Asian Star Company Limited (ASTAR)

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Asian Star Company Limited (ASTAR) · mywealthgrid

About

Asian Star Company Limited manufactures gems, jewellery, and watches for India's discretionary luxury market, with a market capitalisation of ₹961.36 Cr. Post-pandemic recovery from a Jun 2020 revenue low of ₹131.31 Cr to ₹656.26 Cr by Mar 2021 demonstrates business resilience in a cyclical sector.

Face value: ₹10

Market cap

₹1,063 Cr

P/E

24.6×

P/B

0.7×

Dividend yield

0.5%

ROE

2.8%

ROCE

5.5%

Debt / equity

0.34

OPM

2.7%

EPS (TTM)

₹27.0

Book value

₹978.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Compressed margins: OPM fell to 2.74% (current) from peak of 4.49% (Sep 2020); thin margins limit downside protection against cost inflation
Weak capital efficiency: ROE of 2.81% despite low leverage (D/E 0.34) raises questions about asset utilization and operational efficiency
Earnings volatility: EPS swung from -₹2.46 (Mar 2020) to ₹16.42 (Mar 2021); verify whether post-pandemic earnings have stabilized or remain subject to cyclical swings
Discretionary sector exposure: verify demand resilience during rising interest rates or credit tightening

Generated analysis · source review pending

Growth drivers

Revenue recovered 5x from ₹131.31 Cr (Jun 2020) to ₹656.26 Cr (Mar 2021), demonstrating recovery capability
Operating margins peaked at 4.49% (Sep 2020) vs. current 2.74%; restoring prior margin levels would significantly expand earnings
EPS displayed earnings recovery from -₹2.46 (Mar 2020) to ₹16.42 (Mar 2021), indicating operational turnaround capacity
Consistent dividend payments (2021-2025) suggest cash generation capacity for reinvestment

Generated analysis · source review pending

1,767 historical price candles were omitted because the exchange source has not been verified.

₹664.5-3%1Y

Quick read

rule-based

Pros

+High promoter holding of 74.7% with no pledge

Cons

−Low return on equity of 4.7% (3-yr avg)
−Thin operating margin of 2.7%
−Profit declined 22.8% a year over the last 3 years
−Revenue shrank over the last 3 years (-12.6% a year)
−Low dividend payout of 11.1% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

28/100

Business quality: 19
Growth: 0
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Sky Gold And Diamonds LimitedSKYGOLDSKYGOLD	₹12,557 Cr	₹13,426 Cr	₹7,176 Cr	₹520 Cr	6.9%	₹343 Cr	4.5%	45.9%	29.3%	77
Pc Jeweller LimitedPCJEWELLERPCJEWELLER	₹12,449 Cr	₹13,522 Cr	₹3,505 Cr	₹785 Cr	20%	₹775 Cr	21.3%	11.7%	9.9%	1,082
Bluestone Jewellery And Lifestyle LimitedBLUESTONEBLUESTONE	₹12,008 Cr	₹12,753 Cr	₹2,681 Cr	₹442 Cr	16%	₹56 Cr	0.5%	9.8%	1.1%	659
P N Gadgil Jewellers LimitedPNGJLPNGJL	₹7,897 Cr	₹9,477 Cr	₹11,438 Cr	₹669 Cr	5.7%	₹446 Cr	3.8%	34.3%	23.3%	121
Timex Group India LimitedTIMEXTIMEX	₹7,368 Cr	₹7,370 Cr	₹419 Cr	₹32 Cr	7.7%	₹21 Cr	5%	32.7%	29.4%	—
Ethos LimitedETHOSLTDETHOSLTD	₹6,785 Cr	₹6,786 Cr	₹1,728 Cr	₹223 Cr	12.9%	₹106 Cr	6%	10.4%	7.7%	180
Senco Gold LimitedSENCOSENCO	₹5,199 Cr	₹6,769 Cr	₹9,660 Cr	₹999 Cr	11.5%	₹571 Cr	6.8%	38%	25.6%	259
Kddl LimitedKDDLKDDL	₹4,811 Cr	₹4,967 Cr	₹2,322 Cr	₹335 Cr	14.3%	₹97 Cr	6.3%	11.9%	8.8%	192
D. P. Abhushan LimitedDPABHUSHANDPABHUSHAN	₹4,273 Cr	₹4,433 Cr	₹2,340 Cr	₹100 Cr	4.3%	₹62 Cr	2.6%	40.8%	29.4%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2,544	4,423	4,478	3,523	2,956
COGS	2,190	3,812	3,829	2,937	2,458
Gross profit	354	610	650	587	498
	291	480	501	469	417
Operating profit (EBITDA)	64	130	148	118	81
OPM %	2.5%	2.9%	3.3%	3.3%	2.7%
Depreciation	15	14	12	12	11
Interest	4	5	30	38	34
	14	2	-1	29	18
Profit before tax	59	113	104	97	56
Tax	-5	19	22	20	13
Tax %	-7.9%	16.9%	20.9%	20.2%	22.6%
	64	94	83	77	43
PAT margin %	2.5%	2.1%	1.9%	2.2%	1.5%
EPS (₹)	—	—	—	—	—
EPS adjusted (₹)	39.9	58.6	51.6	48.2	27
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	16	16	16	16	16	16
Reserves	—	1,198	1,299	1,419	1,497	1,550
	—	549	691	628	741	528
	—	285	427	444	459	313
Total equity & liabilities	—	2,048	2,433	2,507	2,713	2,408
	217	203	178	168	173	163
CWIP	—	—	0	1	0	0
Investments	—	135	133	114	80	79
	—	1,710	2,122	2,225	2,460	2,166
Total assets	—	2,048	2,433	2,507	2,713	2,408

