Laxmi Goldorna House Limited (**LGHL**) is an **ISO 9001:2015** certified enterprise headquartered in Ahmedabad, Gujarat. Established in **2010** as a jewellery trader, the company underwent a strategic pivot in **2017** by diversifying into real estate development. Today, LGHL operates a high-growth hybrid model where Real Estate serves as the primary revenue engine (approx. **80%** of turnover), complemented by a stable, design-led Jewellery segment (approx. **20%**). The company achieved a major milestone on **November 10, 2023**, by migrating from the **NSE SME Emerge** platform to the **NSE Main Board**, signaling its transition into a mature corporate entity. --- ### **Strategic Real Estate Portfolio: Affordable Housing Focus** LGHL has carved a niche in the Ahmedabad market by focusing on the **Affordable Housing** segment. This specialization allows the company to benefit from a preferential **1% GST rate** (compared to the standard 5%) and significant tax exemptions under **Section 80 IB** of the Income Tax Act, 1961. #### **Current Project Pipeline & Execution Status** The company’s real estate arm is characterized by large-scale residential and commercial integrations. | Project Name | Location | Configuration | Total Area (Sq. Mtr) | Construction Status | Booking Status | | :--- | :--- | :--- | :--- | :--- | :--- | | **The Universe by Laxmi** | Hanspura, Naroda | **755** 3BHK Flats; **82** Shops | **1,29,364** | Commencement Certificate Received | N/A | | **Laxmi Eternia** | Vatva, Ahmedabad | **723** 3BHK Flats; **52** Shops | **18,816** | EC & Fire Safety Received | Ongoing | | **Laxmi Courtyard** | Vatva, Ahmedabad | **375** 2BHK Flats; **68** Shops | **9,136** | **19.95%** | **11.74%** | | **Laxmi 101** | Bhadaj (Science City) | **76** 3BHK Flats; **5** Shops | **2,675** | **18.50%** | **0.00%** | | **Laxmi Aashiyana** | Vatva, Ahmedabad | **112** 2BHK Flats; **14** Shops | **2,369** | Approved | Ongoing | **Key Infrastructure Highlights:** * **Connectivity:** Projects are strategically located near the **Ahmedabad Railway Station**, **International Airport**, and the **Baroda Express Way**. * **Modern Amenities:** Developments feature "Podium Living," **Amphitheatres**, **Club Houses**, and **Vehicle-Free Zones**. * **Regulatory Compliance:** All projects have secured necessary **Height Clearances** from the **Airport Authority of India (AAI)** and **Fire Safety** approvals from the **Ahmedabad Municipal Corporation (AMC)**. --- ### **Jewellery Division: Design-Led Asset-Light Model** The Jewellery segment focuses on the processing, wholesale, and retail of **BIS Hallmarked** gold, silver, platinum, and precious stones. * **Manufacturing Strategy:** LGHL employs an **asset-light job-work model**. While the company handles the design and quality control, physical manufacturing is outsourced to third-party processors, allowing for high scalability without heavy capital expenditure in machinery. * **Design Innovation:** The company utilizes **3D Computer-Aided Designing (CAD) Software** to blend traditional cultural patterns with modern **Indo-Western** trends. * **Quality Assurance:** Stringent internal checks are conducted on raw gold and diamonds both before and after processing to ensure purity and value. * **Market Reach:** The portfolio caters to high-end, mid-market, and value segments, primarily in the **Manek Chowk** (Ahmedabad) hub. --- ### **Financial Performance & Segmental Analysis** LGHL has demonstrated a steady upward trajectory in profitability despite the inherent volatility of the jewellery market. #### **Three-Year Financial Summary** | Metric (INR in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **88.01** | **202.08** | **60.91** | | **Profit Before Tax (PBT)** | **13.92** | **13.00** | **0.55** | | **Profit After Tax (PAT)** | **10.58** | **9.48** | **0.40** | | **Basic EPS (INR)** | **5.07** | **4.54** | **0.19** | #### **Segmental Contribution (FY 2023-24)** | Segment | Revenue (Rs. Lacs) | PBT (Rs. Lacs) | Capital Employed (Rs. Lacs) | | :--- | :--- | :--- | :--- | | **Real Estate** | **14,068.50** | **1,387.29** | **6,799.65** | | **Gold & Jewellery** | **6,124.81** | **308.77** | **531.73** | --- ### **Corporate Restructuring & Capital Management** The company is currently undergoing a phase of aggressive consolidation and capital base expansion to fund its massive project pipeline. * **Amalgamation of LIPL:** In **August 2025**, the company finalized the merger of its wholly-owned subsidiary, **Laxmi Infraspace Private Limited (LIPL)**, into LGHL. This move is designed to achieve **economies of scale**, pool human capital, and streamline **cash management**. * **Capital Expansion:** * **Authorised Capital:** Increased from **Rs. 21 Crore** to **Rs. 51 Crore** by September 2025. * **Bonus Issue:** Allotted **2,92,20,660** equity shares in a **7:5 bonus issue** in late 2025 to enhance liquidity and broaden the retail investor base. * **Promoter Commitment:** The Board has sought approval for loans up to **Rs. 200 Crore** (Rs. 100 Crore each) from promoters **Mr. Jayeshkumar Shah** and **Mrs. Rupalben Shah** to fuel future expansions. * **Land Bank:** Acquired land in **Fatehwadi, Ahmedabad** for **Rs. 15.99 Crore** in March 2025 to secure future development rights. --- ### **Risk Profile & Mitigation Strategies** LGHL operates in capital-intensive sectors with specific market sensitivities. * **Inventory & Liquidity:** As of March 31, 2025, inventory stood at **Rs. 113.32 Crore**, with **Rs. 76.33 Crore** tied up in Real Estate Work-in-Progress. Liquidity is managed through a mix of bank facilities (e.g., **SBI** and **Aditya Birla Finance**) and customer advances. * **Market Volatility:** The jewellery segment is sensitive to **gold price fluctuations**. LGHL mitigates this through rapid inventory turnover and design-based value addition. * **Project Concentration:** With several projects in the **Vatva** region, the company is exposed to local market demand. However, an unsold inventory of previous projects valued at **Rs. 61 Crore** provides a liquidity cushion. * **Credit Rating:** The company maintains a **CRISIL BB/Stable** rating on its bank facilities, reflecting a moderate financial risk profile. * **Operational Controls:** Management utilizes a **Risk Management Policy** and regular physical asset verification to ensure internal controls are commensurate with the company's growing scale. --- ### **Leadership & Governance** The company is led by a management team with deep local market expertise: * **Mr. Jayeshkumar Shah (Promoter/MD):** **23 years** of experience in the industry. * **Mrs. Rupalben Shah (Promoter/Director):** **13 years** of experience. * **Promoter Holding:** Remains strong at **74.97%** (as of March 2025), aligning management interests with those of the shareholders. * **Corporate Presence:** The company recently shifted its Corporate Office to the premium **Prahaladnagar** area of Ahmedabad to support its expanding administrative needs.