Starlineps Enterprises Ltd
Introduction
Starlent or starlineps enterprises ltd. is a company founded in 2011 in surat. It is specialized in trading and retailing of diamond and jewelery. It focuses on Gujarat Market with reduced working capital requirement of up to 52 days.
Company Overview
The company is engaged in sourcing diamonds and jewellery, to primary and secondary domestic retailers. Hence, it operates a B2B model. It has approximately 419 cr. market capital.
Promoter and founder introduction
The founder of the starlet is Mr. Shwetkumar Dhirajbhai Koradiya, who is the chairman, managing director and key promoter of the company. He has done his masters degree in finance. The company has undertaken strategic shifts towards high-growth technology, sustainability, and renewable energy sectors.
Financial statement analysis
Income statement
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 4.93 | 11.59 | 13.9 |
Expenses | 5.16 | 12.26 | 16.25 |
Operating Profit | -0.23 | -0.67 | -2.35 |
OPM % | -4.67% | -5.78% | -16.91% |
Other Income | 0.46 | 0.48 | 1 |
Interest | 0 | 0 | 0 |
Depreciation | 0.01 | 0 | 0.01 |
Profit before tax | 0.22 | -0.19 | -1.36 |
Tax % | 22.73% | 5.26% | -35.29% |
Net Profit | 0.17 | -0.2 | -0.88 |
Balance sheet
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 21.62 | 21.62 | 25.94 |
Reserves | 2.87 | 4.66 | 6.91 |
Borrowings | 0.00 | 0.00 | 0.00 |
Other Liabilities | 0.32 | 3.33 | 20.37 |
Total Liabilities | 24.81 | 29.61 | 53.22 |
Fixed Assets | 0.02 | 0.01 | 0.59 |
CWIP | 5.29 | 5.29 | 5.29 |
Investments | 0.00 | 0.25 | 2.02 |
Other Assets | 19.50 | 24.06 | 45.32 |
Total Assets | 24.81 | 29.61 | 53.22 |
Cash flow
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | 2.20 | 12.26 | 2.50 |
Cash from Investing Activity | 0.00 | -0.25 | -2.37 |
Cash from Financing Activity | 0.00 | 0.00 | 0.00 |
Net Cash Flow | 2.20 | 12.01 | 0.13 |
Key interpretation and insights
Strength
Starlineps maintains a very low average net debt-to-equity ratio (effectively zero), providing financial flexibility.
Weakness
The stock is largely held by non-institutional investors, leading to higher volatility and potential liquidity risks.
Risk factor
Diversifying into diverse, capital-intensive sectors like solar and chemical manufacturing may pose operational challenges for a traditional trading firm.
Future outlook
The future of Starlineps hinges on its ability to successfully pivot from pure trading into manufacturing, AI, and lifestyle products to improve margins.
Conclusion
As of March 2026, Starlineps Enterprises Ltd shows a highly polarized profile: a strong, 21-day upward price rally and 52-week high (approx. ₹11-₹12) countered by weak fundamental earnings, low promoter holding (39.1%), and a "very expensive" valuation. While recently upgraded from Sell to Hold due to momentum, the company carries high volatility risks.
Sources
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