Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹67.22, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 19x in the Luxury industry in India. Total returns to shareholders of 18% over the past three years. Reported Earnings • May 31
Full year 2026 earnings released: EPS: ₹2.42 (vs ₹0.78 in FY 2025) Full year 2026 results: EPS: ₹2.42 (up from ₹0.78 in FY 2025). Revenue: ₹48.7m (down 44% from FY 2025). Net income: ₹47.5m (up 212% from FY 2025). Profit margin: 98% (up from 17% in FY 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 21
Garnet International Limited to Report Q4, 2026 Results on May 30, 2026 Garnet International Limited announced that they will report Q4, 2026 results at 12:15 PM, Indian Standard Time on May 30, 2026 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹54.89, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 17x in the Luxury industry in India. Total returns to shareholders of 1.2% over the past three years. New Risk • Mar 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹913.0m (US$9.64m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Revenue is less than US$1m (₹62m revenue, or US$658k). Market cap is less than US$10m (₹913.0m market cap, or US$9.64m). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹0.05 (vs ₹0.09 loss in 3Q 2025) Third quarter 2026 results: EPS: ₹0.05 (up from ₹0.09 loss in 3Q 2025). Revenue: ₹2.82m (down 90% from 3Q 2025). Net income: ₹1.07m (up ₹2.97m from 3Q 2025). Profit margin: 38% (up from net loss in 3Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹61.20, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 18x in the Luxury industry in India. Total returns to shareholders of 7.7% over the past three years. Announcement • Feb 06
Garnet International Limited to Report Q3, 2026 Results on Feb 14, 2026 Garnet International Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Feb 14, 2026 Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹56.86, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 19x in the Luxury industry in India. Total loss to shareholders of 26% over the past three years. New Risk • Jan 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹897.9m (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (₹88m revenue, or US$976k). Market cap is less than US$10m (₹897.9m market cap, or US$9.96m). Minor Risk Significant insider selling over the past 3 months (₹26m sold). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹60.63, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 20x in the Luxury industry in India. Total returns to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₹75.05, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 22x in the Luxury industry in India. Total returns to shareholders of 67% over the past three years. Recent Insider Transactions • Nov 21
Insider recently sold ₹5.6m worth of stock On the 18th of November, Kartik Gaggar sold around 62k shares on-market at roughly ₹90.00 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹10m more than they sold in the last 12 months. New Risk • Nov 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (₹88m revenue, or US$994k). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (₹1.46b market cap, or US$16.4m). Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: ₹1.43 (vs ₹0.29 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.43 (up from ₹0.29 in 2Q 2025). Revenue: ₹20.4m (up 40% from 2Q 2025). Net income: ₹28.1m (up 401% from 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Announcement • Nov 07
Garnet International Limited to Report Q2, 2026 Results on Nov 14, 2025 Garnet International Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 14, 2025 Recent Insider Transactions • Aug 29
Executive Chairman recently bought ₹2.7m worth of stock On the 26th of August, Suresh Gaggar bought around 21k shares on-market at roughly ₹127 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹4.2m. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹6.9m worth in shares. Announcement • Aug 18
Garnet International Limited, Annual General Meeting, Sep 30, 2025 Garnet International Limited, Annual General Meeting, Sep 30, 2025. Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: ₹0.66 (vs ₹0.39 in 1Q 2025) First quarter 2026 results: EPS: ₹0.66 (up from ₹0.39 in 1Q 2025). Revenue: ₹21.3m (down 20% from 1Q 2025). Net income: ₹12.9m (up 68% from 1Q 2025). Profit margin: 61% (up from 29% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Announcement • Aug 05
Garnet International Limited to Report Q1, 2026 Results on Aug 14, 2025 Garnet International Limited announced that they will report Q1, 2026 results on Aug 14, 2025 Recent Insider Transactions • Jun 26
Executive Chairman recently bought ₹4.2m worth of stock On the 17th of June, Suresh Gaggar bought around 36k shares on-market at roughly ₹116 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹12m. New Risk • Jun 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹7.2m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (₹86m revenue, or US$999k). Minor Risks Significant insider selling over the past 3 months (₹7.2m sold). Market cap is less than US$100m (₹2.32b market cap, or US$27.0m). Recent Insider Transactions • Jun 17
