1. At a Glance

Zodiac-JRD MKJ Ltd is a jewelry stock trying really hard to shine — but let’s just say, it’s more “zirconia” than “zodiac.” With P/E of 104, ROE of 0.64%, and quarterly profits that play hide and seek, this gem might belong more in a kids’ toy ring than your portfolio.

2. Introduction with Hook

Imagine buying a diamond ring that turns out to be candy inside — sweet, shiny, but no real value. That’s what Zodiac-JRD MKJ feels like.

• P/E: 104x — yes, you read that right, not 10.4… 104
• Net profit in Q1FY26: ₹0.11 Cr — that’s not a typo, that’s the entire bottom line

This company has all the sparkle, none of the sizzle. Let’s crack it open.

3. Business Model (WTF Do They Even Do?)

Zodiac-JRD MKJ Ltd claims to be in the jewelry and diamond trading business — basically, they’re flipping rocks for cash.

Their bling buffet includes:

• Cut & polished diamonds
• Rough diamonds
• Gold & silver jewelry
• Semi-precious stones

In reality, it’s more of a glorified trading desk with operating margins thinner than a wire necklace.

4. Financials Overview

Let’s get our diamond-studded calculators out.

Commentary:
Margins are tighter than Mumbai parking spots, and profits are like surprise birthday parties — rare and confusing. Their growth is technically positive (TTM profit up 127%) but only because FY24 had negative profits.

5. Valuation

Current P/E: 105x
Book Value: ₹61.8 | CMP: ₹56.3 → P/B: 0.91x

Let’s try to value this sparkle wagon:

• Method 1: Peer Median P/E (~31x)
  Fair EPS = ₹0.53 → FV = ₹16.5
• Method 2: P/BV approach (P/B 1.2x max for low-ROE cos)
  BV = ₹61.8 → FV = ₹74

Fair Value Range: ₹16 – ₹74
(Yes, that’s a big range. Because the story’s shaky, and the math’s moody.)

If you think paying 105x earnings is cool, you also probably overpay for popcorn at PVR.

6. What’s Cooking – News, Triggers, Drama

Grab popcorn. Recent drama includes:

• Appointed Marc Weinmann as director. New face, same script?
• Subsidiary VEM Plastics acquired VEM Tooling’s profitable auto components biz. (Let’s hope some of that profit shows up here)
• Changed RTA to Purva Sharegistry. New handler, same stock.

More plot twists than a daily soap, but none of them are turning into EPS multipliers yet.

7. Balance Sheet

Commentary:
Debt’s tiny — so no Titanic here — but fixed assets are microscopic. This is a pure trading play, not a manufacturer. Balance sheet’s clean, but dusty.

8. Cash Flow – Sab Number Game Hai

Cash flow looks like your freelancer friend — always busy, never paid. Operating cash was negative for 2 out of 3 years. That’s not a cycle, that’s a pattern.

9. Ratios – Sexy or Stressy?

Verdict:
ROCE is colder than your ex’s responses. P/E is hotter than a dosa tawa. Not exactly investment gold.

10. P&L Breakdown – Show Me the Money

Analysis:
FY24 was a disaster. FY25 bounced — but bounced like a flat tyre. Revenue doubled, profits barely crawled back to green.

11. Peer Comparison

Looks like the least drunk guest at a wedding full of finance bros. The only thing Zodiac leads in is… P/E without justification.

12. Miscellaneous – Shareholding, Promoters

• Promoters have increased stake recently (+6% QoQ) — maybe they saw something shiny?
• Number of shareholders jumped to 4,655 — maybe retail investors mistook it for Titan’s cousin?

13. EduInvesting Verdict™

Zodiac-JRD MKJ is like that decorative ring you wear once and forget — sparkly, maybe, but not built to last. There’s promise in the auto biz acquisition, but the core jewelry numbers are more romantic comedy than blockbuster.

A decent pit stop. But don’t expect business class legroom.

Metadata:
Written by EduInvesting Team | 23 July 2025
Tags: Zodiac-JRD MKJ, Jewelry Stocks, Analysis, EduInvesting Premium