Manoj Vaibhav Gems N Jewellers Limited (MVGJL)
₹225.27 +7.57% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Manoj Vaibhav's revenue was ₹714 Cr (+30.0% year on year, -5.3% on the previous quarter), and net profit ₹27.6 Cr (+31.3% year on year); the operating margin was 6.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹714 | +30.0% | -5.3% |
| Operating profit | ₹44.6 | +20.7% | +17.5% |
| Net profit | ₹27.6 | +31.3% | -1.5% |
| EPS (₹) | 5.64 | +33.6% | -2.1% |
| Operating margin | 6.3% | — | — |
MVGJL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.05% of the MVGJL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.13%. That is close to its usual level. It traded 2.1 times its average daily volume. It closed at its upper price band (circuit) on 16 Oct.
Delivery in the last 5 sessions: 38.6% · 44.3% · 40.3% · 42.3% · 31.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Manoj Vaibhav Gems 'N' Jewellers Limited responded to an NSE surveillance query dated September 08, 2026, regarding significant movement in its share price. The company stated that it has disclosed all material information in accordance with Regulation 30 of SEBI LODR within stipulated timelines. Management clarified that the price movement is purely market-driven, and they have no undisclosed information or connection with the spurt.
- Response submitted to NSE letter reference NSE/CM/Surveillance/17514 dated September 08, 2026
- Company confirmed compliance with Regulation 30 of SEBI Listing Regulations
- Management clarified it has no control, undisclosed information, or connection with the price spurt
Manoj Vaibhav Gems N Jewellers Limited has issued a letter to shareholders whose email addresses are not registered, providing a web link to access the FY 2025-26 Annual Report and notice of the 37th AGM. The 37th Annual General Meeting is scheduled to take place on September 25, 2026, at 12:00 noon via video conferencing. The communication also details the procedure for physical and demat shareholders to update their email addresses and KYC records via the RTA, Bigshare Services Private Limited.
- 37th Annual General Meeting scheduled for Friday, September 25, 2026 at 12:00 noon via Video Conferencing
- Annual Report for FY 2025-26 made accessible online at company website under investor relations
- Dispatched instructions for physical/unregistered demat shareholders to update email and KYC via Form ISR-1 to ISR-3
Manoj Vaibhav Gems N Jewellers (MVGJL) has approved the re-appointment of its core leadership team for five-year terms starting in early 2027. This includes Chairperson & MD Mrs. Bharata Mallika Ratna Kumari Grandhi and two other family-member directors. Additionally, M/s Sagar & Associates were re-appointed as Statutory Auditors for a five-year period through FY31. These moves ensure continuity for the Rs 792 Cr market cap company, which currently holds a 74.3% promoter stake.
- Re-appointment of Chairperson & MD for a 5-year term effective February 12, 2027.
- Re-appointment of Whole-time and Executive Directors for 5-year terms effective March 01, 2027.
- Statutory Auditors re-appointed for 5 consecutive years from FY 2026-27 to FY 2030-31.
- All management changes are subject to shareholder approval at the upcoming Annual General Meeting.
Manoj Vaibhav Gems N Jewellers (MVGJL) reported a strong year-on-year performance for Q1 FY27, with revenue from operations rising 30% to ₹713.91 Cr compared to ₹548.94 Cr in Q1 FY26. Net profit increased 33.9% YoY to ₹27.57 Cr, supported by a ₹3.78 Cr exceptional gain from the reversal of a provision for metal-based jewellery plans. While YoY growth was robust, performance dipped slightly on a sequential basis, with revenue and PAT down 5.4% and 2.1% respectively compared to Q4 FY26. The board also ensured leadership stability by re-appointing the CMD and two Executive Directors for five-year terms starting in 2027.
- Revenue from operations increased 30% YoY to ₹713.91 Cr in Q1 FY27.
- Net profit grew 33.9% YoY to ₹27.57 Cr, representing approximately 24% of total FY26 PAT.
- Exceptional gain of ₹3.78 Cr realized through the reversal of a provision for gold-equivalent obligations.
- Finance costs rose to ₹10.72 Cr from ₹8.97 Cr YoY, indicating higher working capital utilization.
- Leadership continuity secured with 5-year re-appointments for the CMD and two Executive Directors effective early 2027.
Manoj Vaibhav Gems N Jewellers (MVGJL) reported a strong 30% YoY revenue growth to ₹713.91 Cr for Q1 FY27. Net profit rose 33.9% YoY to ₹27.57 Cr, supported by a ₹3.78 Cr exceptional gain from the reversal of provisions related to gold-purchase plans. The board ensured leadership stability by re-appointing the Chairperson and two Executive Directors for five-year terms starting in early 2027. While YoY performance is robust, the company saw a slight sequential (QoQ) revenue dip of 5.4% compared to the March 2026 quarter.
