Manoj Jewellers Limited , a retail jewellery business specializing in gold and diamond ornaments, has announced its financial results for the half-year ended September 30, 2025, revealing a complex picture of growth and challenges.

Revenue Surge and Profit Decline

The company reported a substantial increase in revenue from operations, rising to Rs. 6,135.38 lakhs from Rs. 2,483.98 lakhs in the same period last year, marking an impressive year-on-year growth of 147%. However, despite this significant top-line growth, the company's profit after tax (PAT) declined by 54% to Rs. 40.56 lakhs, compared to Rs. 88.25 lakhs in the previous year.

Financial Highlights

Here's a breakdown of key financial metrics:

Capital Structure and IPO

Manoj Jewellers has undergone significant changes in its capital structure. The company's share capital increased by 50% to Rs. 898.56 lakhs from Rs. 598.56 lakhs. More notably, the reserves and surplus saw a substantial growth of 339%, reaching Rs. 2,650.72 lakhs from Rs. 604.16 lakhs in the previous year.

This dramatic increase in reserves and surplus can be attributed to the company's recent Initial Public Offering (IPO). Manoj Jewellers completed its IPO and was listed on the BSE SME Platform on May 12, 2025. The IPO involved the allotment of 30,00,000 equity shares at a price of Rs. 54 per share.

Performance Analysis

While the company has shown remarkable growth in revenue, the decline in profit after tax raises questions about increased operational costs or other factors affecting profitability. The substantial increase in revenue suggests strong demand for the company's gold and diamond ornaments, potentially reflecting positive consumer sentiment in the jewellery sector.

The increase in basic earnings per share to Rs. 6.78 from Rs. 4.38, despite the decline in total profit, is likely due to the changes in the company's capital structure following the IPO.

Conclusion

Manoj Jewellers' half-year results present a mixed picture. The company has demonstrated strong revenue growth and successfully completed its IPO, significantly strengthening its balance sheet. However, the decline in profitability may be a concern for investors. As the company navigates its post-IPO phase, stakeholders will likely be keen to see how Manoj Jewellers leverages its expanded capital base to drive sustainable growth and improve bottom-line performance in the coming quarters.

Manoj Jewellers Limited has announced significant corporate actions following a board meeting held on October 16, 2025. The company's Board of Directors has approved remuneration increases for three key executives, subject to shareholder approval, and set in motion a postal ballot process for the same.

Executive Remuneration Increases

The board has approved remuneration increases for the following key executives:

These remuneration increases are subject to shareholder approval, which will be sought through a postal ballot process.

Postal Ballot Process

To facilitate the shareholder approval process, the board has taken several key steps:

1. Approved a draft postal ballot notice
2. Appointed Dilip Swarnkar, Sole Proprietor of M/s Dilip Swarnkar & Associates, Practicing Company Secretaries, as the scrutinizer for conducting the e-voting process
3. Set a cut-off date for postal ballot submission and shareholder e-voting eligibility

Meeting Details

The board meeting was held at the company's registered office located at No. 59, NSC Bose Road, Sowcarpet, Chennai, Tamil Nadu, India, 600079. The meeting commenced at 11:00 AM and concluded at 11:40 AM.

These corporate actions reflect Manoj Jewellers' commitment to good governance practices and shareholder engagement. The company has duly informed the relevant stock exchange about these developments in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholders and investors of Manoj Jewellers Limited should look out for further communications regarding the postal ballot process and voting instructions to participate in the decision-making process for the proposed remuneration increases.