Asian Star Company financials and balance sheet

NSE: ASTARBSE: 531847Consumer DurablesSmall Cap

₹543.05₹17.95 (3.20%)BSE ₹545.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹561.00.

52-week range of BSE trades to 23 Oct 2026

₹533.10Low, 9 Jan 2026₹842.00High, 21 Sep 2026

Market cap: ₹869 Cr1,481st largest listed
P/E: 26.1
P/B: 0.5
Dividend yield: 0.28%
ROE: 2.1%
ROCE: 2.1%
Debt to equity: 0.30
Volume, NSE: 15888.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Asian Star Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,478 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,882
Materials and goods−2,400
Employee costs−100
Other expenses−318
Operating profit64
Depreciation−9.6
Other income+21
One-off items0.0
Finance costs−26
Profit before tax50
Tax−9.5
Joint ventures−0.1
Net profit40

What the company owns

Receivables₹886 Cr
Inventory₹728 Cr
Plant, investments and other assets₹446 Cr
Cash and bank₹331 Cr
Current investments₹81 Cr

What pays for it: net worth and liabilities

Net worth₹1,658 Cr
Borrowings₹493 Cr
Other liabilities₹322 Cr

Asian Star Company business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Asian Star Company segment results by quarter

Revenue by segment

₹3,042 CrTotal

DIAMONDS₹2,055 Cr67.6% of total
JEWELLERY₹965 Cr31.7% of total
OTHERS₹21 Cr0.7% of total

Profit by segment

DIAMONDS₹31.2 Cr41.4% of total
JEWELLERY₹22.9 Cr30.4% of total
OTHERS₹21.4 Cr28.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

DIAMONDS
Revenue, ₹ crore
3,250
2,629
2,144
3,902
3,959
2,318
2,055
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
136
74
39
97
113
41
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
JEWELLERY
Revenue, ₹ crore
594
653
534
757
725
822
965
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
28
11
20
23
29
23
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
OTHERS
Revenue, ₹ crore
11
1
22
13
−8
21
21
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5
−4
16
7
−11
21
21
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,855	3,284	2,700	4,672	4,685	–	3,161	3,042
Company revenue, as in its results	3,642	3,053	2,544	4,423	4,478	–	2,956	2,882
Revenue	3,250	2,629	2,144	3,902	3,959	–	2,318	2,055
Revenue growth	–	−19.1%	−18.5%	82.0%	1.5%	–	–	−11.4%
Profit	136	74	39	97	113	–	41	31
Profit growth	–	−45.6%	−46.8%	145.8%	17.2%	–	–	−23.3%
Margin	4.2%	2.8%	1.8%	2.5%	2.9%	–	1.8%	1.5%
Return on capital	–	–	–	9.1%	9.5%	–	3.2%	2.3%
Assets	757	832	859	1,873	1,995	–	1,757	1,734
Liabilities	–	–	–	813	802	–	481	377
Capital employed	–	–	–	1,060	1,193	–	1,276	1,356
Revenue	594	653	534	757	725	–	822	965
Revenue growth	–	9.9%	−18.3%	41.7%	−4.2%	–	–	17.4%
Profit	26	28	11	20	23	–	29	23
Profit growth	–	6.9%	−60.9%	79.0%	18.8%	–	–	−20.9%
Margin	4.4%	4.3%	2.0%	2.6%	3.2%	–	3.5%	2.4%
Return on capital	–	–	–	8.5%	9.4%	–	10.3%	7.8%
Assets	182	206	214	414	389	–	521	591
Liabilities	–	–	–	185	143	–	239	297
Capital employed	–	–	–	229	246	–	282	294
Revenue	11	1	22	13	−8	–	21	21
Profit	5	−4	16	7	−11	–	21	21
Margin	45.3%	−359.1%	73.0%	59.0%	–	–	98.0%	100.0%
Return on capital	–	–	–	7.7%	−15.4%	–	31.0%	23.3%
Assets	134	125	139	147	123	–	130	148
Liabilities	–	–	–	50	51	–	63	57
Capital employed	–	–	–	97	72	–	67	92

