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ABans Enterprises Ltd

ABANSENT

NSE

₹34.42-5.00%19 Oct 2026

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Trading

ABans Enterprises Ltd

ABANSENT

NSE

₹34.42

-5.00%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

ABans Enterprises is India’s self-styled “Commodity Intelligence House” - a trading firm that makes money by spotting price gaps between physical commodity markets and financial derivatives, then capturing the spread with a zero-default discipline. It began in 1985 as a modest trading entity and was reimagined in 2015 under promoter Abhishek Bansal, who turned it into a technology-driven house that now trades everything from coriander and gold to aluminium futures across India, the UAE and Mauritius. The recurring approach is simple: use on-ground sourcing networks and in-house technology to find arbitrage opportunities, then hedge every position so tightly that the company has never recorded a single counterparty default.

Business segments

Three engines built on a single trading backbone - a proprietary commodities desk that generates the bulk of activity, a jewellery manufacturer that converts bullion access into premium products, and a derivatives intelligence layer that hedges and informs every move.

1. Proprietary commodity trading: the group’s core engine

The company buys and sells physical agricultural goods, gold, silver and base metals, capturing the spread between spot prices and futures markets - high volumes, thin margins, every position hedged.

Arbitrage is the profit model - futures contracts typically trade at a premium to physical spot prices, so the company buys the physical commodity and simultaneously sells the futures contract, locking in the difference as revenue.
Sourced from India’s farm belts and global bullion routes - agricultural commodities like coriander, guar seed, jeera and castor seed are procured directly from mandi networks and long-standing farmer relationships across India’s commodity belts, while gold is imported through established overseas supply lines from leading gold-producing nations.
Three commodity baskets under one roof - the desk trades agricultural goods (5,541 MT of physical and derivatives volume in FY25), bullion (1,728 MT of derivatives volume, with every gold and silver transaction fully physically backed), and base metals like aluminium, copper, lead and zinc (91,188 MT of derivatives volume).
Exchange memberships lower the cost of doing business - the company is a recognised participant at the India International Bullion Exchange in GIFT City, which lets it import gold at a concessional tariff, and it maintains direct connectivity with domestic exchanges MCX and NCDEX as well as global platforms COMEX and DGCX for hedging.
Risk is engineered out daily - all positions are reconciled at the end of every trading day, strict limits cap maximum exposure and deal size, precious metals stock sits in insured third-party vaults, and the company works only with long-standing, reputed counterparties.

2. Jewellery manufacturing: converting bullion access into premium products

A wholly owned subsidiary makes handcrafted gold and diamond jewellery for high-net-worth clients through India’s leading jewellery stores, while also trading precious metals in its own right.

Bespoke, not mass-market - the subsidiary Abans Jewels Limited focuses on premium handcrafted and customised designs, including rings, earrings, pendants, neck sets and coloured stone pieces, aimed at high-net-worth individuals rather than volume retail.
B2B distribution through established stores - the jewellery is supplied to leading jewellery retailers across India who serve the bespoke end-customer, so the company manufactures and wholesales rather than operating its own showrooms.
A trader-manufacturer hybrid - beyond manufacturing, the subsidiary actively trades precious metals, base metals, debentures and securities, and enters into derivative contracts on recognised exchanges, which means its own bullion desk feeds raw material to the jewellery bench.
A merger was planned, then unwound - a scheme to amalgamate the jewellery subsidiary into the parent company was approved in November 2024 to simplify the group structure, but was withdrawn in February 2026 when evolving market conditions made the expected synergies less demonstrable, so the subsidiary continues to operate independently.

3. Derivatives intelligence: the hedge that became a profit centre

Futures and options trading across agricultural, bullion and base metal contracts serves as both a protective hedge for physical positions and a standalone lens for reading market sentiment.

Hedging first, insight second - exchange-traded futures and options on NCDEX, MCX and global platforms are the primary tool for hedging physical commodity exposure, but the company also treats derivatives as a strategic lens to read market sentiment and identify trading opportunities.
A maturing hedging culture - as recently as FY20 and FY21, none of the commodity exposure was hedged through derivatives; by FY23, key agricultural positions such as Cottonseed Oil Cake, Coriander, Guar Seeds, and Guargum were fully hedged on domestic exchanges; by FY25, the model had matured to fully hedged and physically backed bullion transactions.
Scale across 14 commodities - in FY24 alone, exchange volumes reached 27,443 MT on MCX and 72,930 MT on NCDEX, spanning 14 different commodities, making the company one of the largest participants on NCDEX by volume.
Beyond commodities - the desk has expanded into performance-linked debentures backed by Nifty and gold, extending the same arbitrage and hedging mindset from physical goods into financial instruments.

