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Manoj Vaibhav Gems 'N' Jewellers Limited
(MVGJL)
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Rating:68Neutral
Price Target:
₹235.00
▲(51.47% Upside)
Action:Reiterated
Date:09/08/26
The score is anchored by mixed fundamentals: strong revenue growth and improved leverage are offset by weak and recently negative operating/free cash flow, which is the biggest risk. Technicals are a major positive with a strong uptrend and positive momentum, and valuation is supportive with a low P/E.
Positive Factors
Revenue Growth
Sustained revenue expansion indicates healthy demand and growing market reach across the jewellery retail business. Continued top-line growth can improve operating scale, support store economics, and provide a durable base for earnings growth over the next several quarters.
Negative Factors
Weak Cash Generation
Negative operating cash flow despite continued profitability indicates that reported earnings are not converting reliably into cash, likely reflecting working-capital strain in the inventory-led retail model. Persistence would reduce funding flexibility and increase reliance on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained revenue expansion indicates healthy demand and growing market reach across the jewellery retail business. Continued top-line growth can improve operating scale, support store economics, and provide a durable base for earnings growth over the next several quarters.
Read all positive factors
Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.59B
Dividend YieldN/A
Average Volume (3M)26.48K
Price to Earnings (P/E)7.9
Beta (1Y)1.62
Revenue Growth21.52%
EPS Growth20.15%
CountryIN
Employees1,113
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)24.96
Shares Outstanding48,847,443
10 Day Avg. Volume69,582
30 Day Avg. Volume26,477
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)0.77
Price to Sales (P/S)0.23
P/FCF Ratio-95.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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, mangals...
How the Company Makes Money
MVGJL makes money primarily by retailing jewellery to end customers through its store network. Its core revenue stream is the sale of jewellery products, where earnings are driven by (a) the value of precious metals (e.g., gold) and gemstones embe...
Manoj Vaibhav Gems 'N' Jewellers Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
34
Negative
| 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 | 0.00 | 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 | 0.00 | 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 | 0.00 | -67.50M | -1.05B | 579.79M | 678.72M | 87.57M |
| Operating Cash Flow | 0.00 | -22.50M | -932.58M | 595.10M | 692.00M | 89.57M |
| Investing Cash Flow | 0.00 | -500.00K | 1.19B | -1.26B | -35.28M | 13.03M |
| Financing Cash Flow | 0.00 | 855.90M | -409.40M | 937.82M | -588.05M | -255.90M |
Manoj Vaibhav Gems 'N' Jewellers Limited Technical Analysis
Positive
155.15
Price Trends
164.90
Positive
161.80
Positive
166.19
Positive
Market Momentum
12.41
Negative
62.71
Neutral
66.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MVGJL, the sentiment is Positive. The current price of 155.15 is below the 20-day moving average (MA) of 169.31, below the 50-day MA of 164.90, and below the 200-day MA of 166.19, indicating a bullish trend. The MACD of 12.41 indicates Negative momentum. The RSI at 62.71 is Neutral, neither overbought nor oversold. The STOCH value of 66.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MVGJL.
Manoj Vaibhav Gems 'N' Jewellers Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹18.15B | 23.87 | ― | ― | 10.72% | 47.65% | |
68 Neutral | ₹9.59B | 7.89 | ― | ― | 21.52% | 20.15% | |
66 Neutral | ₹6.98B | 12.61 | ― | ― | 30.27% | 54.08% | |
64 Neutral | ₹133.03B | 13.88 | ― | 0.64% | 36.47% | -8.71% | |
63 Neutral | ₹9.84B | 12.46 | ― | 0.16% | 16.75% | 26.80% | |
57 Neutral | ₹34.86B | 16.43 | ― | 0.48% | 29.14% | 189.45% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MVGJL
Manoj Vaibhav Gems 'N' Jewellers Limited
196.35
0.10
0.05%
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Manoj Vaibhav Gems 'N' Jewellers Limited Corporate Events
Manoj Vaibhav Gems ‘N’ Jewellers Backs Leadership Continuity With Fresh Five-Year Terms
Aug 10, 2026
Manoj Vaibhav Gems ‘N’ Jewellers Limited has announced several key management decisions following a board meeting held on 10 August 2026. The board approved the re-appointment of M/s Sagar Associates as statutory auditors for a five-y...
Manoj Vaibhav Gems Promoters Confirm No New Encumbrances on Majority Stake
Jun 17, 2026
Promoter Bharata Mallika Ratna Kumari Grandhi has informed the stock exchanges that she, along with the promoter and promoter group of Manoj Vaibhav Gems ‘N’ Jewellers Limited, collectively holds 3,62,80,000 equity shares in the compan...
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.