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.

Aayush Art and Bullion Limited has scheduled its 17th annual general meeting (AGM) for September 10, 2026, at 3:30 pm through video conferencing or other audio-visual means. The company’s board of directors approved the notice for the meeting during a session held on August 14, 2026, alongside several key financial authorizations.

The primary agenda for the AGM includes seeking shareholder approval for significant financial flexibilities. The board resolved to seek member approval under Section 186 of the Companies Act, 2013, to authorize loans, guarantees, securities, and investments up to an aggregate limit of ₹100 crore. Additionally, approval is sought under Section 185 for related-party loans and guarantees, also capped at ₹100 crore.

Financial Authorizations and Borrowing Limits

To enhance financial flexibility, the board approved proposals under Section 180(1)(c) of the Companies Act, 2013, allowing borrowing in excess of paid-up share capital, free reserves, and securities premium. The total outstanding borrowings under this provision shall not exceed ₹100 crore at any point in time.

Furthermore, under Section 180(1)(a), the board sought approval to increase borrowing and security creation limits. This includes authorizing charges, mortgages, hypothecations, or other encumbrances on present and future assets, with an aggregate cap of ₹100 crore.

Book Closure and E-Voting Details

The company announced that the Register of Members and Share Transfer books will remain closed from September 4, 2026, to September 10, 2026 (both days inclusive) for the purpose of the AGM.

Shareholders eligible as of the cut-off date of September 3, 2026, can exercise their voting rights via remote e-voting. The e-voting facility will commence on Monday, September 7, 2026, at 9:00 am and end on Wednesday, September 9, 2026, at 5:00 pm. Mr. Amit Saxena, proprietor of M/s Amit Saxena & Associates, was appointed as the scrutinizer for remote e-voting to ensure fair conduct.

Administrative Updates

Administratively, the board approved the correction of the corporate office address from A 1207 Unicus Shyamal, Vejalpur, Ahmedabad-380015, to A-1207, Unicus Shyamal, Opp. Iconic Shyamal Cross Road, Vejalpur, Ahmedabad-380051. The director's report along with applicable annexures for the financial year ended March 31, 2026, was also approved during the meeting.