- Revenue from operations increased 30.05% YoY to ₹713.91 Cr, representing ~26% of TTM revenue.
- Net profit grew 33.9% YoY to ₹27.57 Cr, with EPS rising to ₹5.64 from ₹4.22 in the year-ago period.
- Exceptional gain of ₹3.78 Cr recognized due to the reversal of provisions for metal-based jewellery purchase plans.
- Finance costs rose 19.5% YoY to ₹10.72 Cr, reflecting higher borrowing or interest rates.
- Board approved 5-year re-appointments for CMD Mrs. Bharata Mallika Ratna Kumari Grandhi and two other Executive Directors.
Manoj Vaibhav Gems N Jewellers Limited (MVGJL) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the quarter ended June 30, 2026. This is because the entire shareholding of the company is already held in electronic (demat) form. This is a standard procedural filing required by SEBI to ensure the integrity of shareholding records.
- Compliance certificate for the 1st quarter ended June 30, 2026
- 100% of the company's shares are currently held in demat form
- Zero requests received for dematerialization or rematerialization during the quarter
- Certificate issued by Registrar Bigshare Services Private Limited on July 04, 2026
ICRA has reaffirmed the credit ratings for Manoj Vaibhav Gems N Jewellers Limited's bank loan facilities at [ICRA]A- (Stable) and [ICRA]A2+. The total rated amount stands at Rs 511.00 crore, covering working capital facilities across six major banks. This rating reflects the company's established position in the jewellery market of Andhra Pradesh and Telangana, balanced against the high working capital intensity of the sector. The 'Stable' outlook indicates an expectation of steady performance despite gold price volatility.
- Total bank loan facilities rated at Rs 511.00 crore by ICRA.
- Long-term rating reaffirmed at [ICRA]A- with a Stable outlook.
- Short-term rating reaffirmed at [ICRA]A2+.
- HDFC Bank holds the largest rated facility at Rs 150.00 crore.
- Rated amount of Rs 511 crore represents approximately 61.3% of the company's Net Worth (Rs 834 Cr).
Manoj Vaibhav Gems N Jewellers Limited (MVGJL) has announced the closure of its trading window for all designated persons and their relatives starting July 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. This follows a quarter where the company reported a net profit of ‹28.0 Cr (Mar 2026).
- Trading window closure effective from July 01, 2026, for all designated persons.
- Closure pertains to the approval of Un-audited Financial Results for the quarter ending June 30, 2026.
- The window will reopen 48 hours after the declaration of the Q1 results.
- Company maintains a TTM revenue of ‹2,744 Cr and a TTM PAT of ‹115 Cr.
Manoj Vaibhav Gems N Jewellers Limited (MVGJL) has received an order from the Central GST Commissionerate, Visakhapatnam, regarding the alleged irregular availment of Input Tax Credit (ITC) on IPO expenses. The total financial impact is ₹5.84 crore, consisting of a cumulative tax demand of ₹2.92 crore and an equivalent penalty of ₹2.92 crore for the period FY 2021-22 to 2024-25. The company intends to appeal the order before the ADC Appeals, Central Tax, Guntur, and states that there is no impact on its operational activities.
- Total monetary impact confirmed at ₹5,84,20,920, including tax and penalty.
- The dispute involves ITC of ₹2,92,10,460 accrued on IPO expenses from December 2021 to March 2025.
- The tax authority has treated the IPO expenses as an exempt supply transaction under Section 17(3) of the CGST Act.
- Specific tax demand for FY 2021-24 stands at ₹2.85 crore, with an additional ₹7.13 lakh for FY 2024-25.
- The company is preparing to file a statutory appeal against the order.
Bharata Mallika Ratna Kumari Grandhi, the promoter of Manoj Vaibhav Gems N Jewellers Limited (MVGJL), has filed a mandatory disclosure under Regulation 31(4) of SEBI Takeover Regulations. The promoter group collectively holds 3,62,80,000 equity shares, which constitutes 74.27% of the company's total share capital as of March 31, 2026. The filing confirms that no new encumbrances or pledges were created on these shares during the financial year, indicating financial stability among the promoters.
- Promoter and Promoter Group hold a total of 3,62,80,000 equity shares in MVGJL.
- The total promoter shareholding remains high at 74.27% as of March 31, 2026.
- Declaration confirms zero new encumbrances (pledges) were made during the 2025-26 financial year.
- Individual promoter Bharata Mallika Ratna Kumari Grandhi holds the largest single stake at 54.35%.
