Manoj Vaibhav Gems 'N' Jewellers Limited

Consumer Cyclical — Luxury Goods · NSE

₹226.05+₹16.63 (+7.94%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

The 60-second version of Manoj Vaibhav Gems 'N' 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 Vaibhav Gems 'N' Jewellers Limited engages in the jewelry retail business under the Vaibhav Jewellers brand in India.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees1,113

Annual revenue₹2,744 Cr

How does it make money?

Turns over ₹2,744 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 1,113 employees supports ₹2.47 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin7.0%

Net margin4.2%

Revenue / employee₹2.47 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 21.5%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 13.8% 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.

ROCE21.5%

ROE13.8%

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 +35% while net margin moved +19% 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+35%

Margin effect+19%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

• ROE of 13.8% is moderate
✗ ROE has fallen by 7.0 points over the period

Quality vs. Valuation

Company Quality

65/ 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

9.1x

3Y Median

11.8x

38 monthly readings · mean 12.4x · range 6.4x–23.1x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 23% below its 3y median of 11.8x. 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 87% below the peer median of 69.2x.

vs. its own history

Cheap

11.8x median over 38 months · -23%

vs. sector peers

Cheap

69.2x median of 4 peers · -87%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

9.1x

P/B

1.33x

EV/EBITDA

7.7x

PEG

0.53

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

High return on capital employed
ROCE of 21.5% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 9.1x the stock trades 23% below its own median of 11.8x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Return on equity is falling
ROE has dropped from 20.8% to 13.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 28.8% to 21.5% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 72% against revenue growth of 35% — stock may not be moving.

Red Flags

1 item require attention · 1 watch

🟡Inventory building faster than salesFinancial
Inventory up 72% against revenue up 35% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.5% 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 23% 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 87% 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?

Returns on shareholder capital are falling
ROE has dropped from 20.8% to 13.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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.

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

1Revenue growth stays above 8% a year✓ 10.6% CAGR
Latest reported year was 30.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 5%✓ 7.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹22 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 18%✓ 21.5%
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 · 3 neutral · 0 weak

Market Cap

₹1,104 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.1x

Cheap

Cheap against the generic band

P/B Ratio

1.33x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹24.96

Profitable

Profitable on a per-share basis

ROE

13.8%

Moderate

Moderate capital efficiency

ROCE

21.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.59x

Low

Conservative leverage

Revenue Growth (YoY)

30.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

33.6%

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

₹22 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹226.05

Operating Margin

5.9%

Average

Average margins

Net Margin

4.2%

Average

Average bottom-line conversion

Current Ratio

1.79

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.62

Defensive

Steadier than the market

52W Range Position

92%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

212.7 / 188.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

50.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,027 Cr	₹2,150 Cr	₹2,384 Cr	₹2,744 Cr	+10.6%
EBITDA	₹146 Cr	₹160 Cr	₹175 Cr	₹192 Cr	+9.6%
EBITDA Margin	7.2%	7.5%	7.4%	7.0%	—
PAT (Net Profit)	₹72 Cr	₹81 Cr	₹100 Cr	₹115 Cr	+17.1%
EPS	₹14.66	₹18.37	₹20.56	₹23.54	+17.1%
ROE	20.8%	13.1%	14.0%	13.8%	—
ROCE	28.8%	22.3%	22.0%	21.5%	—
Total Debt	₹485 Cr	₹429 Cr	₹400 Cr	₹491 Cr	+0.4%
Free Cash Flow	₹68 Cr	₹58 Cr	-₹78 Cr	₹22 Cr	-31.6%

🟢 Revenue has grown at 10.6% a year over 3 years.

🟢 EBITDA has grown at 9.6% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 7.0% over 3 years.

🟢 PAT (Net Profit) has grown at 17.1% a year over 3 years.

🟢 EPS has grown at 17.1% a year over 3 years.

🔴 ROE has fallen from 20.8% to 13.8% over 3 years (-7.0 pts).

🔴 ROCE has fallen from 28.8% to 21.5% over 3 years (-7.3 pts).

🟡 Total Debt has been broadly flat over 3 years (0.4% a year).

🔴 Free Cash Flow has shrunk at 31.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,865 Cr

Total Liabilities

₹1,032 Cr

Total Debt

₹491 Cr

Cash & Equivalents

₹109 Cr

Operating Cash Flow

₹26 Cr

Capex

-₹5 Cr

Shareholding (proxy)

Institutional Holding

1.0%

Insider Holding

77.2%

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 positive1 mixed3 general

MANOJ VAIBHAV GEM N JEW L Share Price - Live NSE: MVGJL Stock Price & Chart

Upstox, 16 Oct

Manoj Vaibhav Gems 'N' Jewellers Q1 FY27: Revenue Up 30%

Kalkine India, 12 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Here's Why Manoj Vaibhav Gems 'N' Jewellers (NSE:MVGJL) Has Caught The Eye Of Investors

Simply Wall Street, 08 Sept

Why Is Manoj Vaibhav Gems N Jewellers Share Price Falling Key Reasons 2026

Univest, 16 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Manoj Vaibhav Gems Q1 Net Profit Jumps 34% YoY to ₹27.6 Crore

Sahi, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Manoj Vaibhav Gems N Jewellers Ltd is Rated Hold

MarketsMojo, 06 Oct

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate9.6/20

🟢Financial HealthStrong16.6/20

🟢GrowthStrong16.1/20

🔴ProfitabilityWeak6/15

🟢ValuationAttractive13.2/15

🟡RiskModerate5.8/10

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.

This thesis breaks if

✓Revenue growth stays above 8% a year10.6% CAGR
✓EBITDA margin holds above 5%7.0%
✗Debt / EBITDA stays below 2x2.6x
✓Free cash flow remains positive₹22 Cr
✓ROCE stays above 18%21.5%