WEBSITE BSE:512587 NSE: ZODIAC JRD Inc. Year: 1987 Industry: Diamond & Jewellery My Bucket: Add Stock
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1. Business Overview
Zodiac-JRD-MKJ Ltd. operates in the Diamond & Jewellery sector in India. As a player in this industry, the company is likely involved in various aspects of the jewellery value chain, which typically includes the sourcing of raw materials (diamonds, precious metals), cutting and polishing of diamonds, design and manufacturing of diamond-studded and/or plain gold jewellery, and their subsequent distribution and sale. The core business model involves creating and selling jewellery products to consumers or other businesses (B2B). The company primarily makes money through the sales of these finished jewellery pieces and polished diamonds, leveraging margins on materials, craftsmanship, and branding.
2. Key Segments / Revenue Mix
Without specific financial data for Zodiac-JRD-MKJ Ltd., typical revenue streams in the Indian diamond and jewellery sector are derived from:
Polished Diamonds: Sale of loose, cut, and polished diamonds to other manufacturers, wholesalers, or retailers.
Diamond-Studded Jewellery: Manufacturing and sale of jewellery embedded with diamonds, often combined with gold or other precious metals.
Plain Gold Jewellery: Design, manufacture, and sale of jewellery made primarily from gold.
Potentially, other precious stone jewellery or customized orders.
The exact mix for Zodiac-JRD-MKJ Ltd. is unknown but would depend on its specialization within the broader diamond and jewellery market.
3. Industry & Positioning
The Indian Diamond & Jewellery industry is vast, complex, and highly competitive. It comprises a significant unorganized sector alongside a growing organized segment of large retailers and manufacturers. India is a global leader in diamond cutting and polishing, with a strong export-oriented diamond processing industry, while the domestic market drives demand for gold and diamond jewellery. The industry is characterized by cyclical demand, driven by festivals, weddings, and economic sentiment.
Zodiac-JRD-MKJ Ltd.'s positioning would depend on its scale, brand recognition, product specialization (e.g., high-end luxury, mass-market, bridal focus), and distribution network (e.g., retail showrooms, online presence, B2B wholesale). In a fragmented market with many regional and national players, its relative standing would be determined by its market share, operational efficiency, and ability to differentiate its offerings.
4. Competitive Advantage (Moat)
For a company in the diamond and jewellery sector, potential competitive advantages (moats) could include:
Brand Reputation & Trust: Especially crucial in India, where consumers value authenticity, purity, and design, a trusted brand can command loyalty and premium pricing.
Craftsmanship & Design Expertise: Superior design capabilities and skilled artisans can create unique products that stand out.
Efficient Supply Chain & Sourcing: Direct access to rough diamonds, efficient cutting/polishing facilities, and robust precious metal procurement can provide cost advantages.
Distribution Network: An extensive retail footprint (physical and online) or strong B2B relationships can ensure market reach.
Vertical Integration: Control over multiple stages of the value chain (from rough diamond sourcing to retail) can offer cost control and quality assurance.
Without specific information, it is difficult to ascertain the durable competitive advantages held by Zodiac-JRD-MKJ Ltd. It would need to demonstrate excellence in one or more of these areas to establish a strong moat against numerous competitors.
5. Growth Drivers
Rising Disposable Incomes: Increasing wealth and purchasing power of the Indian middle class drive discretionary spending on jewellery.
Urbanization & Changing Lifestyles: Growing urban population and modern consumption patterns contribute to demand for contemporary jewellery designs.
Bridal & Festive Demand: Jewellery remains an integral part of Indian weddings and festivals, providing a consistent demand base.
Shift to Organized Sector: Increasing consumer preference for branded and certified jewellery is moving market share from unorganized players to organized ones.
E-commerce Penetration: Growing acceptance of online jewellery purchases can open new sales channels and expand market reach.
Product Innovation & Customization: Ability to offer new designs, lightweight jewellery, or personalized options can attract new customers.
