Manoj Jewellers Limited FY26 investor presentation: wholesale scale drives a record year

Manoj Jewellers Limited, a Chennai-based jewellery company operating across wholesale, retail showrooms, and its online platform Zulrry.com, used its H2 FY26 and FY26 investor presentation to highlight a sharp step-up in scale in its first full year as a listed company. For FY26, the company reported operating revenue of 11,416.12 lakh (114.16 crore), up from 5,961.81 lakh (59.62 crore) in FY25. Profit after tax rose to 902.36 lakh (9.02 crore) from 476.48 lakh (4.76 crore), an 89.38% year-on-year increase.

The year’s growth was driven primarily by wholesale. The company described its business as rooted in Sowcarpet, Chennai, and positioned wholesale as the core, volume-led engine, supported by retail for brand building and higher-margin sales, and by online for reach and visibility. Even as revenue scaled quickly, margins were mixed: EBITDA margin for FY26 was 11.96%, down from 14.02% in FY25. In H2, however, management highlighted stability, with H2 FY26 EBITDA margin at 12.17% compared with 12.21% in H2 FY25.

FY26 performance: revenue doubled, profits rose sharply

The headline numbers show rapid scaling. Total revenue for FY26 was 11,419.85 lakh, while total expenses were 10,050.72 lakh. EBITDA stood at 1,365.4 lakh, up 63.34% year-on-year, and PAT rose 89.38% year-on-year. EPS increased to 10.4 from 7.96.

In H2 FY26, revenue from operations was 4,502.14 lakh, up 29.22% from H2 FY25. PAT in H2 FY26 was 336.88 lakh, up 34.53% year-on-year. The presentation also showed that finance costs reduced in FY26 to 132.18 lakh from 184.63 lakh in FY25.

Mix matters: wholesale dominates FY26

A key feature of the FY26 story is the clear tilt toward B2B wholesale. The company’s revenue mix shows wholesale rising from 62.99% in FY24 to 76.52% in FY25 and 87.08% in FY26. Retail’s share dropped to 12.92% in FY26.

In absolute terms, FY26 B2B revenue was 99.41 crore and retail revenue was 14.75 crore. The presentation frames wholesale as a stable, cash-generating base with moderate margins, built on a supplier network and sourcing from contract manufacturers. Retail, while smaller in mix, is positioned as the higher-margin and brand-building vertical, supported by a flagship showroom in Sowcarpet and a boutique outlet in Kilpauk.

The strategy section also indicates an intent to build a stronger silver-led retail layer. The company discussed gold-plated silver jewellery and mentioned that bridal sets that exceed 10 lakh in gold can be crafted in silver for 1.5 to 2 lakh. While the statement explains customer value, the presentation does not provide silver revenue contribution, so the current financial dependence remains primarily on wholesale gold operations.

Strategy and operating plans: manufacturing, new lines, and silver expansion

Management’s commentary sets out FY27 priorities that are operational in nature. First, the company plans to commission its own bangle manufacturing unit to bring a key product category in-house. Second, it plans to launch a new chains product line and scale the Thanga Kovil lightweight temple jewellery collection. Management also referenced a dedicated traditional yellow gold line for the South Indian market as a FY26 launch alongside the Thanga Kovil collection.

Third, the company plans to expand its old-gold exchange programme, linking the intent to the Government of India’s stated policy direction. The business model section also notes that gold is sourced from trusted bullion dealers and through exchange of old gold from retail customers.

Beyond product and sourcing, the company’s strategy section outlines plans to expand its retail footprint by opening selective boutique silver showrooms across Tamil Nadu. It also states it will optimize inventory efficiency through technology-led inventory tracking and faster stock rotation. Separately, the company indicated that category expansion and online visibility will be supported by digital marketing, NRI outreach, and the relaunch of Zulrry.com as its core digital platform.

The company also provided a steady-state margin framework as a directional guide: wholesale margins at roughly 2%, retail margins in the 6 to 8% range, and silver sustaining 50% plus margins. The presentation does not provide segment EBITDA numbers to validate this framework in FY26, but it is an explicit statement of how the company thinks about profitability by vertical.

Balance sheet signals: higher working capital alongside stronger net worth

The FY26 balance sheet reflects higher scale and higher working-capital intensity. Inventories increased to 4,905.9 lakh in FY26 from 2,930.7 lakh in FY25. Trade receivables increased to 751.4 lakh from 436.2 lakh. Cash and bank balance improved to 197.1 lakh from 22.5 lakh.

On the funding side, net worth increased to 3,886.2 lakh from 1,453.1 lakh. Long-term borrowings declined to 905.4 lakh from 1,246.0 lakh, while short-term borrowings increased to 825.4 lakh from 626.0 lakh.

These movements are consistent with a jewellery business scaling wholesale volumes, where inventory and receivables can rise alongside sales. At the same time, the increase in short-term borrowings and working-capital items is a metric investors typically track closely, particularly when margins are also under pressure year-on-year.

Takeaways from the FY26 presentation

Manoj Jewellers delivered a sharp scale-up in FY26, with operating revenue nearly doubling and PAT rising strongly. The revenue mix shows that the growth was driven overwhelmingly by B2B wholesale, while retail remained steady in absolute terms but fell sharply in share. Margins were stable in H2 but lower for the full year compared with FY25.

The FY27 priorities in the presentation are clear and operationally focused: in-house bangle manufacturing, a new chains line, scaling the Thanga Kovil collection, and expanding the old-gold exchange programme. The company also laid out a plan to build boutique silver retail and to strengthen its digital platform through the relaunch of Zulrry.com. The next set of disclosures will matter for measuring execution, especially around working-capital efficiency, the contribution of new product categories, and the pace at which the retail and silver initiatives translate into a more balanced mix.