Moksh Ornaments Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Durables
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.
PROS
- Latest quarter profit grew 28.3% YoY, showing strong momentum
- Attractively priced for its growth - PEG of 0.5
- Company maintains a comfortable, low leverage position
- Company converts assets efficiently - asset turnover of 4.5x
CONS
- Operating cash flow has been negative in recent years
- Promoter holding has decreased over last 2 years: -15.0pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.19x)
- A large part of profit comes from other income (27.3% of PBT)
- Equity base is being diluted - shares outstanding up 56.1%
- Free cash flow has been persistently negative
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TITAN | 5070.00 | 78.14 | 450107.58 | 0.30 | 1777.00 | 62.88 | 21356.00 | 44.16 | 21.90 | 13.54 |
| KALYANKJIL | 589.20 | 42.40 | 60849.69 | 0.42 | 348.67 | 32.03 | 10588.93 | 45.68 | 24.86 | 5.97 |
| THANGAMAYL | 5237.95 | 41.63 | 16280.61 | 0.34 | 85.09 | 86.15 | 2666.38 | 71.44 | 26.62 | 5.43 |
| LALITHAA | 264.45 | 14.66 | 14801.53 | 0.00 | — | — | — | — | 43.11 | — |
| BLUESTONE | 813.50 | 220.69 | 12428.55 | 0.00 | 59.61 | 271.56 | 7368.46 | 1395.59 | 9.24 | 14.50 |
| SKYGOLD | 752.00 | 34.76 | 11646.52 | 0.00 | 104.90 | 140.67 | 2012.79 | 77.93 | 23.71 | 7.79 |
| PCJEWELLER | 10.18 | 12.81 | 9927.67 | 0.00 | 221.88 | 37.02 | 877.04 | 20.99 | 6.61 | 27.54 |
| AUGMONT | 952.85 | 26.07 | 8706.52 | 0.00 | — | — | — | — | 70.86 | — |
| SENCO | 349.70 | 10.04 | 5731.62 | 0.50 | 101.14 | -3.35 | 3056.03 | 67.34 | 22.86 | 6.97 |
| GOLDIAM | 343.40 | 24.52 | 5170.13 | 0.60 | 73.97 | 120.06 | 326.03 | 41.92 | 25.11 | 20.33 |
| VAIBHAVGBL | 214.80 | 12.64 | 3600.43 | 2.79 | 563.83 | 1398.27 | 9170.73 | 1026.99 | 18.41 | 10.55 |
| MOKSH | 10.15 | 8.50 | 89.57 | 0.00 | 31.04 | 1182.64 | 2676.35 | 1676.41 | 13.30 | 1.89 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 132 | 127 | 85 | 106 | 137 | 158 | 117 | 167 | 151 | 152 | 115 | 261 | 2,676 | |
| 130 | 123 | 81 | 103 | 132 | 154 | 113 | 167 | 146 | 147 | 111 | 259 | 2,646 | |
| Operating Profit | 3 | 3 | 4 | 3 | 4 | 4 | 4 | 1 | 4 | 4 | 4 | 2 | 50 |
| OPM % | 1.97% | 2.47% | 4.62% | 2.58% | 3.20% | 2.80% | 3.83% | 0.45% | 2.75% | 2.93% | 3.85% | 0.81% | 1.89% |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 2 | 10 |
| Interest | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 13 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 |
| 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 4 | 4 | 3 | 41 | |
| Tax % | 25.49% | 25.31% | 25.25% | 30.43% | 25.08% | 25.16% | 25.30% | 29.35% | 25.08% | 25.27% | 25.13% | 34.63% | 24.46% |
| Net Profit | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 1 | 2 | 3 | 3 | 2 | 31 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 17 | 17 | 18 | 18 | 18 | 176 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 143 | 240 | 310 | 381 | 344 | 337 | 324 | 447 | 449 | 580 | 796 | |
| 140 | 233 | 301 | 372 | 338 | 328 | 317 | 436 | 437 | 566 | 782 | |
| Operating Profit | 3 | 7 | 9 | 10 | 11 | 12 | 8 | 11 | 14 | 17 | — |
| OPM % | 2 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 3 | 3 | — |
| Other Income | 0 | 0 | 0 | 1 | 5 | 3 | 1 | 1 | 2 | 3 | 3 |
| Interest | 2 | 3 | 3 | 3 | 4 | 4 | 1 | 2 | 5 | 5 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 5 | 6 | 7 | 7 | 8 | 7 | 8 | 9 | 11 | 14 | |
| Tax % | 31 | 32 | 33 | 28 | 25 | 27 | 26 | 28 | 27 | 26 | 27 |
| Net Profit | 0 | 3 | 4 | 5 | 5 | 6 | 5 | 6 | 6 | 8 | 11 |
| EPS | 0 | 0 | 0 | 0 | 5 | 1 | 1 | 1 | 1 | 1 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 11%
- 3 Years:
- 21%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 48%
- 5 Years:
- 10%
- 3 Years:
- 18%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -20%
- 3 Years:
- -5%
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 12%
- 3 Years:
- 11%
- Last Year:
- 10%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 5 | 5 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 17 |
| 3 | 6 | 15 | 20 | 25 | 30 | 34 | 40 | 47 | 94 | |
| 23 | 35 | 34 | 50 | 60 | 31 | 0 | 25 | 48 | 32 | |
| Trade Payables | 7 | 2 | 0 | 3 | 4 | 0 | 0 | 0 | 0 | 0 |
| 6 | 4 | 2 | 2 | 3 | 8 | 4 | 4 | 4 | 3 | |
