Aayush Art and Bullion appointed Anuj Maheswari as Company Secretary and Compliance Officer effective August 21, 2026. The board also noted the resignation of Chief Financial Officer Bhagyashri Shyambihari Agrawal.

The appointment was approved during a board meeting held on August 21, 2026, at the company’s registered office in Ahmedabad. The meeting commenced at 4:30 pm and concluded at 5:00 pm.

Key Personnel Changes

The board approved two significant administrative changes:

• Appointment of Company Secretary: Anuj Maheswari has been appointed as the Company Secretary and Compliance Officer. He brings over 10 years of professional experience, including more than six years with Sterling Power Ventures Pvt. Ltd. His expertise covers corporate secretarial matters, regulatory compliance, corporate governance, statutory filings, and corporate documentation.
• Resignation of CFO: Bhagyashri Shyambihari Agrawal resigned from the post of Chief Financial Officer effective August 20, 2026. In her resignation letter dated August 20, 2026, she cited personal reasons for her departure, stating an inability to devote sufficient time to the company’s affairs. She confirmed there were no other material reasons for her resignation.

Regulatory Disclosures

The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated January 30, 2026.

Mehal Bipinchandra Raval, Additional Director, signed the disclosure. The company previously operated under the name AKM Creations Limited.

Aayush Art and Bullion reported a substantial improvement in financial performance for the fiscal year ended March 31, 2026, driven by a sharp increase in sales volume. Total revenue from operations rose to ₹2,163.5 crore, up from ₹737.7 crore in the previous year. This top-line growth translated into a near fourfold increase in net profit, which stood at ₹789.2 crore compared to ₹180.7 crore in FY25.

The company’s earnings per share (EPS) expanded significantly to ₹5.15 in FY26, up from ₹1.29 in the prior year. Despite the revenue surge, the net profit margin remained modest at approximately 3.6%, reflecting the capital-intensive nature of the bullion and jewellery business where margins are typically thin.

Financial Performance

The following table highlights the key financial metrics for FY26 compared to FY25:

Total income for the year was ₹2,163.7 crore, while total expenditure stood at ₹2,056.5 crore. The company recorded no finance costs during the year, indicating a debt-free operational structure at the balance sheet date.

Balance Sheet and Working Capital

As of March 31, 2026, total assets grew to ₹1,253.2 crore from ₹579.5 crore in the previous year. This expansion was primarily funded by an increase in current liabilities, particularly trade payables, which rose sharply to ₹616.5 crore from ₹40.5 crore. Trade receivables also increased significantly to ₹990.0 crore, up from ₹274.0 crore, suggesting a scaling up of credit-based sales or extended payment terms with customers.

Inventory levels remained relatively stable at ₹170.0 crore, down slightly from ₹178.6 crore, indicating efficient stock management despite the higher turnover. The inventory turnover ratio improved to 12.41 times from 8.11 times in FY25.

Corporate Governance and AGM

The company is scheduled to hold its 17th Annual General Meeting on September 10, 2026, via video conferencing. Key agenda items include:

• Regularization of Mehal Bipinchandra Raval as Managing Director for five years.
• Re-appointment of Bhavnaben Prahaladbhai Trivedi as a director retiring by rotation.
• Approval for borrowing funds, giving loans, and providing guarantees up to an aggregate limit of ₹100 crore under Sections 180 and 186 of the Companies Act, 2013.

The Board noted that CSR provisions are now applicable for FY26 based on the net profit thresholds, although no dividend was declared for the year. The entire profit was transferred to retained earnings.

What the Numbers Show

A critical observation from the filing is the disproportionate rise in trade payables relative to cash reserves. While revenue tripled, cash and cash equivalents declined slightly to ₹68.0 crore from ₹76.7 crore. The surge in trade payables to ₹616.5 crore suggests the company is leveraging supplier credit heavily to fund its rapid growth, rather than relying on external debt or internal cash generation. This working capital strategy allows for expansion but requires careful management of liquidity risks.

Strategic Outlook

The Management Discussion and Analysis report highlights plans to expand into new markets through a franchise-led model and explore international opportunities in the Middle East. The company is also initiating the incorporation of a subsidiary in Dubai, United Arab Emirates, signaling its intent to diversify geographically. Risks cited include fluctuations in gold prices, exchange rate volatility, and geopolitical developments affecting supply chains.