Manoj Vaibhav Gems N Jewellers Limited (MVGJL) has announced the re-appointment of M/s. P.A. Naidu & Associates as the company's Internal Auditor for the 2026-27 financial year. The decision was approved by the Board of Directors on May 22, 2026, following recommendations from the Audit Committee. The firm, led by P. Appala Naidu, brings 17 years of professional experience in auditing, taxation, and internal financial controls. This re-appointment ensures continuity in the company's internal audit processes and financial oversight.
- Re-appointment of M/s. P.A. Naidu & Associates as Internal Auditor for the financial year 2026-27.
- The lead auditor, P. Appala Naidu, is a Fellow Member of the ICAI with 17 years of professional standing.
- The Board meeting approving the appointment was conducted on May 22, 2026, between 03:17 p.m. and 03:58 p.m.
Manoj Vaibhav Gems N Jewellers Limited (MVGJL) reported a steady financial performance for the fiscal year ended March 31, 2026, with annual revenue reaching ₹2,744.03 crore, a 15% increase over the previous year. Net profit for FY26 grew by 14.5% to ₹114.98 crore, even after accounting for a one-time exceptional expense of ₹1.44 crore due to new labor code provisions. The company's Q4 performance also showed resilience with a 7% YoY revenue growth and a 5.3% increase in net profit. Inventory levels have risen to ₹1,609.87 crore, reflecting business expansion and stock requirements for its retail operations.
- Annual Revenue from operations grew 15.1% YoY to ₹2,744.03 crore in FY26.
- Full-year Net Profit increased to ₹114.98 crore from ₹100.43 crore in FY25.
- Earnings Per Share (EPS) for the full year improved to ₹23.54 from ₹20.56.
- Q4 FY26 Net Profit stood at ₹28.16 crore compared to ₹26.75 crore in Q4 FY25.
- Inventory assets increased by 22% to ₹1,609.87 crore as of March 31, 2026.
Manoj Vaibhav Gems N Jewellers Limited (MVGJL) has announced the inauguration of a new jewellery store in Chandanagar, Hyderabad, on April 20, 2026. This expansion under the 'Vaibhav Jewellers' brand signifies the company's continued focus on strengthening its presence in the Telangana market. The new outlet is strategically located in a high-growth urban area to capture local demand. Such retail expansions are key drivers for revenue growth and market share acquisition in the competitive Indian jewellery sector.
- New retail store inaugurated on April 20, 2026, in Chandanagar, Hyderabad.
- The store operates under the company's established brand name 'Vaibhav Jewellers'.
- Strategic location at ICRISAT Colony Road aimed at capturing urban consumer demand.
- Expansion aligns with the company's regional growth strategy in South India.
Manoj Vaibhav Gems 'N' Jewellers Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, covers the fourth quarter ended March 31, 2026. This filing confirms that the Registrar and Transfer Agent (RTA) has processed dematerialization requests and updated the register of members accordingly. This is a standard administrative procedure required for all listed companies in India.
- Compliance certificate submitted for the 4th quarter ended March 31, 2026.
- Certificate issued by Registrar and Transfer Agent, Bigshare Services Private Limited.
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018 regarding dematerialization of shares.
Manoj Vaibhav Gems N Jewellers Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is specifically related to the upcoming approval and declaration of the Audited Financial Results for the fourth quarter and full year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are officially released to the public.
- Trading window closure effective from April 01, 2026.
- Closure pertains to the Audited Financial Results for Q4 and full year ending March 31, 2026.
- Restriction applies to all designated persons and their immediate relatives as per SEBI regulations.
- The window will reopen 48 hours after the formal declaration of the financial results.
Financial Performance
Revenue Growth by Segment
Total revenue grew 10.9% YoY to INR 2,384.02 Cr in FY2025 from INR 2,149.67 Cr in FY2024. Gold jewellery remains the dominant segment, contributing over 90% of total revenue, while studded jewellery is targeted for expansion to improve margins.
Geographic Revenue Split
High geographic concentration with Andhra Pradesh contributing 95% of revenue in FY2025, up from 92% in FY2023. Telangana accounts for the remaining 5% of revenue.
Profitability Margins
Operating Profit Margin (OPM) has remained stable between 6-7% over the past few years. Net Profit Margin (NPM) was recorded at 3.5% in FY2023. ICRA expects OPM to stabilize at approximately 7.0% through FY2026.
EBITDA Margin
EBITDA/Operating margin is projected to remain at 7.0% YoY. Core profitability is supported by a 10.9% increase in sales, though constrained by intense competition and limited pricing flexibility.