Technology and trading infrastructure

An in-house technology team runs proprietary systems that automate the entire trade lifecycle - from execution to clearing, broking and custody - so the company never depends on external vendors for its core operations.

Vertical integration of the trade stack - the company’s infrastructure spans every step of a trade, including execution, clearing, broking and custody across all major exchanges, which compresses settlement cycles and keeps control in-house.
Built, not bought - an internal technology team maintains proprietary trading systems, risk monitoring dashboards, internal deal-flow automation for bullion and base metals, and system-level checks for automated hedging reconciliation, avoiding dependency on third-party software.
Centralised command - the trading operation aligns supplies from multiple extraction points with customer demand across different markets, selling products at the optimal delivery point to maximise returns, all managed from a single centralised desk.

Group structure and partners

A lean three-country structure with a single operating decision-maker, after years of shedding non-core subsidiaries to focus entirely on commodity trading and its allied activities.

Three subsidiaries, one activity - the group now consists of the Indian jewellery manufacturer Abans Jewels Limited, its Dubai-based trading step-down subsidiary Abans Gems & Jewels Trading FZC, and a Mauritius entity Splendid International Limited that was still acquiring licences as of FY24, with management determining the entire group operates as a single trading activity under one chief operating decision-maker.
Simplification through divestment - four non-core subsidiaries in pharmaceuticals, IT, precious metal products manufacturing and general trading were fully divested effective January 2022, collapsing what had been a multi-segment conglomerate into a focused commodities house.
Promoter ecosystem provides leverage - the group has related-party relationships with entities under common control spanning broking, securities, commodities, warehousing, finance and real estate, and uses intra-group lending to optimise working capital and seize opportunities; bank working-capital loans are secured against promoter personal property and related-party corporate guarantees.
GIFT City access - the company has commenced operations through India’s GIFT City and is a recognised participant at the India International Bullion Exchange, positioning it to benefit from the concessional tariff and regulatory framework of the international financial services centre.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹240Cr

Close Price

₹34.42

Industry

Trading

Price To Earnings

7.50

Price To Sales

0.02

Revenue

₹14,419Cr

Rev Gr TTM

Revenue Growth TTM

191.33%

PAT Gr TTM

PAT Growth TTM

67.47%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	437	489	566	257	906	713	1,974	1,357	2,563	3,457	6,510	1,889
Growth YoY Revenue Growth YoY%	-26.0	9.8	64.8	-8.1	107.1	45.9	249.0	427.5	182.9	384.8	229.8	39.3
Expenses ExpensesCr	433	476	558	250	886	707	1,983	1,343	2,559	3,477	6,512	1,844
Operating Profit Operating ProfitCr	4	13	8	7	20	6	-9	14	4	-20	-2	46
OPM OPM%	1.0	2.6	1.4	2.7	2.2	0.8	-0.5	1.0	0.1	-0.6	0.0	2.4
Other Income Other IncomeCr	0	0	1	3	3	3	20	2	3	10	13	4
Interest Expense Interest ExpenseCr	3	4	4	4	6	5	4	2	3	4	3	2
Depreciation DepreciationCr	0	0	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	9	5	5	17	3	7	14	3	-15	6	47
Tax TaxCr	-1	4	6	0	11	-2	3	9	-1	-17	14	15
PAT PATCr	2	5	-2	4	5	5	4	5	5	2	-8	33
Growth YoY PAT Growth YoY%	-22.7	33.6	-205.6	23.7	122.4	-7.5	381.6	5.4	-5.6	-52.5	-285.8	598.5
NPM NPM%	0.5	1.1	-0.3	1.7	0.6	0.7	0.2	0.3	0.2	0.1	-0.1	1.7
EPS EPS₹	0.3	0.8	-0.2	0.6	0.7	0.7	0.6	0.7	0.7	0.3	-1.1	4.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	437	489	566	257	906	713	1,974	1,357	2,563	3,457	6,510	1,889
Growth YoY Revenue Growth YoY%	-26.0	9.8	64.8	-8.1	107.1	45.9	249.0	427.5	182.9	384.8	229.8	39.3
Expenses ExpensesCr	433	476	558	250	886	707	1,983	1,343	2,559	3,477	6,512	1,844
Operating Profit Operating ProfitCr	4	13	8	7	20	6	-9	14	4	-20	-2	46
OPM OPM%	1.0	2.6	1.4	2.7	2.2	0.8	-0.5	1.0	0.1	-0.6	0.0	2.4
Other Income Other IncomeCr	0	0	1	3	3	3	20	2	3	10	13	4
Interest Expense Interest ExpenseCr	3	4	4	4	6	5	4	2	3	4	3	2
Depreciation DepreciationCr	0	0	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	9	5	5	17	3	7	14	3	-15	6	47
Tax TaxCr	-1	4	6	0	11	-2	3	9	-1	-17	14	15
PAT PATCr	2	5	-2	4	5	5	4	5	5	2	-8	33
Growth YoY PAT Growth YoY%	-22.7	33.6	-205.6	23.7	122.4	-7.5	381.6	5.4	-5.6	-52.5	-285.8	598.5
NPM NPM%	0.5	1.1	-0.3	1.7	0.6	0.7	0.2	0.3	0.2	0.1	-0.1	1.7
EPS EPS₹	0.3	0.8	-0.2	0.6	0.7	0.7	0.6	0.7	0.7	0.3	-1.1	4.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4,536	4,057	2,881	1,867	1,771	3,850	13,813	14,419
Growth Revenue Growth%		-10.6	-29.0	-35.2	-5.2	117.4	258.8	191.3
Expenses ExpensesCr	4,516	4,027	2,853	1,853	1,741	3,826	13,817	14,392
Operating Profit Operating ProfitCr	21	30	27	14	30	23	-5	27
OPM OPM%	0.5	0.8	0.9	0.8	1.7	0.6	0.0	0.2
Other Income Other IncomeCr	17	18	16	10	5	28	28	31
Interest Expense Interest ExpenseCr	8	13	10	4	12	18	12	12
Depreciation DepreciationCr	2	1	2	1	2	2	3	3
PBT PBTCr	29	34	30	18	21	32	8	42
Tax TaxCr	1	0	1	1	11	13	4	10
PAT PATCr	28	34	29	18	10	19	4	32
Growth PAT Growth%		22.6	-14.4	-38.9	-45.0	93.1	-79.0	67.5
NPM NPM%	0.6	0.8	1.0	0.9	0.6	0.5	0.0	0.2
EPS EPS₹	4.0	4.9	4.2	2.5	1.4	2.7	0.6	4.6

