeing the product market fit and observing all the business model structure is fitting there or not. But we have onboarded two regional chains from Northeast.
Suruchi Parmar
So these are towards your new focused product Ameya or your other products?
Jenik Soni
No, it’s for our mainland existing collections, which is mine and kish.
Suruchi Parmar
Okay.
Jenik Soni
Which is lightweight.
Suruchi Parmar
And so going forward, what do you think? Like looking at the northeastern market, what feel like the heavy jewelry and all the diamond one will. you can grab the market there or what you feel.
Jenik Soni
We are still in the observation process. We’ll for one more quarter, we’ll see, and then we’ll finally come out of the outcome set. How does the market works there?
Suruchi Parmar
So the two chains you’re talking about, you have onboarded is the, the, the customers are, uh, or the client is the same which you are have already worked in the other regions or it’s the new ones?
Jenik Soni
No, no, no, no. They are based out of headquartered in Northeast only.
Suruchi Parmar
Okay. Okay. And can you name your top five clients from whom the revenue percentage comes majorly?
Jenik Soni
So we do majorly deal in national and regional group features and which is by default you will know that the few limited corporates in the market which we deal with.
Suruchi Parmar
Okay, can you name any three clients? Your top three clients?
Jenik Soni
You will get to know from our numbers only. I would not like to specifically mention any client’s name as of now.
Suruchi Parmar
Okay. Okay. And what is the percentage of your repeat clients?
Jenik Soni
So currently top 10 customers contribute over 48% of our revenue. So and they are constantly repeat with two or three types of times of dealing per month. And on the two, three different channels which were mentioned is order based, event based, in exhibitions. So there is a good amount of repeat we get from our clients.
Jitendrakumar S Soni
[Foreign Speech]
Suruchi Parmar
Sir, I just wanted to know in your business is seasonality there? When you are into going for this some show or something and there seasonality comes or quarter on quarter same business will be there. Can you elaborate on that?
Jenik Soni
Yes, the seasonality don’t come on the shows, it comes on quarter on quarter basis because when it’s festive and occasion season starting from quarter two and quarter three, the quarter numbers are much better. And quarter four and quarter one is little bit of lean period where we focus on lightweight concept and new innovative designs which is used for, you know, daily wear concepts. and things like that. So we grab sales from our jewelry inventory management according to the quarters.
Suruchi Parmar
Okay. And how, what is your order book as on date, if you can specify now?
Jitendrakumar S Soni
Order books?
Suruchi Parmar
Yes.
Jitendrakumar S Soni
[Foreign Speech]
Suruchi Parmar
Okay. And sir, like you are talking about revenue growth of 50 to 55 volumes from your right now 440 kg base. So I just wanted to know, Abhi, you have done expansion also. So, uh, already you have achieved, I guess, 90 to 93% of your capacity. Correct in 25.
Jenik Soni
Right.
Suruchi Parmar
Yes. So now the whatever revenue growth will be added based on your new capacity it will be there.
Jenik Soni
Yes, of course. We do have a premises of manufacturing unit. [Foreign Speech]. For increasing the capacity wouldn’t be much a task for us. We just need two to three weeks to set up a floor with skilled artisans and we can increase our production capacity based on the required demand.
Suruchi Parmar
Okay. Okay. Thank you so much for answering all the questions and all the best.
Jenik Soni
Thank you.
Operator
Thank you. The next follow-up question is from the line of Aditi Roy from Patel Advisors. Please go ahead. Miss Aditi, your line is unmuted. You can go ahead with your question.
Aditi Roy
Hello, am I audible?
Operator
Yes, ma’am.
Aditi Roy
Thank you. My first question is, can you provide insight into the working capital cycle and how it is being optimized amid gold price fluctuations?
Jitendrakumar S Soni
[Foreign Speech]
Aditi Roy
[Foreign Speech]
Jitendrakumar S Soni
Sorry.
Aditi Roy
Can you please provide net profit guidance for next two years?
Jitendrakumar S Soni
As I mentioned earlier [Foreign Speech]
Aditi Roy
Okay, sir. Thank you, sir.
Operator
Thank you. The next question is from the line of Mahesh, an individual investor. Please go ahead.
Mahesh
Hello, can you hear me?
Operator
Yes, sir.
Mahesh
Thank you for the opportunity. So my first question is that can you elaborate on the lead times from design to final product delivery? and how are you improving operational efficiency in the area?
Jenik Soni
Okay, so generally lead time, okay, so generally lead time depends on the type of jewelry we do manufacture. So there are total four different collections in which we deal for registered antique jewelry. It’s all handmade antique jewelry. which are for content. So it takes around 20 to 25 days of lead time from manual sketches to final product for antique jewelry. And for temple jewelry, it takes around 18 to 20 days to convert it into from sketch to final.
And for again, Polki and diamond jewelry, it’s similar time to our early selection around three weeks. and for the operational efficiency question, I would like to say that we are also focusing on specific tailored collection for the clients in which we do get orders based on the new design concepts and sampling protos for them, and by which we do not have to make our mainline stock, and that’s how we increase our inventory cycle.
Mahesh
Okay, got it. And my next question is that what is the current capacity utilization at your production facility? And are there plans for the capacity expansion in the near term?
Jenik Soni
Yes, I have already mentioned that before. So currently we have 500 kg of production capacity. We are planning to increase around 50% in next two to three months. and if we can see the good demands, we can mostly double it also in this year. Okay, so doubling it in this year.
Mahesh
Okay. Got it. Thank you. Thank you for answering.
Operator
Thank you, ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Mr. Harshil Ganeshani. for closing comments.
Harshil Ghanshyani
Yes, sir. Thank you everyone for joining the conference call of Ashapuri Gold Ornament Limited. If you have any queries, you can write us at research@kiranadvisors.com Once again, thank you everyone for joining the conference call.
Operator
Thank you. On behalf of Ashapuri Gold Ornament Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.