MANOJ VAIBHAV GEM N JEW L

Retails gold, silver and studded jewellery through a chain of branded showrooms concentrated in Tier 2 and Tier 3 cities of Andhra Pradesh and Telangana, with the showroom count reaching 21 at the end of FY25 after six additions during that year. The core offering is gold jewellery, while silver is being expanded via a planned rollout of ~10 standalone silver showrooms in FY26, alongside a 6,000+ sq ft premium 'Vicesha' boutique targeted at HNI buyers; studded and jewellery-exchange pieces now account for 13% of sales, up from 10% previously. Revenue scaled to ₹2,744.03 cr in FY26 from ₹2,384.02 cr in FY25, with PAT at ₹114.98 cr and EBITDA margin at 7.25%. Materials — primarily bullion — are the dominant cost at 69.7% of revenue, and working capital is funded by ₹511 cr of bank facilities spread across six lenders; inventories stood at ₹1,610 cr in FY26, up from ₹1,317 cr. Management has flagged gold price volatility as a pressure on gross margins and is positioning the silver format with stated 25–30% GP economics versus 12–13% in gold.