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Zodiac-JRD-MKJ Limited reported its Q1 FY26 standalone results with revenue from operations of Rs. 420.15 lakhs, down about 35% from Rs. 646.16 lakhs in the same quarter last year. Despite the revenue fall, standalone net profit rose to Rs. 10.79 lakhs from Rs. 3.86 lakhs, and basic EPS improved to Rs. 0.10 from Rs. 0.07. On a consolidated basis (including new subsidiary VEM Plastic Molding Pvt Ltd), revenue was Rs. 1,278.22 lakhs with a net profit of Rs. 35.00 lakhs and EPS of Rs. 2.58. The company also raised Rs. 2,319.38 lakhs via a rights issue in June 2025 to fund the acquisition in the automotive components business and general corporate purposes, though no funds were utilised in the quarter. The statutory auditor issued an unqualified limited review report on both standalone and consolidated results.
The sharp YoY drop in standalone revenue is a concern, but profits held up due to better cost control and the contribution from the newly consolidated subsidiary (VEM Plastic Molding), which added Rs. 828.17 lakhs in revenue and Rs. 24.21 lakhs in profit. Shareholders should watch how the rights-issue funds are deployed into the automotive components foray, as that is now a key growth lever alongside the legacy diamond and jewellery business.