1. At a Glance
A company that can’t decide if it wants to build houses or bling them up. Dual business model—real estate projects in Ahmedabad and gold jewelry manufacturing. Stock trades at a nosebleed P/E of 159 because why not?
2. Introduction with Hook
Think of a jeweler who suddenly moonlights as a property tycoon – that’s Laxmi Goldorna. One moment they’re selling gold chains, the next they’re selling commercial blocks. With a stock price rising 173% YoY, the market’s clearly wearing rose-tinted glasses studded with diamonds.
3. Business Model (WTF Do They Even Do?)
- Real Estate – develops commercial & residential properties.
- Jewelry – manufactures, processes, wholesales, and retails gold jewelry.
- Other Ventures – precious stones trading.
Basically, they’re trying to be Titan + Lodha in one corporate body.
4. Financials Overview
- Revenue FY25: ₹88 Cr (down from ₹202 Cr FY24)
- Net Profit FY25: ₹11 Cr
- OPM: 26% (jewelry margins shining)
- ROCE: 16.9%
- ROE: 19%
Sales fell, margins glittered.
5. Valuation
- P/E: 159
- P/B: 25.6x
Fair Value Range: ₹400–₹550 unless they magically double earnings.
6. What’s Cooking – News, Triggers, Drama
- Approved amalgamation with Laxmi Infraspace (real estate play).
- Q1 FY26 profit jumped 115% YoY.
- Inventory days ballooned to 682 (gold hoarding?)
- High working capital lock-up = cash flow headache.
7. Balance Sheet
| Particulars | FY24 | FY25 |
|---|---|---|
| Assets | ₹108Cr | ₹181Cr |
| Liabilities | ₹33Cr | ₹56Cr |
| Borrowings | ₹53Cr | ₹102Cr |
| Net Worth | ₹46Cr | ₹65Cr |
Debt doubled, reserves grew.
8. Cash Flow – Sab Number Game Hai
| Particulars | FY24 | FY25 |
|---|---|---|
| Operating CF | -₹9Cr | -₹45Cr |
| Investing CF | -₹8Cr | ₹3Cr |
| Financing CF | ₹17Cr | ₹41Cr |
Operating cash flow bleeds while financing plugs the gap.
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 19% |
| ROCE | 16.9% |
| PAT Margin | 12% |
| D/E | 1.6x |
| P/E | 159 |
Sexy profitability, stressy leverage and valuation.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY24 | ₹202Cr | ₹17Cr | ₹9Cr |
| FY25 | ₹88Cr | ₹22Cr | ₹11Cr |
Revenue tanked, profits edged up.
11. Peer Comparison
| Company | Revenue | PAT | P/E |
|---|---|---|---|
| Titan | ₹60,456Cr | ₹3,336Cr | 92 |
| Kalyan | ₹25,045Cr | ₹714Cr | 86 |
| Laxmi Goldorna | ₹88Cr | ₹11Cr | 159 |
Smallest kid on the block with the biggest valuation tantrum.
12. Miscellaneous – Shareholding, Promoters
- Promoters: 74.97%
- Public: 25%
- No. of shareholders: ~1,660
Tightly held, low float fuels price rallies.
13. EduInvesting Verdict™
Laxmi Goldorna is a mix of gold, real estate, and high drama. Valuation is shinier than its balance sheet. Execution in real estate + jewelry growth will decide if this is a Titan in making or just gold-plated hype.
Written by EduInvesting Team | 27 July 2025
Tags: Laxmi Goldorna, Jewelry, Real Estate, High P/E, EduInvesting Premium
