Manoj Vaibhav Gems 'N' Jewellers Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Gold Ornaments: 78.3% • Gold (Exchange Gold): 13.2% • Silver Articles: 3.4%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has delivered good profit growth of 40.9% CAGR over last 5 years
- Latest quarter profit grew 33.9% YoY, showing strong momentum
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.5
- Stock looks reasonably valued - P/E of 7.9 is below its historical median
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.06x)
- Equity base is being diluted - shares outstanding up 25.0%
- Growth is decelerating - 3Y profit CAGR (17.1%) trails the 5Y trend (40.9%)
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 3057.10 | 55.59 | 413846.54 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| AEGISLOG | 1353.10 | 37.96 | 47493.81 | 0.64 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3830.15 | 94.94 | 45310.84 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| PREMIERENE | 974.55 | 26.57 | 44239.84 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| REDINGTON | 393.65 | 18.09 | 30774.55 | 1.52 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.95 | 61.70 | 15354.11 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 20.87 | 14.58 |
| LLOYDSENT | 69.79 | 94.88 | 10653.81 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 751.25 | 76.16 | 9468.39 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 61.96 | 20.78 | 9294.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1819.35 | 63.14 | 7918.37 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| EBGNG | 683.00 | 54.67 | 7786.99 | 0.00 | 28.93 | 56.21 | 412.46 | 32.08 | 20.58 | 11.97 |
| MVGJL | 196.35 | 83.57 | 959.12 | 0.00 | 275.70 | 1239.00 | 7139.10 | 1200.52 | 16.28 | 6.25 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 509 | 619 | 475 | 546 | 539 | 642 | 498 | 705 | 549 | 756 | 685 | 754 | 714 | |
| 472 | 577 | 441 | 510 | 502 | 598 | 460 | 659 | 512 | 700 | 630 | 716 | 682 | |
| Operating Profit | 37 | 42 | 34 | 37 | 37 | 44 | 38 | 46 | 37 | 55 | 54 | 38 | 32 |
| OPM % | 7.34% | 6.80% | 7.17% | 6.72% | 6.87% | 6.91% | 7.54% | 6.47% | 6.81% | 7.33% | 7.93% | 5.05% | 4.41% |
| 1 | 1 | 5 | 5 | 4 | 4 | 4 | 2 | 2 | 2 | 0 | 10 | -2 | |
| Interest | 11 | 11 | 11 | 11 | 10 | 10 | 10 | 10 | 9 | 9 | 8 | 9 | 11 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 |
| Profit before Tax | 26 | 30 | 25 | 28 | 29 | 36 | 29 | 36 | 28 | 45 | 44 | 37 | 37 |
| Tax % | 25.57% | 25.58% | 24.17% | 26.67% | 24.96% | 25.32% | 12.27% | 26.06% | 25.51% | 29.74% | 20.98% | 24.83% | 25.02% |
| Net Profit | 19 | 22 | 19 | 21 | 22 | 27 | 25 | 27 | 21 | 32 | 34 | 28 | 28 |
| 4.92 | 5.66 | 3.88 | 4.21 | 4.46 | 5.46 | 5.17 | 5.48 | 4.22 | 6.50 | 7.06 | 5.76 | 5.64 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,044 | 1,320 | 1,247 | 1,279 | 1,434 | 1,694 | 2,027 | 2,150 | 2,384 | 2,744 | 2,909 | |
| 990 | 1,256 | 1,164 | 1,199 | 1,352 | 1,586 | 1,880 | 1,995 | 2,215 | 2,555 | 2,730 | |
| Operating Profit | 53 | 64 | 84 | 80 | 81 | 108 | 147 | 155 | 169 | 189 | 179 |
| OPM % | 5.11% | 4.87% | 6.71% | 6.26% | 5.66% | 6.38% | 7.25% | 7.19% | 7.09% | 6.90% | 6.17% |
| 4 | 5 | 6 | 5 | -2 | 4 | 4 | 11 | 13 | 14 | 10 | |
| Interest | 30 | 35 | 35 | 41 | 43 | 45 | 47 | 49 | 45 | 40 | 37 |
