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Minal Industries, a gold and diamond jewellery maker, announced FY25 results on 30 May 2025. On a consolidated basis, revenue from operations rose about 35% to ₹5,111.76 lakhs (from ₹3,784.68 lakhs last year), and the company swung to a net profit of ₹421 lakhs compared with a loss of ₹208 lakhs last year. On a standalone basis, however, the company continued to post a loss of ₹111.51 lakhs versus a loss of ₹347.48 lakhs a year ago, with revenue from operations at only ₹105.33 lakhs. The auditor issued an unmodified opinion but flagged a material uncertainty on going concern due to accumulated losses of around ₹2,148 lakhs and dependence on promoter financial support.
Shareholders should note the significant going-concern flag and the continued standalone losses, despite a consolidated turnaround driven by subsidiaries. The wind-up of the overseas subsidiary Minal International FZE (₹408.99 lakh write-off already taken) and uncertainty over interest recovery from another subsidiary add risk, though consolidated profitability is a positive sign.