| Total Liabilities | 44 | 52 | 62 | 85 | 103 | 79 | 50 | 79 | 110 | 146 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 2 | 2 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 27 | 38 | 43 | 46 | 27 | 24 | 15 | 44 | 55 | 104 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 27 | |
| Cash & Bank | 1 | 4 | 5 | 23 | 38 | 9 | 3 | 5 | 9 | 9 |
| 14 | 9 | 12 | 14 | 38 | 46 | 31 | 30 | 4 | 6 | |
| Total Assets | 44 | 52 | 62 | 85 | 103 | 79 | 50 | 79 | 110 | 146 |
| Total Debt | 26 | 36 | 34 | 50 | 60 | 36 | 4 | 28 | 50 | 32 |
| Net Working Capital | 8 | 10 | 24 | 28 | 35 | 45 | 48 | 54 | 59 | 111 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 15.45 | 21.34 | 24.01 | 28.49 | 33.48 | 37.49 | 8.36 | 9.50 | 10.67 | 13.23 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 2.00 | 2.00 | 2.00 | 2.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -14 | -8 | -8 | 3 | 19 | -123 | 26 | -21 | -18 | -27 | |
| Cash from Investing | -0 | -0 | 0 | -0 | -11 | 77 | -0 | 0 | -0 | -0 |
| Cash from Financing | 15 | 10 | 9 | 16 | 7 | -221 | -32 | 24 | 23 | 27 |
| 1 | 1 | 1 | 18 | 15 | -267 | -7 | 2 | 4 | -0 | |
| Free Cash Flow | -14 | -9 | -8 | 3 | 19 | -124 | 26 | -21 | -18 | -27 |
| OCF / Net Profit | -91.09 | -2.74 | -2.12 | 0.57 | 3.49 | -21.73 | 5.06 | -3.47 | -2.94 | -3.17 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -9 | -119 | -85 | -98 | -119 | -165 |
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 (₹) | 0.29 | 6.00 | 3.65 | 4.47 | 4.98 | 5.27 | 0.96 | 1.14 | 1.17 | 1.01 |
| Book Value (₹) | 15.45 | 21.34 | 24.01 | 28.49 | 33.48 | 37.49 | 8.36 | 9.50 | 10.67 | 13.23 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.05 | 0.81 | 0.73 | 0.90 | 1.00 | 1.09 | 0.99 | 1.17 | 1.20 | 1.03 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 1.90% | 3.08% | 2.85% | 2.57% | 3.16% | 3.46% | 2.46% | 2.43% | 2.71% | 2.37% |
| Net Margin % | 0.11% | 1.29% | 1.26% | 1.26% | 1.55% | 1.68% | 1.58% | 1.37% | 1.39% | 1.45% |
| ROE % | 2.81% | 32.61% | 21.29% | 17.03% | 16.08% | 14.86% | 12.06% | 12.80% | 11.55% | 10.03% |
| ROCE % | 10.30% | 18.23% | 16.50% | 13.95% | 12.33% | 13.39% | 12.57% | 16.80% | 14.82% | 13.30% |
| 0.43% | 6.43% | 6.84% | 6.53% | 5.69% | 6.21% | 7.98% | 9.51% | 6.61% | 6.58% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 21 | 16 | 11 | 10 | 24 | 43 | 42 | 24 | 29 | 21 |
| Inventory Days | 62 | 49 | 48 | 43 | 39 | 28 | 22 | 24 | 40 | 50 |
| Payable Days | 19 | 8 | 0 | 3 | 4 | 2 | 0 | 0 | 0 | 0 |
| 63 | 58 | 59 | 50 | 60 | 69 | 64 | 48 | 69 | 71 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 3.22x | 3.26x | 1.32x | 1.62x | 1.67x | 0.88x | 0.08x | 0.54x | 0.88x | 0.29x |
| Interest Coverage (x) | 1.09x | 2.63x | 2.99x | 3.20x | 2.92x | 3.07x | 8.62x | 4.86x | 2.61x | 3.16x |
| 1.25x | 1.25x | 1.65x | 1.53x | 1.52x | 2.35x | 71.15x | 3.16x | 2.21x | 4.39x | |
| GROWTH | ||||||||||
| Revenue Growth % | 29.01% | 67.69% | 29.19% | 22.98% | -9.69% | -2.09% | -3.78% | 37.83% | 0.58% | 29.10% |
| Operating Profit Growth % | 14.81% | 171.07% | 19.56% | 10.88% | 11.18% | 7.18% | -31.44% | 35.65% | 28.73% | 20.58% |
| Net Profit Growth % | -9.58% | 1939.37% | 26.37% | 22.51% | 11.44% | 5.87% | -9.32% | 19.50% | 1.93% | 34.78% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.93% | -13.64% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.84x | 13.25x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.40x | 1.01x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.48x | 7.99x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-17 - Moksh Ornaments Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Moksh Ornaments Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
2026-08-14 - Moksh Ornaments Limited has informed the Exchange regarding 'Outcome of the Meeting of Board of Directors Held on Friday, 14th August, 2026.'.
2026-08-14 - Moksh Ornaments Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-11 - Moksh Ornaments Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-29 - Moksh Ornaments Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-26 - Moksh Ornaments Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on Jun 26, 2026. Further, the company has informed the Exchange regarding voting results.
2026-06-26 - Moksh Ornaments Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on Jun 26, 2026
2026-06-08 - Moksh Ornaments Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
News
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