Manoj Vaibhav Gems N Jewellers Limited has informed the Exchange about Credit Rating
MVGJL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.2 pts more than Nifty Microcap 250 and 1.2 pts more than its Gems Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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ICRA has upgraded Manoj Vaibhav Gems N Jewellers Limited's credit ratings across all bank facilities. The long-term rating for working capital facilities (Rs. 361 crore) and term loans (Rs. 34.40 crore) moved up from BBB+ (Stable) to A- (Stable). The short-term rating for non-fund based facilities (Rs. 17 crore) improved from A2 to A2+, and unallocated limits (Rs. 54.60 crore) were similarly upgraded. The upgrade is driven by strong turnover growth in FY2025 (Rs. 2,384 crore vs Rs. 2,150 crore in FY2024), improving profits and cash accruals, and a stronger capital structure post-IPO. The company operates 20 owned showrooms and 1 franchisee store across Andhra Pradesh and Telangana under the 'Vaibhav Jewellers' brand.
Positive for shareholders — the rating upgrade reflects improved financial health, lower borrowing costs going forward, and validates the company's growth trajectory. However, risks remain from high geographical concentration (95% revenue from Andhra Pradesh), gold price exposure without formal hedging, and stretched working capital limits (89% utilization).