Executive Chairman recently bought ₹1.9m worth of stock On the 13th of June, Suresh Gaggar bought around 17k shares on-market at roughly ₹114 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹9.0m. Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: ₹0.78 (vs ₹3.05 loss in FY 2024) Full year 2025 results: EPS: ₹0.78 (up from ₹3.05 loss in FY 2024). Revenue: ₹87.3m (down 57% from FY 2024). Net income: ₹15.2m (up ₹75.1m from FY 2024). Profit margin: 17% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • May 22
Garnet International Limited to Report Q4, 2025 Results on May 30, 2025 Garnet International Limited announced that they will report Q4, 2025 results on May 30, 2025 Recent Insider Transactions • Mar 27
Executive Chairman recently bought ₹740k worth of stock On the 26th of March, Suresh Gaggar bought around 6k shares on-market at roughly ₹118 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹2.4m. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹8.1m. Recent Insider Transactions • Mar 06
Executive Chairman recently bought ₹878k worth of stock On the 4th of March, Suresh Gaggar bought around 7k shares on-market at roughly ₹122 per share. This transaction amounted to 5.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹9.5m. Announcement • Feb 06
Garnet International Limited to Report Q3, 2025 Results on Feb 14, 2025 Garnet International Limited announced that they will report Q3, 2025 results on Feb 14, 2025 Recent Insider Transactions • Dec 26
Executive Chairman recently bought ₹504k worth of stock On the 24th of December, Suresh Gaggar bought around 3k shares on-market at roughly ₹168 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹18m worth in shares. Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹0.29 (vs ₹1.60 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.29 (up from ₹1.60 loss in 2Q 2024). Net income: ₹5.60m (up ₹33.2m from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Announcement • Nov 07
Garnet International Limited to Report Q2, 2025 Results on Nov 14, 2024 Garnet International Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Recent Insider Transactions • Sep 25
Executive Chairman recently bought ₹643k worth of stock On the 23rd of September, Suresh Gaggar bought around 6k shares on-market at roughly ₹110 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹26m worth in shares. Recent Insider Transactions • Aug 17
Executive Chairman recently sold ₹16m worth of stock On the 16th of August, Suresh Gaggar sold around 130k shares on-market at roughly ₹125 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Suresh has been a net buyer over the last 12 months, purchasing a net total of ₹25m worth of shares. Announcement • Aug 16
Garnet International Limited, Annual General Meeting, Sep 30, 2024 Garnet International Limited, Annual General Meeting, Sep 30, 2024. Reported Earnings • Aug 16
First quarter 2025 earnings released: EPS: ₹0.39 (vs ₹0.75 in 1Q 2024) First quarter 2025 results: EPS: ₹0.39 (down from ₹0.75 in 1Q 2024). Revenue: ₹26.4m (down 93% from 1Q 2024). Net income: ₹7.68m (down 13% from 1Q 2024). Profit margin: 29% (up from 2.3% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Garnet International Limited to Report Q1, 2025 Results on Aug 14, 2024 Garnet International Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Recent Insider Transactions • Jun 22
Executive Chairman recently bought ₹254k worth of stock On the 20th of June, Suresh Gaggar bought around 5k shares on-market at roughly ₹49.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹2.0m. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹42m worth in shares. Recent Insider Transactions • Jun 14
Executive Chairman recently bought ₹2.0m worth of stock On the 11th of June, Suresh Gaggar bought around 42k shares on-market at roughly ₹48.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹42m worth in shares. Reported Earnings • Jun 04
Full year 2024 earnings released: ₹3.05 loss per share (vs ₹1.45 profit in FY 2023) Full year 2024 results: ₹3.05 loss per share (down from ₹1.45 profit in FY 2023). Revenue: ₹203.3m (down 66% from FY 2023). Net loss: ₹59.9m (down 311% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • May 23
Garnet International Limited to Report Q4, 2024 Results on May 30, 2024 Garnet International Limited announced that they will report Q4, 2024 results at 3:30 PM, Indian Standard Time on May 30, 2024 Recent Insider Transactions • Mar 20
Executive Chairman recently bought ₹170k worth of stock On the 18th of March, Suresh Gaggar bought around 3k shares on-market at roughly ₹56.64 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹18m. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹38m worth in shares. Announcement • Mar 09
Garnet International Limited (BSE:512493) acquired 81% stake in Whitewall India Private Limited. Garnet International Limited (BSE:512493) acquired 81% stake in Whitewall India Private Limited on March 7, 2024. The consideration all in cash. Whitewall India Pvt. Ltd reported INR 44.03 million revenue for financial year 2023.
