Amrapali Industries FY26: ₹48,418 Crore of Revenue, ₹12.6 Crore of Profit, and a Margin You Need a Microscope For
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1. At a Glance
Amrapali Industries closed FY26 with sales of ₹48,418 crore. It kept ₹12.59 crore of that as net profit. The gap between those two numbers is the entire story: a business that moves nearly ₹48,000 crore of gold and silver across a year and retains roughly two-and-a-half paise on every hundred rupees.
Revenue nearly doubled from FY25’s ₹25,678 crore. Net profit rose from ₹1.65 crore to ₹12.59 crore — a jump that reads as spectacular in percentage terms and modest in rupee terms, because both starting points were small. Operating profit for the year came in at ₹23 crore against that ₹48,418 crore of turnover.
Sitting underneath is a company that also runs boating rides and bumper cars, carries ₹174 crore of borrowings against ₹45.6 crore of net worth, and ended the year with a negative cash balance of ₹3.17 crore. Other income of ₹8.61 crore made up more than half of the ₹16.62 crore pre-tax profit.
A bullion trader, an amusement operator, and a balance sheet stretched thin — all under one listing. The record for the year is unusually full. The margins are unusually not.
2. Introduction
Incorporated in 1988, Amrapali Industries began life as Amrapali Synthetic Pvt. Ltd. before becoming the flagship of a Gujarat-based group. Over more than two decades it moved from synthetics into mining — china clay products — and then into precious metals and bullion trading, which is where the bulk of today’s revenue comes from.
The company holds memberships across major commodity exchanges (MCX, NCDEX, ACE, ICEX, NMCE, NSEL) and operates from Ahmedabad across a client base in Gujarat and other Indian cities. Bullion is the engine; a scattering of service activities rides alongside.
Recent filings are administrative rather than dramatic. The board met on 30 May 2026 to approve audited results for the half year and full year, and appointed S P Thakker & Associates as internal auditors for FY27. In June, the exchange sought a clarification from the company regarding movement in its price, to which the company responded that no undisclosed price-sensitive information existed. A trading-window closure and a newspaper publication round out the period’s paperwork.
The company also has a wholly owned subsidiary, Amrapali Industries Global IFSC Ltd, which had not commenced operations as of the prior year.
3. Business Model: WTF Do They Even Do?
Primarily, Amrapali buys and sells bullion. In FY25, gold made up roughly 65% of bullion revenue and silver roughly 35% — a mix that shifted from about 75/25 the year before. Bonds and shares contributed under 1%. This is a high-volume, pass-through trade: buy metal, sell metal, keep the sliver in between. That sliver is why ₹48,418 crore of sales produces an operating profit of ₹23 crore.
Then there is the other half of the personality. The service line includes boating income, kiosk rentals, bumper car and carousel income, and brokerage. In the group’s own disclosed metrics, “boating income” has at times been the majority of service revenue. Service revenue itself is a rounding error against total operating revenue — around 0.02–0.03%. So the amusement park exists, contributes real activity, and disappears entirely once the bullion numbers show up.
The mining heritage — china clay — remains part of the group’s history rather than a visible line in the current numbers. Investments of ₹20.79 crore sit in unquoted equity, about 74% of it in the Indian Bullion Market Association, which is thematically on-brand.
A business where the amusement rides are the interesting part and the ₹48,000-crore trading operation is the boring part. Does a razor-thin pass-through trade become more valuable when you scale the volume, or just larger?
