WEBSITE BSE:504398 NSE: SJ CORP LTD Inc. Year: 1981 Industry: Diamond & Jewellery My Bucket: Add Stock
Last updated: 09:30
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1. Business Overview
SJ Corporation Ltd. operates within the Diamond & Jewellery sector in India. Its core business model likely involves the sourcing, processing, manufacturing, designing, and marketing of diamonds and/or finished jewellery products. This could encompass both loose polished diamonds and diamond-studded jewellery, as well as other precious metal jewellery (e.g., gold, platinum). The company likely makes money through the sale of these products to wholesalers, retailers, and potentially directly to consumers, adding value at various stages from raw material to finished good.
2. Key Segments / Revenue Mix
Specific key segments and their revenue contributions for SJ Corporation Ltd. are not available. However, typical segments for a company in this industry might include:
Polished Diamonds (trading and/or manufacturing)
Diamond Jewellery (designing, manufacturing, and sales)
Gold Jewellery (designing, manufacturing, and sales)
Other Precious Metal Jewellery
Without specific financial data, it is not possible to provide a breakdown of their revenue mix.
3. Industry & Positioning
The Indian Diamond & Jewellery industry is vast, highly competitive, and comprises both organized and unorganized players. India is a global hub for diamond cutting and polishing, and its domestic jewellery market is one of the largest globally, driven by cultural significance and weddings. The industry is characterized by a strong export orientation for polished diamonds and a robust domestic market for jewellery. SJ Corporation Ltd.'s precise positioning relative to its peers (e.g., as a manufacturer, exporter, domestic retailer, or a vertically integrated player) is not specified. It likely operates within a highly fragmented market, competing with both large established brands and numerous smaller regional players.
4. Competitive Advantage (Moat)
Without specific details, SJ Corporation Ltd.'s competitive advantages (moats) are not definitively known. Potential moats in this industry can include:
Brand Reputation & Trust: Especially for consumer-facing businesses, a trusted brand name built over years can drive repeat purchases.
Supply Chain Integration & Sourcing Expertise: Efficient sourcing of raw diamonds or precious metals, and strong relationships with suppliers, can lead to cost advantages and consistent quality.
Design & Craftsmanship: Unique designs and high-quality manufacturing can differentiate products.
Distribution Network: Extensive retail presence (physical stores, online) or strong wholesale channels.
Scale: For larger players, economies of scale in manufacturing and marketing can be an advantage.
5. Growth Drivers
Key factors that could drive growth for SJ Corporation Ltd. over the next 3-5 years include:
Rising Disposable Income & Urbanization: Increasing wealth in India fuels discretionary spending on luxury goods like jewellery.
Cultural & Wedding Demand: Jewellery remains an integral part of Indian culture, particularly for weddings and festivals.
Growth in Organized Retail: Transition from unorganized to organized retail provides opportunities for branded players.
E-commerce Penetration: Increasing adoption of online sales channels for jewellery.
Export Demand: Continued global demand for Indian-processed diamonds and manufactured jewellery.
6. Risks
SJ Corporation Ltd., like other companies in the sector, faces several risks:
Commodity Price Volatility: Fluctuations in the prices of raw diamonds, gold, and other precious metals can impact profitability.
Economic Slowdown: Jewellery is a discretionary purchase; an economic downturn can significantly reduce demand.
Regulatory Changes: Changes in import/export duties, taxation (e.g., GST), hallmarking regulations, or anti-money laundering (AML) laws can affect operations.
Intense Competition: The fragmented nature of the market leads to significant price and design competition.
Changing Consumer Preferences: Evolving tastes (e.g., preference for lighter jewellery, lab-grown diamonds) require adaptability.
Supply Chain Disruptions: Global events can impact the availability and pricing of raw materials.
7. Management & Ownership
Specific details regarding the promoters, management quality, and ownership structure of SJ Corporation Ltd. are not provided. Typically, many Indian companies in this sector are promoter-led, with family ownership playing a significant role. The quality of management would depend on their industry experience, ethical practices, strategic vision, and ability to navigate market challenges. Ownership structure could involve promoter holdings, institutional investors, and public float.
