Aayush Art and Bullion Ltd (AAYUSHBULL) — share price & stock analysis
Profits have nearly tripled in two years.
Aayush Art and Bullion Ltd (AAYUSHBULL) trades at ₹1,111 as of 6 March 2026, up 43% over the past year — beating NIFTY 500 for 128 weeks. The machine reads this as steady growth: profits have nearly tripled in two years. the price is in Stage 2 — advancing, 155 weeks in; the business cycle reads DEEP CYCLICAL / EXPANSION. Fundamentals-momentum score: 78/100 (mostly improving).
Data as of 6 March 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹1,702 Cr
- P/E
- 882×
- ROE
- 4.7%
- Book value / share
- ₹34.8
- Revenue (FY25)
- ₹74 Cr
- Profit after tax (FY25)
- ₹2 Cr
- Weinstein stage
- Stage 2 (155 weeks)
- Data as of
- 6 March 2026
Profits swing violently in this business — real losses in FY18 and FY20 and FY21 and FY22. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.net_profit
Where the clock stands now: earnings sit at 100% of their historical range, margins are the best ever printed, and valuation history is thin. That reads as EXPANSION — the comfortable middle — but the records are already on the table; from here the bet is that they keep coming.net_profit
4 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.
Where the levels actually stand: ROCE 6% — weak; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.
Stage 2: the trend is up, and has been for 155 weeks
STAGE 2 · ADVANCING · 155 WEEKSPrice trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 155 weeks so far, confirmed.stage
The price sits above its rising 200-day average (₹979 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 128 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Sep 17 | 24.9 | 24.9 | 24.9 | 4 |
| Nov 17 | 22.6 | 24.7 | 24.3 | 4 |
| Jan 18 | 21.6 | 24.6 | 24.0 | 4 |
| Sep 18 | 19.7 | 24.5 | 23.5 | 4 |
| May 19 | 15.7 | 24.1 | 22.5 | 4 |
| Oct 19 | 15.4 | 23.9 | 22.0 | 4 |
| Feb 21 | 17.3 | 23.4 | 20.6 | 4 |
| Sep 21 | 24.7 | 23.4 | 21.2 | 4 |
| Oct 21 | 26.5 | 23.5 | 22.2 | 4 |
| Dec 21 | 29.6 | 23.9 | 24.0 | 1 |
| Feb 22 | 31.4 | 24.7 | 26.9 | 2 |
| Mar 22 | 29.9 | 25.5 | 28.6 | 2 |
| Jul 22 | 28.4 | 25.6 | 28.6 | 2 |
| Jul 22 | 33.4 | 25.9 | 29.0 | 2 |
| Nov 22 | 57.0 | 27.2 | 33.0 | 2 |
| Apr 23 | 65.5 | 29.4 | 39.8 | 2 |
| Sep 23 | 40.0 | 31.1 | 41.8 | 2 |
| Nov 23 | 50.2 | 33.6 | 44.3 | 2 |
| Dec 23 | 52.7 | 36.7 | 48.3 | 2 |
| Dec 23 | 61.8 | 39.2 | 51.5 | 2 |
| Jan 24 | 71.2 | 43.1 | 58.6 | 2 |
| Feb 24 | 79.9 | 49.0 | 68.2 | 2 |
| Mar 24 | 95.2 | 56.1 | 79.4 | 2 |
| Apr 24 | 110 | 63.0 | 90.9 | 2 |
| May 24 | 111 | 72.0 | 103 | 2 |
| Jun 24 | 113 | 78.8 | 108 | 2 |
| Jul 24 | 123 | 85.8 | 114 | 2 |
| Aug 24 | 176 | 95.5 | 130 | 2 |
| Sep 24 | 203 | 113 | 165 | 2 |
| Oct 24 | 205 | 128 | 185 | 2 |
| Oct 24 | 325 | 152 | 230 | 2 |
| Nov 24 | 463 | 192 | 319 | 2 |
| Dec 24 | 668 | 257 | 457 | 2 |
| Jan 25 | 746 | 342 | 605 | 2 |
| Feb 25 | 768 | 420 | 691 | 2 |
| Mar 25 | 791 | 479 | 738 | 2 |
| Apr 25 | 810 | 526 | 765 | 2 |
| May 25 | 825 | 578 | 799 | 2 |
| Jun 25 | 865 | 627 | 826 | 2 |
| Jul 25 | 911 | 675 | 865 | 2 |
| Aug 25 | 921 | 719 | 895 | 2 |
| Sep 25 | 976 | 759 | 930 | 2 |
