Ashapuri Gold

- As of the call dated February 13, 2026, there is no mention of any current or planned fundraising through debt or equity. - When asked about increasing promoter holding or raising funds, Jitendrakumar Soni stated that nothing has been thought of at present and decisions will be made as the company and promoters feel the need. - There has been no indication of any immediate plans for equity fundraising or new debt issuance. - The company is primarily focused on operational growth, volume recovery, and strategic expansions rather than capital raising at this time.

- Currently, there is no specific mention of any immediate or planned capital expenditure or strategic investment. - Capacity expansion from 750 kgs to 1500 kgs has been done in phases: last year they achieved 93% utilization on one 500 kg floor, and this year added another floor for an additional 250 kgs capacity (50% utilization targeted on new floor). - The setup for 750 kgs capacity is ready; further utilization depends on demand recovery. - No concrete plans shared for any new strategic investments or expansions beyond this. - Management stated that as per company and promoter decisions, capital investments will be done when needed, but currently nothing is planned. - Focus is more on operational growth, design innovation, and expanding presence in high-potential domestic markets at this time.

- Management targets 15% to 20% volume growth for the full fiscal year FY '26, with focus on recovering lost momentum in Q4 after gold price stabilization. - Q3 volume degrowth was 29% QoQ due to gold price hikes impacting demand, but demand is reviving as prices stabilize. - Expect Q4 and Q1 FY '27 to show ~20% volume growth as consumer confidence returns and order cycles normalize. - Revenue growth may not fully reflect in rupee terms due to gold price volatility; quantity growth is a more realistic measure for the company. - Growth is driven primarily by increased orders from national corporate chains and expansion in high-margin segments like Diamond Polki and 18-carat jewelry. - Design innovation and product diversification (14-carat jewelry, fusion category) also support future growth. - Capacity expansion is ready to support higher volumes when demand increases.

- Q3 FY'26 PAT grew by 7.76% YoY and EBITDA grew by 22.01% YoY, with EBITDA margin expansion of 233 bps to 8.78% and PAT margin improving by 103 bps to 6.11%. - Volume degrowth was 29% QoQ in Q3 due to gold price volatility impacting demand. - Management expects recovery in demand and aims for 15% to 20% volume growth in Q4 FY'26 and Q1 FY'27, assuming gold price stabilizes. - The company is focused on increasing EBITDA margins through high-margin product segments like Diamond Polki. - Premium and high-margin product penetration is expected to positively impact margins. - Design innovation and IP filings from August 2026 aim to enhance product differentiation and profitability. - Capacity utilization and order flow should improve with stabilized gold prices, supporting volume and profit growth. - No formal revenue or EPS guidance provided for FY'27 yet; outlook depends on Q4 and Q1 FY'27 performance.

- The last quarter's order book was around INR 110 crores (Page 13). - As of this conference, some previous orders on hold have started being dispatched, and new orders have come in (Page 13). - The company is preparing a summarized order book update to be shared on the Exchange in 1-2 days (Pages 10 and 13). - Approximately 80% to 90% of IIJS Premier orders have been dispatched, and 80% of IIJS Signature orders are aimed to be dispatched within 60 days (Page 6). - Orders from two national chains, including 18-carat jewelry, have started coming in, reflecting a good order pipeline (Page 6). - The overall order flow was impacted last quarter due to gold price volatility but is stabilizing with order dispatches resuming (Page 11).