Moksh Ornaments (NSEI:MOKSH) - Share price, News & Analysis

Q: What is the Fair Price of MOKSH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

MOKSH (₹15.25) is trading below our estimate of [[fair value]] (₹86.09)

MOKSH fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	4/6
Financial Health	5/6
Dividends	3/6

MOKSH Stock Overview

Moksh Ornaments Limited engages in the manufacture and wholesale of jewelry and ornaments in India.

Rewards

Trading at 82.3% below our estimate of its fair value

Earnings have grown 2.2% per year over the past 5 years

Risk Analysis

Unstable dividend track record

Volatile share price over the past 3 months

Does not have a meaningful market cap (₹818M)

Moksh Ornaments Competitors

Celebrity Fashions

BSE:532695

₹784.9m

Bhandari Hosiery Exports

BSE:512608

₹874.8m

Narbada Gems and Jewellery

BSE:519455

₹1.0b

Pioneer Embroideries

BSE:514300

₹1.2b

Price History & Performance

Summary of all time highs, changes and price drops for Moksh Ornaments
Historical stock prices
Current Share Price	₹15.25
52 Week High	₹61.15
52 Week Low	₹13.40
Beta	0.26
1 Month Change	-22.19%
3 Month Change	4.81%
1 Year Change	-51.66%
3 Year Change	246.59%
5 Year Change	n/a
Change since IPO	71.73%

Shareholder Returns

	MOKSH	IN Luxury	IN Market
7D	1.0%	2.5%	2.7%
1Y	-51.7%	21.0%	9.8%

Return vs Industry: MOKSH underperformed the Indian Luxury industry which returned 20.7% over the past year.

Return vs Market: MOKSH underperformed the Indian Market which returned 9.1% over the past year.

Price Volatility

Is MOKSH's price volatile compared to industry and market?
MOKSH volatility
MOKSH Average Weekly Movement	8.4%
Luxury Industry Average Movement	6.8%
Market Average Movement	6.3%
10% most volatile stocks in IN Market	9.0%
10% least volatile stocks in IN Market	4.1%

Stable Share Price: MOKSH is more volatile than 75% of Indian stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: MOKSH's weekly volatility (8%) has been stable over the past year, but is still higher than 75% of Indian stocks.

About the Company

Founded	Employees	CEO	Website
2012	11	Amrit Shah	https://www.mokshornaments.com

Moksh Ornaments Limited engages in the manufacture and wholesale of jewelry and ornaments in India. It primarily sells gold jewelry, including bangles, chains, and mangalsutra. The company was incorporated in 2012 and is headquartered in Mumbai, India.

Moksh Ornaments Fundamentals Summary

How do Moksh Ornaments's earnings and revenue compare to its market cap?
MOKSH fundamental statistics
Market Cap	₹818.32m
Earnings (TTM)	₹53.63m
Revenue (TTM)	₹3.66b

15.3x

P/E Ratio

0.2x

P/S Ratio

Is MOKSH overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MOKSH income statement (TTM)
Revenue	₹3.66b
Cost of Revenue	₹3.55b
Gross Profit	₹104.01m
Other Expenses	₹50.38m
Earnings	₹53.63m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	1.00
Gross Margin	2.85%
Net Profit Margin	1.47%
Debt/Equity Ratio	9.1%

How did MOKSH perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

10%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is MOKSH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MOKSH?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MOKSH. This is calculated by dividing MOKSH's market cap by their current preferred multiple.
What is MOKSH's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₹818.32m

MOKSH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.2x
Enterprise Value/EBITDA	10.7x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does MOKSH's PE Ratio compare to its peers?

MOKSH PE Ratio vs Peers

The above table shows the PE ratio for MOKSH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	14.4x
532695 Celebrity Fashions	8.5x	n/a	₹784.9m
512608 Bhandari Hosiery Exports	13.3x	n/a	₹874.8m
519455 Narbada Gems and Jewellery	21.1x	n/a	₹1.0b
514300 Pioneer Embroideries	14.5x	n/a	₹1.2b
MOKSH Moksh Ornaments	15.3x	n/a	₹818.3m

Price-To-Earnings vs Peers: MOKSH is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the peer average (14.4x).

Price to Earnings Ratio vs Industry

How does MOKSH's PE Ratio compare vs other companies in the IN Luxury Industry?

Price-To-Earnings vs Industry: MOKSH is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the Indian Luxury industry average (13x)

Price to Earnings Ratio vs Fair Ratio

What is MOKSH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MOKSH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	15.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MOKSH's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of MOKSH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MOKSH (₹15.25) is trading below our estimate of fair value (₹86.09)

Significantly Below Fair Value: MOKSH is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Moksh Ornaments forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

20.4%

Forecasted Consumer Durables industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Moksh Ornaments has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Check out Moksh Ornaments's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
Moksh Ornaments competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Moksh Ornaments performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

2.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MOKSH has high quality earnings.

Growing Profit Margin: MOKSH's current net profit margins (1.5%) are higher than last year (1.1%).

Past Earnings Growth Analysis

Earnings Trend: MOKSH's earnings have grown by 2.2% per year over the past 5 years.

Accelerating Growth: MOKSH's earnings growth over the past year (16.3%) exceeds its 5-year average (2.2% per year).

Earnings vs Industry: MOKSH earnings growth over the past year (16.3%) underperformed the Luxury industry 52.1%.

Return on Equity

High ROE: MOKSH's Return on Equity (12%) is considered low.

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Financial Health

How is Moksh Ornaments's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: MOKSH's short term assets (₹490.4M) exceed its short term liabilities (₹47.5M).

Long Term Liabilities: MOKSH's short term assets (₹490.4M) do not cover its long term liabilities (₹-1,000.0).

Debt to Equity History and Analysis

Debt Level: MOKSH's net debt to equity ratio (3%) is considered satisfactory.

Reducing Debt: MOKSH's debt to equity ratio has reduced from 239.2% to 9.1% over the past 5 years.

Debt Coverage: MOKSH's debt is well covered by operating cash flow (633.3%).

Interest Coverage: MOKSH's interest payments on its debt are well covered by EBIT (7.6x coverage).

Balance Sheet

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Dividend

What is Moksh Ornaments's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.31%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MOKSH's dividend (1.31%) is higher than the bottom 25% of dividend payers in the Indian market (0.39%).

High Dividend: MOKSH's dividend (1.31%) is low compared to the top 25% of dividend payers in the Indian market (1.7%).

Stability and Growth of Payments

Stable Dividend: Too early to tell whether MOKSH's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if MOKSH's dividend payments are increasing as they only just started paying a dividend.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (9.9%), MOKSH's dividend payments are thoroughly covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (4.2%), MOKSH's dividend payments are thoroughly covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure

CEO

Amrit Shah (50 yo)

4.92yrs

Tenure

₹5,400,000

Compensation

Mr. Amrit Jawanmal Shah is the Promoter and has been Managing Director of Moksh Ornaments Limited since September 28, 2017 and serves as its Chairman. Mr. Shah holds a degree in Bachelors of Commerce fro...

CEO Compensation Analysis

Compensation vs Market: Amrit's total compensation ($USD68.08K) is above average for companies of similar size in the Indian market ($USD37.73K).

Compensation vs Earnings: Amrit's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: MOKSH's management team is seasoned and experienced (5 years average tenure).

Board Members

Experienced Board: MOKSH's board of directors are considered experienced (7 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/17 00:00
End of Day Share Price	2022/08/17 00:00
Earnings	2022/06/30
Annual Earnings	2022/03/31