Goenka Diamond and Jewels Limited (GOENKA)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Goenka Diamond's revenue was ₹0.0 Cr (-100.0% year on year, -100.0% on the previous quarter), and net profit ₹-0.3 Cr (a bigger loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | -100.0% | -100.0% |
| Operating profit | ₹-0.1 | loss narrowed | loss narrowed |
| Net profit | ₹-0.3 | loss widened | loss narrowed |
| EPS (₹) | -0.01 | — | — |
📢 Recent Corporate Announcements
Goenka Diamond and Jewels Limited held a board meeting on August 14, 2026, to approve the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP) since December 2022, with its board of directors currently suspended. Financial performance remains severely constrained, with TTM revenue at just ₹2 Cr against a massive debt of ₹177 Cr. Operations at the primary Surat processing unit remain temporarily closed, and the company is focused on legal and financial debt resolution.
- Board meeting commenced at 02:00 P.M. and concluded at 04:00 P.M. on August 14, 2026
- Approved un-audited financial results for the quarter ended June 30, 2026
- Company carries a significant debt of ₹177 Cr against a small market capitalization of ₹28 Cr
- TTM revenue stands at a minimal ₹2 Cr with an operating profit margin of -13.6%
- Manufacturing efficiency remains at 0% due to the closure of the Surat processing unit
Goenka Diamond and Jewels Limited has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP), with its board of directors suspended since December 2022. Financial health remains critical with a debt of ‡177 Cr against a TTM revenue of only ‡2 Cr. Operations at the primary Surat processing unit remain closed, and the company currently lacks an active growth strategy.
- Board approved unaudited financial results for the quarter ended June 30, 2026, on August 14, 2026
- Company remains under Corporate Insolvency Resolution Process (CIRP) with a suspended board since December 2022
- Total debt stands at ‡177 Cr, which is approximately 6.3 times the current market capitalization of ‡28 Cr
- Manufacturing efficiency is reported at 0% as the Surat processing unit remains temporarily closed
- TTM revenue is stagnant at ‡2 Cr with a TTM net loss of ‡1 Cr
Goenka Diamond and Jewels Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is specifically for the quarter ending June 30, 2026, and applies to all designated persons and their relatives. The trading window will remain closed until 48 hours after the company's quarterly financial results are officially published. This is a standard regulatory requirement for all listed companies in India.
- Trading window closure effective from July 1, 2026
- Closure is for the financial results of the quarter ended June 30, 2026
- Window to reopen 48 hours after the publication of financial results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Navneet Goenka, on behalf of the promoter group of Goenka Diamond and Jewels Limited, has submitted an annual disclosure under SEBI (SAST) Regulations. The filing confirms that the promoters held 18,24,29,250 shares as of the reporting period. Most importantly, the declaration states that no encumbrances or pledges were created on these shares, directly or indirectly, during the financial year ended March 31, 2026. This is a routine but essential compliance filing that monitors promoter share safety.
- Promoter group confirms zero encumbrance on shares for the financial year ended March 31, 2026.
- The total shareholding disclosed by the promoter group stands at 18,24,29,250 shares.
- Compliance filing submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- The disclosure has been sent to the Audit Committee of the company as per regulatory requirements.
Goenka Diamond and Jewels Limited reported zero revenue from operations for the entire financial year ended March 31, 2026. The company posted a consolidated net loss of ₹45.31 lakhs for FY26, slightly higher than the ₹44.57 lakhs loss in the previous year. Most critically, the statutory auditors have issued a modified opinion, highlighting defaults in bank loan repayments and non-provision of interest, which significantly impacts the reliability of the financial statements.
- Reported zero revenue from operations for both the quarter and the full year ended March 31, 2026.
- Consolidated net loss for the year stood at ₹45.31 lakhs, compared to a loss of ₹44.57 lakhs in FY25.
- Auditors issued a modified opinion citing defaults in loan repayments to banks and financial institutions.
- The company failed to provide for interest on outstanding loans, which would have further increased the reported losses.
- Total expenses for the year were primarily administrative, amounting to ₹45.31 lakhs.
Goenka Diamond and Jewels Limited reported a consolidated total income of ₹1,196.40 Lakhs for the fiscal year ended March 31, 2026, down from ₹1,234.30 Lakhs in the previous year. The company remains loss-making, posting a consolidated net loss of ₹37.90 Lakhs for FY26, though this is a slight improvement from the ₹45.60 Lakhs loss in FY25. Most significantly, the statutory auditors have issued a modified opinion with qualifications on the financial statements, indicating potential issues with the reliability or completeness of the reported data.
- Consolidated total income for FY26 decreased to ₹1,196.40 Lakhs from ₹1,234.30 Lakhs in FY25.
- Consolidated net loss for the full year narrowed slightly to ₹37.90 Lakhs compared to a loss of ₹45.60 Lakhs in the previous fiscal year.
- Auditors have submitted a 'Modified Opinion' on both standalone and consolidated financial results, a major red flag for financial transparency.
- The Board Meeting lasted six hours (2:00 PM to 8:00 PM), suggesting intense deliberation over the qualified audit reports.
- Standalone total income for the quarter ended March 31, 2026, was reported at ₹290.10 Lakhs.