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. No results on record for the year to Mar 2024.Asian Star Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 4 Aug	Mar 2021Filed 17 May	Mar 2022Filed 16 Jun	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 13 Jun	Mar 2026Filed 25 May
Revenue from operations	3,494	3,905	3,642	3,053	2,544	4,423	4,478	–	2,956	2,882
	–	–	3,463	2,936	2,481	4,293	4,330	–	2,875	2,818
Materials and goods bought	–	3,354	3,079	2,523	2,190	3,812	3,829	–	2,458	2,400
Employee costs	–	–	67	66	55	70	77	–	96	100
Other expenses	–	–	317	347	235	411	425	–	321	318
Operating profit before depreciation	–	–	179	117	64	130	148	–	81	64
Operating margin	–	–	4.9%	3.8%	2.5%	2.9%	3.3%	–	2.7%	2.2%
Materials, % of revenue	–	–	84.5%	82.6%	86.1%	86.2%	85.5%	–	83.2%	83.3%
Employee costs, % of revenue	–	–	1.9%	2.2%	2.2%	1.6%	1.7%	–	3.2%	3.5%
Other expenses, % of revenue	–	–	8.7%	11.4%	9.3%	9.3%	9.5%	–	10.9%	11.0%
Depreciation and amortisation	–	–	17	16	15	14	12	–	11	10
Operating profit after depreciation	–	–	162	101	49	116	136	–	70	54
Other income	7	8	5	−4	18	8	−10	–	21	21
Finance costs	28	31	26	20	4	5	20	–	34	26
Profit before one-off items and tax	90	132	140	78	63	118	106	–	57	50
One-off items	0	−5	−3	0	−4	−5	−1	–	−3	0
Profit before tax	90	127	137	78	59	113	105	–	54	50
	24	17	21	14	−5	19	22	–	13	10
Current tax	–	21	20	14	10	23	25	–	17	10
Deferred tax	–	−4	1	1	−14	−4	−3	–	−4	−1
Share of profit of joint ventures and associates	–	–	−1	0	–	0	0	–	2	0
Net profit	66	109	115	63	64	94	83	–	43	40
Other comprehensive income	–	–	−2	−4	−3	−1	−4	–	−1	−3
Total comprehensive income	–	–	113	59	61	92	79	–	42	38
Net margin	1.9%	2.8%	3.2%	2.1%	2.5%	2.1%	1.9%	–	1.5%	1.4%
Net margin without joint ventures and associates	–	–	3.2%	2.1%	–	2.1%	1.9%	–	1.4%	1.4%

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the years to Mar 2017 and Mar 2018: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Share of profit of joint ventures and associates is left blank for the year to Mar 2021: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 27 May	Mar 2020Filed 4 Aug	Mar 2021Filed 17 May	Mar 2022Filed 16 Jun	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 13 Jun	Mar 2026Filed 25 May
	1,074	1,163	1,212	1,313	1,434	–	1,562	1,658
Share capital	16	16	16	16	16	–	16	16
Reserves	1,058	1,147	1,196	1,297	1,418	–	1,546	1,642
	690	663	549	691	628	–	528	493
Repayable after a year	52	51	51	50	53	–	58	52
Repayable within a year	639	613	498	641	575	–	470	441
	872	756	732	1,018	970	–	741	710
Trade payables	201	130	219	354	371	–	242	0
Other financial liabilities	0	3	0	0	24	–	–	232
Other liabilities	31	10	15	23	0	–	29	37
	115	115	104	102	104	–	105	105
Other liabilities	6	8	5	7	7	–	3	8
Provisions	9	7	13	14	15	–	20	22
Deferred tax	49	50	35	31	29	–	24	23
	2,060	2,034	2,048	2,433	2,507	–	2,408	2,473
Held for sale or for a demerger	–	–	–	–	–	–	50	–
	335	329	307	277	251	–	178	230
Plant in use, after depreciation	229	217	203	178	167	–	162	156
Plant being built	0	0	0	0	1	–	0	–
Intangible assets	0	0	0	0	1	–	0	0
Intangible assets being developed	0	–	0	0	0	–	1	–
Property held to earn rent	50	50	50	50	50	–	–	–
Investments	46	49	51	43	27	–	15	17
Other financial assets	1	1	0	0	3	–	–	51
Deferred tax	–	7	0	3	2	–	–	3
Other assets	9	6	3	3	0	–	–	3
	1,725	1,705	1,741	2,156	2,257	–	2,179	2,243
Inventories	566	554	485	565	767	–	744	728
Trade receivables	765	667	806	1,048	1,049	–	934	886
Cash and cash equivalents	255	242	163	193	192	–	180	117
Other bank balances	57	99	171	113	127	–	136	214
Current investments	26	18	34	40	37	–	64	81
Loans given	56	122	82	197	85	–	116	216
Other financial assets	0	3	0	1	0	–	0	–
Tax paid in advance	–	–	0	0	0	–	4	–
Other assets	–	–	0	0	0	–	3	–
Net debt	352	304	181	346	273	–	149	81

