BSE: 544400
Manoj Jewellers Limited
Designs, makes and sells gold and other jewellery from Chennai, supplying most of its output to other jewellery retailers through a wholesale channel that made up 87% of FY26 Total Income at ₹99.41 crore. The rest comes from two Chennai retail showrooms and the Zullry.com online platform. FY26 Total Income was ₹114.16 crore, with the wholesale side scaling after seven new wholesale clients were added in the year. It launched two new product lines — a traditional yellow gold range and the lightweight Thanga Kovil temple jewellery line, in which short necklaces weigh around 6 grams versus the conventional 120–140 grams — and filed a trademark application for the brand 'SWARRNORA'. PAT reached ₹9.02 crore, up 89.4% YoY, with operating cash flow of ₹1,620 lakhs. For FY27, plans include commissioning an in-house bangle manufacturing unit and launching a chains product line. The cost-shape data lists employee cost at 1.1% of revenue and other operating expenses at 2.3%, with materials shown at 0.0% in the facts provided. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2B wholesale jewellery (87%), B2C retail jewellery, New product lines. Chennai-based jewellery manufacturer and wholesaler with a high-volume, low-margin B2B wholesale model and a small retail and online presence
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 60 | 114 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 7.96 | 10.40 |
| ROE % · ROCE % | — · 30.1 | — · 28.1 |
| Debt / equity (x) | — | — |
| Cash from operations | (4) | (11) |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 35 | 69 | 45 |
| Profit before tax | 3 | 8 | 5 |
| Net profit | — | — | — |
| EPS (₹) | 4.18 | 6.75 | 3.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,807 | 12.7 | 5.65 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 727 | 27.5 | 3.51 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 545 | 11.5 | 3.84 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 289 | 18.4 | 4.01 | 32.1 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 242 | 17.7 | 3.02 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 209 | 50.0 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 202 | 9.8 | 1.21 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.2 | 12.9 | 2 of 47 | 98% |
| ROCE | 25.4 | 4.7 | 9 of 50 | 84% |
| Market cap | 15 | 25 | 40 of 54 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Quarterly dematerialization certificate filed with BSE for Sep 2026 | compliance | minimal | — | — |
| 10 Oct 2026 · Clarification on share price movement | regulatory legal | low | — | — |
| 9 Oct 2026 · BSE seeks clarification from Manoj Jewellers on price movement | regulatory legal | high | — | — |
| 1 Oct 2026 · Manoj Jewellers Rights Issue allotted 89.84 lakh shares, subscribed 105 percent | compliance | minimal | — | — |
| 30 Sept 2026 · Allotment of 89.84 lakh shares under Rights Issue at Rs 20 per share | corporate actions | high | — | — |
| 30 Sept 2026 · Trading Window Closure from Oct 1, 2026 till H2 Results | compliance | minimal | — | — |
| 15 Sept 2026 · AGM Results: All 6 resolutions passed at Manoj Jewellers AGM | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 19th AGM held; MD and directors reappointed with revised remuneration | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Manoj Jewellers Rights Issue: Up to 89.85 Lakh Shares at Rs 20 Each | compliance | minimal | — | — |
| 25 Aug 2026 · Manoj Jewellers fixes 12 September 2026 AGM and e-voting schedule | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.