The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 296.5M (2022) → 331.5M (2026)
Ashapuri Gold Ornament Ltd. engages in the business of manufacture and sale of gold jewellery. Its brands include Kaavis and Maayin. Its products include Choker set, Toda set, long set, Pota Jewellery, Saloya, bracelet, temple collection, Moti set, BikaneriMeena, RaniHaar. The company was founded on June 17, 2008 and is headquartered in Ahmedabad, India.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+22.4% YoY
YoY Growth Rate
Steady revenue growth
+60.0% YoY
YoY Growth Rate
EPS growth accelerating
₹0/ year
0.0% of revenue
Below sector average (4%)
Research and development spending
Cash flow positive
₹0 cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
Ashapuri Gold Ornament is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.
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Earnings growing 25%+ a year. The compounder zone.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage above 8. Profits cover interest many times over.
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P/E under 10. The price tag is small relative to last year's profit.
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