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 17 May	Mar 2022Filed 16 Jun	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 13 Jun	Mar 2026Filed 25 May
	116	−176	94	–	230	90
	119	−150	118	–	252	100
	94	−286	−61	–	159	−29
Receivables	131	−232	0	–	151	58
Inventories	−69	−79	−202	–	177	16
Other working capital	32	25	141	–	−169	−102
Tax paid	−3	−26	−24	–	−21	−10
Capital spending	1	5	5	–	7	7
Free cash flow	115	−181	89	–	224	83
	−1	16	6	–	17	0
Plant and property sold	0	11	2	–	3	4
Interest received	0	0	0	–	16	15
Dividends received	0	0	0	–	0	0
	−123	132	−87	–	−248	−74
Borrowings raised	0	141	−67	–	5	0
Borrowings repaid	−118	−1	3	–	−216	−47
Interest paid	−4	−5	−20	–	−34	−26
Dividends paid	2	2	2	–	2	2
Shares bought back	0	0	0	–	0	0
Shares issued	0	0	0	–	0	0
Net change in cash	−7	−28	13	–	0	16

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Asian Star Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 4 Aug	Mar 2021Filed 17 May	Mar 2022Filed 16 Jun	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 13 Jun	Mar 2026Filed 25 May
Earnings per share	₹41.31	₹68.18	₹71.00	₹39.61	₹39.94	₹58.62	₹51.63	–	₹26.98	₹25.25
Diluted earnings per share	₹41.31	₹68.18	–	₹39.61	₹39.94	₹58.62	₹51.36	–	₹26.98	₹25.25
Dividend per share	₹1.50	₹1.50	₹1.50	₹1.50	₹1.50	₹1.50	₹1.50	–	₹1.50	₹1.50
Book value per share	–	–	₹670.66	₹726.60	₹757.11	₹820.53	₹895.59	–	₹975.87	₹1,035.61
Dividend payout	3.6%	2.2%	2.1%	3.8%	3.7%	2.6%	2.9%	–	5.6%	5.9%
Shareholder yield	–	–	–	–	0.2%	0.2%	0.2%	–	0.2%	0.2%
Market cap at the year end (₹ crore)	1,068	1,699	1,135	1,140	1,261	1,197	1,104	–	1,166	976

