BSE: 523425
SUNRAJ DIAMOND EXPORTS LTD.
Deals in rough and polished diamonds, with the Board citing training in the manufacturing and assortment of these stones. In FY26, revenue from operations rose 26.5% year-on-year, though the consolidated result slipped into a small net loss against a profit a year earlier. A wholly-owned subsidiary, Sunraj Diamonds DMCC in the Dubai Multi Commodities Centre, reported nil revenues across multiple quarters and pulled the consolidated bottom line into the red. The scale is very small — total assets of Rs 25.56 crore sit against total borrowings of Rs 1,468 lakhs and a consolidated net worth of just Rs 96 lakhs, leaving other equity negative at Rs (435.45) lakhs. Reported FY26 costs are dominated by other operating expenses (14.9% of revenue) and employee costs (7.7%), with materials cost reported at nil. The statutory auditor issued a qualified opinion on FY26 accounts because the company did not provide for employee retirement benefits under IND AS 19. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Diamond trading and processing. Micro-cap, highly geared diamond trader-exporter with a stressed balance sheet and negative other equity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 1 | 3 | 2 | 2 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | (0.8) | (25.0) | (11.4) | (2.6) | (16.4) |
| Owners' profit | 0 | 1 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.45 | 1.52 | (0.30) | 0.11 | 0.05 |
| ROE % · ROCE % | 31.9 · 55.5 | 51.8 · 52.4 | (17.3) · 12.1 | 6.1 · 9.3 | (2.5) · (17.5) |
| Debt / equity (x) | 22.63 | 10.56 | 17.68 | 16.97 | 15.24 |
| Cash from operations | (3) | 1 | (0) | (0) | 2 |
| Capex | (0) | (0) | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 0 |
| Profit before tax | (0) | 0 | 0 | (0) | (0) | 0 | 0 | (0) |
| Net profit | (0) | 0 | 0 | (0) | (0) | 0 | 0 | (0) |
| EPS (₹) | (0.14) | 0.52 | 0.21 | 0.48 | 0.28 | 0.26 | 0.02 | 0.04 |
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) | 20.8 | 12.9 | 32 of 47 | 33% |
| P/B | 6.9 | 1.0 | 35 of 37 | 6% |
| ROCE | (18.8) | 4.7 | 48 of 50 | 4% |
| ROE | (2.5) | 2.3 | 34 of 37 | 8% |
| Debt / Equity | 15.2 | 0.1 | 37 of 37 | 0% |
| EBITDA margin | (718.9) | 6.8 | 34 of 35 | 3% |
| Revenue growth | (97.4) | 13.8 | 34 of 36 | 6% |
| Profit growth | 91.6 | 1.4 | 8 of 34 | 79% |
| Market cap | 7 | 25 | 50 of 54 | 8% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · 36th AGM: All resolutions passed with 99.9996% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 36th AGM proceedings held on 30 September 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 36th Annual Report for FY2025-26 submitted post AGM | compliance | low | — | — |
| 26 Sept 2026 · Trading Window Closure Ahead of September Quarter Results | compliance | minimal | — | — |
| 5 Sept 2026 · Public notice of 36th AGM submitted to BSE | compliance | minimal | — | — |
| 4 Sept 2026 · Record date set for 36th AGM e-voting | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Book Closure for 36th AGM from Sep 19 to Sep 30, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 36th AGM Notice - September 30, 2026 via Video Conferencing | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Notice of 36th AGM on September 30, 2026 | board shareholder meetings | low | — | — |
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.