| Oct 25 | 998 | 797 | 958 | 2 |
| Oct 25 | 999 | 833 | 981 | 2 |
| Nov 25 | 1,062 | 867 | 1,007 | 2 |
| Dec 25 | 1,076 | 902 | 1,042 | 2 |
| Jan 26 | 1,106 | 935 | 1,070 | 2 |
| Feb 26 | 1,116 | 967 | 1,093 | 2 |
| Mar 26 | 1,111 | 979 | 1,098 | 2 |
Profits are at an all-time high
Over 11 years, sales went from ₹0.0 Cr to ₹74.0 Cr, and profit from ₹0.0 Cr to ₹2.0 Cr.revenuenet_profit
Margins widened 44.2 points along the way — growth with improving economics.operating_profit
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY14 | 0 |
| FY15 | 1 |
| FY16 | 1 |
| FY17 | 11 |
| FY18 | 13 |
| FY19 | 8 |
| FY20 | 2 |
| FY21 | 2 |
| FY22 | 3 |
| FY23 | 13 |
| FY24 | 7 |
| FY25 | 74 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY14 | 0 |
| FY15 | 0 |
| FY16 | 0 |
| FY17 | 0 |
| FY18 | 0 |
| FY19 | 0 |
| FY20 | 0 |
| FY21 | 0 |
| FY22 | 0 |
| FY23 | 0 |
| FY24 | 0 |
| FY25 | 2 |
Data: OPM % by year
| Period | OPM % (%) |
|---|---|
| FY14 | -40.9 |
| FY15 | -30.3 |
| FY16 | -18.8 |
| FY17 | 0.4 |
| FY18 | 0.2 |
| FY19 | 0.3 |
| FY20 | -13.7 |
| FY21 | -2.8 |
| FY22 | -13.5 |
| FY23 | 0.0 |
| FY24 | -2.0 |
| FY25 | 3.3 |
Sales exploded 80% last quarter
Sep 25 sales were ₹47.7 Cr, up 80% on the same quarter last year.revenue
Data: Quarterly sales
| Period | Revenue (₹ Cr) | YoY growth (%) |
|---|---|---|
| Mar 20 | 2.0 | – |
| Sep 20 | 1.0 | – |
| Mar 21 | 2.0 | 0.0 |
| Sep 21 | 1.0 | 69.0 |
| Mar 22 | 2.0 | 13.8 |
| Sep 22 | 0.0 | -100.0 |
| Mar 23 | 13.0 | 518.2 |
| Sep 23 | 7.0 | – |
| Mar 24 | 0.0 | -98.7 |
| Sep 24 | 27.0 | 271.2 |
| Mar 25 | 47.0 | 27,658.8 |
| Sep 25 | 48.0 | 79.5 |
Margins have been rebuilt — −13.7% in FY20 to 3.3% now
Of every ₹100 of sales, the company keeps ₹1.1 as operating profit (a year ago it kept ₹1.4).opm_pct
Zoom out and this is the page's quiet hero: annual operating margin bottomed at −13.7% in FY20 and has been rebuilt to 3.3% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit
Data: Three margins, quarterly
| Period | Gross (%) | Operating (%) | Net (%) |
|---|---|---|---|
| Mar 20 | -8.5 | -15.4 | -12.2 |
| Sep 20 | 67.2 | 50.0 | 55.2 |
| Mar 21 | -11.2 | -19.7 | -18.6 |
| Sep 21 | 15.3 | 7.1 | 7.1 |
| Mar 22 | -20.1 | -22.9 | -23.4 |
| Sep 22 | – | – | – |
| Mar 23 | 1.5 | 0.4 | 1.5 |
| Sep 23 | 2.1 | 1.7 | 1.1 |
| Mar 24 | 23.5 | -165 | 106 |
| Sep 24 | 2.2 | 1.4 | 0.9 |
| Mar 25 | 5.4 | 4.4 | 3.3 |
| Sep 25 | 4.2 | 1.2 | 0.8 |
Profit exploded 54% — mostly from selling more
Sep 25 profit after tax was ₹0.4 Cr, up 54% year on year.net_profit
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Mar 20 | 0.0 | – |
| Sep 20 | 0.0 | – |
| Mar 21 | 0.0 | -52.2 |
| Sep 21 | 0.0 | -78.1 |
| Mar 22 | -1.0 | -42.9 |
| Sep 22 | 0.0 | -14.3 |
| Mar 23 | 0.0 | 140.0 |
| Sep 23 | 0.0 | 33.3 |
| Mar 24 | 0.0 | -10.0 |
| Sep 24 | 0.0 | 200.0 |
| Mar 25 | 2.0 | 766.7 |
| Sep 25 | 0.0 | 54.2 |
The single biggest driver was selling more.
Data: Where the profit change came from (Sep 24 → Sep 25)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Sep 24 | 0 |
| More sales | +0 |
| Thinner margins | −0 |
| Depreciation | 0 |
| Tax | 0 |
| PAT Sep 25 | 0 |
Does the profit turn into cash?
