– By Dilip Davda
- The company is engaged in the business of trading in jewellery products.
- The company sources entire requirements from third party, and has no manufacturing unit of its own.
- The company is operating in a highly competitive and fragmented segment.
- The company posted improved financial performance for FY26.
- Well-informed investors may park moderate funds for medium to long term.
ABOUT COMPANY:
Manoj Jewellers Ltd., (MJL) is engaged in the sale of jewellery products through trading and outsourced manufacturing arrangements and does not own or operate any in-house manufacturing facility. The company relies on third-party manufacturers and artisans for the production of its jewellery products and are therefore dependent on their production capabilities, quality standards, operational efficiency and financial stability.
Any delay in production, failure to meet quality specifications, non-compliance with applicable laws and regulations, labour shortages, capacity constraints, disruption in the supply chain, or termination of relationships with such manufacturers may adversely affect its ability to procure products and fulfil customer orders in a timely manner. Further, as the manufacturing process is undertaken by third parties, it has limited control over their manufacturing practices, quality control systems and operational processes.
In addition, any increase in manufacturing charges, shortage of skilled craftsmen, inability to engage alternative manufacturers on commercially acceptable terms, or adverse developments affecting its manufacturing partners may increase MJL’s operating costs and adversely impact its margins and profitability. Any product defects, quality issues or delays attributable to third-party manufacturers may also adversely affect its reputation and customer relationships. The offer document is silent on its employee’s strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 8985628 equity shares of Rs. 10 each at a fixed price of Rs. 20 per share to mobilize Rs. 17.97 cr. The RI has already opened for subscription on August 31, 2026, and will close on September 29, 2026. The company is offering RI in the ratio of 1 for 1 to its eligible stakeholders as of the record date of August 21, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE SME. The company is spending Rs. 0.44 cr. for this RI process, from the net proceeds, Rs. 13.53 cr. for working capital, and Rs. 4.00 cr. for general corporate purposes.
The RI is solely lead managed by the company itself, and Skyline Financial Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 8.99 cr. (8985628 equity shares) will stand enhanced to Rs. 17.97 cr. (17971256 shares). Based on the RI pricing, the company is looking for a market cap of Rs. 35.94 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total revenue / net profit of Rs. 59.62 cr. / Rs. 4.76 cr. (FY25), Rs. 114.16 cr. / Rs. 9.02 cr. (FY26). Its NAV stood at Rs. 43.25 as of March 31, 2026. The company has performed in line with the ongoing trends for the segment.
DIVIDEND POLICY:
The company has not paid any dividends for the last three years. It will adopt a prudent dividend policy, based on its financial performance and future prospects. However, the offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 544400 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 37.14 on August 20, 2026, and opened on an ex-right basis at Rs. 28.70 on August 21, 2026. Since then, it has marked a high/low of Rs. 31.41 / Rs. 23.57. The scrip last closed at Rs. 26.00 as of September 04, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 45.77 / Rs. 20.61. (Its current market lost is 2000 shares).
The promoters’ holding was at 65.28% as of September 30, 2025 against 63.27%asof May 08, 2025. The counter is well maintained above the RI price to tempt investors.
CONCLUSION:
MJL is engaged in the business of trading in jewellery products. The company sources entire requirements from third party, and has no manufacturing unit of its own. The company is operating in a highly competitive and fragmented segment. The company posted improved financial performance for FY26. It has reasonable growth prospects considering the industry trends amidst volatile markets for Gold and Silver. Well-informed investors may park moderate funds for medium to long term.
Review By Dilip Davda on August, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