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	116	-176	94	-67	230
	-1	16	16	-3	17
	-123	132	-97	67	-248
Net cash flow	-7	-28	13	-3	-0
Free cash flow	115	-181	89	-83	224
CFO / Operating profit %	182.7%	-135.5%	63.5%	-56.7%	284.8%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	13.9%	13.8%	14.5%	16.6%	16.8%
EBITDA margin %	2.5%	2.9%	3.3%	3.3%	2.7%
EBIT margin %	1.9%	2.6%	3%	3%	2.4%
PAT margin %	2.5%	2.1%	1.9%	2.2%	1.5%
Working capital
Receivable days	116	86	86	113	115
Inventory days	81	54	73	114	110
Payable days	37	34	35	47	36
NWC days	160	107	123	180	190
Leverage
Current ratio	2.38	2.12	2.33	2.25	2.93
Debt to EBITDA	8.64	5.32	4.24	6.29	6.53
Debt to equity	0.45	0.53	0.44	0.49	0.34
Interest coverage	18.6	23.5	4.5	3.6	2.7
Asset turnover	1.24	1.82	1.79	1.3	1.23
Return ratios
Return on assets %	3.1%	3.9%	3.3%	2.8%	1.8%
Return on capital employed %	5.1%	9.1%	9.2%	8.5%	5.5%
Return on equity %	5.3%	7.1%	5.8%	5.1%	2.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	4.33%	4.26%	4.24%	4.24%	4.21%	4.21%	4.21%	4.21%	4.21%	4.21%	4.21%	4.21%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.01%	21.08%	21.1%	21.1%	21.13%	21.13%	21.13%	21.13%	21.13%	21.13%	21.13%	21.13%
No. of shareholders	—	—	—	—	—	—	—	—	1,085	1,078	1,083	1,109

Promoter holding up 0 percentage points since Sep 2023.

Mr. ARVIND TARACHAND SHAHExecutive Director-Chairperson
Mr. VIPUL PRABODH SHAHExecutive Director-CEO-MD
Mr. RAHIL VIPUL SHAHExecutive Director
Mr. PRIYANSHU ARVIND SHAHNon-Executive - Non Independent Director
Mr. DHARMESH DINESH SHAHNon-Executive - Non Independent Director
Mr. JAYANTILAL DUDHABHAI PARMARNon-Executive - Independent Director
Mr. Kartikeya Girish DesaiNon-Executive - Independent Director
Mr. Navtej Hazara SinghNon-Executive - Independent Director
Mr. Kunal Sunil TodarwalNon-Executive - Independent Director
Mr. PATTANAYAK BIJAYANANDANon-Executive - Independent Director
Mrs. Trapti Jinesh MehtaNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Asian Star Company Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

20

Dividend dividend21 Sept 2026 · ex-date₹1.5
Dividend dividend22 Sept 2025 · ex-date₹1.5
Dividend dividend13 Sept 2024 · ex-date₹1.5
Dividend dividend21 Sept 2023 · ex-date₹1.5
Final dividend22 Sept 2022 · ex-date₹1.5
Dividend dividend14 Sept 2021 · ex-date₹1.5
Dividend dividend22 Sept 2020 · ex-date₹1.5
Final dividend19 Sept 2019 · ex-date₹1.5
Dividend dividend17 Sept 2018 · ex-date₹1.5
Dividend dividend20 Sept 2017 · ex-date₹1.5
Dividend dividend19 Sept 2016 · ex-date₹1.5
Dividend dividend1 Sept 2015 · ex-date₹1.5
Dividend dividend4 Sept 2014 · ex-date₹1.5
Dividend dividend11 Sept 2013 · ex-date₹1.5
Dividend dividend28 Aug 2012 · ex-date₹1.5
Dividend dividend21 Sept 2011 · ex-date₹2
Dividend dividend13 Sept 2010 · ex-date₹2
Dividend dividend18 Sept 2009 · ex-date₹2
Dividend dividend27 Aug 2008 · ex-date₹2
Dividend dividend28 Aug 2007 · ex-date₹2

1

Board meeting to consider results13 Aug 2026

1

Bonus 1:219 Jul 2012 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

15 announcementsExport CSV

30 Sept 2026, 1:33 pmCompany Update

Disclosure Of Voting Results Pursuant To Regulation 44(3) Of 32Nd Annual General Meeting Of The Company Held On Monday, September 28, 2026

General PDF

30 Sept 2026, 1:20 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 4:24 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

22 Sept 2026, 12:35 pmCompany Update

Clarification By Company On Price Movement

General PDF

21 Sept 2026, 5:06 pmCompany Update

Clarification sought from Asian Star Company Ltd

Clarification

10 Sept 2026, 12:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Resignation of Director

Resignation of Director PDF

9 Sept 2026, 1:23 pmCompany Update

Announcement under Regulation 30 (LODR)-Resignation of Director

Resignation of Director PDF

5 Sept 2026, 10:46 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
30 Sept 2026, 1:33 pm	Company Update General	Disclosure Of Voting Results Pursuant To Regulation 44(3) Of 32Nd Annual General Meeting Of The Company Held On Monday, September 28, 2026	PDF
30 Sept 2026, 1:20 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

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Asian Star Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

20

1

1

Announcements

Not in the F&O segment

No fund holdings on record

20

1

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Asian Star Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends20

Board meetings1

Bonus issues1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Board and management

Dividends20

Board meetings1

Bonus issues1

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

20

1

1

20

1

1