NSE: MVGJL · BSE: 543995
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold jewellery, Silver jewellery, Studded jewellery and exchange, Premium HNI boutique format. Inventory-heavy, working-capital-intensive jewellery retail; sensitive to gold price volatility
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,150 | 2,384 | 2,744 |
| EBITDA (ex other income) | 150 | 165 | 184 |
| margin % | 7.0 | 6.9 | 6.7 |
| Owners' profit | 81 | 100 | 115 |
| EPS, as reported (₹) | 18.37 | 20.56 | 23.54 |
| ROE % · ROCE % | 13.1 · 22.5 | 14.0 · 22.2 | 13.8 · 21.6 |
| Debt / equity (x) | 0.65 | 0.51 | 0.55 |
| Cash from operations | 60 | (67) | 26 |
| Capex | (2) | (12) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 498 | 705 | 549 | 756 | 685 | 754 | 714 |
| Profit before tax | 36 | 29 | 36 | 28 | 45 | 44 | 37 | 37 |
| Net profit | 27 | 25 | 27 | 21 | 32 | 35 | 28 | 28 |
| EPS (₹) | 5.46 | 5.17 | 5.48 | 4.22 | 6.50 | 7.06 | 5.76 | 11.28 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 22.3 | 1 of 29 | 100% |
| P/B | 1.1 | 2.7 | 6 of 28 | 82% |
| ROCE | 17.6 | 16.7 | 13 of 28 | 56% |
| ROE | 13.8 | 14.6 | 15 of 28 | 48% |
| Debt / Equity | 0.6 | 0.3 | 20 of 28 | 30% |
| EBITDA margin | 7.0 | 10.7 | 22 of 30 | 28% |
| Revenue growth | 30.1 | 45.7 | 19 of 25 | 25% |
| Profit growth | 33.9 | 49.8 | 16 of 25 | 38% |
| Market cap | 928 | 2897 | 22 of 30 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · RTA confirms non-applicability of Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closes Oct 1 ahead of Q2 and H1 results | compliance | minimal | — | — |
| 26 Sept 2026 · AGM voting results: All 6 resolutions passed with over 99.97% support | compliance | minimal | — | — |
| 25 Sept 2026 · AGM proceedings filed; 6 resolutions including director re-appointments put to vote | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Company responds to BSE price movement query | regulatory legal | medium | — | — |
| 8 Sept 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
| 2 Sept 2026 · Web link of FY26 Annual Report sent to shareholders without email | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 37th AGM and Annual Report published in newspapers | compliance | minimal | — | — |
| 1 Sept 2026 · Vaibhav Jewellers files FY26 Annual Report, 37th AGM on Sept 25 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · 37th AGM notice and FY26 annual report filed; meeting on September 25, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.