- **Aayush Art and Bullion Ltd is a gold jewellery manufacturer and trader that has been completely remade twice in less than a decade. Originally incorporated in 2009 as a textile trading intermediary called AKM Lace and Embrotex, the company was acquired by a new promoter group in 2021 and then taken over again in October 2023 by Arhat Touch Private Limited, which rewrote the company’s purpose, changed its name, and shifted its registered office to Gujarat effective 09-02-2026. The recurring approach is a clean-slate reset: new owners buy a listed shell, amend the main object clause to enter a different industry, and then build the new business from the ground up using the public-company platform they have acquired.** # Business segments Two businesses at different stages - a legacy fabric-trading operation in runoff and a precious-metals jewellery engine being built from scratch - with a negligible securities-trading sliver alongside them. ## 1. Gold, diamond and silver jewellery: the company’s new reason for being **The company makes and sells gold, diamond and silver ornaments using in-house know-how, and plans to grow through franchised showrooms and online channels rather than by owning factories or brands.** - **Manufacturer and trader under one roof** - the company is authorised to manufacture, import, export, wholesale, retail and act as a commission agent for every category of precious-metal jewellery, from studded gold ornaments to silver utensils and industrial-grade diamonds. It currently makes its products using its own know-how, with no outside technology licensed in over the last three years. - **A lean physical footprint** - the company does not own any immovable property; it operates from leased premises and its plant and machinery carried a net book value of Rs. 6.25 lacs as of March 2024, which means production is light-asset and scalable through partners rather than heavy capital investment. - **Growth through franchised distribution, not owned stores** - the stated expansion plan is to enter non-South Indian markets and Middle Eastern countries by opening capital-efficient franchised showrooms, so the company can add retail touchpoints without tying up its own capital in real estate or inventory at each location. - **Omnichannel selling from day one** - the company intends to use both physical franchised outlets and digital channels to reach customers, employing analytics to drive footfall and improve conversion rates, which is how it aims to capture the shift in Indian consumer behaviour from local jewellers to online platforms. - **Riding a cultural and economic wave** - India is the world’s second-largest gold market, where roughly 70% of demand comes from jewellery, driven by weddings, gold’s role as a store of value during uncertainty, rising disposable incomes and evolving fashion trends toward personalised and geometric designs. The organised jewellery retail market in India is projected to grow at 14%, giving a newly structured entrant a wide runway. ## 2. Fabric trading: the legacy business in wind-down **What remains of the original company is a plain-vanilla intermediary business that buys fabric for cash and sells it on credit to small businessmen - a working-capital play, not a manufacturing operation.** - **Middleman, not maker** - the company’s original main object was to manufacture and deal in all types of textiles, but in practice it operated as a trader, buying goods on a cash basis and extending credit to cash-constrained buyers in the fabric trade. - **No services, just goods** - all revenue from contracts with customers comes from the sale of materials within India, with no service income at all, and revenue is recognised the moment goods are delivered to the customer. - **A shrinking share of the whole** - this segment now accounts for roughly half of total segment revenue, down from being the entire company before the 2023 change in control, and it operates alongside the jewellery business with no stated expansion plans. ## 3. Trading in shares and securities: a residual sliver **A tiny, opportunistic activity that accounts for about one percent of segment revenue and has no dedicated infrastructure or strategic role.** - **Incidental to the main businesses** - the company reports a separate segment for trading in shares and securities, but there is no evidence of a dedicated desk, proprietary technology or a strategic mandate behind it. - **No separate asset base** - the company’s fixed assets consist entirely of computers, a motor vehicle, plant and machinery and furniture, with nothing earmarked for a securities-trading operation, confirming it is a side activity run off the same platform. # Group structure and partners **The company is a standalone listed entity with no subsidiaries or joint ventures, controlled by a single promoter entity that has steadily increased its stake through off-market swaps and warrant conversions.** - **No group, just a parent** - Aayush Art and Bullion has no subsidiaries, joint ventures or associate companies, so all its businesses sit directly on its own balance sheet with no holding-company layering. - **Arhat Touch Private Limited is the controlling promoter** - it acquired a 28.89% stake in October 2023 from the previous promoters at Rs 12.06 per share, triggering an open offer at Rs 15 per share, and later increased its holding to 18.75% through an off-market share swap in March 2026. - **The previous promoters have been fully exited and reclassified** - the Patwa family, who had themselves bought control from the original Mangal-family promoters in September 2021, were reclassified as public shareholders in April 2024 because they held no shares, no board seats and no management role.