Goenka Diamond and Jewels Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by KFin Technologies Limited, confirms that the details regarding dematerialization and rematerialization of securities for the quarter ended March 31, 2026, have been correctly reported to the stock exchanges. This is a standard procedural filing required by all listed companies in India to maintain transparent shareholding records. The filing was signed by the Managing Director of the suspended board, reflecting the company's current administrative status.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Issued by KFin Technologies Limited, the company's Registrar and Share Transfer Agent (RTA).
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Verification of dematerialization and rematerialization of securities completed and reported to BSE and NSE.
Goenka Diamond and Jewels Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and year ending March 31, 2026. The trading window will remain closed until 48 hours after the financial results are declared and made public. This is a standard regulatory procedure to prevent insider trading during the period when sensitive financial information is being finalized.
- Trading window closure effective from April 1, 2026
- Closure pertains to financial results for the quarter and year ended March 31, 2026
- Window to reopen 48 hours after the official publication of financial results
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015
Goenka Diamond and Jewels reported a sharp increase in standalone revenue to ₹123.72 lakhs for Q3 FY26, up from ₹21.06 lakhs in the previous year's corresponding quarter. The net loss for the quarter narrowed to ₹15.37 lakhs compared to a loss of ₹46.33 lakhs YoY. Despite the operational improvement, the company remains under the Corporate Insolvency Resolution Process (CIRP), with the NCLAT recently staying an NCLT order that had rejected a resolution plan. Significant financial risks remain, including admitted lender claims of over ₹473 crore and ongoing investigations by the Enforcement Directorate and RBI.
- Quarterly revenue increased significantly to ₹123.72 lakhs from ₹21.06 lakhs in Q3 FY25.
- Standalone net loss narrowed to ₹15.37 lakhs for the quarter ended December 31, 2025.
- Secured lenders have admitted claims of ₹47,338.19 lakhs, while only ₹17,730.38 lakhs is recorded in the company's books.
- The company is under CIRP, and the NCLAT has instructed the Resolution Professional to keep the company functioning as a going concern.
- Ongoing legal issues include SARFAESI proceedings by PNB and show-cause notices from the ED and RBI regarding non-realization of export bills.
Goenka Diamond and Jewels reported a standalone net loss of ₹15.37 Lakhs for the quarter ended December 31, 2025, which narrowed from a loss of ₹46.33 Lakhs in the previous year. While revenue from operations grew to ₹123.72 Lakhs from ₹21.06 Lakhs YoY, the company remains in deep financial distress under the Corporate Insolvency Resolution Process (CIRP). Lenders have claimed ₹49,408.27 Lakhs against the company, far exceeding the ₹17,730.38 Lakhs recorded in its books. Furthermore, the company faces multiple legal challenges from the Enforcement Directorate, RBI, and Income Tax Department regarding export receivables and statutory defaults.
- Revenue from operations increased to ₹123.72 Lakhs in Q3 FY26 compared to ₹21.06 Lakhs in Q3 FY25.
- Net loss for the quarter narrowed to ₹15.37 Lakhs from ₹46.33 Lakhs in the corresponding quarter last year.
- Lenders have submitted claims of ₹49,408.27 Lakhs, of which ₹31,677.89 Lakhs remains unrecorded in the company's books.
- The company is under CIRP with its Board powers suspended; NCLAT recently stayed an NCLT order that rejected a resolution plan.
- Ongoing legal actions include SARFAESI proceedings by PNB and summons from the Enforcement Directorate regarding non-recovery of overseas receivables.
Goenka Diamond and Jewels Limited has announced the closure of its trading window for all designated persons effective January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, regarding the financial results for the quarter and nine months ended December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially declared to the exchanges. This is a standard regulatory procedure followed by listed companies before the announcement of quarterly earnings.
- Trading window closure starts from January 1, 2026
- Closure pertains to financial results for the quarter and nine months ended December 31, 2025
- Window will reopen 48 hours after the publication of financial results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
The National Company Law Appellate Tribunal (NCLAT) has ordered a status quo on the liquidation order passed by the National Company Law Tribunal (NCLT) for Goenka Diamond and Jewels Limited. This follows an appeal against the NCLT's order dated December 2, 2025, which directed liquidation. The NCLAT has granted a stay on the liquidation and has directed the Resolution Professional (RP) to take full control of the company and operate it as a going concern. The appeals are numbered 1946 of 2025 and 1949 of 2025.
- NCLAT ordered status quo on NCLT liquidation order on December 9, 2025.
- NCLT order directing liquidation was passed on December 02, 2025.
- Appeal numbers are 1946 of 2025 and 1949 of 2025.
- CoC holds 67.02% vote shares.
The National Company Law Appellate Tribunal (NCLAT) has stayed an earlier NCLT order that rejected a resolution plan and appointed a liquidator for Goenka Diamond and Jewels. The appeal was brought by the Committee of Creditors (CoC), which holds a 67.02% voting share, and the Successful Resolution Applicant. The court has directed the Resolution Professional to maintain the company as a going concern. The next hearing is scheduled for January 8, 2026, to decide the final course of the insolvency process.
- NCLAT stayed the Dec 2, 2025 order that rejected the resolution plan and appointed a liquidator.
- The Committee of Creditors (CoC) supporting the appeal holds a significant 67.02% vote share.
- The Resolution Professional (RP) is mandated to keep the company as a going concern during the stay.
- The next hearing for admission or disposal of the appeal is scheduled for January 8, 2026.
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.
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.
