💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations for the half-year ended September 30, 2025, was INR 48.16 Lakhs, representing a significant decline of 29.26% compared to INR 68.08 Lakhs for the half-year ended September 30, 2024. Revenue for the full year ended March 31, 2025, stood at INR 136.30 Lakhs.

Geographic Revenue Split

While specific percentage splits are not provided, the company operates through subsidiaries in Russia (M.B. Diamonds LLC) and Dubai (Goenka Diamond & Jewels DMCC). However, the net worth of these foreign subsidiaries is reported as negative.

Profitability Margins

The company is currently loss-making. For the half-year ended September 30, 2025, the consolidated net loss was INR 86.74 Lakhs. The basic and diluted Earnings Per Share (EPS) remained negative at INR (0.02) for the same period, compared to INR (0.03) in the previous year's corresponding period.

EBITDA Margin

EBITDA margins are not explicitly stated but are deeply negative as total expenses for the half-year ended September 30, 2025, exceeded total income. Total income from operations was INR 62.73 Lakhs against a loss before tax of INR 86.74 Lakhs.

Capital Expenditure

Historical and planned capital expenditure is not disclosed in the available documents; however, the company's diamond processing unit at Surat is currently reported as temporarily closed, indicating a lack of active investment in capacity.

Credit Rating & Borrowing

The company is in default regarding the repayment of loans and interest to banks. The Union Bank of India (formerly Corporation Bank) has filed an appeal at the NCLT Jaipur for recovery of dues. Borrowing costs are not specified as the company is under the Corporate Insolvency Resolution Process (CIRP).

⚙️ Operational Drivers

Raw Materials

Rough diamonds and precious stones are the primary raw materials, though specific percentage costs are not disclosed due to the temporary closure of the Surat processing unit.

Import Sources

Sourcing is historically linked to Russia and Dubai through subsidiaries M.B. Diamonds LLC and Goenka Diamond & Jewels DMCC.

Key Suppliers

Specific supplier names are not disclosed in the provided financial notes.

Capacity Expansion

The company has a diamond processing unit at Surat, but operations are currently 'temporarily closed.' There are no active plans for expansion as the board stands suspended since December 2022.

Raw Material Costs

Not disclosed for the current period due to suspended operations at the Surat facility.

Manufacturing Efficiency

Manufacturing efficiency is currently 0% as the primary processing unit in Surat is closed.

📈 Strategic Growth

Expected Growth Rate

0%

Growth Strategy

There is no active growth strategy. The company is currently under the Corporate Insolvency Resolution Process (CIRP). The board of directors was suspended effective December 2022 upon the appointment of an Interim Resolution Professional (IRP). Future growth is entirely dependent on the outcome of the NCLT proceedings and potential debt restructuring.

Products & Services

Polished diamonds and diamond-studded jewelry.

Brand Portfolio

Goenka Diamond and Jewels.

New Products/Services

No new product launches are planned given the current insolvency status.

Market Expansion

Market expansion is currently stalled; the company is focused on legal and financial resolution of its debts.

Market Share & Ranking

Not disclosed; the company is currently a distressed asset in the jewelry sector.

Strategic Alliances

The company operates through subsidiaries in Russia and Dubai, but these are currently financial liabilities with negative net worth.

🌍 External Factors

Industry Trends

The diamond industry is shifting toward lab-grown diamonds and faces increased regulatory scrutiny regarding sourcing. Goenka is poorly positioned for these shifts as it is currently unable to maintain basic operations or fulfill debt obligations.

Competitive Landscape

The company competes with organized jewelry retailers and diamond exporters but is currently losing market share due to its suspended operations.

Competitive Moat

The company currently lacks a sustainable moat. Its processing capabilities are idle, and its brand value is significantly impaired by the ongoing insolvency and auditor disclaimers.

Macro Economic Sensitivity

Highly sensitive to credit availability and interest rates. The company's failure to secure finance has led to a total halt in operations.

Consumer Behavior

Shifts toward branded jewelry and ethical sourcing are trends the company is currently unable to capitalize on due to financial distress.

Geopolitical Risks

Significant exposure to Russia through M.B. Diamonds LLC, which may be impacted by international sanctions and trade barriers affecting the diamond trade.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. It must also comply with SEBI (LODR) Regulations 2015, though it has faced challenges in financial reporting accuracy.

Environmental Compliance

Not disclosed.

Taxation Policy Impact

Not disclosed; the company is reporting losses, which may result in deferred tax assets that are currently unconfirmed.

Legal Contingencies

The company faces a major legal challenge from Union Bank of India (CP No (IB)-114/7/JPR/2019) at the NCLT Jaipur. Auditors have issued a 'Disclaimer of Opinion' because they were unable to obtain sufficient appropriate audit evidence for the standalone and consolidated financial statements.

⚠️ Risk Analysis

Key Uncertainties

There is a 'Material Uncertainty related to Going Concern.' The company's ability to continue depends on the resolution of bank defaults and the outcome of the CIRP. Potential impact of total liquidation is high.

Geographic Concentration Risk

High concentration of risk in its Dubai and Russian subsidiaries, both of which have negative net worth and unconfirmed balances.

Third Party Dependencies

High dependency on the Interim Resolution Professional (IRP) and the NCLT for any future operational decisions.

Technology Obsolescence Risk

The Surat processing unit may face technological obsolescence if it remains closed for an extended period without upgrades.

Credit & Counterparty Risk

Extremely high risk. The company has made a provision of INR 978.06 Lakhs for expected credit losses on interest from its Dubai subsidiary, indicating poor receivable quality.