Garnet International Limited (BSE:512493) completed the acquisition 81% stake in Whitewall India Private Limited on March 7, 2024. Recent Insider Transactions • Feb 29
Executive Chairman recently bought ₹4.0m worth of stock On the 28th of February, Suresh Gaggar bought around 67k shares on-market at roughly ₹59.94 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹18m. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹35m worth in shares. Recent Insider Transactions • Feb 09
Executive Chairman recently bought ₹1.7m worth of stock On the 7th of February, Suresh Gaggar bought around 28k shares on-market at roughly ₹61.22 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹18m. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹30m worth in shares. Reported Earnings • Jan 26
Third quarter 2024 earnings released: EPS: ₹0.90 (vs ₹0.24 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.90 (up from ₹0.24 in 3Q 2023). Revenue: ₹122.6m (down 15% from 3Q 2023). Net income: ₹18.7m (up 373% from 3Q 2023). Profit margin: 15% (up from 2.7% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jan 25
Garnet International Limited Announces Resignation of Shyaam Taaparia as Independent Director Garnet International Limited informed that in the meeting of the Board of Directors held on 25th January 2024 announced Mr. Shyaam Taaparia tendered resignation as an Independent Director with effect from c close of business hours on January 25, 2024. Announcement • Jan 18
Garnet International Limited to Report Q3, 2024 Results on Jan 25, 2024 Garnet International Limited announced that they will report Q3, 2024 results on Jan 25, 2024 Recent Insider Transactions • Dec 01
Executive Chairman recently bought ₹440k worth of stock On the 30th of November, Suresh Gaggar bought around 8k shares on-market at roughly ₹54.34 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Suresh has been a buyer over the last 12 months, purchasing a net total of ₹1.6m worth in shares. Reported Earnings • Nov 20
Second quarter 2024 earnings released: ₹1.60 loss per share (vs ₹0.34 profit in 2Q 2023) Second quarter 2024 results: ₹1.60 loss per share (down from ₹0.34 profit in 2Q 2023). Revenue: ₹126.3m (down 33% from 2Q 2023). Net loss: ₹27.6m (down ₹34.1m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Oct 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹1.03b market cap, or US$12.4m). Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹48.21, the stock trades at a trailing P/E ratio of 41.1x. Average trailing P/E is 23x in the Luxury industry in India. Total returns to shareholders of 84% over the past three years. New Risk • Oct 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹810.3m (US$9.74m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Market cap is less than US$10m (₹810.3m market cap, or US$9.74m). Recent Insider Transactions • Sep 04
MD & Executive Non-Independent Director recently bought ₹439k worth of stock On the 1st of September, Ramakant Gaggar bought around 9k shares on-market at roughly ₹49.33 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹1.4m. Ramakant has been a buyer over the last 12 months, purchasing a net total of ₹1.8m worth in shares. Recent Insider Transactions • Aug 22
MD & Executive Non-Independent Director recently bought ₹1.4m worth of stock On the 21st of August, Ramakant Gaggar bought around 32k shares on-market at roughly ₹43.33 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ramakant's only on-market trade for the last 12 months. New Risk • Aug 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹828.6m (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Market cap is less than US$10m (₹828.6m market cap, or US$9.96m). Announcement • Aug 08
Garnet International Limited to Report Q1, 2024 Results on Aug 14, 2023 Garnet International Limited announced that they will report Q1, 2024 results on Aug 14, 2023 Reported Earnings • Jul 25
Full year 2023 earnings released: EPS: ₹1.45 (vs ₹0.88 loss in FY 2022) Full year 2023 results: EPS: ₹1.45 (up from ₹0.88 loss in FY 2022). Revenue: ₹593.3m (up 36% from FY 2022). Net income: ₹28.4m (up ₹45.7m from FY 2022). Profit margin: 4.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Jul 15
Garnet International Limited, Annual General Meeting, Aug 21, 2023 Garnet International Limited, Annual General Meeting, Aug 21, 2023. Recent Insider Transactions • Jun 13
Executive Chairman recently bought ₹62k worth of stock On the 9th of June, Suresh Gaggar bought around 1k shares on-market at roughly ₹62.20 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹594k. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹5.8m. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹59.93, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 20x in the Luxury industry in India. Total returns to shareholders of 118% over the past three years. Reported Earnings • Jun 04
