Altman Z″
Needs current assets and current liabilities.
AUGMONT · Diamond & Jewellery · INE16W401027
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 2012 and headquartered in Mumbai, Maharashtra, Augmont Enterprises Limited is a leading integrated player in India's precious metals sector. The company's unique full-stack model spans the entire value chain from procurement and refining (operating two refineries in Rudrapur and Mumbai with a combined capacity of 284 MTPA) to bullion trading, digital gold offerings, coin retailing, and gold-backed financial services. Augmont operates two primary online platforms: 'Augmont SPOT', an electronic, over-the-counter delivery-based bullion trading platform launched in 2012 for B2B jewellers, manufacturers, and bullion dealers; and 'Augmont Gold For All', a consumer-focused digital gold and silver platform launched in Fiscal 2021 that enables micro-savings, gold systematic investment plans (SIPs), and gold-backed loans. The company has a physical presence with 20 spot delivery centers and 106 Sell-Old-Gold retail branches as of March 31, 2026. In terms of scale, Augmont's consolidated revenue from operations grew at a CAGR of 64.23% from ₹34,921.49 crore (₹3,49,214.93 million) in Fiscal 2024 to ₹94,186.21 crore (₹9,41,862.12 million) in Fiscal 2026, and restated consolidated Profit After Tax (PAT) reached ₹348.30 crore (₹3,483.00 million) in Fiscal 2026.
Augmont's primary competitive moat is its unique full-stack backward integration, combining physical refining operations (with a combined 284 MTPA capacity) and secure vaulting facilities with scalable digital B2B and B2C platforms. This integrated structure provides end-to-end control across the value chain, enabling real-time automated price discovery, lower sourcing costs, and a highly capital-efficient operating model that is difficult for unintegrated competitors to replicate. Its moat is further supported by an extensive distribution ecosystem, including 218 digital partners, 20 physical spot delivery hubs, and a registered consumer base exceeding 49.62 million.
Augmont Enterprises Limited operates as an integrated gold and silver platform in India, serving both businesses and consumers across 24 states. The company integrates physical infrastructure with digital distribution through its two core online platforms, 'Augmont SPOT' and 'Augmont Gold For All'.
Source: p. 221, 233, 234, 236, 240, 250
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Enterprise Sales via Augmont SPOT platform | 86.8 | p. 26, 234 |
| Consumer-focused Offerings via Augmont Gold For All platform | 7.1 | p. 26, 236 |
| International Sales | 6.05 | p. 26, 234 |
| Other Sales | 0.05 | p. 26, 234 |
According to the Technopak Report, India's gold and silver sector is undergoing rapid formalization, driven by regulatory shifts like mandatory hallmarking, GST, and digitized financial ecosystems. In Fiscal 2025, India's gold and silver jewellery retail market reached approximately ₹6,44,800.00 crore (₹6,448 billion), growing at a CAGR of 13.10% from ₹3,48,700.00 crore in Fiscal 2020, and is projected to scale to ₹16,48,100.00 crore by Fiscal 2030 (CAGR of 20.60%). Complementing this, the bullion trading market (comprising bars, coins, and collectibles) expanded from ₹94,900.00 crore in Fiscal 2020 to ₹2,16,000.00 crore in Fiscal 2025, and grew year-on-year at 98.40% to reach ₹4,28,500.00 crore in Fiscal 2026E, with projections to reach ₹8,76,800.00 crore by Fiscal 2030 (19.60% CAGR), as investors increasingly look to precious metals as an inflation hedge.
Growth rate: 19.60% CAGR (Fiscal 2026E to Fiscal 2030P) for the Indian Bullion Trading Market
₹4,28,500.00 crore (for Indian Bullion Trading Market in Fiscal 2026E, and ₹6,44,800.00 crore for Gold and Silver Jewellery Retail Market in Fiscal 2025)
Sector slug: precious-metals-and-bullion-trading
Source: p. 193, 194, 198
As presented in the offer document. Post-listing figures are in the statements above.
Written before listing, answered from the document itself.
How are the fresh issue proceeds being deployed, and does the allocation support direct business scale?
