BSE: 512026
VEGA JEWELLERS LIMITED
Sells jewellery through a growing retail network, with FY26 marking the first full year as a jewellery business after the company was restructured from its earlier identity as PH Trading Limited. The consolidated business recorded revenue of Rs 981.89 crore in FY26, with retail store expansion as a key operational lever — a sixth retail outlet was opened in Guntur, Andhra Pradesh, and the company purchased 3,300 square yards of land in Vijayawada for Rs 28 crore to support future growth. The disclosed cost shape shows employees at 2.6% of revenue, other operating expenses at 3.2%, depreciation at 0.7% and capital expenditure of Rs 22.98 crore (2.3% of revenue). Inventory management is central to the business: standalone inventory rose by Rs 28,842 lakhs in FY26, pushing standalone operating cash flow to negative Rs 12,847.52 lakhs, reflecting the stock-heavy nature of jewellery trading. The company raised Rs 9.87 crore via a preferential warrant conversion to promoters in January 2026 and followed with a 4:1 bonus issue of about 4.07 crore shares in April 2026, while dormant subsidiary Vega Jewellers DSNR LLP is being struck off as it had not commenced any business. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Jewellery trading and retail. Retail jewellery trading with an asset-heavy, inventory-led working capital cycle.
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY26 |
|---|---|---|---|---|
| Revenue | 33 | 56 | 6 | 982 |
| EBITDA (ex other income) | 1 | (6) | (0) | 87 |
| margin % | 1.7 | (11.3) | (1.4) | 8.9 |
| Owners' profit | 0 | 0 | 0 | 40 |
| EPS, as reported (₹) | (5.52) | (143.87) | (12.24) | 39.55 |
| ROE % · ROCE % | — · — | — · — | (23.9) · (1.2) | 22.0 · 30.0 |
| Debt / equity (x) | — | — | 0.00 | 1.35 |
| Cash from operations | — | — | (0) | (350) |
| Capex | — | — | 0 | (23) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 3 | 2 | 0 | 150 | 263 | 258 | 307 |
| Profit before tax | (0) | (0) | (0) | (0) | 6 | 15 | 21 | 23 |
| Net profit | (0) | (0) | (0) | (0) | 4 | 11 | 15 | 17 |
| EPS (₹) | (6.13) | (4.88) | (1.24) | (4.50) | 4.34 | 8.87 | 12.66 | 15.37 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,129 | 17.7 | 2.89 | 14.0 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,205 | 18.4 | 3.87 | 17.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,746 | 20.3 | 5.25 | 14.1 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,578 | 24.2 | 4.07 | 18.2 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,178 | — | 13.10 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 755 | 8.3 | 0.59 | 190.1 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 755 | 66.4 | 6.25 | 48.0 | 6.0 | 6.9 | — | 4.9 |
| THE STATE TRADING CORPN | 614 | 0.9 | — | 51.2 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.5 | 16.1 | 9 of 130 | 94% |
| P/B | 1.5 | 1.0 | 93 of 150 | 38% |
| ROCE | 23.7 | 2.1 | 9 of 177 | 96% |
| ROE | 22.0 | 2.3 | 9 of 158 | 95% |
| Debt / Equity | 1.4 | 0.1 | 134 of 154 | 13% |
| EBITDA margin | 9.9 | 4.5 | 42 of 137 | 70% |
| Revenue growth | 168692.0 | (8.6) | 1 of 135 | 100% |
| Profit growth | 7755.0 | 0.6 | 1 of 157 | 100% |
| Market cap | 315 | 22 | 16 of 180 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Compliance certificate for Q2 FY26 - no shares dematerialised | compliance | minimal | — | — |
| 29 Sept 2026 · Shareholders approve MOA changes aligning with jewellery business | general | medium | — | — |
| 29 Sept 2026 · Vega Jewellers 44th AGM: All 8 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 44th AGM held on 29 Sep 2026; voting results awaited | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Half Year Results | compliance | minimal | — | — |
| 7 Sept 2026 · Vega Jewellers 44th AGM notice published in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Vega Jewellers 44th Annual Report and AGM Notice for FY 2025-26 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Vega Jewellers 44th AGM notice on Sep 29 2026 with key resolutions | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Board adopts new MOA to align with jewellery business | general | medium | — | — |
| 5 Sept 2026 · Vega Jewellers Forfeits 20000 Warrants Over Unpaid Balance | fund raising | medium | — | — |
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.