Capital Expenditure
Planned capital expenditure of INR 14 Cr in FY2025 and INR 6-7 Cr in FY2026, primarily for the addition of 8 new stores in Tier-2 and Tier-3 cities.
Credit Rating & Borrowing
Long-term credit rating was upgraded following a successful INR 210 Cr IPO in September 2023. Average fund-based working capital utilization is high at 89-92%.
Operational Drivers
Raw Materials
Gold and Diamonds are the primary raw materials. Gold jewellery specifically accounts for more than 90% of total revenue and represents the bulk of procurement costs.
Import Sources
Sourced primarily through domestic channels and daily purchases in line with sales to manage inventory costs. Specific international import countries are not disclosed, but the company is impacted by national customs duty changes.
Key Suppliers
Not specifically named in the documents; however, the company is implementing supply chain diversification to reduce over-reliance on specific vendors.
Capacity Expansion
Current capacity consists of 21 showrooms (20 owned, 1 franchisee). Planned expansion includes 8 new stores, with 3 stores each targeted for Andhra Pradesh and Telangana in the immediate fiscal cycle.
Raw Material Costs
Raw material costs are highly sensitive to gold price volatility. The company manages this through daily gold purchases rather than formal hedging, with total purchases reaching INR 2,313.24 Cr in FY2025, up 14.7% YoY.
Manufacturing Efficiency
The company focuses on traditional craftsmanship but is monitoring technological disruptions like 3D printing that could shift industry norms.
Strategic Growth
Expected Growth Rate
7-8%
Growth Strategy
Growth will be driven by expanding the retail footprint into Tier-2 and Tier-3 cities in Andhra Pradesh and Telangana, increasing the share of high-margin studded jewellery, and leveraging digital platforms like live video shopping to capture the online market projected to reach $350 billion by 2030.
Products & Services
Gold jewellery, diamond jewellery, and studded jewellery sold through retail showrooms and digital platforms.
Brand Portfolio
Vaibhav Jewellers.
New Products/Services
Expansion of studded jewellery and digital innovations like virtual try-ons are expected to contribute to margin improvement, though specific percentage contributions are not yet disclosed.
Market Expansion
Targeting expansion in the coastal districts of Andhra Pradesh and Tier-2/3 cities in Telangana with 8 new stores planned post-IPO.
Market Share & Ranking
Holds approximately 5% of the total jewellery market in AP and Telangana combined, and 14% of the organized market in those states.
Strategic Alliances
Operates one franchisee-owned store in addition to 20 company-owned showrooms.
External Factors
Industry Trends
The industry is seeing an accelerated shift from unorganized to organized players (14% market share for MVGJL in its region) due to GST and mandatory hallmarking. The online jewellery market is expected to grow significantly by 2030.
Competitive Landscape
Intense competition from large organized retailers (e.g., Tanishq, Joyalukkas) and a significant presence of unorganized local jewellers.
Competitive Moat
Moat is built on strong brand recognition in coastal Andhra Pradesh and a long operational track record of the promoters. Sustainability depends on maintaining market share against large national retailers entering Tier-2/3 cities.
Macro Economic Sensitivity
Highly sensitive to economic downturns and inflation, which reduce consumer discretionary spending on luxury items like jewellery.
Consumer Behavior
Shift toward tech-savvy consumption, with younger buyers preferring digital interactions like live video shopping and virtual try-ons.
Geopolitical Risks
Global economic slowdowns and trade barriers affecting gold imports can disrupt the supply chain and pricing structure.
Regulatory & Governance
Industry Regulations
Subject to strict government regulations regarding gold hallmarking, banking norms for lending to the jewellery sector, and import/export restrictions.
Environmental Compliance
Increasing pressure to adopt ethical sourcing and ESG-compliant business practices to meet investor and stakeholder expectations.
Taxation Policy Impact
Impacted by GST implementation and changes in gold import duties, such as the 9% reduction in July 2024 which helped curb illicit imports.
Legal Contingencies
Not disclosed in available documents; no specific pending court case values provided.
Risk Analysis
Key Uncertainties
Volatility in gold prices and potential regulatory changes in import duties represent the primary uncertainties, with OPM dependent on these factors.
Geographic Concentration Risk
95% of revenue is derived from a single state (Andhra Pradesh), exposing the company to significant local economic or political risks.
Third Party Dependencies
Dependency on gold suppliers is managed through diversification, but the company remains vulnerable to broader supply chain disruptions.
Technology Obsolescence Risk
Risk of 3D printing disrupting traditional manufacturing; mitigated by early adoption of digital retail technologies.
Credit & Counterparty Risk
Trade receivables turnover is high at 84.84, indicating efficient collection, but liquidity is pressured by high inventory levels (41% of operating income).