The Net Proceeds of the Fresh Issue are allocated entirely to working capital requirements (₹465.00 crore), specifically to fund gold and silver bullion procurement, maintain raw material inventory, and meet the 100% advance margin deposits required by banks and IIBX. This directly supports scaling up transactional volumes on the Augmont SPOT platform.
p. 128, 130, 236
What is the level of customer and counterparty concentration, and does it represent a systemic vulnerability?
Customer concentration is highly material through related parties. Specifically, sales to group company Riddisiddhi Bullions Limited (RSBL) reached ₹25,826.31 crore in Fiscal 2026, representing 27.42% of consolidated revenues. On the sourcing side, the top supplier (ICBC Bank) accounted for 22.31% of total bullion procurement in FY25, indicating moderate banking partner concentration.
p. 86, 87, 237
What drove the aggressive consolidated net profit expansion to ₹348.30 crore in Fiscal 2026?
Consolidated PAT grew from ₹75.97 crore in FY24 to ₹348.30 crore in FY26 (CAGR of 114.13%). This was driven by a massive scale-up in transaction volumes on the Augmont SPOT platform (MT of gold sold grew to 53.41 MT and silver to 1,049.05 MT in FY26) alongside a high-margin surge in digital gold offerings, where revenue rose to ₹2,159.00 crore in FY26 from ₹288.38 crore in FY24.
p. 320, 530, 548
What off-balance sheet or regulatory disclosures represent the most material risk to prospective investors?
The primary hidden risks are: (i) outstanding tax and custom proceedings against the company totaling ₹13.51 crore (including a custom dispute of ₹1.48 crore over gold doré purity); (ii) unverified database-level audit trails for digital gold subsidiary AGTPL; (iii) the severe regulatory history of key group company RSBL (fined ₹100.00 crore by DGFT and banned by SEBI in the past); and (iv) the regulatory gray area of digital gold operations which lack a comprehensive sector-specific framework in India.
p. 36, 55, 321, 362, 422, 425
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2012-10-31 | Riddisiddhi Bullions Limited & Prithviraj Saremal Kothari (MoA Subscribers) | 10 | Promoter & Promoter Group | p. 109 | |
| 2019-02-15 | Further Allotment (Rights Issue) | 10 | Promoter & Promoter Group | p. 108 | |
| 2025-02-05 | Share Sub-division (Face Value ₹10 to ₹5) | All Shareholders | p. 108 | ||
| 2025-06-24 | Bonus Allotment (8:1) | Promoters & Public | p. 108 | ||
| 2025-08-18 | Optionally Convertible Preference Shares (OCPS) Conversion | 678.51 | Public | p. 109 | |
| 2025-08-29 | Utpal Hemendra Sheth (Private Placement) | 678.51 | Public | p. 109 |
Ceo: Bishon Bihari Singh (Chief Executive Officer)
Outstanding direct tax proceeding against the company u/s AY 2017-18 consists of 1 case involving ₹0.658 crore under appeal before the Income Tax Department. Outstanding customs/indirect tax proceedings against the company include 1 customs case u/s Customs Act 1962 of ₹1.383 crore, 1 customs case over gold doré purity of ₹1.476 crore, 1 GST penalty case of ₹0.116 crore, 1 bank account attachment of ₹1.525 crore, 1 GST ITC penalty case of ₹1.638 crore, 1 GST ITC denial of ₹7.322 crore, and 1 GST excess ITC claim of ₹0.918 crore (totaling ₹13.510 crore across 8 cases against taxation authorities). Active civil disputes initiated by the company include 4 material cases totaling ₹58.239 crore, including Commercial Summary Suit No. 180 of 2017. Criminal cases initiated by the company include 1 miscellaneous application against Eskaybee International Private Limited (unquantified) and 1 cyber fraud complaint involving ₹3.601 crore where the bank account was temporarily frozen. Criminal case u/s Section 138/142 of NI Act filed by subsidiary AGTPL against Mr. Senthil N V (proprietor of R S Jewel Tech) involves a cheque dishonour of ₹1.225 crore.
Auditor name: KKC & Associates LLP
Promoters collectively hold 92.75% (7,74,48,478 Equity Shares) of the pre-Offer paid-up Equity Share capital, with nil promoter shares pledged or encumbered.
