Minal Industries Ltd

Minal Industries Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Minal Industries Ltd

₹ 2.02 9.19%
30 Mar 10:19 a.m.
minalindustriesltd.com BSE: 522235
About

Incorporated in 1988, Minal Industries Ltd manufactures and trades gems & jewelry[1]

Key Points

Business Overview:[1][2]
Company is in the business of selling diamonds and jewelry. It is a part of Minal Group of companies. It operates 1 international subsidiary Minal International
FZE and 2 domestic subsidiaries viz. Minal
Info Jewels Ltd and M/s RSBL Jewels Ltd

Website BSE
  • Market Cap ₹ 38.8 Cr.
  • Current Price ₹ 2.02
  • High / Low ₹ 5.59 / 1.78
  • Stock P/E 94.6
  • Book Value ₹ 2.78
  • Dividend Yield 0.00 %
  • ROCE 5.97 %
  • ROE 2.83 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Stock is trading at 0.66 times its book value

Cons

  • Company has a low return on equity of 2.00% over last 3 years.
  • Contingent liabilities of Rs.51.6 Cr.
  • Earnings include an other income of Rs.0.88 Cr.
  • Company has high debtors of 172 days.
  • Promoter holding has decreased over last 3 years: -19.1%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Services Services Commercial Services & Supplies Trading & Distributors

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
6.38 11.71 5.79 4.74 14.81 12.51 12.31 10.77 8.87 19.16 10.04 8.90 8.71
-0.51 12.26 8.47 8.78 7.72 12.07 11.63 10.57 9.82 16.47 9.30 10.08 9.89
Operating Profit 6.89 -0.55 -2.68 -4.04 7.09 0.44 0.68 0.20 -0.95 2.69 0.74 -1.18 -1.18
OPM % 107.99% -4.70% -46.29% -85.23% 47.87% 3.52% 5.52% 1.86% -10.71% 14.04% 7.37% -13.26% -13.55%
-0.46 1.80 1.45 0.21 -1.31 -2.12 0.15 0.23 0.87 -0.22 0.18 0.58 0.34
Interest 0.34 0.72 0.26 0.23 -0.32 0.03 0.03 0.03 0.04 0.07 0.02 -0.01 0.02
Depreciation 0.16 0.20 0.07 0.11 0.22 0.12 0.13 0.14 0.14 0.13 0.14 0.14 0.14
Profit before tax 5.93 0.33 -1.56 -4.17 5.88 -1.83 0.67 0.26 -0.26 2.27 0.76 -0.73 -1.00
Tax % 3.37% 6.06% 0.64% 3.36% -1.19% 16.94% 41.79% -11.54% -96.15% -0.88% 10.53% -2.74% 0.00%
5.73 0.32 -1.58 -4.31 5.95 -2.13 0.40 0.29 -0.01 2.30 0.68 -0.71 -1.00
EPS in Rs 0.15 0.01 -0.04 -0.11 0.15 -0.15 0.02 -0.01 0.03 0.05 0.03 -0.02 -0.03
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
111.56 16.32 0.08 4.04 0.01 40.25 36.15 14.00 28.24 26.80 37.85 51.12 46.81
111.43 15.97 0.63 7.04 16.51 41.37 45.61 19.41 28.40 27.05 37.05 47.26 45.74
Operating Profit 0.13 0.35 -0.55 -3.00 -16.50 -1.12 -9.46 -5.41 -0.16 -0.25 0.80 3.86 1.07
OPM % 0.12% 2.14% -687.50% -74.26% -165,000.00% -2.78% -26.17% -38.64% -0.57% -0.93% 2.11% 7.55% 2.29%
0.15 -0.26 0.23 0.01 7.51 1.43 3.25 1.28 2.30 2.34 -1.76 1.04 0.88
Interest 0.05 0.01 0.01 0.02 0.01 0.51 0.46 0.27 0.41 1.70 0.20 0.17 0.10
Depreciation 0.07 0.07 0.05 0.15 0.07 -0.86 0.78 0.75 0.73 0.68 0.53 0.55 0.55
Profit before tax 0.16 0.01 -0.38 -3.16 -9.07 0.66 -7.45 -5.15 1.00 -0.29 -1.69 4.18 1.30
Tax % 56.25% 500.00% 2.63% -1.90% 0.44% 50.00% -0.54% -7.18% 33.00% 6.90% 23.08% -0.72%
0.07 -0.04 -0.39 -3.09 -9.11 0.33 -7.41 -4.78 0.67 -0.31 -2.08 4.21 1.27
EPS in Rs 0.01 -0.00 -0.02 -0.16 -0.47 0.00 -0.27 -0.11 0.02 0.02 -0.15 0.08 0.03
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: 29%
5 Years: 7%
3 Years: 22%
TTM: 5%
Compounded Profit Growth
10 Years: 10%
5 Years: 17%
3 Years: 54%
TTM: -73%
Stock Price CAGR
10 Years: 15%
5 Years: %
3 Years: %
1 Year: -44%
Return on Equity
10 Years: %
5 Years: 1%
3 Years: 2%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 14.38 38.38 38.38 38.38 38.38 38.38 38.38 38.38 38.38 38.38 38.38 38.38 38.38
Reserves 83.73 61.42 63.93 62.00 54.78 21.71 16.84 14.68 15.27 16.39 15.05 14.86 15.04
0.07 0.41 0.40 0.35 0.35 20.76 19.01 18.97 9.12 11.82 13.24 8.24 8.34
439.14 466.17 509.77 530.73 8.77 22.83 14.76 11.30 9.92 17.65 24.48 23.68 23.16
Total Liabilities 537.32 566.38 612.48 631.46 102.28 103.68 88.99 83.33 72.69 84.24 91.15 85.16 84.92
1.43 1.37 1.32 1.22 1.15 4.47 5.75 5.02 4.48 4.19 3.86 3.77 3.55
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 25.72 25.71 20.68 20.59 12.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
510.17 539.30 590.48 609.65 88.97 99.21 83.24 78.31 68.21 80.05 87.29 81.39 81.37
Total Assets 537.32 566.38 612.48 631.46 102.28 103.68 88.99 83.33 72.69 84.24 91.15 85.16 84.92

