Manoj Vaibhav Gems 'N' Jewellers Limited is an India-based company engaged in the business of jewelry, operating under the brand name "Vaibhav Jewellers." It stands as a leading regional jewelry brand in South India, specifically in the markets of Andhra Pradesh and Telangana.
The company was initially incorporated as "Hotel Anant Private Limited" on March 13, 1989, in Hyderabad, Andhra Pradesh. It later converted to a Public Limited Company and changed its name to "Manoj Vaibhav Gems `N` Jewellers Limited" on May 13, 2022. The jewelry business commenced as a Proprietorship Concern in 1994 with its first showroom in Vishakapatnam, followed by the launch of the flagship V Square showroom in Visakhapatnam in 2007.
MVGJL operates a hyperlocal jewelry retail chain with a presence across Andhra Pradesh and Telangana. As of recent data, it has 16 showrooms and 2 franchisee stores spread across these states, following a hub & spoke model where small-sized showrooms operate peripherally to larger ones. The company is involved in retailing a wide range of products including gold, silver, diamond, platinum, and various studded jewelry. A new jewelry store was opened in Narsipatnam, Andhra Pradesh, on March 30, 2025, further expanding its footprint.
The company's showrooms feature an exquisite and extensive inventory of designs across gold, diamond, gems, platinum, and silver jewelry and articles.
- Gold and Diamond Category: Includes bangles, necklaces, earrings, mangal sutra, nose pins, rings, chains, lockets, vaddanam, pendants, bracelets, chockers, vanky, maang tikka, champasawaralu, and gold coins.
- Silver Category: Offers dinner sets, pooja articles, glasses and tumblers, silver coins, and silver jewelry.
Products are sold through its physical showrooms across Andhra Pradesh and Telangana, as well as via its online portal, providing accessibility to a broader customer base.
Manoj Vaibhav Gems N Jewellers Ltd demonstrates consistent financial performance. As of recent data, the company has a market capitalization of ₹1,197 Crore (as of June 4, 2025), with total revenue of ₹2,384 Crore and a net profit of ₹100 Crore. Its market cap was ₹1257.58 Crore as of June 26, 2025.
- Net Profit: ₹100.42 Crore (up 24.08% YoY from ₹80.93 Crore in FY2023-24)
- Sales/Revenue: ₹2,384.02 Crore (up 10.90% YoY from ₹2,149.67 Crore in FY2023-24)
- Annual Revenue Growth: 11%
- Pre-tax Margin: 5%
- Return on Equity (ROE): 13%
- Debt to Equity Ratio: 2% (indicating a healthy balance sheet)
- Revenue: ₹501.17 Crore (jumped 4.48% YoY)
- Net Profit: ₹25.24 Crore (jumped 33.12% YoY)
- Net Profit Margin: 5.04% (jumped 27.42% YoY)
As of June 4, 2025, the company's valuation ratios indicate potential attractiveness:
- Price-to-Book (P/B) Ratio: 1.67 times (47% discount to peers' median of 3.15 times)
- Price-to-Earnings (P/E) Ratio: 11.92 times (65% discount to peers' median of 33.64 times)
- P/E Ratio (as of current date): 12.52
The 52-week high for MVGJL stock is ₹330.90, and the 52-week low is ₹180.90.
- Promoter Holding: 74.3% (As of March 2025, promoter holding in Manoj Vaibhav Gems N Jewellers Ltd has remained stable at 74.27% compared to June 2024).
- Chairman & Managing Director: Bharata Mallika Ratna Kumari Grandhi.
Manoj Vaibhav Gems N Jewellers Ltd demonstrated resilience in FY2024-25, achieving significant year-on-year growth in turnover and profits despite challenges like rising gold prices and cautious consumer sentiment. The company's strategic focus includes:
- Geographic Expansion: Plans to expand into Tier 2 and Tier 3 cities, with approximately 10 new silver jewelry showrooms, aiming to capture market share and cater to customer preferences for more affordable options.
- Growth Target: Management remains optimistic about achieving a 10% growth rate, supported by targeted marketing and enhanced customer engagement, particularly in the silver segment.
- Dividend Policy: While the company is reporting repeated profits, it is not currently paying out dividends, indicating a strategic focus on reinvesting profits for business expansion and growth initiatives.
The increasing percentage of gold jewelry exchanges poses a risk to margins, which requires careful management to maintain profitability.
As per Value Research classification, Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) is categorized as a Small Cap company. It belongs to the Consumer Discretionary sector and specifically the Precious Metals, Jewellery & Watches sub-sector.