The wrinkle is the latest year: FY25 collected ₹−40.0 Cr against ₹2.0 Cr of reported profit — about -2000%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit
The gap sits in receivables: customers now take 136 days to pay, up from 1. Profit booked, cash pending.debtor_days
Data: Cash collected vs profit reported (annual)
| Period | Operating cash flow (₹ Cr) | Profit after tax (₹ Cr) |
|---|---|---|
| FY14 | -1.0 | 0.0 |
| FY15 | 0.0 | 0.0 |
| FY16 | 0.0 | 0.0 |
| FY17 | 0.0 | 0.0 |
| FY18 | -4.0 | 0.0 |
| FY19 | 0.0 | 0.0 |
| FY20 | 1.0 | 0.0 |
| FY21 | 0.0 | 0.0 |
| FY22 | -1.0 | 0.0 |
| FY23 | 3.0 | 0.0 |
| FY24 | 0.0 | 0.0 |
| FY25 | -40.0 | 2.0 |
The cash cycle is stretching — more money stuck in the pipeline
One rupee now takes about 207 days to go out the door as materials and come back as collected cash — up from 14 days the year before.cash_conversion_cycle
The biggest mover: customers taking longer to pay (1 → 136 days).debtor_days
Data: Days of cash locked up (annual)
| Period | Customers owe (debtor days) (days) | Stock on shelf (inventory days) (days) | We owe suppliers (payable days) (days) |
|---|---|---|---|
| FY14 | 332 | 0.0 | – |
| FY15 | 0.0 | 0.0 | – |
| FY16 | 266 | 0.0 | – |
| FY17 | 147 | 89.6 | 202 |
| FY18 | 100.0 | 59.5 | 0.0 |
| FY19 | 202 | 116 | 0.0 |
| FY20 | 332 | 705 | 208 |
| FY21 | 0.0 | 528 | 290 |
| FY22 | 0.0 | 0.0 | – |
| FY23 | 10.8 | 5.0 | 0.3 |
| FY24 | 0.5 | 17.4 | 4.1 |
| FY25 | 136 | 92.2 | 20.9 |
Steady, unhurried investment
The productive asset base has gone from ₹0.0 Cr (FY14) to ₹0.0 Cr.fixed_assetscwip
The build is bigger than the cash engine: investing outflows (₹6.2 Cr) exceeded operating cash (₹−36.7 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow
Data: Assets in place vs under construction (annual)
| Period | Fixed assets (₹ Cr) | Under construction (CWIP) (₹ Cr) |
|---|---|---|
| FY14 | 0.0 | 0.0 |
| FY15 | 0.0 | 0.0 |
| FY16 | 0.0 | 0.0 |
| FY17 | 0.0 | 0.0 |
| FY18 | 0.0 | 0.0 |
| FY19 | 0.0 | 0.0 |
| FY20 | 0.0 | 0.0 |
| FY21 | 0.0 | 0.0 |
| FY22 | 0.0 | 0.0 |
| FY23 | 0.0 | 0.0 |
| FY24 | 0.0 | 0.0 |
| FY25 | 0.0 | 0.0 |
Almost no debt — this company cannot be killed by a bad year
For every ₹100 shareholders have put in (and left in), the company has borrowed ₹0.borrowings
Data: Total borrowings (annual)
| Period | Borrowings (₹ Cr) |
|---|---|
| FY14 | 0.0 |
| FY15 | 0.0 |
| FY16 | 0.0 |
| FY17 | 0.0 |
| FY18 | 0.0 |
| FY19 | 0.0 |
| FY20 | 0.0 |
| FY21 | 0.0 |
| FY22 | 0.0 |
| FY23 | 0.0 |
| FY24 | 0.0 |
| FY25 | 0.0 |
Data: Debt vs shareholders’ money (annual)
| Period | Debt ÷ equity (x) |
|---|---|
| FY14 | 0.0 |
| FY15 | 0.0 |
| FY16 | 0.0 |
| FY17 | 0.0 |
| FY18 | 0.0 |
| FY19 | 0.1 |
| FY20 | 0.0 |
| FY21 | 0.0 |
| FY22 | 0.0 |
| FY23 | 0.0 |
| FY24 | 0.0 |
| FY25 | 0.0 |
Every ₹100 kept in the business earns just ₹6
Return on capital employed is 6.2% (a year ago: 1.3%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct
Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct
Data: Returns on capital (annual)
| Period | ROCE (%) |
|---|---|
| FY14 | 0.0 |
| FY15 | 0.0 |
| FY16 | 0.4 |
| FY17 | 6.9 |
| FY18 | 0.2 |
| FY19 | 0.4 |
| FY20 | -2.1 |
| FY21 | -0.1 |
| FY22 | -5.4 |
| FY23 | 4.4 |
| FY24 | 1.3 |
| FY25 | 6.2 |
The owners aren’t moving
Promoters hold 20.7% (down 18.1 points over 8 quarters). Foreign funds own null%, domestic funds null%.promoters_pctfiis_pctdiis_pct
Data: Who holds the shares, quarterly
| Period | Promoters (%) |
|---|---|
| Sep 21 | 38.9 |
| Mar 22 | 38.9 |
| Sep 22 | 38.9 |
| Mar 23 | 38.9 |
| Sep 23 | 38.9 |
| Dec 23 | 11.3 |
| Mar 24 | 7.0 |
| Apr 24 | 10.1 |
| Sep 24 | 12.7 |
| Dec 24 | 20.7 |
| Mar 25 | 20.7 |
| Sep 25 | 20.7 |
- There is no debt story here. Borrowings are ₹0 per ₹100 of shareholders’ money — too small to matter, in either direction.borrowings
A good business — the question is the price
The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.
