1. At a Glance – Tiny Market Cap, Giant Turnover, Microscopic Margin
₹143 crore market cap. ₹2,171 crore TTM sales. Stock price ₹105. P/E 4.84. Price to Book 0.92. ROCE 16.3%. ROE 14.6%. Debt ₹0.12 crore. Dividend yield 0.94%.
If you ever wanted to see a company that trades thousands of crores worth of gold and commodities… but keeps less margin than your neighbourhood kirana shop — welcome to Ausom Enterprise.
Latest Q3 FY26 numbers (Dec 2025 quarter):
Revenue ₹54.34 crore.
PAT ₹2.06 crore.
EPS ₹1.51.
Sounds small? Yes. But wait. In Q1 FY26 (Jun 2025), sales were ₹471.05 crore and PAT ₹14.78 crore. This company doesn’t have quarters. It has mood swings.
And yet, annualised EPS (based on Q3 average method) points to a number that makes the P/E look suspiciously cheap.
Is this a hidden gold refiner story? A commodity trading house? Or just accounting yoga?
Let’s investigate.
2. Introduction – The Mandalia Multiverse
Ausom Enterprise was incorporated in 1984. It belongs to the Mandalia Group. And if you look at the shareholding pattern, you’ll notice something quickly:
This is basically a family WhatsApp group listed on the stock exchange.
Promoter holding: 73.7%.
No pledges.
Very tight control.
The business? Trading in commodities, bullion, gold jewellery, diamonds, derivatives, shares, securities, mutual funds. Basically, if it can be traded, Ausom probably trades it.
Revenue breakup FY23:
- 70% manufactured gold jewellery
- 26% gold/silver/platinum
- 4% other income
So predominantly gold-oriented.
But here’s where it gets interesting: they also sit in joint ventures like:
- A gold refinery (IGR Ausom LLP)
- A hydropower company (Swadeshi Distributors LLP)
- A solar subsidiary (Amazo Solar Power)
- Real estate JV
Gold, hydro, solar, derivatives, mutual funds.
Diversified? Yes.
Focused? Debatable.
Now the real question:
Is this smart capital allocation or corporate hobby collection?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Core Activity:
They buy gold/bullion → refine/manufacture jewellery → sell it.
Plus trade commodities and securities.
Think of them as:
- Part jeweller
- Part commodity trader