Full year 2023 earnings released: EPS: ₹1.66 (vs ₹0.88 loss in FY 2022) Full year 2023 results: EPS: ₹1.66 (up from ₹0.88 loss in FY 2022). Revenue: ₹593.3m (up 36% from FY 2022). Net income: ₹28.4m (up ₹45.7m from FY 2022). Profit margin: 4.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 02
Executive Chairman recently bought ₹521k worth of stock On the 1st of June, Suresh Gaggar bought around 10k shares on-market at roughly ₹52.06 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹6.3m. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹63.96, the stock trades at a trailing P/E ratio of 54x. Average trailing P/E is 16x in the Luxury industry in India. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹68.90, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 16x in the Luxury industry in India. Total returns to shareholders of 64% over the past three years. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹0.24 (vs ₹0.007 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.24 (up from ₹0.007 in 3Q 2022). Revenue: ₹144.3m (up 44% from 3Q 2022). Net income: ₹3.96m (up ₹3.76m from 3Q 2022). Profit margin: 2.7% (up from 0.2% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Feb 04
Garnet International Limited to Report Q3, 2023 Results on Feb 11, 2023 Garnet International Limited announced that they will report Q3, 2023 results on Feb 11, 2023 Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 56% share price gain to ₹64.55, the stock trades at a trailing P/E ratio of 65x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹33.60, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 36% over the past three years. Announcement • Nov 07
Garnet International Limited to Report Q2, 2023 Results on Nov 14, 2022 Garnet International Limited announced that they will report Q2, 2023 results on Nov 14, 2022 Announcement • Oct 11
Garnet International Limited Appoints Shipra Rathi as Company Secretary, KMP & Compliance Officer Garnet International Limited announced on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company have at their meeting held on October 10, 2022 appointed Mr. Shipra Rathi as Company Secretary, KMP & Compliance Officer of the Company. Ms. Shipra is registered member of ICSI and a commerce graduate having wide experience of 7+ years. Announcement • Oct 02
Garnet International Limited Announces Resignation of Kumkum Shah as Company Secretary & Compliance Officer, Effective 10 October 2022 Garnet International Limited informed that the Company has received the resignation letter from Ms. Kumkum Shah who has tendered her resignation from the post of Company Secretary & Compliance officer of the Company due to personal reasons. The effective date of resignation will be 10 October 2022, subject To Approve the Board of Directors of the Company. The resignation letter will be placed before the Board of Directors in the upcoming Board Meeting for its consideration and formal acceptance. Recent Insider Transactions • Sep 29
Executive Chairman recently sold ₹430k worth of stock On the 27th of September, Suresh Gaggar sold around 10k shares on-market at roughly ₹43.00 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹5.5m. Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹12m. Recent Insider Transactions • Sep 16
Executive Chairman recently sold ₹909k worth of stock On the 15th of September, Suresh Gaggar sold around 20k shares on-market at roughly ₹45.23 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹5.5m. Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹11m. Recent Insider Transactions • Sep 07
Executive Chairman recently sold ₹5.5m worth of stock On the 5th of September, Suresh Gaggar sold around 121k shares on-market at roughly ₹45.08 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹11m. Announcement • Aug 27
Garnet International Limited, Annual General Meeting, Sep 30, 2022 Garnet International Limited, Annual General Meeting, Sep 30, 2022, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 21% share price gain to ₹47.30, the stock trades at a trailing P/E ratio of 70.8x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 48% over the past three years. Recent Insider Transactions • Jul 29
Insider recently bought ₹346k worth of stock On the 28th of July, Saraswati Kakkar bought around 9k shares on-market at roughly ₹39.74 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹4.8m more in shares than they bought in the last 12 months. Reported Earnings • Jul 26
First quarter 2023 earnings released: EPS: ₹0.83 (vs ₹0.76 loss in 1Q 2022) First quarter 2023 results: EPS: ₹0.83 (up from ₹0.76 loss in 1Q 2022). Revenue: ₹157.5m (up 76% from 1Q 2022). Net income: ₹14.2m (up ₹30.4m from 1Q 2022). Profit margin: 9.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jul 19
