Profit Surge Masks Sharp Margin Drop for Zodiac-JRD-MKJ
The jeweller's quarterly profit jumped 163% from last year, but a sequential revenue spike could not prevent a steep fall in net profit margin.
Zodiac-JRD-MKJ reported a massive year-on-year profit increase of 162.9% for Q1 FY27, though net profit margin fell sharply from the previous quarter.
Zodiac-JRD-MKJ delivered a quarter of stark contrasts. While profit soared compared to a weak base last year, a sharp sequential decline in net profit margin highlights ongoing volatility in the jeweller's earnings.
The company's revenue for the quarter ended June 2026 came in at ₹12.95 crore, a modest 1.3% increase from the same period last year. However, profit after tax jumped an impressive 162.9% year-on-year to ₹0.92 crore. This dramatic profit growth was driven by a significant expansion in net profit margin, which rose 440 basis points to 7.1% compared to Q1 FY26. The picture looks different sequentially. Revenue surged 62.5% from the March 2026 quarter, but profit fell 67.0%. This indicates that the revenue growth was not enough to offset a substantial compression in profitability from the previous quarter's exceptionally high net profit margin of 35.1%.
A look at the last five quarters shows the erratic nature of the company's performance.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ1 FY27 | PreviousQ4 FY26 | Same quarter LYQ1 FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | 12.95YoY +1.3% | 7.97 | 12.78 |
| Profit (₹ Cr) | 0.92YoY +163% | 2.79 | 0.35 |
| Net Profit Margin (%) | 7.1YoY +163% | 35.1 | 2.7 |
The trailing twelve-month (TTM) figures provide a steadier view, with a net profit margin of 9.8% on revenue of ₹45.43 crore and profit of ₹4.44 crore. Meanwhile, the stock has faced headwinds, declining 20.9% over the past year and trading at a significant discount to its industry peers with a P/E of 8.2.
The key challenge for Zodiac-JRD-MKJ will be to translate its top-line recovery into more consistent and sustainable profitability in the coming quarters.
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· ZODJRDMKJ
(BSE)
ISIN: INE077B01018
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