| Depreciation | 5 | 7 | 7 | 7 | 9 | 9 | 9 | 8 | 8 | 10 | 10 |
| Profit before Tax | 22 | 28 | 48 | 37 | 28 | 58 | 96 | 109 | 130 | 154 | 163 |
| Tax % | 38.88% | 36.03% | 35.90% | 26.55% | 25.48% | 25.22% | 25.29% | 25.53% | 22.55% | 25.30% | 25.20% |
| Net Profit | 14 | 18 | 31 | 27 | 21 | 44 | 72 | 81 | 100 | 115 | 122 |
| EPS | 13.98 | 22.30 | 30.37 | 27.50 | 5.31 | 11.18 | 18.32 | 16.57 | 20.56 | 23.54 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 14%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 25%
- 5 Years:
- 41%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 1%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 17%
- 3 Years:
- 16%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 39 | 49 | 49 | 49 |
| 125 | 143 | 174 | 201 | 219 | 263 | 305 | 569 | 670 | 785 | |
| 309 | 384 | 413 | 420 | 486 | 500 | 482 | 403 | 374 | 481 | |
| Trade Payables | 49 | 48 | 57 | 101 | 59 | 89 | 38 | 100 | 141 | 168 |
| 24 | 25 | 30 | 43 | 28 | 36 | 210 | 275 | 264 | 377 | |
| Total Liabilities | 516 | 611 | 684 | 775 | 802 | 897 | 1,075 | 1,396 | 1,497 | 1,859 |
| 44 | 48 | 60 | 54 | 73 | 68 | 63 | 58 | 69 | 63 | |
| Capital Work in Progress | 4 | 12 | 13 | 17 | 7 | 3 | 1 | 1 | 0 | 1 |
| 21 | 9 | 9 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 397 | 486 | 515 | 633 | 641 | 767 | 934 | 1,081 | 1,317 | 1,610 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27 | 30 | 32 | |
| Cash & Bank | 36 | 40 | 41 | 24 | 25 | 9 | 17 | 176 | 30 | 109 |
| 14 | 16 | 45 | 26 | 57 | 50 | 60 | 54 | 52 | 44 | |
| Total Assets | 516 | 611 | 684 | 775 | 802 | 897 | 1,075 | 1,396 | 1,497 | 1,859 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12 | -22 | 33 | 45 | 10 | 24 | 95 | 60 | -67 | 28 | |
| Cash from Investing | -32 | 3 | -8 | -6 | 11 | 1 | -4 | -126 | 127 | 2 |
| Cash from Financing | 31 | 44 | 1 | -31 | 4 | -26 | -59 | 94 | -76 | 55 |
| 1 | 11 | 11 | -9 | 4 | -15 | 7 | 28 | -16 | 83 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Significant movement in price has been observed in Manoj Vaibhav Gems N Jewellers Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Manoj Vaibhav Gems N Jewellers Limited has submitted their response.
2026-09-08 - Significant movement in price has been observed in Manoj Vaibhav Gems N Jewellers Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-09-02 - Manoj Vaibhav Gems N Jewellers Limited has informed the Intimation of dispatch of letter containing web link of Annual Report to shareholders whose email address is not registered.
2026-09-02 - Manoj Vaibhav Gems N Jewellers Limited has informed the Exchange about Copy of Post AGM Notice Newspaper Publication
2026-08-31 - Manoj Vaibhav Gems N Jewellers Limited has informed the Exchange about Copy of Pre AGM Notice Newspaper Publication
2026-08-10 - Manoj Vaibhav Gems N Jewellers Limited has informed the Exchange about change in Management
2026-08-10 - Manoj Vaibhav Gems N Jewellers Limited has informed the Exchange regarding Outcome of Board Meeting held on August 10, 2026.
2026-08-10 - Outcome of Board Meeting
2026-07-13 - Manoj Vaibhav Gems N Jewellers Limited has informed the Exchange about Certificate under regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for MVGJL
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