Best thing in the data: returns on capital rising (1.3% → 6.2%).roce_pct
Biggest worry: cash generation falling (₹0.3 Cr → ₹−40.4 Cr).operating_cash_flow
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does Aayush Art and Bullion Ltd do?
Incorporated in 2009, Aayush Art and Bullion. It is listed in the Trading sector with a market capitalisation of ₹1,702 Cr.
What is Aayush Art and Bullion Ltd's share price?
As of 6 March 2026, Aayush Art and Bullion Ltd trades at ₹1,111, up 43% over the past year, with a market capitalisation of ₹1,702 Cr. Beating NIFTY 500 for 128 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is Aayush Art and Bullion Ltd's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates Aayush Art and Bullion Ltd's intrinsic value at ₹39.0 per share under base assumptions (bear ₹14.0, bull ₹39.0), against the current price of ₹1,111 — a 96% premium to model value. The current price already implies roughly 60% annual earnings growth. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
What did Aayush Art and Bullion Ltd report in its latest quarterly results?
In its most recent reported quarter (Q2 FY26, quarter ended September 2025): Sep 25 sales were ₹47.7 Cr, up 80% on the same quarter last year. Sep 25 profit after tax was ₹0.4 Cr, up 54% year on year. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is Aayush Art and Bullion Ltd growing?
Sales exploded 80% last quarter. Sep 25 sales were ₹47.7 Cr, up 80% on the same quarter last year.
Are Aayush Art and Bullion Ltd's profits growing?
Profit exploded 54% — mostly from selling more. Sep 25 profit after tax was ₹0.4 Cr, up 54% year on year.
What are Aayush Art and Bullion Ltd's operating margins?
Margins have been rebuilt — −13.7% in FY20 to 3.3% now. In the most recent quarter, of every ₹100 of sales, the company keeps ₹1.1 as operating profit (a year ago it kept ₹1.4).
Is Aayush Art and Bullion Ltd stock in an uptrend?
Stage 2: the trend is up, and has been for 155 weeks. Aayush Art and Bullion Ltd is in Stage 2 — advancing, 155 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is Aayush Art and Bullion Ltd stock rising?
The price is up 43% over the past year, in a confirmed Stage 2 uptrend (155 weeks), and has beaten NIFTY 500 for 128 weeks.
Is Aayush Art and Bullion Ltd beating the NIFTY 500?
Yes — beating NIFTY 500 for 128 weeks, as of 6 March 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is Aayush Art and Bullion Ltd in its business cycle?
The data reads Aayush Art and Bullion Ltd as a deep cyclical business currently in its expansion phase — earnings at an all-time high for this company. Profits swing violently in this business — real losses in FY18 and FY20 and FY21 and FY22. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.
Does Aayush Art and Bullion Ltd have too much debt?
Almost no debt — this company cannot be killed by a bad year. For every ₹100 shareholders have put in (and left in), the company has borrowed ₹0.
What is the bull case for Aayush Art and Bullion Ltd?
Profits have nearly tripled in two years. Best thing in the data: returns on capital rising (1.3% → 6.2%). Sales exploded 80% last quarter.
What is the bear case for Aayush Art and Bullion Ltd — what could break the story?
Biggest worry: cash generation falling (₹0.3 Cr → ₹−40.4 Cr). Two quarters of sales reversing would kill this story. The nearest-term thing to watch: if quarterly growth slips below 40%, the story weakens. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is Aayush Art and Bullion Ltd a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: a good business — the question is the price. The numbers are genuinely mixed, and the price is roughly fair to the delivery so far. Across the 7-model scorecard the composite research signal is on watch at 51% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.