At a glance
Andhra’s homegrown jeweller MVGJL — with its deep-rootedhyperlocal retail model— has grown profits at33% CAGR over 5 years. It’s got 18% ROE, strong cash flows until FY24, and a fair P/E of 11.8x. Yet it’s not paying dividends, FIIs are bailing, and it trades7–8x below Titan. Is this a hidden smallcap gem or a gold-coated trap?
1. 🪙 About the Company
Manoj Vaibhav Gems ‘N’ Jewellers Ltdis a South Indian jewellery retail chain under theVaibhav Jewellersbrand.
- Operates16 company-owned showrooms + 2 franchisee outletsacrossAndhra Pradesh & Telangana
- Sellsgold, diamond, platinum, silver, andstudded jewellery
- Core strategy: Hub-and-spoke model — smaller branches feed traffic into large flagship showrooms
- Focuses onTier 2 and 3 townswith strong family networks and repeat customers
Think of them asTitan’s rural cousin who prefers
relationship-based selling over TV ads.
2. 🧑💼 Key Managerial Personnel (KMP)
- Mrs. Vaibhav Reddy (CEO)
- Mr. Manoj Kumar Grandhi (MD)
- Both have deep connections in the Andhra jewellery ecosystem and have led consistent expansion
They’ve maintainedsteady ROCE of 15–17%for the past 3 years — rare in retail.
3. 📈 Financials (FY20–FY25)
Revenue (₹ Cr)
| Year | Revenue |
|---|---|
| FY20 | 1,276 |
| FY21 | 1,431 |
| FY22 | 1,689 |
| FY23 | 2,025 |
| FY24 | 2,148 |
| FY25 | 2,384 |
5-Year CAGR: 13%— not wild, but respectable considering gold price fluctuations and rural demand cycles.
Net Profit (₹ Cr)
| Year | PAT |
|---|---|
| FY20 | ₹24 |
| FY21 | ₹21 |
| FY22 | ₹44 |
| FY23 | ₹72 |
| FY24 | ₹81 |
| FY25 | ₹100 |
5-Year CAGR: 33%That’s more thanTitan’s PAT growthin the same timeframe.
Key Ratios
| Metric | FY25 |
|---|---|
| ROCE | 15.7% |
| ROE | 15.0% |
| EPS (₹) | ₹20.56 |
| P/E | 11.8x |
| P/B | 1.66x |
| Dividend | 0% (Zero) |
| Inventory Days | 231 |
| Debt | ₹400 Cr |
| Market Cap | ₹1,188 Cr |
