Trading · Founded 2009 · www.akmlace.com · BSE 540718 · · ISIN INE777X01017
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Business
Aayush Art And Bullion Ltd. (AAYUSHBULL) is an Indian company primarily engaged in the trading sector. Based on its name, its core business likely involves the trading of precious metals (bullion such as gold, silver, and potentially other metals) and art. The company's business model would involve sourcing these items, holding inventory, and selling them to customers, aiming to generate profits from the spread between buying and selling prices or through commissions.
Revenue Mix
While specific revenue contributions are not readily available without financial reports, the company's name clearly indicates two primary segments:
Bullion Trading: Involves buying and selling gold, silver, and other precious metals.
Art Trading: Involves the acquisition and sale of various forms of art.
The exact revenue mix between these segments would depend on market demand, sourcing capabilities, and strategic focus.
Industry
The company operates in the highly competitive Indian trading industry.
Bullion Trading: This market is characterized by numerous players, ranging from large organized jewelers and banks to smaller local dealers. It is largely a commodity market where price, purity, and trust are key differentiating factors. Aayush Art And Bullion would compete with established players and other smaller traders.
Art Trading: This is a more niche market, often driven by connoisseurship, network, and expertise. Competition comes from art galleries, auction houses, and independent art dealers.
Given it is a standalone trading entity, it likely positions itself as a specialized dealer in these two areas, potentially catering to specific customer segments or offering particular sourcing advantages.
MOAT
Aayush Art And Bullion Ltd. likely has a limited durable competitive advantage.
Bullion: This segment is highly commoditized and price-sensitive, making it difficult to build a strong moat beyond scale, efficient sourcing, and established trust/brand reputation (which usually takes time and significant investment).
Art: A moat in art trading can stem from deep expertise, exclusive artist relationships, unique curation, or a strong network of high-net-worth clients. However, these are often relationship-driven and less scalable.
Overall, the company operates in highly fragmented and competitive markets, making it challenging to establish significant, long-lasting moats against existing and new entrants.
Growth Drivers
Demand for Precious Metals: Continued cultural and investment demand for gold and silver in India due to economic growth and inflation hedging.
Rising Disposable Incomes: Increasing affluence in India could drive demand for both investment-grade bullion and collectible art.
Expansion of Sourcing & Distribution: Expanding its network for sourcing high-quality bullion or unique art pieces, and reaching new customer bases.
Market Share Gains: Effective marketing, competitive pricing, and building trust can help capture a larger share from unorganized players.
Diversification: Potential expansion into other high-value commodities or related services.
Risks
Commodity Price Volatility: Fluctuations in global gold and silver prices can significantly impact profitability and inventory values.
Regulatory Changes: Changes in government policies regarding import/export duties on precious metals, taxation, or art trade regulations can affect operations.
Intense Competition: The presence of numerous organized and unorganized players in both bullion and art markets can lead to pricing pressures and margin erosion.
Economic Downturns: Reduced consumer spending and investment appetite during economic slowdowns can negatively impact demand for both art and bullion.
Inventory Risk: Holding high-value inventory of bullion and art exposes the company to price declines, theft, and liquidity issues.
Counterparty Risk: Risks associated with dealing with various suppliers and buyers, especially in the art market.
Management & Ownership
Specific details about the promoters, management team's background, and detailed ownership structure are not provided. Like many Indian companies, it is likely promoter-driven, with key individuals having significant experience in the trading, bullion, or art sectors. The promoter group typically holds a substantial stake, aligning their interests with the company's performance. The quality of management would be critical in navigating the volatile trading environment and managing risks effectively.
Outlook
Aayush Art And Bullion Ltd. operates in dynamic and competitive trading segments. The outlook is balanced:
Positive Factors: India's inherent demand for precious metals and a growing affluent class interested in art provide a conducive market environment for growth. Efficient sourcing, effective risk management, and strong client relationships could enable the company to carve out a niche and grow.
Challenges: The commodity nature of bullion trading, intense competition, and susceptibility to global price fluctuations and regulatory changes present ongoing challenges. The success in the art segment would heavily rely on specialized expertise and network.
Overall, the company's future performance will largely depend on its ability to execute efficient trading strategies, manage inventory and price risks effectively, adapt to market and regulatory changes, and differentiate itself in a crowded marketplace.
