Manoj Vaibhav GEM N JEW L
NSE: MVGJL · Gems, Jewellery And Watches · sector
₹186.30NSE close 2026-10-26
Key numbers
Market cap₹910 cr
Price₹186.30
52w high / low₹249 / ₹129
P/E6.1xSector median 16.4x
P/B1.1xSector median 1.9x
Book value₹170.6
Dividend yield–Sector median 0.46%
ROE15.7%Sector median 14.7%
ROCE15.5%Sector median 15.0%
OPM6.7%Sector median 6.6%
Debt / equity0.55xSector median 0.26x
EV/EBITDA6.5xSector median 15.4x
Interest cover5.4x
Current ratio1.79x
Sales growth 3y–Sector median +25.6%
Profit growth 3y–Sector median +26.1%
PEG0.27x
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 82 companies in Gems, Jewellery And Watches (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹109 cr vs borrowings ₹459 cr (FY26): borrowings are higher by ₹350 cr.
- Operating profit covered interest 5.4x in the last 12 months.
- Operating cash flow was below net profit in 3 of the last 3 years (FY26, FY25, FY24).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 12% of net profit in the last 12 months.
- No dividend in the last 3 financial years.
- Price ₹186.30 on 2026-10-26: -25.3% from the 52-week high, +44.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹293.30 · low ₹140.36
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 498 | 705 | 549 | 756 | 685 | 754 | 714 |
| EBITDA | 44 | 38 | 46 | 37 | 55 | 53 | 38 | 48 |
| OPM % | 6.9% | 7.5% | 6.5% | 6.8% | 7.3% | 7.7% | 5.1% | 6.8% |
| Other income | 4 | 4 | 2 | 2 | 2 | 1 | 10 | 1 |
| Net profit | 27 | 25 | 27 | 21 | 32 | 34 | 28 | 28 |
| EPS (₹) | 5.46 | 5.17 | 5.48 | 4.22 | 6.50 | 7.06 | 5.76 | 11.28 |
| Revenue YoY | +17.7% | +37.6% | +7.0% | +30.1% | ||||
| Profit YoY | +19.0% | +36.7% | +5.3% | +33.9% |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|
| Revenue | 2,150 | 2,384 | 2,744 | 2,909 |
| EBITDA | 150 | 165 | 184 | 195 |
| Net profit | 81 | 100 | 115 | 122 |
| EPS (₹) | 18.37 | 20.56 | 23.54 | 30.60 |
| Revenue growth | +10.9% | +15.1% | +21.5% | |
| Profit growth | +24.1% | +14.5% | +22.9% | |
| Dividend / share (₹) | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +21.5% |
| Net profit | – | – | +22.9% |
| EPS | – | – | – |
| Share price | – | -5.1% (2y) | +17.7% |
Balance sheet
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shareholders' equity | 618 | 719 | 833 |
| Borrowings | 405 | 368 | 459 |
| Cash & equivalents | 176 | 30 | 109 |
| Total assets | 1,399 | 1,498 | 1,865 |
| Fixed assets | 40 | 44 | 38 |
| Capital work in progress | 1 | 0 | 1 |
| Investments | 0 | 0 | 0 |
| Receivables | 27 | 30 | 32 |
| Inventory | 1,081 | 1,317 | 1,610 |
| Payables | 100 | 141 | 168 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 60 | -67 | 26 |
| Cash from investing | -126 | 127 | 2 |
| Cash from financing | 94 | -76 | 55 |
| Capex | 2 | 12 | 4 |
| Free cash flow | 58 | -78 | 22 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| ROE % | 13.1% | 14.0% | 13.8% |
| ROCE % | 15.0% | 15.6% | 14.7% |
| Debtor days | 5 | 5 | 4 |
| Inventory days | 211 | 231 | 246 |
| Payable days | 19 | 25 | 26 |
| Cash conversion cycle (days) | 197 | 211 | 224 |
| Working capital days | 101 | 102 | 104 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.27% |
| FIIs | 0.51% |
| DIIs | 0.20% |
| Public (non-institutions) | 25.01% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.27% | 74.27% | 74.27% | 74.27% | 74.27% | 74.27% | 74.27% | 74.27% |
| Promoter group | % |
|---|---|
| Grandhi Bharata Mallika Ratna Kumari HUF | 54.35% |
| Bharata Mallika Ratna Kumari Grandhi | 10.96% |
| Manoj Kumar G. Enterprises Private Limited (Formerly Known AS Harshil Enterprises (India) Private Limited) | 8.72% |
| SAI Keerthana Grandhi | 0.08% |
| Durga Krishna SAI Sarayu Grandhi | 0.08% |
| Maruthi Venkatesh Chaluvadi | 0.04% |
| SAI Sindhuri Grandhi | 0.04% |
| Public holders above 1% | % |
|---|---|
| Collate Dealers Private | 1.65% |
| Thermo Capital Private Limited | 1.25% |
30,016 shareholders. Pledged: – of promoter shares.
Peers in Gems, Jewellery And Watches
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TITAN | ₹3,83,796 cr | 66.9x | 24.4x | 42.2% | 33.3% | 10.1% | +29.2% | 0.25% |
| KALYANKJIL | ₹52,133 cr | 36.3x | 8.3x | 25.8% | 34.4% | 6.6% | +36.4% | 0.30% |
| LALITHAA | ₹17,374 cr | – | – | – | – | – | – | – |
| PCJEWELLER | ₹16,193 cr | 16.0x | 1.7x | 10.8% | 10.3% | 24.5% | +10.7% | – |
| SKYGOLD | ₹14,535 cr | 43.3x | 12.1x | 35.6% | 26.4% | 7.2% | +76.0% | – |
| THANGAMAYL | ₹14,404 cr | 36.8x | 10.2x | 31.1% | 26.3% | 6.4% | +39.2% | 0.27% |
| BLUESTONE | ₹11,583 cr | 110.7x | 6.3x | 6.0% | 11.9% | 17.0% | – | – |
| PNGJL | ₹7,558 cr | 17.0x | 3.9x | 25.4% | 19.9% | 5.8% | – | – |
| ETHOSLTD | ₹6,486 cr | 62.2x | 4.4x | 8.4% | 12.0% | 12.8% | +26.9% | – |
| MVGJL | ₹910 cr | 6.1x | 1.1x | 15.7% | 15.5% | 6.7% | – | – |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Consumer Discretionary |
| Industry | Gems, Jewellery And Watches |
| Sub-industry | Gems, Jewellery And Watches |
| Symbol | MVGJL |
| BSE code | 543995 |
| ISIN | INE0KNT01012 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.