6. Risks
Price Volatility: Fluctuations in the prices of gold, silver, and diamonds directly impact raw material costs and inventory valuation.
Economic Downturns: Jewellery is a discretionary purchase; economic slowdowns or recessions can significantly dampen consumer demand.
Intense Competition: The presence of numerous national, regional, and unorganized players leads to intense price competition and margin pressure.
Regulatory Changes: Changes in import duties, GST rates, hallmarking regulations, or anti-money laundering norms can impact operations and costs.
Inventory Management: Holding high-value inventory requires significant working capital and carries the risk of obsolescence or price erosion.
Reputational Risks: Concerns over ethical sourcing of diamonds, quality control issues, or authenticity can severely damage brand trust.
Foreign Exchange Fluctuations: If involved in significant imports or exports, currency volatility can impact profitability.
7. Management & Ownership
Zodiac-JRD-MKJ Ltd. is likely a promoter-driven company, a common structure in India where founding families or groups retain significant control and influence over strategic direction and daily operations. The quality of management would typically be assessed on its track record, ability to navigate industry cycles, strategic vision, corporate governance standards, and transparency with shareholders. Ownership is usually characterized by a significant stake held by the promoter group, with the remainder held by public shareholders and potentially institutional investors.
8. Outlook
Zodiac-JRD-MKJ Ltd. operates in an industry poised for growth, driven by India's robust consumption story, rising disposable incomes, and the cultural significance of jewellery. The ongoing formalization of the sector presents opportunities for organized players to gain market share. However, the industry is highly susceptible to commodity price volatility and economic cycles, which can impact discretionary spending. Intense competition, both from traditional jewelers and emerging online players, demands continuous innovation in design, efficient supply chain management, and strong brand building. The company's success will depend on its ability to effectively differentiate its offerings, manage working capital efficiently, adapt to evolving consumer preferences, and expand its distribution channels while navigating the inherent risks of a capital-intensive and sentiment-driven business.
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Market Cap ₹39 Cr.
Stock P/E 90.9
P/B 0.4
Current Price ₹35.5
Book Value ₹ 83.2
Face Value 10
52W High ₹73
Dividend Yield 0%
52W Low ₹ 28.4
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1 | 1 | 6 | 2 | 3 | 0 | 6 | 6 | 6 | 5 |
| Other Income | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 1 | 2 | 7 | 2 | 3 | 1 | 7 | 6 | 6 | 5 |
| Total Expenditure | 1 | 2 | 6 | 2 | 4 | 3 | 7 | 6 | 5 | 5 |
| Operating Profit | 0 | 0 | 1 | 0 | -1 | -3 | 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 | 1 | 0 | -1 | -3 | 0 | 0 | 0 | 0 |
