Manoj Vaibhav Gems N Jewellers Limited (MVGJL) share price
₹208.29 on NSE as of 2026-10-08. -1.93% on the day. market cap ₹1,017 Cr. P/E 8.3. 52-week range ₹131.97 to ₹224.38. Consumer Durables.
What the company does
N’ Jewellers Limited (MVGJL) was originally incorporated as Hotel Anant Private Limited (HAPL) in 1989. HAPL was acquired by the current management in 2003 and was renamed as Vaibhav Empire Private Limited. The company was again renamed as Manoj Vaibhav Gems ‘N’ Jewellers Private Limited in July 2016 and further converted into a public limited company in May 2022. The company is currently involved in retailing of gold/ silver/ diamond/ platinum and various studded jewellery and operates through 20 company-owned showrooms and one franchisee-operated stores spread across Andhra Pradesh and Telangana. The company sells its products under the brand , Vaibhav Jewellers.
Filed by ICRA, page 8.
Manoj Vaibhav Gems 'N' Jewellers Q1 FY27: Revenue ₹713.91 Cr, 21 Showrooms, and 246 Days of Inventory
At a glance
Manoj Vaibhav Gems 'N' Jewellers sells gold and silver jewellery through showrooms in Andhra Pradesh and Telangana.
Revenue for the three months to June 2026 was ₹713.91 crore, against ₹548.94 crore a year earlier. That is an increase of 30.1% on the same quarter last year. Profit for the quarter was ₹27.57 crore, against ₹20.59 crore a year earlier. That works out as an increase of 33.9% over the year-earlier quarter. Operating profit moved from ₹37.40 crore to ₹44.65 crore. Earnings per share, the profit attributed to each share, came to ₹5.64 against ₹4.22.
The quarter also carried an exceptional item, which reads like a piece of accounting housekeeping. During the year to March 2026 the company set aside ₹15.13 crore against possible losses on the uncovered part of its metal-based jewellery purchase plan obligations. In the June quarter it wrote back ₹3.78 crore of that provision. The company says it reassessed gold-equivalent obligations against the inventory coverage available for matured plans. The remaining ₹11.35 crore stays on the books until maturity.
The board met on 10 August 2026, commencing at 3:50 p.m. and concluding at 4:15 p.m. In those twenty-five minutes it approved the quarterly results and re-appointed the statutory auditors for five years. It re-appointed three executive directors for five years each, and appointed a scrutinizer for electronic voting. It also fixed the 37th annual general meeting for 25 September 2026. That is roughly one significant corporate approval every three and a half minutes.
ICRA, a credit-rating agency, reaffirmed its ratings on 10 July 2026 and raised the rated amount from ₹450 crore to ₹511 crore. Other income in the June quarter was ₹5.27 crore, against ₹10.46 crore in the March quarter.
Introduction
The corporate history here starts somewhere unexpected, with a company incorporated in 1989 as Hotel Anant Private Limited. ICRA, a credit-rating agency, says the current management acquired it in 2003 and renamed it Vaibhav Empire Private Limited. It became Manoj Vaibhav Gems 'N' Jewellers Private Limited in July 2016, and a public limited company in May 2022. Four names, one corporate identity number, and a business that today involves no hotels whatsoever.
Screener's About note dates the jewellery retail business to 2003. What sits on the exchanges today is a regional chain across Andhra Pradesh and Telangana, trading under the Vaibhav Jewellers brand. It is focused on affordable, daily-wear and wedding jewellery, with its positioning in Tier II and Tier III cities.
Revenue was ₹1,275.96 crore in the year to March 2020 and ₹2,744.03 crore in the year to March 2026. ICRA says that growth was primarily driven by a rise in gold prices. The agency notes that the overall volume of gold jewellery sold fell around 19% in the year to March 2026. Operating income over that same year rose about 15%.
Screener's extracted data shows 12 showrooms in the year to March 2021, and the same count a year later. The number then reached 13, then 15, then 21 across the three years to March 2025. Total showroom area went from 95,892 sq ft to 1,14,827 sq ft between March 2024 and March 2025. ICRA says the company now operates 20 company-owned showrooms and one franchisee-operated store. Eighteen of them are in Andhra Pradesh and three are in Telangana, and a newly launched showroom was inaugurated in April 2026.
Recent filings add texture to all of that. In February 2026 the board approved the third-quarter and nine-month results, and approved a property purchase. The asset is a leased warehouse of 150,000 sq ft, bought for ₹32.29 crore with a Kia partner as tenant. A jewellery retailer became, in one line item, somebody's landlord.
In June 2026 a Visakhapatnam GST order confirmed a tax demand of ₹2.92 crore and a penalty of the same amount. The company has said it will appeal against the order. At the 36th annual general meeting on 26 September 2025, Rakhal Gontla was appointed Director and Joint Managing Director. A revision to remuneration was adopted at that same meeting.
Business model
The company sells gold to people in coastal Andhra Pradesh, and it does so from 21 buildings.
The catalogue, per the company, includes earrings, chains, rings and necklaces. It also carries mangalsutras, bangles, harams and vaddanams. Pendants, bracelets and gold coins complete the list. A vaddanam is a waist belt of gold, an item with no equivalent in any spreadsheet's consumer discretionary definition. It has a great deal of equivalent in an actual family's wedding budget.
Procurement works two ways, per the DRHP, which is the offer document filed ahead of the share sale. The company buys finished jewellery outright from a list of suppliers. It also supplies bullion to job workers, who turn that metal into customised designs. The balance sheet is therefore partly a shop and partly a raw-material handler that outsources craftsmanship.
Margins vary by metal, and the company's own material puts numbers on the gap. Gross margins on gold jewellery run at 12-13%, while silver runs at 25-30%. The same material puts silver's EBITDA margins 30-40% greater than gold's; EBITDA is operating profit before interest, tax and depreciation. Silver is aimed at price-sensitive customers and at the weddings and occasion segments. The company has outlined an ultra-premium flagship gold format, Visesha, in Visakhapatnam at 6,000-plus sq ft, with a stated margin of around 18%.
The company has also outlined 10 standalone silver stores in the year to March 2026. Stated capital spending is ₹21-22 crore, including ₹15-18 crore for the silver stores themselves. The stated rate is ₹5,000-6,000 per sq ft, and it excludes inventory. Fixtures are the smaller number, and the gold that fills the display cases is not counted in it at all.
Per the company, 77% of stores sit in Tier 2 and Tier 3 cities. ICRA, a credit-rating agency, says a single state accounted for around 95% of revenue in the year to March 2026. The agency also says more than 90% of revenue comes from gold jewellery.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Manoj Vaibhav Gems N Jewellers Limited.
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