8. Outlook
The outlook for SJ Corporation Ltd. is tied to the broader Indian and global diamond and jewellery market. The Indian domestic market benefits from strong cultural demand and rising incomes, offering a stable base for growth. The global diamond processing and jewellery export market also presents significant opportunities. However, the company will need to navigate challenges such as intense competition, volatile commodity prices, and evolving consumer preferences. Success will likely depend on its ability to maintain efficient operations, adapt to market trends, differentiate its offerings, and manage its supply chain effectively amidst a dynamic economic environment.
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Market Cap ₹342 Cr.
Stock P/E -1692.7
P/B 6.7
Current Price ₹78.8
Book Value ₹ 11.7
Face Value 1
52W High ₹78.8
Dividend Yield 0%
52W Low ₹ 56.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 0 | 2 | 3 | 5 | 1 | 8 | 6 | 4 | 7 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Total Income | 4 | 0 | 2 | 3 | 5 | 1 | 8 | 7 | 4 | 7 |
| Total Expenditure | 4 | 0 | 2 | 3 | 5 | 1 | 8 | 6 | 4 | 7 |
| Operating Profit | 0 | -0 | -0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Provision for Tax | 0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | -0 |
| Profit After Tax | 0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Adjusted Earnings Per Share | 0 | -0.1 | -0.1 | -0 | -0.1 | -0.3 | 0.1 | 0.4 | -0.1 | 0.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 48 | 39 | 13 | 8 | 9 | 9 | 4 | 14 | 22 | 16 | 15 | 25 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Income | 48 | 40 | 13 | 8 | 9 | 9 | 4 | 14 | 22 | 16 | 15 | 26 |
| Total Expenditure | 47 | 39 | 13 | 8 | 9 | 9 | 4 | 14 | 21 | 15 | 15 | 25 |
| Operating Profit | 1 | 0 | -0 | -0 | 0 | 0 | -0 | 0 | 1 | 0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 | 1 | 0 | -0 | 0 |
| Provision for Tax | -0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Adjusted Earnings Per Share | 0 | -0.1 | -0.6 | -0 | 0.3 | 0 | -0.2 | 0 | 0.4 | 0 | -0.2 | 0.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | 2% | 11% | -11% |
| Operating Profit CAGR | 0% | 0% | 0% | -100% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 47% | 32% | 45% | 11% |
| ROE Average | -2% | 1% | 0% | -0% |
| ROCE Average | -3% | 1% | 0% | 1% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 9 | 9 | 9 | 9 | 8 | 8 | 8 | 8 | 9 | 9 | 8 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 13 | 13 | 1 | 0 | 0 | 0 | 0 | 2 | 5 | 0 | 1 |
| Total Liabilities | 22 | 22 | 9 | 8 | 8 | 8 | 8 | 10 | 14 | 9 | 9 |
| Fixed Assets | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Other Non-Current Assets | 2 | 1 | 2 | 4 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Assets | 20 | 20 | 7 | 4 | 7 | 7 | 7 | 9 | 13 | 7 | 8 |
| Total Assets | 22 | 22 | 9 | 8 | 8 | 8 | 8 | 10 | 14 | 9 | 9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 1 | 2 | 0 | 1 |
| Cash Flow from Operating Activities | -4 | 0 | 9 | 3 | -1 | -1 | -0 | 1 | -2 | 2 | 1 |
| Cash Flow from Investing Activities | -0 | 0 | -0 | -2 | 3 | 0 | -1 | 0 | 0 | -0 | -0 |
| Cash Flow from Financing Activities | 4 | -0 | -9 | -1 | 0 | 0 | 0 | 0 | 1 | -1 | 0 |
