MVGJL
Manoj Vaibhav Gems N Jewellers financials
- Market cap
- ₹964 Cr
- Sector
- Consumer Durables
- Calls analysed
- 1
Manoj Vaibhav Q4 FY25
What went well
- Q4 FY25 YoY turnover increased by 29.0% to INR705.10 crores, driven by auspicious days and new store contributions.
- Q4 FY25 YoY PAT increased by 30.1% to INR26.75 crores, demonstrating strong profitability.
- Full year FY25 PAT registered a 24.1% increase, reflecting consistent performance.
What to watch
- Gross margins dipped in Q4 FY25 due to high gold prices necessitating increased discounts and schemes to maintain walk-ins and sales.
- Same store sales growth (SSG) for mature pre-IPO stores (excluding the newest FY25 additions) was modest at 2% year-on-year.
What Manoj Vaibhav Gems N Jewellers Limited does
Manoj Vaibhav Gems 'N' Jewellers operates as an organised, hyperlocal jewellery retail chain concentrated in Andhra Pradesh and Telangana, with deep penetration into Tier II and Tier III towns. It designs, sources and sells gold, silver and diamond jewellery across categories such as daily wear, precious and antique gold, casting jewellery and gold-diamond combinations, earning through showroom sales backed by an in-house supply chain covering gold sourcing, job-work manufacturing, quality control and stock transfer to stores. The company also runs an old-gold exchange programme and an e-commerce platform alongside its physical showrooms.
Segments
- Gold jewellery
- Silver jewellery
- Diamond jewellery
- Showrooms
- 21 (including 1 franchise showroom), across Andhra Pradesh and Telangana
- Towns and cities covered
- 19
- Total showroom area
- 1,14,827 sq. ft. (as of Mar 31, 2025)
- Employees
- 1,100+
- Customers served
- 3 million+ (2 million+ loyal customers)
- Tier II/III showroom share
- up to 77% of showrooms
Guidance record · Q4 FY25
what the last two calls moved 9 tracked 0 delivered 0 missed 9 open- New Silver Jewelry Showrooms open said Q4 FY25 Promised: close to 10 showrooms in that 5 to 6, we have finalized on the locations Q4 FY25: Target set for FY26; 5-6 locations finalized.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 30.1%, net profit up 33.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 498 | 705 | 549 | 756 +18% | 685 +38% | 754 +7% | 714 +30% |
| EBITDA | 44 | 38 | 46 | 37 | 55 +25% | 54 +42% | 38 −17% | 45 +22% |
| Net profit | 27 | 25 | 27 | 21 | 32 +19% | 34 +36% | 28 +4% | 28 +33% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +0.5% 1Y
1Y: ₹196.35 on 10 Sept 2025 → ₹197.37. High ₹215.88 (7 Sept 2026), low ₹131.97 (30 Mar 2026).
Financials, as filed
Revenue grew 13.0% a year over 2 years, FY24 to FY26. Operating margin held at 6.7%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹2.1k Cr | ₹2.4k Cr | ₹2.7k Cr |
| Operating profit | ₹150 Cr | ₹165 Cr | ₹184 Cr |
| Operating margin | 7.0% | 6.9% | 6.7% |
| Interest | ₹44 Cr | ₹40 Cr | ₹35 Cr |
| Depreciation | ₹8 Cr | ₹8 Cr | ₹9 Cr |
| Net profit | ₹81 Cr | ₹101 Cr | ₹115 Cr |
| Net margin | 3.8% | 4.2% | 4.2% |
| Cash from operations | ₹60 Cr | ₹-67 Cr | ₹26 Cr |
| Free cash flow | ₹58 Cr | ₹-78 Cr | ₹22 Cr |
| ROCE | 16.0% | 16.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹39 Cr | ₹49 Cr | ₹49 Cr | ₹49 Cr |
| Reserves | ₹219 Cr | ₹263 Cr | ₹305 Cr | ₹569 Cr | ₹722 Cr | ₹785 Cr |
| Borrowings | ₹489 Cr | ₹503 Cr | ₹485 Cr | ₹429 Cr | ₹410 Cr | ₹491 Cr |
| Other liabilities | ₹85 Cr | ₹124 Cr | ₹248 Cr | ₹352 Cr | ₹426 Cr | ₹540 Cr |
| Total liabilities | ₹803 Cr | ₹900 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.9k Cr |
| Fixed assets | ₹93 Cr | ₹87 Cr | ₹83 Cr | ₹78 Cr | ₹92 Cr | ₹82 Cr |
| Capital work in progress | ₹7 Cr | ₹3 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹704 Cr | ₹809 Cr | ₹994 Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.8k Cr |
| Total assets | ₹803 Cr | ₹900 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.20 pp while FIIs trimmed −0.13 pp. The shareholder count shrank 9% to 28,221.