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-18.64 -1.85 -8.14 0.00 0.00 1.98 -3.30 4.90 -17.47 -2.45 -1.05 4.03
-9.66 -0.25 5.04 0.00 0.00 -0.26 0.35 -3.82 27.99 1.30 0.71 0.11
28.40 2.06 2.89 0.00 0.00 0.54 -2.13 -0.11 -11.31 1.00 0.15 -3.58
Net Cash Flow 0.10 -0.04 -0.21 0.00 0.00 2.25 -5.08 0.97 -0.79 -0.14 -0.19 0.56
Free Cash Flow -18.64 -1.85 -8.14 0.00 0.00 1.98 -1.51 4.88 -17.33 -2.83 -1.24 3.57
CFO/OP -14,338% -517% 1,480% 0% 0% -183% 35% -95% 11,125% 968% -85% 101%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 1,479.24 11,099.40 2,499,793.75 51,402.66 2,044,730.00 230.24 137.92 157.21 158.46 125.71 140.41 171.58
Inventory Days 124.91 558.84 204,400.00 1,628.00 714.26 844.83 712.54 2,302.63 1,117.27 1,529.33 1,113.89 573.16
Days Payable 1,478.19 11,607.00 4,649,096.25 39,430.41 415.67 115.99 15.80 86.67 31.59 202.10 262.39 119.36
Cash Conversion Cycle 125.96 51.24 -1,944,902.50 13,600.26 2,045,028.59 959.08 834.66 2,373.17 1,244.14 1,452.94 991.90 625.37
Working Capital Days 229.65 1,610.07 364,087.50 7,065.10 2,902,115.00 562.69 592.28 1,225.10 688.77 737.22 627.88 459.32
ROCE % 0.29% -0.36% -3.09% -9.33% -10.17% -5.99% 1.89% 1.97% 3.53% 5.97%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Revenue from Jewellery Sales (Standalone)
INR Lakhs ・Standalone data

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Cost of Raw Material Consumed (Consolidated)
INR Lakhs
Finished Goods Inventory (Consolidated)
INR Lakhs
Revenue from Manufacturing Activity (Consolidated)
INR Lakhs

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
59.74% 59.74% 59.74% 59.42% 40.63% 40.63% 40.63% 40.63% 40.63% 40.63% 40.63% 40.63%
40.25% 40.25% 40.26% 40.58% 59.37% 59.37% 59.38% 59.38% 59.37% 59.38% 59.38% 59.37%
No. of Shareholders 2,1332,1232,2893,9955,0276,2127,91210,97614,80914,91614,98514,886

Documents

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