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1 | 11 | 13 | 8 | 2 | 2 | 3 | 13 | 7 | 74 | 216 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 1 | 11 | 13 | 8 | 2 | 3 | 3 | 14 | 8 | 74 | 216 | |
| Total Expenditure | 1 | 11 | 13 | 8 | 2 | 3 | 4 | 13 | 7 | 71 | 206 | |
| Operating Profit | 0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 2 | 11 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | 2 | 11 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 1 | 3 | |
| Profit After Tax | 0 | 0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 | 2 | 8 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 | 2 | 8 | |
| Adjusted Earnings Per Share | 0.1 | 1.3 | -0.2 | 0 | -0.7 | -0.1 | -1.4 | 0.9 | 0.2 | 1.2 | 5.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 192% | 155% | 155% | 71% |
| Operating Profit CAGR | 450% | 0% | 0% | 0% |
| PAT CAGR | 300% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 30% | 197% | 123% | NA% |
| ROE Average | 14% | 7% | 4% | 2% |
| ROCE Average | 19% | 9% | 5% | 3% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 3 | 8 | 8 | 8 | 8 | 7 | 10 | 25 | 53 | 61 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 |
| Total Current Liabilities | 1 | 6 | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 5 | 65 |
| Total Liabilities | 3 | 9 | 8 | 8 | 9 | 9 | 7 | 10 | 25 | 58 | 125 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 1 | 0 | 0 | 4 | 3 | 9 | 9 | 9 | 0 |
| Total Current Assets | 3 | 9 | 6 | 8 | 8 | 5 | 4 | 1 | 16 | 48 | 125 |
| Total Assets | 3 | 9 | 8 | 8 | 9 | 9 | 7 | 10 | 25 | 58 | 125 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Cash Flow from Operating Activities | -0 | 0 | -4 | -0 | 1 | -0 | -1 | 3 | 0 | -40 | -0 |
| Cash Flow from Investing Activities | 0 | -0 | -1 | 0 | -1 | 0 | 1 | -6 | -14 | 13 | -0 |
| Cash Flow from Financing Activities | 0 | 0 | 5 | 0 | -0 | 0 | -0 | 2 | 15 | 26 | 0 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 1 | -1 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.06 | 1.25 | -0.18 | 0.04 | -0.66 | -0.09 | -1.41 | 0.88 | 0.21 | 1.18 | 5.15 |
| CEPS(Rs) | 0.06 | 1.53 | 0.08 | 0.21 | -0.59 | -0.02 | -1.3 | 0.97 | 0.23 | 1.21 | 5.19 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 26.55 | 27.68 | 25.81 | 26 | 25.34 | 25.25 | 23.84 | 24.72 | 17.57 | 34.54 | 39.69 |
| Core EBITDA Margin(%) | -19.22 | 0.36 | 0.17 | 0.24 | -14.21 | -2.96 | -13.82 | -0.01 | -2.07 | 3.32 | 4.97 |
| EBIT Margin(%) | 1.05 | 1.83 | 0.05 | 0.38 | -8.49 | -0.52 | -13.15 | 2.9 | 3.18 | 3.27 | 4.95 |
| Pre Tax Margin(%) | 1.05 | 1.83 | 0.01 | 0.27 | -8.88 | -0.53 | -13.41 | 2.89 | 3.16 | 3.27 | 4.95 |
| PAT Margin (%) | 0.73 | 1.25 | -0.41 | 0.17 | -9.51 | -1.1 | -13.61 | 2 | 3.58 | 2.45 | 3.65 |
| Cash Profit Margin (%) | 0.73 | 1.53 | 0.17 | 0.83 | -8.43 | -0.23 | -12.57 | 2.2 | 3.95 | 2.51 | 3.67 |
| ROA(%) | 0.21 | 2.23 | -0.65 | 0.17 | -2.34 | -0.3 | -5.09 | 3.03 | 1.49 | 4.35 | 8.61 |
| ROE(%) | 0.23 | 4.81 | -1.02 | 0.17 | -2.59 | -0.35 | -5.74 | 3.61 | 1.79 | 4.84 | 13.89 |
| ROCE(%) | 0.33 | 7.03 | 0.12 | 0.37 | -2.25 | -0.17 | -5.54 | 4.48 | 1.34 | 6.22 | 18.85 |