Statutory auditors issued an unmodified opinion but included an Emphasis of Matter regarding the restatement of prior periods for the common control acquisition of AGTPL under Ind AS 103 and Ind AS 8. Additionally, under Rule 11(g), auditors noted that for subsidiary AGTPL, they were unable to comment on whether the database-level edit log (audit trail) feature of the accounting software was enabled due to a lack of database-level audit evidence.
Auditor changed last 3y: Yes
Source: p. 5, 58, 111, 237, 321, 327, 362, 386, 422, 425
A change between the two filings is a disclosure in itself.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
The business reported a profit, yet its operations drained cash rather than generating it. Profit that comes with negative operating cash is the single most important thing to understand here.
Why this reading: Flagged on a single year deliberately: negative operating cash alongside a reported profit is plain, material, and hard to explain benignly — exactly the kind of obvious signal that should never be smoothed over.
Operating cash flow ₹-42 cr against trailing net profit ₹348 cr. When operations consume cash while the P&L shows profit, ask whether receivables are ballooning, revenue is booked ahead of collection, or costs are being capitalised.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-43 cr, negative in 2 of 5 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings have fallen 70% over two years — the balance sheet is getting lighter.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Borrowings down to ₹18 cr from ₹60 cr. Falling debt reduces finance cost and financial risk.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 25.0% of assets. Free cash flow negative in 2 of 5 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹158 cr ÷ ₹723 cr, over 5 years
0.22×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹348 − ₹-42) cr ÷ average assets
25.0%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
0.4% × 74.93 × 1.39
38.4%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹476 cr ÷ ₹3 cr
158.67×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹18 cr ÷ ₹907 cr
0.02×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +43% vs revenue +209%, FY2023 to FY2026
-166pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 81.91% to 81.91% across these quarters.
FII held steady from 1.90% to 1.90% across these quarters.
MF held steady from 1.76% to 1.76% across these quarters.
Other held steady from 14.43% to 14.43% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 2 | 1 | 3 | 1 | 0 | 1 |
| Inventory days
How long stock sits before it sells | 2 | 2 | 1 | 1 | 1 | 1 |
| Payable days
How long the company takes to pay suppliers | 0 | 1 | 3 | 1 | 1 | 0 |
| Cash conversion cycle
Debtor + inventory − payable days | 4 | 1 | 1 | 0 | 1 | 2 |
| Working capital days | 3 | 2 | 0 | -1 | 1 | 3 |
| ROCE %
Return on capital employed | — | 15.0% | 21.0% | 33.0% | 93.0% | 69.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 20,641 | 25,865 | 30,513 | 34,921 | 66,231 | 94,186 |
| Other income | 26 | 7 | 10 | 27 | 21 | 96 |
| Depreciation | 1 | 1 | 3 | 8 | 8 | 7 |
| Finance cost | 10 | 2 | 21 | 20 | 13 | 3 |
| Profit before tax | 26 | 41 | 57 | 104 | 305 | 473 |
| Net profit (owners) | 19 | 32 | 40 | 76 | 227 | 348 |
| EPS (₹) | 42.49 | 71.98 | 89.09 | 163.42 | 242.01 | 39.99 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 14,552 | 29,994 | 18,946 |
| Other Income | 3 | 2 | 31 |
| Expenses | 14,451 | 29,903 | 18,893 |
| Depreciation | 2 | 2 | 2 |
| Finance cost | 1 | 0 | 0 |
| Profit before tax | 101 | 90 | 82 |
| Net Profit | 72 | 67 | 61 |
| EPS | 8.41 | 7.87 | 6.91 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 154 | 4 | 4 | 42 |
| Reserves | 55 | 88 | 130 | 180 | 398 | 865 |
| Borrowings | 178 | 176 | 198 | 60 | 23 | 18 |
| Net block | 5 | 12 | 21 | 26 | 25 | 30 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 6 | 5 | 21 | 9 | 25 | 20 |
| Total Assets | 490 | 381 | 751 | 760 | 1,857 | 1,257 |
| Line | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash from operations | 53 | -55 | 97 | 105 | -42 |
| Cash from investing | 3 | -13 | 168 | -61 | -51 |
| Cash from financing | -4 | 180 | -160 | -47 | 7 |
| Free cash flow | 45 | -64 | 90 | 93 | -43 |
| Net change in cash | 51 | 112 | 105 | -3 | -87 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.