| Provision for Tax | -0 | -0 | 0 | -0 | 0 | -1 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 1 | 0 | -1 | -2 | 0 | 0 | 0 | -0 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 1 | 0 | -1 | -2 | 0 | 0 | 0 | -0 |
| Adjusted Earnings Per Share | 0.4 | 0.2 | 1.3 | 0.7 | -1.4 | -2.7 | 0.1 | 0.4 | 0.3 | -0 |
| #(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 | 20 | 16 | 18 | 20 | 15 | 13 | 9 | 19 | 15 | 11 | 23 | 23 |
| Other Income | 0 | 0 | 1 | 1 | 2 | 1 | 0 | 0 | 1 | 2 | 0 | 0 |
| Total Income | 21 | 16 | 19 | 21 | 17 | 13 | 9 | 19 | 16 | 13 | 23 | 24 |
| Total Expenditure | 19 | 15 | 17 | 21 | 15 | 12 | 9 | 18 | 15 | 15 | 22 | 23 |
| Operating Profit | 2 | 1 | 2 | 1 | 2 | 1 | 0 | 1 | 1 | -2 | 1 | 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 | 1 | 1 | 2 | 1 | 2 | 1 | 0 | 1 | 1 | -2 | 1 | 0 |
| Provision for Tax | 1 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | -1 | 0 | 0 |
| Profit After Tax | 1 | 1 | 1 | 1 | 2 | 0 | 0 | 1 | 1 | -1 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 2 | 0 | 0 | 1 | 1 | -1 | 0 | 0 |
| Adjusted Earnings Per Share | 1.1 | 0.9 | 1.9 | 1.1 | 2.2 | 0.7 | 0.5 | 1 | 1.5 | -2 | 0.6 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 109% | 7% | 12% | 1% |
| Operating Profit CAGR | 0% | 0% | 0% | -7% |
| PAT CAGR | 0% | -100% | 0% | -100% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -38% | 12% | 11% | 3% |
| ROE Average | 1% | 0% | 0% | 1% |
| ROCE Average | 1% | 0% | 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 | 64 | 64 | 65 | 65 | 66 | 67 | 67 | 68 | 69 | 68 | 68 |
| 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 | -1 | -1 |
| Total Current Liabilities | 5 | 6 | 2 | 1 | 1 | 5 | 4 | 1 | 1 | 0 | 2 |
| Total Liabilities | 69 | 70 | 67 | 67 | 68 | 72 | 71 | 69 | 70 | 67 | 70 |
| Fixed Assets | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Other Non-Current Assets | 13 | 0 | 0 | 5 | 5 | 6 | 3 | 0 | 0 | 0 | 0 |
| Total Current Assets | 56 | 70 | 66 | 61 | 62 | 66 | 67 | 69 | 69 | 66 | 69 |
| Total Assets | 69 | 70 | 67 | 67 | 68 | 72 | 71 | 69 | 70 | 67 | 70 |
| #(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 | 1 | 0 | 1 | 0 | 3 | 2 | 1 | 4 | 6 | 1 |
| Cash Flow from Operating Activities | -2 | -2 | -1 | -2 | -1 | -2 | -4 | 2 | 1 | -8 | 0 |
| Cash Flow from Investing Activities | 3 | 2 | 1 | 2 | 5 | 0 | 3 | 1 | 1 | 3 | -0 |
| Cash Flow from Financing Activities | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -0 | 3 | -1 | -1 | 4 | 2 | -5 | -1 |
| Closing Cash & Cash Equivalent | 1 | 0 | 1 | 0 | 3 | 2 | 1 | 4 | 6 | 1 | 0 |
| # | 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) | 1.14 | 0.93 | 1.89 | 1.07 | 2.23 | 0.73 | 0.51 | 1.01 | 1.46 | -2.03 | 0.63 |
| CEPS(Rs) | 1.49 | 1.02 | 1.98 | 1.17 | 2.3 | 0.78 | 0.55 | 1.04 | 1.48 | -2.02 | 0.72 |
| DPS(Rs) | 0.38 | 0.38 | 0.38 | 0.38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 94.6 | 95.07 | 95.91 | 96.53 | 98.31 | 99.04 | 99.57 | 100.59 | 102.05 | 100.02 | 100.66 |
| Core EBITDA Margin(%) | 5.71 | 4.3 | 3.82 | -3.3 | 0.3 | 1.23 | -0.53 | 3.87 | 1.63 | -37.08 | 2.9 |
