Mini Diamonds September revenue rises 43% from year earlier

Mini Diamonds (India) Limited reported standalone revenue from operations of Rs 214.1429 crore for the quarter ended September 30, 2026, up 43.3% from a year earlier, while first-half profit after tax reached Rs 5.7768 crore. The board approved the unaudited results on November 14, 2026.

How did Mini Diamonds perform in the September quarter?

Mini Diamonds increased standalone revenue, pre-tax profit and profit after tax in the quarter ended September 30, 2026. Revenue from operations was Rs 214.1429 crore, compared with Rs 149.4443 crore in the September 2025 quarter and Rs 196.4038 crore in the June 2026 quarter. This represented year-on-year growth of 43.3% and sequential growth of 9.0%.

Profit after tax was Rs 3.0389 crore in the September 2026 quarter, compared with Rs 2.7791 crore a year earlier and Rs 2.7379 crore in the preceding quarter. Profit before tax rose to Rs 4.5159 crore from Rs 3.3856 crore in September 2025, while total tax expense increased to Rs 1.4769 crore from Rs 60.65 lakh.

Other income was Rs 0.04 lakh in the September 2026 quarter, against Rs 26.75 lakh a year earlier, so the rise in total income to Rs 214.1433 crore from Rs 149.7118 crore principally reflected revenue from operations. Basic and diluted earnings per share were Rs 0.13, versus Rs 1.18 in the September 2025 quarter; Mini Diamonds stated that earlier-period earnings per share were restated after its share subdivision.

What changed in Mini Diamonds’ first-half results?

Mini Diamonds reported standalone revenue from operations of Rs 410.5467 crore for the half year ended September 30, 2026, up 64.3% from Rs 249.9033 crore in the corresponding 2025 half year. Profit before tax increased to Rs 8.1746 crore from Rs 5.8412 crore, and profit after tax rose to Rs 5.7768 crore from Rs 4.5966 crore.

Purchase of stock-in-trade was Rs 303.2208 crore in the first half, compared with Rs 158.5446 crore a year earlier. Raw-material consumption rose to Rs 109.5100 crore from Rs 90.6856 crore, while other expenses increased to Rs 13.8030 crore from Rs 5.2200 crore. The change in inventories of goods was a reduction of Rs 24.8963 crore, compared with a reduction of Rs 10.5853 crore in the prior-year period.

Total tax expense rose to Rs 2.3977 crore in the half year ended September 30, 2026 from Rs 1.2446 crore a year earlier, which reduced the increase in post-tax profit relative to pre-tax profit. Finance cost was Rs 7.64 lakh against Rs 0.73 lakh. Mini Diamonds identifies manufacturing of gems and jewellery as its main business segment and reports no separate reportable segments under Indian Accounting Standard 108.

Did Mini Diamonds convert first-half profit into operating cash?

Mini Diamonds generated net cash from operating activities of Rs 35.01 lakh in the half year ended September 30, 2026, compared with net cash used of Rs 55.51 lakh in the prior-year half. The operating cash outcome followed profit before tax of Rs 8.1746 crore and direct taxes paid of Rs 2.0573 crore.

The cash-flow statement records an inventory increase of Rs 43.7234 crore and a receivables increase of Rs 25.0109 crore during the September 2026 half year. These movements were partly offset by a Rs 60.6281 crore increase in current liabilities excluding borrowings. Cash generated from operations was Rs 2.4074 crore before direct tax payments, compared with Rs 68.56 lakh in the preceding-year period.

The standalone balance sheet shows inventories of Rs 130.3605 crore at September 30, 2026, up from Rs 86.6371 crore at March 31, 2026. Trade receivables rose to Rs 222.9196 crore from Rs 197.9087 crore, while trade and other payables increased to Rs 268.1497 crore from Rs 193.7055 crore over the same dates.

Cash and cash equivalents were Rs 2.6628 crore at September 30, 2026, compared with Rs 1.1458 crore at April 1. Net short-term borrowings added Rs 1.2454 crore in the first half, and financing activities generated Rs 1.1710 crore after interest paid of Rs 7.44 lakh. Current borrowings stood at Rs 3.8265 crore on September 30, compared with Rs 2.5811 crore on March 31.

What did Mini Diamonds disclose about subsidiaries and warrants?

Mini Diamonds said its statutory auditor completed a limited review of the September 30, 2026 standalone results rather than an audit. The auditor stated that nothing had come to its attention to indicate that the unaudited standalone results did not disclose the required information or contained a material misstatement under the applicable reporting requirements.

The company has two subsidiaries incorporated in 2024: Namra Jewels Private Limited and Pyramid Gold Assaying & Hallmarking Centre Private Limited. Namra Jewels commenced operations after September 30, 2024, while Pyramid Gold Assaying & Hallmarking Centre was awaiting registrations and licences to begin operations. The auditor reported September-quarter revenue of Rs 16.65 lakh and a post-tax loss of Rs 16.80 lakh for Namra Jewels, and revenue of Rs 0.01 lakh with a post-tax loss of Rs 0.32 lakh for Pyramid Gold Assaying & Hallmarking Centre.

The board approved up to 1.11 crore warrants on July 9, 2026, each convertible into one Rs 2 equity share at Rs 8 per warrant, including a Rs 6 premium. The issue had potential aggregate proceeds of up to Rs 8.88 crore and was made on a preferential basis to promoter and promoter-group persons. Members approved it on August 7, BSE granted in-principle approval on October 5, and Mini Diamonds said allotment occurred on October 13, 2026.

Standalone equity share capital was Rs 47.1382 crore at September 30, 2026, compared with Rs 23.5691 crore at March 31, 2026. Mini Diamonds also said it subdivided each Rs 10 equity share into five shares with a face value of Rs 2 each, requiring restatement of earlier earnings-per-share figures under Indian Accounting Standard 33.

Conclusion

Mini Diamonds reported higher standalone sales and profit in both the September quarter and the first half ended September 30, 2026. First-half revenue rose 64.3% to Rs 410.5467 crore and profit after tax rose 25.7% to Rs 5.7768 crore, while the rise in inventories and receivables limited net operating cash inflow to Rs 35.01 lakh.

The next disclosed matters to watch are the effect of the October 13, 2026 warrant allotment, which had potential proceeds of up to Rs 8.88 crore, and the registrations and licences required for Pyramid Gold Assaying & Hallmarking Centre to commence operations.