1. Introduction

 S J Corporation Ltd is an Indian based company that specializes in the business of manufacturing and export of diamond  jewellery and polished diamonds. Additionally,the company is also in the business of real estate and property development. The company is mainly focused on export markets in regions such as Hong Kong and the US. The company also has a manufacturing facility in Surat SEZ in India.

Industry Overview-

S J Corporation Ltd is a part of the Gems and Jewellery sector in India, which is one of the biggest export oriented industries in India. India is recognized for its expertise in diamond cutting, polishing and jewellery manufacturing. However, this sector is  exposed to various issues related to fluctuations in diamond rates, demand supply imbalance in diamonds globally and exchange rate fluctuations.

Purpose of the Analysis-

The purpose of this analysis is to evaluate and understand the financial condition and overall business position of S J Corporation Ltd.

2. Company Overview  

Background and History-

This company was incorporated in the year 1981 and later changed its name from Corcomp Infosystems Limited to S J Corporation Limited in October 2007.

The company is located in Mumbai,India.

The company was taken over by new promoters in the year 2007, and since then, the company has expanded into diamond jewellery manufacturing and has expanded itself in the export market.

Business Model  

The company’s business model is primarily involved in the following activities:  

Sourcing Polished Diamonds  

Manufacturing Diamond-Studded Jewellery  

Exporting Diamond-Studded Jewellery  

In addition, the company is also involved in:  

Trading in Diamonds and Gems  

Real Estate and Property Development  

Key Products / Services  

The company is primarily involved in the following activities:  

Diamond-Studded Jewellery  

Polished Diamonds  

Trading in Gems and Precious Stones  

Real Estate and Property Development  

The company has a manufacturing facility in Surat SEZ, and the facility has the capacity to produce more than 100,000 pieces of jewellery annually.

Market Position  

S J Corporation Ltd is a small-cap company and is primarily involved in the business of manufacturing and exporting diamond-studded jewellery. The company’s niche is in manufacturing diamond-studded jewellery and exporting the same to international markets.

3. Promoter/ founder Introduction

(Savjibhai Dungarshibhai Patel, Whole- Time Director)

Name of the Promoters Key Management Personnel 

Important operation labor force of the company are as follows 

* Deepak Bhikhalal Upadhyay, Managing Director & Executive Director 

* Savjibhai Dungarshibhai Patel, Whole- Time Director 

* Usha Savjibhai Patel,Non-Executive Director 

* Prakashkumar Govindbhai Nakarnai, Independent Chairman 

Professional Background 

The operation has the needed professional background in the business of diamond jewellery manufacturing, import business, and operation, which has helped the company to grow in the transnational request. 

part in the Growth of the Company 

The part of the promoters in the growth of the company can be epitomized as follows 

Expanding the business in diamond jewellery manufacturing after 2007 

Developing import requests in Hong Kong and the US 

Developing the Surat SEZ manufacturing installation 

4. Financial Statement Analysis

1. Income Statement Analysis

Revenue Trend Chart

2. Balance Sheet Analysis

Analysis

• Total assets are declining, Total Assets were ₹14.09 Cr in FY2023 and currently total assets are 9.39 Cr in FY2025, suggesting asset reduction. 
• Value of Equity is remained stable i.e. around ₹8–9 Cr, indicating that the company is mostly financed through shareholder funds. 
• The company has almost zero borrowings, which means low financial risk and less interest burden.

3. Cash Flow Statement Analysis

Although detailed figures vary yearly, the company shows:

• Cash Flow is Positive in some years due to operational receipts
• Due to unstable revenue operating cashflows are Fluctuating.

Key observations:

• Cash flows fluctuated significantly (e.g., around ₹7.26M in FY2024 and ₹14.29M in FY2025). 
• Since borrowings are minimal, financing cash flows are negligible.

4. Key Financial Ratios of SJ Corporation Limited (FY2025)

1. Profitability Ratios

2. Liquidity Ratio

3. Leverage Ratio

4. Efficiency Ratio

 5. Year-on-Year Comparison (3 Years)

5. Key Insights & Interpretation

Strengths

* Strong presence in diamond jewellery exports

* Manufacturing facility in Surat SEZ

* Diversification into real estate business

* Experienced management team

Weaknesses

* Small-scale operations, unlike large-scale operations in other jewellery companies

* Dependence on exports

* Small workforce and operations

Risk Factors

* Fluctuations in prices of diamonds

* Fluctuations in demand for luxuries product.

* Fluctuations in currency impacting revenue from export.

* Competition from large-scale operations in other jewellery exporters

Future Outlook

* Growing demand for luxurious products such as jewellery

* Expansion in export markets

* Enhancement in manufacturing capabilities

* Diversification in revenue streams

6. Conclusion 

Final evaluation of financial health

 S J Corporation Ltd is a small sized technical company in the diamond jewelry manufacturing business. The company has the benefits of exports and its technical niche in the market. 

 Investment/ Performance Perspective 

 From the investment perspective, the company has the following characteristics 

 • The company has growth  eventuality in line with exports. 

 • The company has  fairly advanced  pitfalls owing to its small cap size. 

 In conclusion, S J Corporation Ltd is a technical import acquainted company in the diamond jewelry manufacturing with moderate growth  eventuality and  fiscal  pitfalls.

7. Data Source

https://www.screener.in/company/504398/

https://www.sjcorp.in/