- lead - Mishka Exim is a Delhi-based trading house that buys and sells jewellery, ornaments and textile products - essentially a wholesale middleman connecting suppliers to retailers across India. Incorporated in 2014 and listed on the Bombay Stock Exchange, it was built on an entrepreneur-led model where the founder’s family and a tight circle of promoter-group entities sit at the centre of nearly every transaction, from sourcing to shareholding. The recurring approach is simple: hold inventory, take price risk, and earn the spread - whether the product is gold ornaments, unstitched fabric or diamond jewellery.
Business segments
Three trading desks under one roof - a jewellery wholesaler that moves physical gold, a dormant fabric line, and a small proprietary share-trading book - each run as a separate profit centre with its own inventory and P&L.
1. Jewellery trading: the business the company stands on
Mishka Exim buys gold and diamond ornaments in bulk and resells them to other jewellery retailers across India, making money on the margin between purchase cost and wholesale price.
- Wholesaler, not a showroom - it supplies traditional, contemporary and fusion designs to other jewellery retailers rather than selling directly to consumers, though its stated ambition is to eventually open its own outlets.
- Inventory is the engine - the company held nearly Rs. 6 crore of ornament stock as of March 2025, and in a typical year it turns over tens of thousands of grams: in FY23 alone it sold roughly 77,400 grams while buying 76,600 grams, keeping about 37,000 grams on hand at year-end.
- Competes with deeper pockets - it faces stiff competition from well-established players in both organised and unorganised sectors, including branded e-retailers, many of which have far larger capital bases and broader product ranges.
- No manufacturing, pure trading - the company does not make jewellery; it sources finished pieces made with what it calls “the most advanced technology and graded raw materials” and resells them as-is, which means its gross margin is entirely a function of its buying skill and market timing.
2. Fabric trading: a legacy line that has all but stopped
Once a supplier of mid-range unstitched fabrics to Delhi-NCR retailers, this segment generated barely Rs. 99,000 in revenue in FY25 and now exists mainly as residual inventory.
- A wide catalogue, thinly traded - the company’s fabric range spans silk, polyester, sarees, lace, net, coarse cotton, suiting, shirting, linen and jute, but in FY23 it sold just 245 metres of fabric and in FY24 recorded zero revenue.
- Inventory is nearly gone - fabric stock stood at only Rs. 82,540 as of March 2025, down from a position that was already negligible the year before, so the segment ties up almost no capital.
- Same competitive pressures, smaller scale - like jewellery, fabric trading faces competition from traders and manufacturers with larger resources and wider product ranges, but here the company has never built meaningful volume.
- High-end ambitions on paper - the company’s stated objective is to import high-grade fabric from India and abroad and supply it to high-net-worth clients and showrooms, though this has translated into only minimal activity.
3. Share trading: a proprietary book run alongside the main business
The company trades shares for its own account - buying and selling equities and derivatives - and treats it as a separate segment with its own P&L, though it swung to a loss in FY25.
- Trades on its own book - unlike a broker, Mishka Exim is trading its own capital: equity purchases and sales are accounted for on an absolute basis, while derivative trades are settled on a net-difference basis and flow straight to the profit-and-loss account.
- Small but occasionally active - in FY23 the company traded over 1.16 lakh shares, buying 2.32 lakh and selling 1.16 lakh, ending the year with 1.22 lakh shares worth about Rs. 30.6 lakh; by FY25 the inventory had shrunk to just Rs. 71,000.
- Not a steady contributor - the segment posted a loss of Rs. 2.52 lakh in FY25, after generating Rs. 47.6 lakh of revenue the year before, so its contribution swings with market conditions.
Group structure and partners
The company sits inside a dense web of promoter-owned entities - holding companies, an associate, a subsidiary and multiple LLPs - that share directors, office addresses and, increasingly, equity stakes in Mishka Exim itself.
- A subsidiary and an associate, both dormant - Mishka Capital Advisors Limited (93.33% owned) and Cross River Securities Limited (49% owned) are the two main group entities, but neither has carried on any business activity for several years.
- A merger is underway to tidy the structure - in January 2024 the board approved a scheme to amalgamate the subsidiary, the associate and another promoter entity, Varun Commtrade Private Limited, into Cunning Ways Limited, with no cash changing hands; Mishka Exim’s own shareholding will not change.
- Promoters have been buying more stock - in February 2025, a cluster of promoter-group entities including Starlight Holdings, Supertech Financial Services and Tridev Securities acquired additional shares in the open market, lifting the combined promoter holding from 51.72% to 54.56% of the company.
- An investment portfolio that mirrors the promoter circle - beyond the subsidiary and associate, Mishka Exim holds non-current stakes in eight unlisted companies and four LLPs, many of which appear on the promoter-group list, plus an office building that earned Rs. 26 lakh in rent in FY25.