| EBIT Margin(%) | 6.37 | 5.64 | 9.23 | 3.55 | 13.2 | 5.66 | 2.84 | 5.42 | 7.32 | -18.68 | 4.18 |
| Pre Tax Margin(%) | 6.32 | 5.63 | 9.23 | 3.54 | 13.19 | 5.66 | 2.83 | 5.42 | 7.31 | -18.73 | 2.65 |
| PAT Margin (%) | 3.81 | 3.89 | 7.06 | 3.63 | 10.14 | 3.94 | 3.98 | 3.59 | 6.52 | -12.58 | 1.86 |
| Cash Profit Margin (%) | 4.98 | 4.27 | 7.4 | 3.96 | 10.47 | 4.21 | 4.24 | 3.7 | 6.62 | -12.53 | 2.12 |
| ROA(%) | 1.09 | 0.9 | 1.86 | 1.09 | 2.25 | 0.71 | 0.48 | 0.98 | 1.42 | -2 | 0.63 |
| ROE(%) | 1.21 | 0.98 | 1.98 | 1.12 | 2.29 | 0.74 | 0.51 | 1.01 | 1.44 | -2.01 | 0.63 |
| ROCE(%) | 2.03 | 1.42 | 2.59 | 1.09 | 2.98 | 1.07 | 0.37 | 1.53 | 1.62 | -2.98 | 1.41 |
| Receivable days | 224.33 | 244.64 | 277.18 | 284.46 | 321.43 | 316.74 | 437.79 | 288.71 | 439.06 | 489.4 | 244.56 |
| Inventory Days | 712.63 | 959.07 | 843.49 | 741.63 | 1089.98 | 1398.94 | 2097.23 | 882.86 | 1036.16 | 1520.67 | 726.7 |
| Payable days | 68.19 | 40.43 | 50.34 | 29.81 | 27.74 | 27.42 | 33 | 10.7 | 13.75 | 9.07 | 0 |
| PER(x) | 26.81 | 24.08 | 13.8 | 28.84 | 12.97 | 25.05 | 37.54 | 24.04 | 14.99 | 0 | 66.03 |
| Price/Book(x) | 0.32 | 0.23 | 0.27 | 0.32 | 0.29 | 0.19 | 0.19 | 0.24 | 0.21 | 0.5 | 0.42 |
| Dividend Yield(%) | 1.25 | 1.72 | 1.47 | 1.24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.98 | 0.91 | 0.94 | 1.03 | 1.08 | 0.82 | 1.08 | 0.58 | 0.52 | 2.6 | 1.03 |
| EV/Core EBITDA(x) | 13.03 | 14.74 | 9.81 | 26.51 | 7.97 | 13.83 | 34.69 | 10.58 | 7 | -13.94 | 23.22 |
| Net Sales Growth(%) | -3.96 | -20.48 | 12.26 | 10.71 | -25.75 | -15.53 | -30.88 | 119.34 | -20.58 | -27.92 | 111.17 |
| EBIT Growth(%) | -87.25 | -29.61 | 83.86 | -57.44 | 176.21 | -63.77 | -65.28 | 317.92 | 7.22 | -284 | 147.29 |
| PAT Growth(%) | -89.39 | -18.9 | 103.98 | -43.16 | 107.53 | -67.18 | -30.2 | 98 | 44.16 | -239.13 | 131.29 |
| EPS Growth(%) | -89.39 | -18.9 | 103.98 | -43.16 | 107.54 | -67.18 | -30.2 | 98 | 44.16 | -239.13 | 131.28 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 |
| Current Ratio(x) | 11.74 | 11.67 | 34.82 | 44.71 | 53.44 | 14.55 | 18.11 | 72.76 | 100.4 | 156.91 | 30.69 |
| Quick Ratio(x) | 3.32 | 4.22 | 14.4 | 13.63 | 13.38 | 3.52 | 4.71 | 28.02 | 37.49 | 45.07 | 10.99 |
| Interest Cover(x) | 132.26 | 669.01 | 1318.14 | 567.97 | 1481.19 | 988.45 | 274 | 1717.67 | 2210 | -376.52 | 2.72 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.02 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 10.67 | 35.98 | 34.96 | 33.53 | 30.04 | 30.04 | 39.25 | 28.41 | 32.79 | 32.84 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 89.33 | 64.02 | 65.04 | 66.47 | 69.96 | 69.96 | 60.75 | 71.59 | 67.21 | 67.16 |
| 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 | 0.06 | 0.19 | 0.18 | 0.17 | 0.16 | 0.16 | 0.43 | 0.31 | 0.36 | 0.36 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.46 | 0.33 | 0.34 | 0.34 | 0.36 | 0.36 | 0.67 | 0.79 | 0.74 | 0.74 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 1.1 | 1.1 | 1.1 | 1.1 |
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