Company Overview
Manoj Vaibhav Gems 'N' Jewellers Limited (BSE: 543995, NSE: MVGJL) reported strong financial performance for FY26 with revenue growth of 15.1% to ₹2,744.03 Crores and net profit growth of 14.5% to ₹114.98 Crores. The company operates 21 showrooms across Andhra Pradesh and Telangana with 1,113 employees serving nearly 700,000 customers annually.
Financial Performance
Revenue breakdown shows gold ornaments contributed ₹1,895.95 Crores, gold exchange ₹602.47 Crores, silver articles ₹143.29 Crores, with other categories including diamonds and platinum. Key expenses included cost of materials consumed at ₹1,911.48 Crores and employee benefits at ₹56.15 Crores. The company recorded an exceptional item of ₹1.44 Crores related to one-time impact of New Labour Codes.
Capital Structure & Borrowings
Total borrowings increased to ₹458.98 Crores from ₹367.99 Crores in FY25, with current borrowings of ₹451.67 Crores. The debt-equity ratio rose to 0.55 from 0.51, while current ratio stood at 1.79. The company maintained 100% dematerialized shares with no change in share capital during the year.
AGM & Corporate Governance
The 37th Annual General Meeting is scheduled for September 25, 2026, via video conference. Key agenda items include re-appointment of statutory auditors M/s. Sagar & Associates for a second five-year term, and re-appointment of three executive directors: Mrs. Bharata Mallika Ratna Kumari Grandhi as Chairperson & MD (₹3.88 Crores remuneration), Mrs. Sai Keerthana Grandhi as Whole-time Director & CFO (₹1.13 Crores), and Mrs. Sai Sindhuri Grandhi as Executive Director (₹0.31 Crores).
Contingent Liabilities & Risks
The company faces contingent tax liabilities of ₹12.02 Crores under dispute, including ₹11.25 Crores in income tax (Assessment Years 2013-14 and 2024-25) and ₹0.77 Crores in GST matters. Capital commitments total ₹36.67 Crores for property acquisitions and store expansions. The company manages risks including commodity price volatility, regulatory changes, and competitive intensity.
Compliance & CSR
No material orders from regulators, no loan repayment defaults, and no pending investor complaints as of March 31, 2026. CSR spending of ₹2.23 Crores focused on rural development (₹1.98 Crores), sports (₹0.20 Crores), and education (₹0.05 Crores), with no unspent amount carried forward.
Operational Highlights
Strategic initiatives included the 'Gold on Wheels' mobile retail concept and 'The India Edit' regional exhibitions. The company expanded its product portfolio across 7+ categories including 22KT Gold, Diamond, Silver, and Precious Stone jewellery. Employee benefits included defined benefit plans with gratuity obligation of ₹8.43 Crores.