1. At a Glance
Ahmedabad-based Laxmi Goldorna House Ltd (LGHL) is the bizarre love-child of DLF and Tanishq — a company that builds flats, sells gold and still calls itself “diversified.”
Q2 FY26 numbers: Revenue ₹24.8 Cr (+12.6 %), PAT ₹3.69 Cr (-6.6 %), EPS ₹0.75. Stock ₹307 with a P/E of 149 and price-to-book 20×.
Book value ₹15 per share but market value ₹307 — the market thinks this is Titan meets DLF on steroids.
Market cap ₹1,536 Cr, debt ₹97 Cr, ROE 19 %, ROCE 18 %. Six-month return +46 %, one-year +154 %.
Cash flow negative, but who cares — the builder announced a 7-for-5 bonus and investors started doing garba on the charts.
2. Introduction
Some companies mine gold; some build houses; and then there’s Laxmi Goldorna that does both because “why choose?”
Incorporated in 2010, LGHL builds real-estate projects across Ahmedabad and manufactures gold ornaments for sale under its own brand. So yes, they lay the foundation of your flat and then sell you a necklace for the house-warming.
The firm has projects like Laxmi Sky City, Laxmi Eternia, Laxmi Villa Greens and Laxmi Ashiyana — basically every Gujarati’s retirement goal wrapped in Vastu-friendly packaging.
FY25 looked like a sweet spot — revenues touched ₹103 Cr, profits ₹10 Cr, ROE 19 %. But beneath the shine, cash flow bleeds and working-capital days of 471 show that money moves through this business slower than Sabarmati riverfront traffic on a Sunday.
3. Business Model – WTF Do They Even Do?
🏗 Real Estate Division
LGHL is a property developer and builder offering mid-to-premium residential and commercial spaces in Ahmedabad.
Key projects:
- Laxmi 101 (₹68 Cr project, 112 flats + 5 shops)
- 390 Cr Integrated Commercial-Residential Project to be completed by 2031 (through subsidiary Laxmi Infraspace)
That’s ambitious for a company whose annual revenue barely crosses ₹100 Cr — but builders never dream small.