Garnet International Limited to Report Q1, 2023 Results on Jul 25, 2022 Garnet International Limited announced that they will report Q1, 2023 results on Jul 25, 2022 Recent Insider Transactions • Jun 07
Executive Chairman recently bought ₹159k worth of stock On the 3rd of June, Suresh Gaggar bought around 3k shares on-market at roughly ₹53.00 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹5.1m. Reported Earnings • Jun 05
Full year 2022 earnings released: ₹0.64 loss per share (vs ₹1.90 loss in FY 2021) Full year 2022 results: ₹0.64 loss per share (up from ₹1.90 loss in FY 2021). Revenue: ₹437.4m (up 146% from FY 2021). Net loss: ₹17.2m (loss narrowed 54% from FY 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • May 21
Garnet International Limited to Report Q4, 2022 Results on May 30, 2022 Garnet International Limited announced that they will report Q4, 2022 results on May 30, 2022 Recent Insider Transactions • Mar 08
Executive Chairman recently bought ₹529k worth of stock On the 7th of March, Suresh Gaggar bought around 7k shares on-market at roughly ₹79.96 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹5.3m. Recent Insider Transactions • Feb 24
Executive Chairman recently bought ₹355k worth of stock On the 22nd of February, Suresh Gaggar bought around 4k shares on-market at roughly ₹89.00 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹5.8m. Reported Earnings • Feb 11
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.05 (up from ₹1.13 loss in 3Q 2021). Revenue: ₹99.9m (up 114% from 3Q 2021). Net income: ₹204.0k (up ₹22.3m from 3Q 2021). Profit margin: 0.2% (up from net loss in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
Garnet International Limited to Report Q3, 2022 Results on Feb 09, 2022 Garnet International Limited announced that they will report Q3, 2022 results on Feb 09, 2022 Recent Insider Transactions • Dec 24
Executive Chairman recently sold ₹1.8m worth of stock On the 22nd of December, Suresh Gaggar sold around 19k shares on-market at roughly ₹95.07 per share. In the last 3 months, they made an even bigger sale worth ₹2.6m. Suresh has been a seller over the last 12 months, reducing personal holdings by ₹6.2m. Recent Insider Transactions • Dec 12
Executive Chairman recently bought ₹140k worth of stock On the 10th of December, Suresh Gaggar bought around 2k shares on-market at roughly ₹70.20 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Suresh has been a net seller over the last 12 months, reducing personal holdings by ₹2.5m. Recent Insider Transactions • Nov 28
Executive Chairman recently sold ₹2.6m worth of stock On the 26th of November, Suresh Gaggar sold around 39k shares on-market at roughly ₹67.62 per share. This was the largest sale by an insider in the last 3 months. This was Suresh's only on-market trade for the last 12 months. Reported Earnings • Nov 02
Second quarter 2022 earnings released: ₹0.27 loss per share (vs ₹0.41 loss in 2Q 2021) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2022 results: Revenue: ₹56.3m (up 35% from 2Q 2021). Net loss: ₹5.39m (loss narrowed 51% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 03
Full year 2021 earnings released: ₹1.81 loss per share (vs ₹5.55 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: ₹177.8m (up 1.4% from FY 2020). Net loss: ₹37.3m (loss narrowed 66% from FY 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 11
New 90-day low: ₹29.30 The company is down 3.0% from its price of ₹30.30 on 11 December 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 13% over the same period. Reported Earnings • Feb 17
Third quarter 2021 earnings released: ₹1.13 loss per share (vs ₹0.95 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ₹46.6m (up 9.9% from 3Q 2020). Net loss: ₹22.1m (loss widened 10% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. Announcement • Feb 10
Garnet International Limited to Report Q3, 2021 Results on Feb 13, 2021 Garnet International Limited announced that they will report Q3, 2021 results on Feb 13, 2021 Is New 90 Day High Low • Dec 30
New 90-day high: ₹40.00 The company is up 60% from its price of ₹24.95 on 01 October 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 17% share price gain to ₹26.25, the stock is trading at a trailing P/E ratio of 25.7x, up from the previous P/E ratio of 22x. This compares to an average P/E of 14x in the Luxury industry in India. Total return to shareholders over the past three years is a loss of 87%. Announcement • Nov 08
Garnet International Limited to Report Q2, 2021 Results on Nov 13, 2020 Garnet International Limited announced that they will report Q2, 2021 results on Nov 13, 2020 Is New 90 Day High Low • Nov 05
New 90-day low: ₹22.50 The company is down 15% from its price of ₹26.40 on 07 August 2020. The Indian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 10.0% over the same period. 
