Financial Performance Highlights

Total Income: ₹84,780.84 thousand (FY26) vs ₹39,540.18 thousand (FY25) - 114.5% increase

Revenue from Operations: ₹84,752.70 thousand (FY26) vs ₹39,519.16 thousand (FY25)

Net Profit After Tax: ₹2,122.74 thousand (FY26) vs ₹2,918.02 thousand (FY25)

Earnings Per Share: ₹0.57 (FY26) vs ₹0.78 (FY25)

Key Operational Metrics

  • Bullion & Jewellery revenue: ₹83,851.28 thousand (98.9% of total revenue)
  • Derivatives & Securities revenue: ₹9,014.15 thousand
  • Inventory value: ₹39,998.96 thousand (Gold, Silver, Jewellery & Securities)
  • Trade receivables: ₹8,643.87 thousand (increase from ₹2,289.97 thousand)
  • Cash & cash equivalents: ₹4,508.43 thousand (decrease from ₹11,170.27 thousand)
  • Zero debt maintained throughout FY26

Inventory Valuation Impact

The company reported a mandatory non-cash inventory valuation adjustment under Ind AS 2 due to precious metal price volatility. Gold reached all-time high of US$5,405/oz in January 2026 before correcting, requiring markdown of certain inventory positions to Net Realisable Value.

Strategic Investments

Other Expenses increased to ₹5,119.42 thousand from ₹3,057.44 thousand, including:

  • Dealer incentivization: ₹1,627.56 thousand (vs ₹334.56 thousand)
  • Job work charges: ₹1,171.74 thousand (vs ₹177.40 thousand)
  • These investments supported expansion of AVL Bullion Dealer Programme and Aurel brand

Aurel Brand Performance

Aurel Forever Yours! branded gold and silver bars with signature heart engraving contributed approximately 20% of total transaction value. The branded products are distributed through:

  • Aurel Bullion App (B2B platform)
  • aureljewels.com (e-commerce)
  • Aurel Gold Purchase Plan (GPP) - starting from ₹3,000/month
  • Aurel Silver Purchase Plan (SPP) - starting from ₹1,500/month

Annual General Meeting Details

Date: August 28, 2026 at 10:00 AM

Venue: Registered Office at 69-70, First Floor, Deep Complex, Court Road, Amritsar, Punjab-143001

Book Closure: August 22-28, 2026

Cut-off Date: August 21, 2026

Ordinary Business Items

1. Adoption of Audited Financial Statements for FY26

2. Re-appointment of Mr. Manan Mahajan (DIN: 02217914) as Director retiring by rotation

Special Business Items

3. Appointment of Secretarial Auditor: M/s Suparn Sekhri & Associates for 5 years (FY26-FY30)

4. Revision in Remuneration: Mr. Manan Mahajan's fixed salary increase from ₹50,000 to ₹60,000 per month effective September 1, 2026

5. Private Placement of NCDs: Approval for issuance of up to 300 Secured, Redeemable, Non-Convertible Debentures of ₹1,00,000 each (aggregating ₹3 crore) at 12% coupon payable quarterly, with 24-month tenor and call option at 18 months

NCD Issue Details

  • Purpose: Augmenting working capital for bullion trading business and general corporate purposes
  • Security: First charge by hypothecation over identified gold and silver bullion inventory
  • Eligible Subscribers: Promoters, promoter group members, directors, and their relatives
  • Validity: One year from approval date

Director Information

Mr. Manan Mahajan: Whole Time Director & CFO, holding 13,50,705 shares (36.12%), proposed remuneration revision

Mrs. Rajni Mahajan: Managing Director, holding 2,45,539 shares (6.57%)

Board Composition: 5 Directors (2 Executive, 3 Non-Executive Independent)

Shareholding Pattern

Promoter & Promoter Group: 47.19% (17,64,313 shares)

Public Shareholding: 52.81% (19,74,687 shares)

Dematerialized Shares: 98.89% of total capital

Key Ratios (FY26 vs FY25)

  • Current Ratio: 51.10 times vs 41.11 times
  • Inventory Turnover: 21.19 times vs 10.58 times
  • Net Profit Ratio: 0.25% vs 0.74%
  • Return on Equity: 3.84% vs 5.49%

Other Significant Disclosures

  • Company has 6 permanent employees
  • No CSR obligation as financial thresholds not met
  • No deposits accepted during the year
  • Related party transactions at arm's length
  • Vigil mechanism/whistle blower policy in place
  • No sexual harassment complaints during FY26

Forward-looking Statements

The Management Discussion & Analysis highlights opportunities in India's physical bullion market (estimated ₹2.7 lakh crore annually) and the company's positioning through its branded Aurel platform and dealer network expansion.