Ratios

Consolidated, years to March.Asian Star Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 4 Aug	Mar 2021Filed 17 May	Mar 2022Filed 16 Jun	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 13 Jun	Mar 2026Filed 25 May
Revenue growth	5.8%	11.8%	−6.7%	−16.2%	−16.7%	73.8%	1.3%	–	–	−2.5%
Operating profit growth	–	–	–	−34.6%	−45.8%	104.5%	14.1%	–	–	−21.1%
Net profit growth	−8.9%	65.0%	5.3%	−44.8%	1.0%	46.5%	−11.3%	–	–	−6.4%
Earnings per share growth	−8.9%	65.0%	4.1%	−44.2%	0.8%	46.8%	−11.9%	–	–	−6.4%
	–	–	10.7%	5.7%	5.4%	7.4%	6.1%	–	2.8%	2.5%
	–	–	–	−5.0 pts	−0.3 pts	2.0 pts	−1.4 pts	–	–	−0.3 pts
From the net margin	–	–	–	−3.7 pts	1.2 pts	−0.8 pts	−0.9 pts	–	–	−0.1 pts
From asset turnover	–	–	–	−1.1 pts	−1.1 pts	2.7 pts	−0.5 pts	–	–	−0.1 pts
From borrowing	–	–	–	−0.3 pts	−0.4 pts	0.2 pts	0.1 pts	–	–	0.0 pts
Return on capital employed	–	–	9.2%	5.5%	2.8%	5.8%	6.6%	–	3.3%	2.5%
Cash conversion	–	–	–	–	181.4%	−187.7%	113.4%	–	533.5%	222.3%
Interest cover	–	–	6.1	5.2	13.7	22.0	6.8	–	2.1	2.1
Debt to equity	–	–	0.64	0.57	0.45	0.53	0.44	–	0.34	0.30
Receivable days	–	–	77	80	116	86	86	–	115	112
Inventory days	–	–	67	80	81	54	73	–	110	111
Payable days	–	–	24	19	37	34	35	–	36	0
Cash conversion cycle, days	–	–	120	141	160	107	123	–	190	223
Working capital days	–	–	116	144	163	118	123	–	189	198
Asset turnover	–	–	1.77	1.49	1.25	1.97	1.81	–	1.23	1.18
Assets per rupee of net worth	–	–	1.92	1.83	1.72	1.77	1.80	–	1.54	1.52
Sales per rupee of plant	–	–	15.91	14.04	12.53	24.86	26.81	–	18.25	18.44
Capital spending to depreciation	–	–	–	–	0.05	0.38	0.40	–	0.59	0.68
Plant being built, % of plant in use	–	–	0.0%	0.0%	0.0%	0.0%	0.3%	–	0.0%	–

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.7%
Cash from operations against operating profit: 140.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−1.3%	2.5%	−13.7%
Profit growth, yearly rate	−5.7%	−8.8%	−21.4%
Return on equity, average	–	4.7%	2.6%
Return on capital employed, average	–	4.6%	2.9%
Operating margin, average	–	2.8%	2.5%
Net margin, average	2.1%	1.7%	1.4%
Asset turnover, average	–	1.55	1.20
Cash conversion cycle, days, average	–	161	206
Interest cover, average	–	8.3	2.1
Debt to equity, average	–	0.40	0.32

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	Latest year
Cash from operations	89.9
Cash from investing	0.4
Cash from financing	−74.5
Capital spending	6.6
Dividends paid	2.4
Shares bought back	0.0
Shares issued for cash	0.0
Borrowings raised	0.0
Borrowings repaid	47.3

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9	–	–	–	–	6	5	6	–	–	–
Altman Z-scorePublished threshold 1.81	–	–	3.94	3.79	3.66	3.93	3.97	–	3.79	3.66
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.21	−1.61	−2.50	–	–	−2.55
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.52	11.34	−0.69	–	–	−2.04
Cash from operations to profit, 3 years	–	–	–	–	–	–	0.14	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.34	37.54	−43.86	−1.13	–	–	−2.67
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	15.87	0.81	−57.69	35.40	–	–	0.26
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.08	−0.10	0.03	−0.02	–	–	−0.24
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.00	–	0.36	–	–	–
Effective tax ratePublished threshold 17.16 per cent	26.62	13.79	15.39	18.61	−7.89	16.88	20.82	–	23.34	19.01
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−5.95	−2.03	–	−16.16	−0.92

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-LT/STLong and short-term scales	CARE A- / CARE A2+Review, Re-affirmOutlook Revised	Stable	884.50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.