Viram Suvarn (BSE: VSL) had a P/E of 12.1× on 6 Nov 2026, below the industry P/E of 19.6×, and the shares are 27% below their 52-week high. Sales and net profit grew 9.6% and 62% a year over 3 years, with ROCE of 16% and ROE of 15%, though net profit is above operating profit, which points to a one-off gain. It carries very little debt. It is a small-cap company with a market cap of ₹107 Cr, ranked 49th of 82 Luxury Goods companies by market cap; the shares rose 18% over the past year.
- ₹9.79
- ₹9.79
- ₹9.28
- ₹9.77
- 88.8K
Health check
- ReturnsBehind
+17.6% over a year, better than 2 of 7 peers.
- Price tagDistorted
A one-off gain inflates profit, so P/E isn’t comparable right now.
- GrowthSlow
Sales +9.6%, profit +61.8% a year over 3 years.
- ProfitabilityWeak
ROCE 15.6% vs peer median 34.2%.
- Balance sheetStretched
Practically debt-free, Piotroski 3 of 9.
- Red flags1 to check
Net profit is above operating profit, so a one-off gain is likely flattering earnings.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹107 Cr
- Small cap
- P/E
- 12.1
- Industry 19.6
- Price to book
- 1.58
- Peers 8.57
- Dividend yield
- 0.00%
- ROE
- 15.5%
- Peers 29.3%
- ROCE
- 15.6%
- Peers 34.2%
- Debt to equity
- 0.00
- Debt ₹0.09 Cr
- EPS (TTM)
- ₹0.78
- OPM (TTM)
- 16.4%
- Net margin 27.4%
- Sales growth
- +55.2%
- Latest quarter vs a year ago
- Profit growth
- −9.3%
- Latest quarter vs a year ago
- Price to sales
- 3.93
- EV/EBITDA 23.2
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly sales up 55.2% on a year ago.
Risks to check
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
About Viram Suvarn
Viram Suvarn Limited manufactures and sells gold, diamond, and jewellery ornaments primarily in India. It offers rings, bracelet, necklace, ear chain, earring, pendants, chains, magalsuta, zuda, toe ring, anklet, and bangle. The company was formerly known as Veeram Securities Limited and changed its name to Viram Suvarn Limited in November 2027. Viram Suvarn Limited was incorporated in 2011 and is based in Ahmedabad, India.
- Headquarters
- Ahmedabad
- Employees
- 2
- Sector
- Consumer Cyclical
- ISIN
- INE607V01028
- Website
- viramsuvarnlimited.com
Price range
- Avg volume (3M)
- 2.6 L
- 1-year return
- plus 17.6%
- From 52-week high
- minus 27.3%
Peers · Luxury Goods
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TITANTitan Company | 5,000.00 | plus 3.42% | 4,43,656 | 63.1 | 24.30 | 38.4% | 37.1% | 11.6% | 29.2% | 16.0% | 0.30% | plus 26.8% |
| KALYANKJILKalyan Jewellers India | 590.75 | plus 5.49% | 61,010 | 42.6 | 9.66 | 26.7% | 24.3% | 6.7% | 36.4% | 46.1% | 0.42% | plus 7.2% |
| LALITHAALalithaa Jewellery Mart | 373.50 | plus 0.50% | 20,905 | 21.9 | 6.37 | 46.1% | 41.6% | 5.7% | 23.4% | 61.8% | 0.00% | plus 50.3% |
| PCJEWELLERPC Jeweller | 15.77 | plus 1.35% | 15,467 | 17.1 | 1.65 | 10.3% | 10.8% | 24.6% | 10.7% | – | 0.00% | plus 29.0% |
| SKYGOLDSKY GOLD AND DIAMONDS | 951.95 | plus 0.31% | 14,743 | 37.3 | 10.49 | 35.9% | 33.0% | 7.5% | 76.0% | 145.4% | 0.00% | plus 164.3% |
| THANGAMAYLThangamayil Jewellery | 4,148.20 | minus 4.32% | 12,893 | 32.9 | 8.57 | 34.2% | 29.3% | 6.5% | 39.2% | 64.0% | 0.43% | plus 42.6% |
| BLUESTONEBlueStone Jewellery and Lifestyle | 710.85 | minus 2.09% | 10,867 | 102.6 | 5.92 | 7.7% | 5.8% | 17.0% | 46.8% | – | 0.00% | plus 2.0% |
| VSLViram Suvarn | 9.44 | minus 3.38% | 107 | 12.1 | 1.58 | 15.6% | 15.5% | 26.3% | 9.6% | 61.8% | 0.00% | plus 17.6% |
| Median of 7 peers | – | 0.50% | 15,467 | 37.3 | 8.57 | 34.2% | 29.3% | 7.5% | 36.4% | 61.8% | 0.00% | 29.0% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 6.5 | 7.5 | 5.3 | 4.3 | 10.1 | |
| 4.3 | 3.9 | 3.3 | 5.8 | 9.7 | |
| 2.1 | 3.6 | 2 | −1.5 | 0.4 | |
| 33.2% | 47.6% | 37.2% | −33.9% | 3.8% | |
| 0 | 0.2 | 0.2 | 3.2 | 1.3 | |
| 0 | 0 | 0 | 0 | 0 | |
| – | – | 0 | 0 | 0 | |
| 2.1 | 3.8 | 2.1 | 1.7 | 1.7 | |
| 25.6% | 17.0% | 35.2% | 15.1% | 15.0% | |
| 1.6 | 3.2 | 1.4 | 1.4 | 1.5 | |
| 0.21 | 0.41 | 0.12 | 0.13 | 0.13 |
Profit & loss
- Sales CAGR 3Y
- +9.6%
- Profit CAGR 3Y
- +61.8%
- EPS CAGR 3Y
- −16.5%
- ROE
- 15.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 18.7 | 19.3 | 26.5 | 24.6 | |
| – | +3.5% | +37.0% | minus 7.1% | |
| 16.4 | 16.1 | 21.9 | 14.7 | |
| 2.2 | 3.2 | 4.6 | 9.9 | |
| 12.0% | 16.6% | 17.3% | 40.0% | |
| 0 | −0 | −0 | 0.2 | |
| 0 | 0 | 0 | 0 | |
| 0.1 | 0 | 0 | 0 | |
| 0.1 | 0.1 | −0.1 | −0.1 | |
| 2.3 | 3.3 | 4.5 | 9.9 | |
| 22.9% | 25.3% | 24.3% | 23.7% | |
| 1.8 | 2.5 | 3.4 | 7.6 | |
| – | +37.6% | +38.5% | +122.3% | |
| 1.15 | 1.59 | 0.45 | 0.67 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 15.1 | 15.1 | 15.1 | 22.7 | |
| 4.5 | 6.9 | 10.2 | 40.9 | |
| – | – | – | 0 | |
| 0.8 | 0.9 | 1.8 | 2.2 | |
| 20.4 | 23 | 27.1 | 65.8 | |
| 11 | 11 | 11.2 | 11.2 | |
| 0.2 | 0.3 | 5.8 | 21.8 | |
| 9.1 | 11.8 | 10.1 | 32.8 | |
| 20.4 | 23 | 27.1 | 65.8 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 0.6 | −0.1 | 2.4 | −22 | |
| −0.5 | 0.2 | −2.3 | −8.9 | |
| −0 | −0 | −0.2 | 30.7 | |
| 0.1 | 0.1 | −0 | −0.1 | |
| −0.6 | −0 | −0.3 | – | |
| 0.6 | −0.1 | 2.1 | −22 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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