Price 27% below declining 200 SMA at ₹167, long-term bearish.
Q1 FY26 results covered by Mint on May 8, 2026.
Gold near all-time high ~$4,800/oz, boosting inventory value but risking demand.
Net profit dropped 72% in FY25 despite 51% revenue growth.
Operating margin collapsed from 0.48% (FY23) to 0.04% (FY25) over 3 years.
Margins fell 3 years straight: 0.48% to 0.04%.
Stock bounced 52% from ₹80 to ₹122, but margins remain structurally weak at 0.04%.
Operating margin collapsed from 0.48% to 0.04% over three years.