MINID
Introduction
MINID or Mini Diamond limited is a public listed company established in 1987. The company manufactures, imports, exports cut and polished diamonds into studded diamond jewellery. The company trades in natural and lab-grown diamonds.
Company Overview
Mini Diamonds limited is a Mumbai-based company founded in 1987. It operates under importing, manufacturing and exporting of polished-cutted diamonds into jewellery or articles. This includes jewellery for bridal wear and occasions. The company uses modern equipment such as computer laser machines, sarin technology, and auto-bruting machines, which cut, shape and design the diamonds.
The company has a vertical business model, which covers the entire manufacturing process under the same unit.
Promoter and Founder Introduction
Mr. Upendra Shah is the founder, managing director and chairman of the company. With 50 years of experience in rough diamonds, cut and polished diamonds, and gold jewelry, he is well-connected in the diamond market. He has represented MMTC in Russia since 1994 to procure rough diamonds and has extensive knowledge of market trends, designs, products, and customers, which contribute to strong business relations.
Mr. Ronish Shah is the Executive Director of the company.
Financial Statement Analysis
Income statement
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 170 | 246 | 406 |
Expenses | 168 | 243 | 398 |
Operating Profit | 1 | 2 | 7 |
OPM % | 1% | 1% | 2% |
Other Income | 0 | 0 | -1 |
Interest | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 |
Profit before tax | 1 | 2 | 5 |
Tax % | -4% | -1% | 37% |
Net Profit | 1 | 2 | 3 |
Balance sheet
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 3 | 4 | 24 |
Reserves | 3 | 5 | 39 |
Borrowings | 13 | 15 | 2 |
Other Liabilities | 103 | 153 | 144 |
Total Liabilities | 123 | 176 | 209 |
Fixed Assets | 3 | 2 | 2 |
CWIP | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Other Assets | 120 | 174 | 207 |
Total Assets | 123 | 176 | 209 |
Cash flow
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | -7 | -0 | -38 |
Cash from Investing Activity | -3 | 0 | 0 |
Cash from Financing Activity | 9 | 2 | 38 |
Net Cash Flow | -0 | 2 | 1 |
Key interpretation and Insights
Strength
The company has secured several orders in early 2026, including a ₹14 crore order in January and a ₹10 crore order in February 2026, specifically for lab-grown polished diamonds. Historically, the company has delivered significant, long-term shareholder value.
Weakness
Debt servicing capacity is a concern, with a Debt to EBITDA ratio of 4.26 times.The stock is trading below all key moving averages, signaling persistent bearish momentum.
Risk Factor
The gems and jewellery sector faces pressure from fluctuating commodity prices and changing consumer demand.
Future Outlook
Market analysis has downgraded the stock to a "Sell" grade due to the combination of low profitability, high leverage, and weak share price trend.
Conclusion
Mini Diamonds (India) Limited (MDIL) shows a high-growth, high-risk profile, with strong revenue growth (64.76% in 3 years) and new orders (₹12 crore in Feb 2026), but is constrained by negative operating cash flow (-37.63 cr) and extremely thin EBITDA margins (0.95%). A 1:5 stock split in Dec 2025 aimed to increase liquidity.
Sources
Mini Diamonds
Screener
Yahoo Finance
Money Control