BSE: 523373
MINI DIAMONDS (INDIA) LTD.
Cuts and polishes both natural and lab-grown diamonds and manufactures diamond jewellery at its Mumbai facility, selling to B2B buyers (other jewellers and traders) in India and overseas. Recent domestic orders include ₹16.25 crore of polished natural diamonds from Aura Diamond and ₹14 crore each of polished lab-grown diamonds from Aura Diamond and from new client Kavish Jewels. Through wholly owned subsidiary Namra Jewels, the business has moved into branded retail jewellery with a fancy coloured lab-grown diamond line, a Make to Order service, and a Franchise-Owned-Franchise-Operated (FOFO) expansion plan. FY26 consolidated revenue was ₹567.22 crore, with net profit of ₹1.06 crore and an EBITDA margin of 0.30%. The cost breakdown shows materials at 14.5% of revenue, employee cost at 0.2%, other opex at 2.1% and depreciation at 0.1%, with capex at 0.0% of revenue. The company is raising up to ₹8.88 crore via convertible warrants to promoters, with proceeds earmarked entirely for lab-grown diamond procurement. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cut and polished natural diamonds, Cut and polished lab-grown diamonds, Diamond jewellery, Franchise and store rollout. Asset-light diamond processor and emerging branded lab-grown diamond jewellery retailer
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 406 | 567 |
| EBITDA (ex other income) | 6 | 1 |
| margin % | 1.4 | 0.2 |
| Owners' profit | 3 | 1 |
| EPS, as reported (₹) | 1.40 | 0.09 |
| ROE % · ROCE % | 5.3 · 8.7 | 1.7 · 2.0 |
| Debt / equity (x) | 0.04 | 0.04 |
| Cash from operations | (38) | (2) |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 116 | 97 | 101 | 149 | 167 | 150 |
| Profit before tax | 2 | (1) | 2 | 3 | 4 | (9) |
| Net profit | 2 | (3) | 2 | 3 | 3 | (6) |
| EPS (₹) | 0.92 | (1.17) | 0.76 | 1.11 | 0.24 | 0.52 |
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 | 1,792 | 12.6 | 5.61 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 753 | 28.5 | 3.63 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 540 | 11.4 | 3.81 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 246 | 18.0 | 3.07 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 198 | 47.5 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 192 | 9.3 | 1.15 | — | 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) | 1.5 | 12.9 | 5 of 47 | 91% |
| P/B | 0.7 | 1.0 | 16 of 37 | 56% |
| ROCE | 2.0 | 4.7 | 33 of 50 | 35% |
| ROE | 1.7 | 2.3 | 23 of 37 | 39% |
| Debt / Equity | 0.0 | 0.1 | 16 of 37 | 58% |
| EBITDA margin | (5.7) | 6.8 | 30 of 35 | 15% |
| Revenue growth | 54.9 | 13.8 | 9 of 36 | 77% |
| Profit growth | (124.2) | 1.4 | 26 of 34 | 24% |
| Market cap | 47 | 25 | 18 of 54 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Subsidiary Namra Jewels to launch gold and silver idol collection this Dussehra | business updates | medium | — | — |
| 14 Oct 2026 · Mini Diamonds allots 1.11 crore convertible warrants to promoters | fund raising | high | — | — |
| 3 Oct 2026 · Quarterly Compliance Certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · 39th AGM voting results: All 5 resolutions passed with over 99.99 percent support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Mini Diamonds 39th AGM held Sept 30, 2026; 5 resolutions tabled | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Subsidiary Namra Jewels launches Gen Z lab-grown diamond collection | business updates | medium | — | — |
| 28 Sept 2026 · Closure of Trading Window from October 01, 2026 till 48 hours after declaration of Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year .... | compliance | minimal | — | — |
| 22 Sept 2026 · Mini Diamonds subsidiary Namra Jewels launches men's lab-grown diamond jewellery line | business updates | medium | — | — |
| 21 Sept 2026 · Mini Diamonds bags Rs 14.50 Crore domestic diamond order from Aura Diamond | business updates | high | — | — |
| 12 Sept 2026 · Mini Diamonds sends AGM notice and annual report link to physical shareholders | 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.