Asian Star Company Ltd.

•

asianstargroup.comBSE: 531847NSE: ASTAR

Market Cap₹ 936 Cr.

Current Price

High / Low₹ 723 / 526

Stock P/E34.0

Book Value₹ 670

Price to Book1.13

Dividend Yield0.26 %

ROCE5.2 %

ROE3.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2016 • Diamond: 87.7% • Jewellery: 12.1% • Others: 0.3%

AI Sector View

AI GENERATED

Consumer Durables

Buy

Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.

Confidence

76%

View full sector analysis →

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.23x)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (46.4% of PBT)
Company has a low return on capital employed of 6.6%
Company has a low return on equity of 5.7% over last 3 years
Company has delivered a poor sales growth of 1.6% over past five years
Company has delivered a poor profit growth of 7.0% over past five years
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesDiamond & JewelleryDiamond & Jewellery

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	TITAN	5010.00	77.22	444780.87	0.30	1777.00	62.88	21356.00	44.16	21.90	13.54
2.	KALYANKJIL	598.50	43.07	61810.15	0.42	348.67	32.03	10588.93	45.68	24.86	5.97
3.	LALITHAA	307.90	17.07	17233.47	0.00	—	—	—	—	43.11	—
4.	THANGAMAYL	5331.40	42.38	16571.07	0.34	85.09	86.15	2666.38	71.44	26.62	5.43
5.	BLUESTONE	842.65	228.59	12873.90	0.00	59.61	271.56	7368.46	1395.59	9.24	14.50
6.	SKYGOLD	781.15	36.11	12097.97	0.00	104.90	140.67	2012.79	77.93	23.60	7.79
7.	PCJEWELLER	11.90	14.98	11605.04	0.00	2218.80	1270.22	8770.40	1109.86	6.61	27.54
8.	AUGMONT	904.80	24.76	8267.47	0.00	—	—	—	—	70.86	—
9.	SENCO	358.25	10.29	5871.75	0.49	101.14	-3.35	3056.03	67.34	22.86	6.97
10.	GOLDIAM	345.15	24.64	5196.48	0.60	73.97	120.06	326.03	41.92	24.85	20.33
11.	VAIBHAVGBL	218.65	12.86	3664.96	2.74	56.38	49.83	917.07	12.70	18.41	10.55
12.	ASTAR	585.00	28.26	936.40	0.26	12.06	-37.66	638.31	-10.92	4.12	2.10

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	678	755	585	680	598	550	545	644	554	598	492	563	546
	653	728	562	654	573	528	525	638	536	578	482	557	541
Operating Profit	24	27	23	26	24	22	20	6	18	20	10	5	5
OPM %	3.61%	3.58%	4.00%	3.80%	4.08%	4.08%	3.75%	0.87%	3.27%	3.29%	1.98%	0.96%	0.94%
	9	3	11	7	8	7	4	1	11	2	8	2	9
Interest	7	9	10	9	9	9	7	7	7	7	5	6	5
Depreciation	3	2	2	3	3	2	3	2	2	2	2	2	2
Profit before Tax	24	18	22	21	20	18	14	-2	20	13	10	-1	14
Tax %	19.27%	18.65%	30.67%	20.81%	13.55%	22.11%	33.71%	-8.56%	19.60%	23.47%	22.82%	7.87%	19.85%
Net Profit	19	15	15	17	17	14	9	-2	16	10	8	-1	11
	11.96	9.34	9.32	10.32	10.77	8.87	5.84	-1.27	10.02	6.17	4.75	-0.73	6.99

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2,373	2,697	2,809	2,450	2,163	1,687	3,034	3,427	2,698	2,336	2,198
	2,284	2,595	2,710	2,350	2,091	1,641	2,946	3,321	2,599	2,263	2,158
Operating Profit	89	101	99	101	71	46	88	106	99	73	40
OPM %	3.75%	3.76%	3.54%	4.11%	3.30%	2.72%	2.91%	3.09%	3.67%	3.12%	1.82%
	2	8	6	6	5	19	7	14	34	21	20
Interest	21	27	31	29	21	4	7	30	39	34	23
Depreciation	14	16	16	15	14	13	12	10	10	9	10
Profit before Tax	56	67	59	61	42	48	77	79	84	50	35
Tax %	28.06%	33.63%	29.29%	33.89%	34.14%	-9.94%	24.39%	27.15%	22.42%	23.08%	22.42%
Net Profit	40	44	42	41	28	53	58	57	66	39	27
EPS	25.09	27.79	25.96	25.34	17.30	33.00	36.42	35.81	40.95	24.21	—
Dividend Payout %	5.98%	5.40%	5.78%	5.92%	8.67%	4.55%	4.12%	4.19%	3.66%	6.20%	—

