Mumbai: Manoj Jewellers Ltd reported a sharp rise in earnings for FY26, with profit after tax increasing 89.4 percent year-on-year to Rupees 9.02 crore, while total income nearly doubled to Rupees 114.2 crore. The Chennai-based jewellery retailer and wholesaler also posted a 63.3 percent increase in EBITDA to Rupees 13.65 crore during the financial year, supported by rapid growth in its wholesale business and new product launches.
H2 Performance Remains Strong
For the second half of FY26, total income rose 29.3 percent to Rupees 45.1 crore from Rupees 34.8 crore in H2 FY25. EBITDA during the period increased 28.8 percent to Rupees 5.48 crore, while profit after tax climbed 34.5 percent to Rupees 3.37 crore compared with Rupees 2.50 crore in the corresponding period last year. The company maintained EBITDA margin at 12.16 percent against 12.21 percent a year ago despite elevated gold prices and softer demand conditions. PAT margin improved to 7.48 percent from 7.19 percent in H2 FY25.
Wholesale Expansion Drives Growth
Manoj Jewellers attributed the annual growth to the expansion of its B2B wholesale operations and the introduction of two new jewellery collections during FY26. The company launched its “Thanga Kovil” lightweight temple jewellery collection and a traditional yellow-gold jewellery range tailored for the South Indian market.
The company also participated in jewellery exhibitions in Hyderabad, Chennai, Mumbai, and Madurai to strengthen its wholesale presence across regions. During the year, it added seven new wholesale clients and recorded more than 111percent year-on-year growth in B2B revenue during Q2 FY26.
Margin Impact From Business Mix Shift
Despite strong earnings growth, EBITDA margin for FY26 declined to 11.96 percent from 14.02 percent in FY25 due to a planned shift toward the faster-growing wholesale segment. PAT margin remained broadly stable at 7.90 percent compared with 7.99 percent in the previous financial year. Earnings per share for FY26 rose 30.7 percent to Rupees 10.40 from Rupees 7.96 a year earlier.
FY27 Expansion Plans Outlined
The company said it plans to commission an in-house bangle manufacturing unit and launch a chain product line in FY27. Manoj Jewellers currently operates two retail showrooms in Chennai and supplies jewellery to wholesale customers across India. The company was listed on the BSE SME platform during FY26.
Disclaimer: This report is based on the company’s financial disclosure and is not investment advice.
