Mini diamonds Bags Domestic Order Worth ₹12 Cr From Saharsh Exports  

Synopsis: In a filing submitted to BSE on May 11, 2026, Mini Diamonds (India) Limited disclosed a Rs.12 crore domestic supply order from existing Mumbai client Saharsh Exports for cut and polished lab-grown diamonds, marking the first order received from this customer in FY 2026-27.

Shares of a BSE-listed lab-grown diamond manufacturer came into focus on Monday after the company announced its first domestic order win of the current financial year. The disclosure covers a supply arrangement for cut and polished lab-grown diamonds worth Rs.12 crore, placed by a Mumbai-based existing customer.

With a market capitalisation of Rs.180.3 crore, the shares of Mini Diamonds (India) Limited were last quoted at Rs. 15.3 per share, down 0.39 percent from its previous close of Rs.15.36. The stock carries a P/E of 40.19.

Order Update

Mini Diamonds has received a Rs.12 crore order from Saharsh Exports, a Mumbai-based domestic entity, for supply of cut and polished lab-grown diamonds. The order is to be completed within four months from the date of placement. Payment falls due within 150 days of order completion, putting the full cash collection window at roughly ten months from May 11, 2026.

That extended credit period is common in domestic diamond trade, but it adds to an already stretched working capital cycle. The company reported negative operating cash flow of Rs. 38 crore in FY 2024-25, driven by receivable buildup as revenues accelerated. Debtor days improved to 139 in FY25 from 218 the year prior, yet remain elevated. A 150-day post-delivery collection window lengthens that cycle further, which is worth watching as MDIL scales domestic volumes.

Scale and Context

At Rs.12 crore, the order amounts to approximately 2.3 percent of the company’s trailing twelve-month revenues of Rs. 513 crore. That makes it an incremental addition to the order book rather than a material contract. The order’s relevance is largely in what it signals: a repeat customer returning at the start of a new financial year, and a second domestic win in quick succession after the Rs.14 crore fancy coloured LGD order received in April 2026.

MDIL has been tilting its order mix toward the Indian market through FY26, and this order extends that run into FY27. Whether domestic volumes can meaningfully offset the company’s working capital drag will depend on the payment discipline of its growing client base.

Business Overview

Incorporated in 1987, Mini Diamonds (India) Limited manufactures and trades cut and polished diamonds and lab-grown diamond jewellery, serving both domestic and international customers through B2B and B2C channels. Full-year FY25 revenues stood at Rs. 406 crore, up sharply from Rs. 246 crore in FY24, though net profit for the year came in at approximately Rs. 3 crore.

For the first nine months of FY26 (April–December 2025), the company reported revenues of approximately Rs. 416 crore with a cumulative net profit of approximately Rs. 7.86 crore. Promoter holding has declined to 3.02 percent as of December 2025, down from approximately 35 percent in mid-2023.

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