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4,536	4,057	2,881	1,867	1,771	3,850	13,813	14,419
Growth Revenue Growth%		-10.6	-29.0	-35.2	-5.2	117.4	258.8	191.3
Expenses ExpensesCr	4,516	4,027	2,853	1,853	1,741	3,826	13,817	14,392
Operating Profit Operating ProfitCr	21	30	27	14	30	23	-5	27
OPM OPM%	0.5	0.8	0.9	0.8	1.7	0.6	0.0	0.2
Other Income Other IncomeCr	17	18	16	10	5	28	28	31
Interest Expense Interest ExpenseCr	8	13	10	4	12	18	12	12
Depreciation DepreciationCr	2	1	2	1	2	2	3	3
PBT PBTCr	29	34	30	18	21	32	8	42
Tax TaxCr	1	0	1	1	11	13	4	10
PAT PATCr	28	34	29	18	10	19	4	32
Growth PAT Growth%		22.6	-14.4	-38.9	-45.0	93.1	-79.0	67.5
NPM NPM%	0.6	0.8	1.0	0.9	0.6	0.5	0.0	0.2
EPS EPS₹	4.0	4.9	4.2	2.5	1.4	2.7	0.6	4.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14
Reserves ReservesCr	33	105	135	160	170	191	201
Current Liabilities Current LiabilitiesCr	578	127	50	122	229	249	147
Non Current Liabilities Non Current LiabilitiesCr	9	53	57	3	31	35	29
Total Liabilities Total LiabilitiesCr	641	383	324	310	445	490	392
Current Assets Current AssetsCr	620	357	313	306	388	483	371
Non Current Assets Non Current AssetsCr	21	26	11	4	58	7	21
Total Assets Total AssetsCr	641	383	324	310	445	490	392

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14
Reserves ReservesCr	33	105	135	160	170	191	201
Current Liabilities Current LiabilitiesCr	578	127	50	122	229	249	147
Non Current Liabilities Non Current LiabilitiesCr	9	53	57	3	31	35	29
Total Liabilities Total LiabilitiesCr	641	383	324	310	445	490	392
Current Assets Current AssetsCr	620	357	313	306	388	483	371
Non Current Assets Non Current AssetsCr	21	26	11	4	58	7	21
Total Assets Total AssetsCr	641	383	324	310	445	490	392

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	-101	63	-25	59	-193	161
Investing Cash Flow Investing Cash FlowCr	-11	-6	-42	27	-111	84	-46
Financing Cash Flow Financing Cash FlowCr	3	35	16	-44	53	114	-111
Net Cash Flow Net Cash FlowCr	-5	-72	37	-42	1	4	4
Free Cash Flow Free Cash FlowCr	-2	-108	57	-25	57	-195	158
CFO To PAT CFO To PAT%	12.3	-299.3	218.4	-142.4	604.7	-1,024.5	4,054.8
CFO To EBITDA CFO To EBITDA%	16.2	-333.8	232.4	-179.5	196.2	-826.2	-3,444.6

