1. Gaze Fashiontrade scaling - The 100% subsidiary grew revenue 2.5x to ₹16.33 cr in FY25, with net profit of ₹2.40 cr, contributing 31.32% of overall performance. This is the company's largest growth engine, already profitable and compounding faster than the parent's flat stone business.
2. Single-segment simplification - Management now reports one business segment under Ind AS 108, dropping separate stone, trading, and finance disclosures from the December 2025 quarter onward. This signals a cleaner corporate structure, reducing complexity costs and making the earnings story easier for investors to value.
3. Capex restart - Standalone capital work in progress rose from nil to ₹57.36 lakh in FY25, with gross block additions of ₹306.58 lakh. New spending after years of contraction points to capacity investment that can reverse the 3-year revenue decline.
4. Gist Minerals stability - The subsidiary held revenue flat at ₹6.04 cr in FY25, though profit fell to ₹2.74 lakh. Its CRPS conversion timeline was extended to 19 years, deferring dilution and keeping the subsidiary's balance sheet intact for future growth.