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Augmont Enterprises made a strong debut at ₹961, a 21.95% premium to its ₹788 issue price. However, despite the strong listing, our view remains Neutral.

The company’s high revenue is largely driven by bullion trading volumes, while its PAT margin remains below 0.4%, leaving limited room for margin expansion. Moreover, promoter-group entity Riddisiddhi Bullions contributed around 27.44% of FY26 revenue, while the top 10 customers accounted for 52.09%, with no long-term contracts, highlighting concentration and governance risks.

At the IPO price, valuations were already relatively rich at around 18.5–19.5x FY26 P/E and 6.8–7.1x P/B, making the post-listing premium less attractive for fresh buying.

For allotted investors, we suggest to book partial profits and hold the half with a stop-loss of ₹900. A sustained move above ₹1,000 could support further upside, whereas a break below ₹900 would warrant caution.