| Net Cash Inflow / Outflow | -0 | -0 | -0 | 0 | 3 | -1 | -1 | 1 | -1 | 0 | 1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 3 | 2 | 1 | 2 | 0 | 1 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | -0.1 | -0.57 | -0.02 | 0.25 | 0.02 | -0.2 | 0.03 | 0.42 | 0.01 | -0.24 |
| CEPS(Rs) | 0.15 | 0.01 | -0.49 | 0.04 | 0.33 | 0.1 | -0.15 | 0.07 | 0.45 | 0.12 | -0.02 |
| DPS(Rs) | 0.05 | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 11.05 | 10.89 | 10.37 | 10.24 | 10.16 | 9.99 | 9.9 | 9.96 | 10.37 | 10.54 | 10.03 |
| Core EBITDA Margin(%) | 1.06 | 0.4 | -2.45 | -3.87 | -0.84 | 0.38 | -6.77 | 0.01 | 2.55 | 0.52 | -1.03 |
| EBIT Margin(%) | 0.91 | 0.79 | -1.38 | -1.81 | 2.99 | 0.13 | -5.87 | 0.27 | 2.59 | 0.08 | -1.45 |
| Pre Tax Margin(%) | -0 | -0.23 | -3.74 | -2.05 | 2.99 | 0.13 | -5.87 | 0.27 | 2.59 | 0.08 | -1.45 |
| PAT Margin (%) | 0.01 | -0.21 | -3.74 | -0.2 | 2.47 | 0.17 | -4.49 | 0.2 | 1.62 | 0.04 | -1.32 |
| Cash Profit Margin (%) | 0.27 | 0.02 | -3.21 | 0.45 | 3.2 | 0.93 | -3.32 | 0.41 | 1.72 | 0.64 | -0.1 |
| ROA(%) | 0.02 | -0.36 | -2.98 | -0.18 | 2.51 | 0.18 | -2.05 | 0.31 | 2.89 | 0.05 | -2.22 |
| ROE(%) | 0.04 | -0.88 | -5.33 | -0.19 | 2.47 | 0.17 | -2.01 | 0.35 | 4.16 | 0.07 | -2.35 |
| ROCE(%) | 2.53 | 1.62 | -1.24 | -1.62 | 2.99 | 0.13 | -2.64 | 0.47 | 6.36 | 0.13 | -2.59 |
| Receivable days | 90.68 | 129.77 | 203 | 120.23 | 145.07 | 133.23 | 218.08 | 63.14 | 93.54 | 107.57 | 17.31 |
| Inventory Days | 40.39 | 50.83 | 177.49 | 0 | 27.29 | 66.73 | 322.91 | 98.93 | 64.68 | 93.56 | 86.1 |
| Payable days | 22.62 | 28.92 | 0 | 0 | 0 | 2.36 | 3.05 | 30.13 | 62.26 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 681.25 | 0 | 915.94 | 85.89 | 5669.86 | 0 |
| Price/Book(x) | 5.68 | 0 | 2.95 | 0 | 0 | 1.2 | 1.23 | 3.17 | 3.51 | 3.93 | 5.33 |
| Dividend Yield(%) | 0.08 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.31 | 0.27 | 2.07 | -0.02 | -0.21 | 0.97 | 2.56 | 1.72 | 1.42 | 2.18 | 2.82 |
| EV/Core EBITDA(x) | 112.07 | 26.48 | -243.42 | 1.31 | -5.68 | 109.15 | -54.52 | 352.55 | 52.74 | 323.05 | -1204.6 |
| Net Sales Growth(%) | 11.44 | -17.36 | -67.72 | -36.6 | 6.21 | 2.16 | -57.23 | 285.55 | 51.45 | -28.59 | -1.53 |
| EBIT Growth(%) | -65.69 | -28.52 | -156.59 | 16.93 | 275.15 | -95.65 | -2072.97 | 117.95 | 1337.4 | -97.88 | -1955 |
| PAT Growth(%) | -99.6 | -2504.28 | -484.95 | 96.54 | 1384.15 | -93.02 | -1238.78 | 117.2 | 1127.43 | -98.27 | -3408.2 |
| EPS Growth(%) | -99.6 | -2523.12 | -484.99 | 96.54 | 1386.22 | -93.02 | -1238.64 | 117.22 | 1126.38 | -98.27 | -3408.22 |
| Debt/Equity(x) | 1.09 | 1.08 | 0.08 | 0 | 0 | 0 | 0 | 0 | 0.09 | 0 | 0 |
| Current Ratio(x) | 1.5 | 1.5 | 8.2 | 152.65 | 233.38 | 88.11 | 171.75 | 3.96 | 2.37 | 121.33 | 7.74 |
| Quick Ratio(x) | 1.23 | 0.94 | 2.38 | 152.65 | 211.68 | 56.79 | 69.8 | 2.33 | 1.64 | 52.82 | 4.54 |
| Interest Cover(x) | 0.99 | 0.77 | -0.59 | -7.51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0.19 | 0 | 0.03 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.86 | 70.86 | 70.86 | 70.86 | 70.86 | 70.86 | 70.86 | 70.86 | 70.86 | 63.71 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.14 | 29.14 | 29.14 | 29.14 | 29.14 | 29.14 | 29.14 | 29.14 | 29.14 | 36.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 2.76 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 1.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 4.34 |
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