- Promoters
- 74.3%
- FIIs
- 0.6%
- DIIs
- 1.0%
- Public
- 24.1%
Since Jun 2025
- Public +0.20 pp
- FIIs −0.13 pp
- DIIs −0.09 pp
How it drifted, 12 quarters
Over this window the public went from 14.4% to 24.1% — +9.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.3%, FIIs 8.8%, DIIs 2.6%, Public 14.4%.Dec '23: Promoters 74.3%, FIIs 8.6%, DIIs 1.7%, Public 15.4%.Mar '24: Promoters 74.3%, FIIs 8.0%, DIIs 1.2%, Public 16.5%.Jun '24: Promoters 74.3%, FIIs 8.0%, DIIs 1.2%, Public 16.5%.Sep '24: Promoters 74.3%, FIIs 2.9%, DIIs 1.2%, Public 21.7%.Dec '24: Promoters 74.3%, FIIs 1.8%, DIIs 1.2%, Public 22.8%.Mar '25: Promoters 74.3%, FIIs 0.7%, DIIs 1.1%, Public 23.9%.Jun '25: Promoters 74.3%, FIIs 0.8%, DIIs 1.1%, Public 23.9%.Sep '25: Promoters 74.3%, FIIs 0.6%, DIIs 1.1%, Public 24.0%.Dec '25: Promoters 74.3%, FIIs 0.6%, DIIs 1.1%, Public 24.0%.Mar '26: Promoters 74.3%, FIIs 0.6%, DIIs 1.1%, Public 24.0%.Jun '26: Promoters 74.3%, FIIs 0.6%, DIIs 1.0%, Public 24.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Grandhi Bharata Mallika Ratna Kumari Huf newly disclosed 54.35% held
- Thermo Capital Private Limited +0.16 pp 1.29% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Manoj Vaibhav Gems N Jewellers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Grandhi Bharata Mallika Ratna Kumari Huf | 54.35% | newly disclosed |
| Bharata Mallika Ratna Kumari Grandhi | 10.96% | unchanged |
| Manoj Kumar G. Enterprises Private Limited (Formerly Known As Harshil Enterprises (India) Private Limited) | 8.72% | unchanged |
| Collate Dealers Private | 1.65% | unchanged |
| Thermo Capital Private Limited | 1.29% | +0.16 pp |
| Quantum-State Investment Fund Lvf AIF | 1.02% | −0.09 pp |
| Durga Krishna Sai Sarayu Grandhi | 0.08% | unchanged |
| Sai Keerthana Grandhi | 0.08% | unchanged |
| Maruthi Venkatesh Chaluvadi | 0.04% | unchanged |
| Sai Sindhuri Grandhi | 0.04% | unchanged |
| Grandhi Bharata Mallika Ratna Kumari Huf(Bharata Mallika Ratna Kumari Grandhi) | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹197, this stock must grow earnings at -3% every year for 7 years. Our analysis caps realistic growth at ~12%. At that growth it is worth ₹440 — upside of 123%.
- Growth the price implies
- -3.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 14.9% a year
- net profit, FY24–FY26 · EPS 11.7%
- The gap
- -0.1 pp
- 123% downside if it only repeats history
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