| Receivable days | 268.09 | 83.95 | 111.37 | 186.96 | 539.67 | 0 | 0 | 10.62 | 9.9 | 67.8 | 106.62 |
| Inventory Days | 0 | 86.99 | 64.52 | 104.56 | 567.9 | 555.1 | 0 | 5.07 | 12.96 | 45.01 | 29.4 |
| Payable days | 132.96 | 110.94 | 0 | 0 | 207.22 | 243.69 | 0 | 0.2 | 2.25 | 10.67 | 58.93 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 477.05 | 666.21 | 218.18 |
| Price/Book(x) | 0 | 0 | 0.95 | 0 | 0 | 0 | 1.2 | 0 | 5.74 | 22.76 | 28.33 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.09 | 0.09 | 0.54 | 0.42 | 1.41 | 1.19 | 2.65 | 0.2 | 16.87 | 16.3 | 7.96 |
| EV/Core EBITDA(x) | 8.1 | 4.14 | 85.73 | 41.18 | -18.95 | 334.02 | -21.9 | 6.45 | 474.89 | 489.03 | 159.83 |
| Net Sales Growth(%) | 27.6 | 1212.06 | 20.15 | -41.8 | -72.92 | 16.68 | 26.83 | 324.5 | -44.57 | 906.18 | 193.27 |
| EBIT Growth(%) | 154.29 | 2183.59 | -96.72 | 341.28 | -708 | 92.9 | -3127.25 | 193.53 | -39.2 | 935.54 | 344.07 |
| PAT Growth(%) | 148 | 2143.99 | -139.73 | 124.23 | -1594.13 | 86.5 | -1469.64 | 162.25 | -0.64 | 588.75 | 336.83 |
| EPS Growth(%) | 148 | 1965.56 | -114.64 | 124.25 | -1593.26 | 86.5 | -1469.57 | 162.25 | -75.89 | 458.35 | 336.85 |
| Debt/Equity(x) | 0 | 0 | 0 | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 5.42 | 1.46 | 80.03 | 16.05 | 6.66 | 2.71 | 108.89 | 3.39 | 44.96 | 9.55 | 1.94 |
| Quick Ratio(x) | 5.42 | 1.02 | 53.7 | 11.11 | 3.33 | 0.95 | 108.89 | 2.76 | 43.99 | 6.02 | 1.68 |
| Interest Cover(x) | 0 | 757.23 | 1.19 | 3.63 | -22.15 | -29.59 | -49.36 | 638.67 | 179.23 | 4825.6 | 7653.21 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 38.85 | 38.85 | 38.85 | 11.27 | 7.01 | 12.72 | 6.69 | 20.7 | 24.63 | 24.63 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.06 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 61.15 | 61.15 | 61.15 | 88.73 | 92.99 | 87.28 | 93.31 | 79.3 | 75.37 | 75.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.12 | 0.12 | 0.12 | 0.1 | 0.09 | 0.18 | 0.09 | 0.32 | 0.38 | 0.38 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.18 | 0.18 | 0.18 | 0.76 | 1.15 | 1.21 | 1.21 | 1.21 | 1.15 | 1.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.86 | 1.24 | 1.39 | 1.3 | 1.53 | 1.53 | 1.53 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +192% | +155% | +155% | +71% |
| Operating Profit CAGR | +450% | — | — | — |
| PAT CAGR | +300% | — | — | — |
| Share Price CAGR | +30% | +197% | +123% | — |
| ROE Average | +14% | +7% | +4% | +2% |
| ROCE Average | +19% | +9% | +5% | +3% |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 38.85 | 38.85 | 38.85 | 11.27 | 7.01 | 12.72 | 6.69 | 20.7 | 24.63 | 24.63 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.06 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 61.15 | 61.15 | 61.15 | 88.73 | 92.99 | 87.28 | 93.31 | 79.3 | 75.37 | 75.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.12 | 0.12 | 0.12 | 0.1 | 0.09 | 0.18 | 0.09 | 0.32 | 0.38 | 0.38 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.18 | 0.18 | 0.18 | 0.76 | 1.15 | 1.21 | 1.21 | 1.21 | 1.15 | 1.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.86 | 1.24 | 1.39 | 1.3 | 1.53 | 1.53 | 1.53 |
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