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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Khazanchi Jewellers Limited | 1,868 | 13.2 | 5.85 | — | 28.0 | 37.7 | — | 6.8 |
| PNGS GARGI FASHION JEWELLERY L | 635 | 13.4 | 4.47 | — | 22.1 | 27.0 | — | 30.4 |
| UDAY JEWELLERY INDS. LTD. | 584 | 22.1 | 2.82 | — | 17.2 | 23.1 | — | 8.3 |
| KD GREEN INDUSTRIES LTD | 285 | 18.1 | 3.97 | 31.8 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 230 | 16.8 | 2.87 | — | 17.1 | 20.7 | — | 9.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · AGM Notice and E-Voting Details Published in Newspapers | compliance | minimal | — | — |
| 8 Sept 2026 · Mini Diamonds files 39th Annual Report; AGM set for Sep 30 | compliance | low | — | — |
| 8 Sept 2026 · 39th AGM notice on Sep 30, 2026; MD re-appointment and remuneration approval | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Mini Diamonds re-appoints Managing Director for 3 years | management changes | high | — | — |
| 4 Sept 2026 · Mini Diamonds re-appoints MD Upendra Shah for 3 years from March 2027 | management changes | high | — | — |
| 4 Sept 2026 · Subsidiary Namra Jewels launches festive solitaire jewellery collection | business updates | medium | — | — |
| 24 Aug 2026 · Subsidiary Namra Jewels announces 15% Rakshabandhan discount offer | business updates | low | — | — |
| 14 Aug 2026 · Domestic order of INR 14.25 Crores for lab-grown diamonds | business updates | high | — | — |
| 10 Aug 2026 · EGM approves preferential warrants to promoters with 99.99% majority | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Mini Diamonds EGM held; convertible warrants to promoter group tabled for vote | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| AJC Jewel Manufacturers Limite |
| 164 |
| 39.2 |
| — |
| — |
| — |
| 28.7 |
| — |
| — |
| Ashapuri Gold Ornament Limited | 152 | 7.3 | 0.91 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 140 | 7.5 | — | — | — | — | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.6 | 13.3 | 5 of 54 | 93% |
| P/B | 0.8 | 0.9 | 16 of 37 | 56% |
| ROCE | 2.0 | 3.9 | 34 of 52 | 35% |
| ROE | 1.7 | 2.5 | 26 of 40 | 36% |
| Debt / Equity | 0.0 | 0.1 | 19 of 40 | 54% |
| 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 | 50 | 27 | 18 of 54 | 68% |
| 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 |
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.
