Un-Audited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2025.
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Mini Diamonds posted a strong Q2 FY26 with standalone revenue from operations of ₹14,944 lakhs, up about 43.7% year-on-year from ₹10,399 lakhs. Half-year (H1 FY26) revenue rose 29.4% YoY to ₹24,990 lakhs versus ₹19,312 lakhs last year. Standalone Q2 profit after tax grew 35.4% YoY to ₹278 lakhs (H1 PAT: ₹460 lakhs vs ₹389 lakhs, up 18.2%), with Q2 EPS at ₹1.18. Operating profit grew faster than revenue (Q2 up ~65% YoY), showing margin expansion. Consolidated results were broadly similar, with the two subsidiaries (Namra Jewels and Pyramid Gold Assaying) contributing only ₹12.41 lakhs in Q2 revenue and small losses. The auditor (Mittal & Associates) issued a clean limited review report with no qualifications. Notable: standalone operating cash flow turned slightly negative at (₹55.51) lakhs due to an inventory build-up of about ₹995 lakhs, though financing and investing activities kept cash levels stable at ₹186 lakhs.
Strong top-line growth and expanding operating margins are positive for shareholders, but the negative operating cash flow driven by rising inventory is a watch-item. Recent corporate actions — a proposed 1:5 stock split and a rejected BSE approval for preferential warrants — may influence near-term price action.