Page 30 - Bullion World Issue 11 Volume 05 November 2025
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Bullion World | Volume 5 | Issue 11 | November 2025
B ullion W orld | V olume 5 | I ssue 11 | N o v ember 2025
International Sales Segment (sale of gold jewellery articles, primarily chains)
Share of Total Revenue
Fiscal Year Revenue (₹ mn) Gold Volume (MT)
(%)
FY 2025 80,521.67 11.52 12.16%
FY 2024 16,309.84 2.80 4.67%
FY 2023 4,793.62 1.05 1.53%
Analysis
• The export business has grown 16.8x in two years, showcasing Augmont’s international expansion capacity.
• The Sitapur SEZ facility (13.8 MTPA) in Jaipur drives exports to Hong Kong, Turkey, and the UAE, enhancing
global visibility.
Consumer-Focused Offerings
• Includes EMI jewellery (₹5,159.46
mn in FY25) and technology
support for gold loans (₹29.91 mn).
• Demonstrates synergy between
physical bullion trade and retail
financing ecosystems.
Overall Financial Trends and Interpretation
Metric FY 2023 FY 2024 FY 2025 CAGR (3Y)
Revenue from 312,893.11 349,214.93 662,307.79 36%
Operations (₹ mn)
EBITDA Margin 0.20% 0.30% 0.46% —
PAT Margin 0.14% 0.22% 0.34% —
Interpretation:
• Refining and SPOT trading form ~80% of total revenue, while digital gold and consumer segments contribute
to margin expansion.
• Working capital intensity remains high due to large bullion inventory cycles, mitigated by Augmont’s strong
hedging and AI-driven pricing systems.
• Post-IPO, with ₹6,200 million fresh infusion, liquidity will enhance inventory management and digital
scalability.
Key Takeaways
• Augmont is among the top two gold refiners in India with a 280 TPA capacity, second only to MMTC-PAMP.
• Integration of digital, refining, and international sales uniquely positions it as India’s first full-spectrum bullion-
fintech company.
• FY25 results show a robust, diversified revenue base with strong scalability in the digital and export verticals
Source: Augmont DRHP Report
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