MANOJ VAIBHAV GEMS 'N' JEWELLERS FUNDAMENTAL RESEARCH REPORT

Manoj Vaibhav Gems ’N’ Jewellers (NSE: MVGJL, BSE: 543995), Visakhapatnam, sells gold jewellery under the “VaibhavJewellers” brand from 21 showrooms (20 company-owned, 1 franchise; 18 in Andhra Pradesh, 3 in Telangana). About 95% ofrevenue comes from one state and more than 90% from gold (ICRA, 10-Jul-2026). Mainboard listing, IPO Sep/Oct-2023 at Rs215. Not an F&O stock, so it is in lane for a positional view; owner target horizon 2-3 years (page 8). Shares ~4.885 Cr; mcap~Rs 1,178 Cr; CMP Rs 241.15 (19-Oct-2026 NSE close). Event 1 - cheap, and cheap for a reason. 9.8x trailing earnings, 1.41x book, EV/Sales ~0.57, against a Screener peer medianP/E of 22.0 (Lalithaa 21.0x, Kalyan 38.9x). FY26 revenue Rs 2,744 Cr (+15%), PAT Rs 115 Cr. FACT: ex the low-margin gold-exchange (refi ning pass-through) line, revenue grew only ~3.5%, and gold jewellery volume fell ~19% (ICRA).