Manoj Jewellers Limited

Consumer Cyclical — Luxury Goods · BSE

₹18.25+₹0.12 (+0.66%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Manoj Jewellers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Manoj Jewellers Limited engages in the retail and wholesale of various jewelleries and ornaments made of gold and diamonds studded with precious and semiprecious stones in India.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees21

Annual revenue₹114 Cr

How does it make money?

Turns over ₹114 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 21 employees supports ₹5.44 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin12.2%

Net margin7.9%

Revenue / employee₹5.44 Cr

Who are its competitors?

The closest listed comparisons in its industry are TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 27.5%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 33.8% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE27.5%

ROE33.8%

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +738% while net margin moved +73% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+738%

Margin effect+73%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

71/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

2.3x

2Y Median

11.3x

19 monthly readings · mean 11.0x · range 4.5x–19.5x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 80% below its 2y median of 11.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 97% below the peer median of 69.2x.

vs. its own history

Cheap

11.3x median over 19 months · -80%

vs. sector peers

Cheap

69.2x median of 4 peers · -97%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

2.3x

P/B

0.42x

EV/EBITDA

3.5x

PEG

0.02

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well5

Return on equity is rising
ROE has improved from 9.5% to 23.2%.
Return on capital is rising
ROCE has improved from 16.2% to 27.5%.
High return on capital employed
ROCE of 27.5% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 2.3x the stock trades 80% below its own median of 11.3x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from 14.0% to 12.2% over 3 years.
Debt is rising
Total debt is up 205% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 205% over 3 years, from ₹6 Cr to ₹17 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 27.5% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 80% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 97% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 14.0% to 12.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 77% a year✓ 103.1% CAGR
Latest reported year was 35.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 12.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹11 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 25%✓ 27.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

8 good · 2 neutral · 1 weak

Market Cap

₹33 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

2.3x

Cheap

Cheap against the generic band

P/B Ratio

0.42x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹8

Profitable

Profitable on a per-share basis

ROE

33.8%

Strong

Strong capital efficiency

ROCE

27.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.45x

Low

Conservative leverage

Revenue Growth (YoY)

35.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

12.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹13 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹18.25

ROA

17.6%

Good

Assets are working hard

Operating Margin

12.0%

Average

Average margins

Net Margin

7.9%

Average

Average bottom-line conversion

Current Ratio

4.76

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

23.5 / 26.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

19.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹14 Cr	₹43 Cr	₹60 Cr	₹114 Cr	+103.1%
EBITDA	₹2 Cr	₹6 Cr	₹8 Cr	₹14 Cr	+93.8%
EBITDA Margin	14.0%	12.8%	14.1%	12.2%	—
PAT (Net Profit)	₹1 Cr	₹3 Cr	₹5 Cr	₹9 Cr	+143.7%
EPS	₹0.53	₹2.73	₹4.08	—	—
ROE	9.5%	32.7%	32.8%	23.2%	—
ROCE	16.2%	23.7%	30.1%	27.5%	—
Total Debt	₹6 Cr	₹15 Cr	₹19 Cr	₹17 Cr	+45.0%
Free Cash Flow	₹5 Cr	-₹6 Cr	-₹5 Cr	-₹11 Cr	—

🟢 Revenue has grown at 103.1% a year over 3 years.

🟢 EBITDA has grown at 93.8% a year over 3 years.

🔴 EBITDA Margin has fallen from 14.0% to 12.2% over 3 years (-1.8 pts).

🟢 PAT (Net Profit) has grown at 143.7% a year over 3 years.

🟢 ROE has risen from 9.5% to 23.2% over 3 years (+13.7 pts).

🟢 ROCE has risen from 16.2% to 27.5% over 3 years (+11.4 pts).

🔴 Total Debt has grown at 45.0% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹5 Cr to -₹11 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹61 Cr

Total Liabilities

₹22 Cr

Total Debt

₹17 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹11 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

36.2%

Peer Comparison

Company	P/E	ROE
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

2 mixed4 general

Manoj Jewellers Rights Issue 2026 Date, Price, Allotment, Ratio

IPO Watch, 18 Aug

Manoj Jewellers Ltd Q3 Results 2026 - Find Manoj Jewellers Ltd Q3 Earnings Result | Manoj Jewellers Ltd Q3 results

Livemint, 24 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Manoj Jewellers Surges 4%; Launches Rs 1,797.13 Lakh Rights Issue

Dalal Street Investment Journal, 07 Sept

Manoj Jewellers Rights Issue: How Investors Can Buy Rights Entitlements (RE) on BSE and Apply Before the Issue Closes

Business Standard, 22 Sept

Manoj Vaibhav Gems (NSE: MVGJL): Exchange Query and Q1 Growth

Kalkine India, 06 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Manoj Vaibhav Gems 'N' Jewellers Ltd. Stock Gains 8.35%

Univest, 27 Jul

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟢Business QualityStrong13.9/20

🟢Financial HealthStrong13/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong11.8/15

🟢ValuationAttractive13.2/15

🔴RiskHigh2.5/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 77% a year103.1% CAGR
✓EBITDA margin holds above 10%12.2%
✗Free cash flow remains positive-₹11 Cr
✓Debt / EBITDA stays below 2x1.2x
✓ROCE stays above 25%27.5%