Significant revenue contribution from Southern India.
Well established customer base with long-standing relationship with jewellery retail chains and standalone stores.
Diverse product portfolio with varied weight ranges, designs and specialisation in vaddanam and CNC machine
cut bangles.
Established procurement network and long -standing relationship with karigars.
Well experienced Promoters and a professional management team with sectoral experience.
Robust financial performance with consistent growth.
Our top 10 customers accounted for Rs. 12,460.30 million, Rs. 8,839.29 million and Rs. 6,901.89 million representing 64.67%,
63.27% and 67.36% of our revenue from operations based on our Restated Financial Information for the Fiscal 2026,
Fiscal 2025 and Fiscal 2024 respectively. Our revenue from operations based on our Restated Financial Information is
concentrated among a few key customers and any decision by these customers to reduce or terminate their business
with us could significantly impact our business, financial condition and results of operations.
We derive a significant portion of our revenue from operations from the sale of our vaddanam and CNC machine cut
bangles. Our revenue from operations from the sale of vaddanam for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 was
Rs. 8,062.41 million, Rs. 4,830.59 million and Rs. 3,755.56 million representing 41.85 %, 34.58 % and 36.66 % of our revenue
from operations for the indicated periods. Our revenue from operations from the sale of CNC machine cut bangles for
the Fiscal 2026, Fiscal 2025 and Fiscal 2024 was Rs. 5,948.53 million, Rs. 5,842.21 million and Rs. 4,075.94 million
representing 30.87%, 41.82%, and 39.78% of our revenue from operations for the indicated periods. Any cancellation
of the purchase orders of these products, could adversely affect our business, cash flows, financial condition, and overall
results of operations.
A significant portion of our business operations and revenue generation is concentrated in Southern India. For the
Fiscal 2026, Fiscal 2025 and Fiscal 2024, our revenue from Southern India was Rs. 18,181.87 million, Rs. 13,738.07 million
and Rs. 10,199.85 million respectively, representing 94.37%, 98.33% and 99.55% of total revenue for the indicated periods.
This regional concentration could expose our Company to economic, cultural, geopolitical and local market risks.
Our inventories as of Fiscal 2026, Fiscal 2025 and Fiscal 2024 were Rs. 873.62 million, Rs.827.87 million and Rs.722.56
million representing 4.53%, 5.93%, and 7.05% as a percentage of our revenue from operations for the indicated periods
respectively. Our results of operations are dependent on our ability to effectively manage our inventory. Our inability to
accurately forecast demand or effectively manage our inventory may have an adverse effect on our business, financial
condition, results of operations and cash flows.
Timely procurement of gold bullion, our key raw material, as well as the quality and the price at which it is procured,
play an important role in the successful operation of our business. The prices and availability of gold bullion depend
on factors beyond our control, including general economic conditions, foreign exchange rates, competition, production
levels and regulatory factors such as import duties. The non-availability or volatility in the cost of gold and absence of
hedging facilities may have an adverse effect on our business, results of operations, financial condition and prospects.
We depend on certain key suppliers for gold bullion, our key raw material. Our top 10 suppliers accounted for Rs.
16,021.93 million, Rs. 10,845.93 million and Rs. 9,582.83 million representing 91.81%, 82.32% and 96.89% of our total
purchase based on our Restated Financial Information for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively.
We procure gold bullions from RBI registered bullion bank, independent bullion dealers, exchanges from customers
and import through India International Bullion Exchange (IIBX), with whom we do not have any long-term contracts.
In the event of any adverse regulatory development or failure by independent bullion dealers to perform their obligations
in a timely manner, it may have an adverse effect on our business, financial condition, results of operations and cash
flows.
We are subject to strict quality requirements, and sales of our products are dependent on our quality controls and
standards. Any failure to comply with quality standards may adversely affect our business prospects, cash flows and
financial performance, including cancellation of existing and future orders.
We are dependent on third party karigars for the production and manufacturing of all our products. We have not entered
into formal agreements with some of the karigars. Any discontinuation of services by these karigars, disruptions at their
production or manufacturing facilities, or failure of such third parties to adhere to the relevant quality standards may
have a negative effect on our reputation, business and financial condition.
Our business and the demand for our products are reliant on the success of our customers' products with their respective
retail customers, and any decline in the demand for the end products could have an adverse impact on our business,
results of operations, cash flows and financial condition.
We have experienced negative cash flows from operating activities in previous periods and cannot assure you that we
will not experience negative cash flows in future periods. Negative cash flows may adversely affect our financial
condition, results of operations and prospects.
