Manoj Jewellers Limited’s SME IPO opens on May 5, 2025, aiming to raise ₹16.20 crore through a fresh issue of 30 lakh shares at ₹54 each. Proceeds will be utilized for repaying certain borrowings and general corporate purposes.
Core Business Focus
Manoj Jewellers Limited is a Chennai-based jewellery company with over three decades of experience in the gold and diamond jewellery industry. Established in 1991 as a small retail outlet, the company has grown into a boutique jewellery brand and expanded into e-commerce with the launch of Zullry.com in 2021. In 2022, it was restructured as Manoj Jewellers Limited, aiming to become a leading designer jewellery brand in India.
Business Model & Operations
Product Portfolio:
- Gold and silver jewellery
- Gold coins
- Diamond-studded ornaments
Retail Presence:
- Physical store located on NSC Bose Road, Sowcarpet, Chennai, a major wholesale gold hub.
- E-commerce platform Zullry.com launched in 2021 to reach a broader customer base.
Mission & Vision:
- To provide unique, hallmarked, and modern jewellery with a touch of tradition.
- Aim to be the most trusted and preferred designer jewellery brand nationally.
💪 Strengths
1. Robust Financial Growth:
- Revenue increased from ₹13.64 crore in March 2023 to ₹43.38 crore in March 2024, marking a 218.03% growth.
- Profit After Tax (PAT) rose from ₹0.62 crore to ₹3.24 crore in the same period, a 422.58% increase.
2. Strategic Location:
- Situated in Chennai’s Sowcarpet area, providing access to South India’s largest wholesale gold market.
3. Diversified Sales Channels:
- Combines traditional retail with online sales through Zullry.com, catering to a wide range of customers.
4. Strong Promoter Holding:
- Promoters held 94.99% of shares pre-IPO and 63.28% post-IPO, indicating strong confidence in the company’s future.
⚠️ Risks
1. High Debt Levels:
- Debt increased from ₹5.67 crore in March 2023 to ₹15.38 crore in March 2024, which could impact financial stability.
2. Inventory Management Challenges:
- Failure to manage inventory effectively could adversely affect net sales, profitability, and liquidity.
3. Dependence on Key Personnel:
- The company’s success is closely tied to its promoters and senior management; any attrition could affect growth.
4. Market Competition:
- Faces intense competition from both organized and unorganized players in the jewellery sector, which could impact market share.
5. Regulatory and Legal Risks:
- Involvement in legal proceedings without provisions for potential liabilities could pose financial risks.
Financial Analysis of Manoj Jewellers Limited (FY2022-FY2024)
📈 Revenue
- FY2022: ₹6.75 crore
- FY2023: ₹13.63 crore
- FY2024: ₹43.35 crore
Analysis:
Revenue has shown robust growth over the past three years. It doubled from FY2022 to FY2023 (101.93% growth), and then grew by 218% in FY2024. This sharp increase indicates strong business expansion and improved market reach.
💰 Profit
- FY2022: ₹0.36 crore
- FY2023: ₹0.62 crore
- FY2024: ₹3.24 crore
Analysis:
Profit has multiplied nearly 9 times from FY2022 to FY2024. This suggests improved margins and operational efficiency. FY2024’s performance, in particular, reflects strong cost control and higher profitability.
🏦 Total Assets
- FY2022: ₹15.18 crore
- FY2023: ₹12.99 crore
- FY2024: ₹26.22 crore
Analysis:
There was a slight dip in FY2023, but total assets more than doubled in FY2024. This jump shows significant reinvestment or capital inflow, possibly aligned with expansion strategies or IPO preparation.
📌 Summary
- Revenue and profit growth has been exceptional over the last 3 years.
- FY2024 marked a breakthrough in profitability and asset base.
- This financial momentum supports the company’s IPO strategy and market confidence.
