Amanaya Ventures’ record shows a business that has quadrupled revenue in three years, yet seven years of operations have produced virtually no cash profit. The audit trail is clean on its face, no qualifications, no fraud flags, but the combination of deeply negative cumulative cash flow and a pattern of contradictory related-party disclosures deserves attention.
Key findings
- The company sought shareholder approval for material RPTs while reporting none in governance disclosures
Major- The FY26 auditor flagged Related Party Transactions as a Key Audit Matter, an area requiring the most judgement, citing materiality and inherent risks. Across FY23, FY24, and FY25, each Board’s Report stated no material RPTs were entered into and declared Form AOC-2 not applicable, yet the same year’s AGM notice sought shareholder approval for material RPTs with promoter-group entities including Amanaya Precious Metals LLP and Rawaat Al Dewan Gold and Jewellery Trading LLC. The FY26 Corporate Governance Report again discloses “NIL” materially significant RPTs. - A husband-and-wife promoter duo hold all executive roles with rising pay while independent directors go unpaid
Minor- Mrs. Rajni Mahajan (Managing Director) and Mr. Manan Mahajan (Whole Time Director and CFO) are the only executive directors on a five-member board; the three independent directors received no sitting fees or remuneration in FY26 or any of the three preceding years. In FY26, Managing Director remuneration rose 30% and Whole Time Director & CFO remuneration rose 18.75%, described as the first upward revision since the March 2023 listing. Promoter shareholding increased from 39.65% in March 2026 to 42.87% by July 2026 through market purchases, with zero shares pledged.
What to watch
- Promoter remuneration vote. Revised remuneration for the Managing Director and Whole Time Director & CFO, effective 1 September 2026, is being placed before shareholders at the ensuing 17th AGM.
- RPT utilisation under three-year approvals. The RPT approvals granted at the 29 September 2025 AGM for transactions with Amanaya Precious Metals LLP and Rawaat Al Dewan Gold and Jewellery Trading LLC cover FY2025-26 to FY2027-28; actual utilisation against approved limits should be monitored in subsequent annual reports.
- FY26 trade receivables ageing. All FY26 trade receivables were outstanding for less than six months as of the 31 March 2026 reporting date; any subsequent ageing beyond six months warrants attention.
Bottom line: This is a fast-growing business whose revenue expansion has not reached the cash line, and whose governance disclosures tell a different story from the resolutions put to shareholders. The risk is concentrated in the gap between reported growth and cash realisation, and in the opacity around transactions with promoter-linked entities. Watch whether the FY26 receivables convert to cash and whether the RPT figures, once legible, match the approvals sought.