Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) AI Stock Analysis

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Manoj Vaibhav Gems 'N' Jewellers Limited

(NSE:MVGJL)

Select Model

Rating:67Neutral

Price Target:INR 193.00▲(5.32% Upside)

Action:reiterated

Date:10/22/26

The score is held back primarily by weak cash generation (negative operating and free cash flow in FY2025–FY2026), despite solid revenue growth and improved profitability/leverage. Technically, the uptrend (price above major moving averages with positive MACD) supports sentiment, and the low P/E adds valuation support.

Positive Factors

Revenue GrowthSustained revenue expansion indicates solid customer demand and growing business scale rather than reliance on a single short-term event. Continued top-line growth can support operating leverage, strengthen the showroom network, and provide a durable base for future earnings development.

Negative Factors

Weak Cash GenerationPersistent negative operating and free cash flow despite continued profitability indicates that earnings are not converting efficiently into liquidity. If this continues, the company may have less capacity to fund inventory and expansion internally, increasing dependence on external funding.

Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 9.06B
Dividend Yield: ―
Average Volume (3M): 37.08K
Price to Earnings (P/E): 7.4
Beta (1Y): 1.44
Revenue Growth: 21.52%
EPS Growth: 20.15%
Country: India
Employees: 1,113
Sector: General
Sector Strength: 55
Industry: Specialty Retail

Manoj Vaibhav Gems 'N' Jewellers Limited Business Overview & Revenue Model

Company Description

Manoj Vaibhav Gems 'N' Jewellers Limited functions as a jewelry retailer primarily operating within India. The company offers an extensive range of gold and diamond ornaments, featuring a mix of traditional designs such as bangles, harams, mangalsutr...

How the Company Makes Money

MVGJL makes money primarily by retailing jewellery and related products to consumers. Its key revenue stream is sales of jewellery (notably gold and diamond jewellery) through its network of retail outlets, where revenue is generally driven by (a) th...

Manoj Vaibhav Gems 'N' Jewellers Limited Financial Statement Overview

Summary

Income statement strength (score 72) shows solid revenue growth and improved net margins versus earlier years, and the balance sheet (score 64) shows healthier leverage. However, cash flow is a major drag (score 34): operating cash flow and free cash flow were negative in FY2025–FY2026, indicating working-capital strain and reduced financial flexibility.

Income Statement

72Positive

Balance Sheet

64Positive

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	29.09B	27.44B	23.84B	21.50B	20.27B	16.94B
Gross Profit	3.21B	2.92B	2.49B	2.79B	2.65B	2.08B
EBITDA	2.09B	1.99B	1.78B	1.60B	1.47B	1.08B
Net Income	1.22B	1.15B	1.00B	809.26M	715.96M	436.79M
Balance Sheet
Total Assets	0	18.65B	14.98B	13.99B	10.78B	9.00B
Cash, Cash Equivalents and Short-Term Investments	1.09B	1.09B	297.59M	1.75B	132.60M	63.93M
Total Debt	0	4.91B	4.00B	4.29B	4.85B	5.03B
Total Liabilities	-8.33B	10.31B	7.79B	7.82B	7.33B	6.27B
Stockholders Equity	8.33B	8.33B	7.19B	6.18B	3.45B	2.73B
Cash Flow
Free Cash Flow	0	-67.50M	-1.05B	579.79M	678.72M	87.57M
Operating Cash Flow	0	-22.50M	-932.58M	595.10M	692.00M	89.57M
Investing Cash Flow	0	-500.00K	1.19B	-1.26B	-35.28M	13.03M
Financing Cash Flow	0	855.90M	-409.40M	937.82M	-588.05M	-255.90M

Manoj Vaibhav Gems 'N' Jewellers Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price183.25

Price Trends

50DMA198.13Negative

100DMA177.41Positive

200DMA169.67Positive

Market Momentum

MACD-7.28Positive

RSI46.34Neutral

STOCH59.64Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MVGJL, the sentiment is Neutral. The current price of 183.25 is below the 20-day moving average (MA) of 193.45, below the 50-day MA of 198.13, and above the 200-day MA of 169.67, indicating a neutral trend. The MACD of -7.28 indicates Positive momentum. The RSI at 46.34 is Neutral, neither overbought nor oversold. The STOCH value of 59.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MVGJL.

Manoj Vaibhav Gems 'N' Jewellers Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MVGJL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:RBZJEWEL	73Outperform	INR 6.77B	13.05	―	―	37.98%	15.31%
IN:TBZ	70Outperform	INR 42.42B	22.10	―	0.38%	24.14%	110.35%
IN:MOTISONS	69Neutral	INR 16.43B	20.97	―	―	10.72%	47.65%
IN:MVGJL	67Neutral	INR 8.71B	7.35	―	―	21.52%	20.15%
IN:PCJEWELLER	65Neutral	INR 148.23B	15.32	―	―	29.27%	3.00%
IN:RADHIKAJWE	62Neutral	INR 7.19B	8.98	―	―	19.06%	18.02%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

IN:MVGJL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MVGJL	Manoj Vaibhav Gems 'N' Jewellers Limited	183.25	-15.80	-7.94%
IN:MOTISONS	Motisons Jewellers Ltd	14.08	-2.37	-14.41%
IN:PCJEWELLER	PC Jeweller Ltd.	15.79	3.89	32.69%
IN:RADHIKAJWE	Radhika Jeweltech Ltd	63.01	-22.66	-26.45%
IN:RBZJEWEL	RBZ Jewellers Limited	177.60	22.65	14.62%
IN:TBZ	Tribhovandas Bhimji Zaveri Limited	651.30	461.11	242.44%

Manoj Vaibhav Gems 'N' Jewellers Limited Corporate Events

Manoj Vaibhav Gems ‘N’ Jewellers Discloses AGM Voting Results

Sep 26, 2026

Manoj Vaibhav Gems ‘N’ Jewellers Limited has reported the voting results of its 37th Annual General Meeting held on September 25, 2026 via video conferencing and other audio-visual means. The meeting reflected participation from both promoter group a...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 22, 2026

Manoj Vaibhav Gems 'N' Jewellers Limited AI Stock Analysis