COMPOUNDED SALES GROWTH

10 Years:: 0%
5 Years:: 2%
3 Years:: -8%

COMPOUNDED PROFIT GROWTH

10 Years:: -1%
5 Years:: 7%
3 Years:: -13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 6%
3 Years:: 6%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	16	16	16	16	16	16	16	16	16
	592	632	693	731	759	806	861	916	979	1,015
	824	786	795	694	629	499	635	634	694	530
Trade Payables	176	278	276	185	175	274	377	404	409	298
	150	64	109	71	66	58	53	53	57	52
Total Liabilities	1,758	1,776	1,890	1,697	1,646	1,653	1,942	2,024	2,155	1,910
	251	247	229	218	208	195	172	163	170	162
Capital Work in Progress	29	0	0	0	0	0	0	1	0	0
	6	38	68	75	70	88	86	67	83	82
	405	562	512	457	509	413	536	694	876	713
	0	0	0	0	0	0	0	0	698	631
Cash & Bank	157	178	210	202	206	236	218	249	253	245
	909	751	870	745	654	720	930	849	75	78
Total Assets	1,758	1,776	1,890	1,697	1,646	1,653	1,942	2,024	2,155	1,910

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	78	150	132	138	131	171	-136	70	-11	164
Cash from Investing	-15	-41	-27	-9	-1	2	19	19	-1	19
Cash from Financing	-31	-67	-59	-118	-110	-135	126	-34	16	-191
	11	21	28	-8	4	30	-18	31	4	-9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	25.09	27.79	25.96	25.34	17.30	33.00	36.42	35.81	40.95	24.21
Book Value (₹)	379.83	404.93	443.09	466.97	484.19	513.26	548.15	582.50	621.40	643.98
Dividend per Share (₹)	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50
Cash EPS (₹)	33.97	37.59	35.69	34.92	26.06	41.05	43.98	42.32	47.15	30.07
PROFITABILITY
Operating Margin %	3.88%	4.08%	3.93%	4.47%	3.55%	4.05%	3.33%	3.51%	3.67%	3.12%
Net Margin %	1.69%	1.65%	1.48%	1.66%	1.28%	3.13%	1.92%	1.67%	2.43%	1.66%
ROE %	7.24%	7.08%	6.12%	5.57%	3.64%	6.62%	6.86%	6.33%	6.80%	3.83%
ROCE %	5.57%	6.57%	6.15%	6.19%	4.43%	3.82%	5.93%	7.11%	7.60%	5.21%
	2.35%	2.52%	2.27%	2.26%	1.66%	3.20%	3.24%	2.89%	3.14%	1.91%
EFFICIENCY
Debtor Days	101	86	92	105	101	127	86	82	96	104
Inventory Days	73	65	70	72	82	100	57	66	106	124
Payable Days	33	36	43	42	39	60	48	50	69	69
	141	116	118	134	144	167	95	97	134	159
FINANCIAL HEALTH
Debt to Equity (x)	1.35x	1.20x	1.11x	0.92x	0.80x	0.60x	0.72x	0.67x	0.69x	0.51x
Interest Coverage (x)	3.63x	3.50x	2.89x	3.08x	3.03x	13.69x	12.77x	3.60x	3.19x	2.48x
	1.39x	1.39x	1.42x	1.64x	1.75x	1.85x	1.73x	1.79x	1.81x	2.15x
GROWTH
Revenue Growth %	4.32%	13.65%	4.17%	-12.77%	-11.73%	-21.98%	79.82%	12.94%	-21.26%	-13.41%
Operating Profit Growth %	-2.98%	19.30%	0.42%	-0.71%	-29.94%	-10.98%	47.82%	18.96%	10.57%	-27.59%
Net Profit Growth %	-7.05%	10.76%	-6.58%	-2.39%	-31.75%	90.78%	10.35%	-1.67%	14.36%	-40.88%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.36%	-40.88%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.37x	30.10x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.21x	1.13x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.21%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.31x	15.05x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.66	74.66	74.66	74.66	74.66	74.66	74.66	74.66	74.66
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.24	4.21	4.21	4.21	4.21	4.21	4.21	4.21	4.21
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	21.10	21.13	21.13	21.13	21.13	21.13	21.13	21.13	21.13

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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