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	-101	63	-25	59	-193	161
Investing Cash Flow Investing Cash FlowCr	-11	-6	-42	27	-111	84	-46
Financing Cash Flow Financing Cash FlowCr	3	35	16	-44	53	114	-111
Net Cash Flow Net Cash FlowCr	-5	-72	37	-42	1	4	4
Free Cash Flow Free Cash FlowCr	-2	-108	57	-25	57	-195	158
CFO To PAT CFO To PAT%	12.3	-299.3	218.4	-142.4	604.7	-1,024.5	4,054.8
CFO To EBITDA CFO To EBITDA%	16.2	-333.8	232.4	-179.5	196.2	-826.2	-3,444.6

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	240	158	142	236	162	191	141	240
Price To Earnings Price To Earnings	8.7	4.9	5.1	14.2	17.4	10.1	35.5	7.5
Price To Sales Price To Sales	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.0
Price To Book Price To Book	5.1	1.3	1.0	1.4	0.9	0.9	0.7	1.1
EV To EBITDA EV To EBITDA	13.8	6.9	6.2	22.2	10.0	18.2	-59.8	14.5
Profitability Ratios Profitability Ratios
GPM GPM%	0.7	1.4	1.6	1.3	2.5	1.1	0.2	0.2
OPM OPM%	0.5	0.8	0.9	0.8	1.7	0.6	0.0	0.2
NPM NPM%	0.6	0.8	1.0	0.9	0.6	0.5	0.0	0.2
ROCE ROCE%	19.5	25.0	17.6	8.6	9.8	10.8	5.5	5.5
ROE ROE%	58.6	28.6	19.5	10.2	5.3	9.2	1.8	1.8
ROA ROA%	4.3	8.8	9.0	5.7	2.2	3.8	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	240	158	142	236	162	191	141	240
Price To Earnings Price To Earnings	8.7	4.9	5.1	14.2	17.4	10.1	35.5	7.5
Price To Sales Price To Sales	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.0
Price To Book Price To Book	5.1	1.3	1.0	1.4	0.9	0.9	0.7	1.1
EV To EBITDA EV To EBITDA	13.8	6.9	6.2	22.2	10.0	18.2	-59.8	14.5
Profitability Ratios Profitability Ratios
GPM GPM%	0.7	1.4	1.6	1.3	2.5	1.1	0.2	0.2
OPM OPM%	0.5	0.8	0.9	0.8	1.7	0.6	0.0	0.2
NPM NPM%	0.6	0.8	1.0	0.9	0.6	0.5	0.0	0.2
ROCE ROCE%	19.5	25.0	17.6	8.6	9.8	10.8	5.5	5.5
ROE ROE%	58.6	28.6	19.5	10.2	5.3	9.2	1.8	1.8
ROA ROA%	4.3	8.8	9.0	5.7	2.2	3.8	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MAGSON	AHMDSTE	A1L	ABANSENT	TIERRA	LEMERITE	MKEXIM
Market CapitalizationMkt CapCr	252	241	240	240	239	238	229
Close PriceClose₹	166.10	159.85	5.22	34.42	36.50	18.98	56.81
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	221.47	11.63	32.63	7.50		8.18	23.28
Price To SalesPS	2.32	1.11	0.53	0.02	2.13	0.71	2.36
RevenueRevenueCr	109	217	453	14,419	112	337	97
Revenue Growth TTMRev Gr TTM%	61.1%	1.3%	38.9%	191.3%	66.4%		83.9%
PAT Growth TTMPAT Gr TTM%	46.7%	19.3%	150.7%	67.5%	37.5%		789.8%

	MAGSON	AHMDSTE	A1L	ABANSENT	TIERRA	LEMERITE	MKEXIM
Market CapitalizationMkt CapCr	252	241	240	240	239	238	229
Close PriceClose₹	166.10	159.85	5.22	34.42	36.50	18.98	56.81
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	221.47	11.63	32.63	7.50		8.18	23.28
Price To SalesPS	2.32	1.11	0.53	0.02	2.13	0.71	2.36
RevenueRevenueCr	109	217	453	14,419	112	337	97
Revenue Growth TTMRev Gr TTM%	61.1%	1.3%	38.9%	191.3%	66.4%		83.9%
PAT Growth TTMPAT Gr TTM%	46.7%	19.3%	150.7%	67.5%	37.5%		789.8%

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