Enclosed is the Audited Annual Financial Results for the financial year ended 31-Mar-2026
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Sovereign Diamonds Ltd reported a net loss of Rs 467.12 lakhs for FY26 compared to a net profit of Rs 1.26 lakhs in FY25. Total income declined by 28.7% to Rs 1,531.04 lakhs from Rs 2,146.62 lakhs. The company saw a significant drop in revenue from jewellery operations and increased cost of materials consumed (Rs 1,689.66 lakhs vs Rs 1,130.84 lakhs). Finance costs reduced drastically to Rs 15.81 lakhs from Rs 119.62 lakhs. The company repaid all current borrowings (Rs 889.68 lakhs) and reduced inventory significantly (from Rs 1,720.02 lakhs to Rs 730.96 lakhs). Cash position improved from Rs 1.47 lakhs to Rs 105.73 lakhs. Statutory auditors issued an unmodified opinion. Board also approved re-appointment of Chairman & MD and Whole Time Director/CFO for 3-year terms effective July 1, 2026.
The company swung from marginal profit to significant loss with EPS at negative Rs 8.07. While the balance sheet strengthened via complete debt elimination and improved cash reserves, the core jewellery business showed severe revenue contraction, indicating operational challenges. Shareholders should monitor whether the revenue decline stabilizes.