Manoj Vaibhav Gems N Jewellers Q4 FY25 Share Price & Earnings Call Analysis
- Market cap
- ₹841 Cr
- P/E
- 6.99
- ROE
- 15.06%
- PEG
- 0.40
- Price to sales
- 0.29
- Debt to equity
- 0.59
- 52W high / low
- ₹241 / ₹132
- Sales growth (5Y)
- 13.90%
- EBITDA margin
- 6.62%
- Net profit margin
- 4.26%
- Promoter holding
- 74.28%
- Sales (last year)
- ₹2,909 Cr
Guidance scorecard · Q4 FY25 call
What Manoj Vaibhav's management guided
RevenueQ4 FY25 call
10–20%- The company targets an annualized same-store sales growth (SSD) of around 10% to 12% for the coming years.
- New stores opened last year contributed significantly, with expectations of normal 10% growth annually in these stores.
- Silver jewellery stores aim for initial inventory turnover of 1.25-1.5x, scaling to 2.5x in 3 years, with EBITDA margins of 25-30%.
- Gold jewellery stores expect steady 10% growth; flagship stores target sales of INR 60-100 crores over 3-5 years.
- The premium Visesha store (6,000+ sq ft) targets around INR 150-200 crores revenue in its first year.
2 more points from Manoj Vaibhav's call on revenue
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MarginsQ4 FY25 call
FlatSee what Manoj Vaibhav said on margins — free account, 30 seconds.
CapexQ4 FY25 call
Planned- The company plans to open around 10 silver jewellery showrooms in the current year, with 5 to 6 locations already finalized and 4 under consideration.
- Average store size for silver jewellery showrooms is around 2,000 to 2,500 square feet, with capex of approximately INR 5,000 to 6,000 per square foot.
- The upcoming Visesha store is a larger, premium store of about 6,000+ square feet, expected to open by September.
- Total capex for opening new silver and gold stores in the year is expected to be around INR 15 to 18 crores, with an overall estimated capex including Visesha up to INR 21 to 22 crores.
- Inventory investment for silver stores is about 75 kg per store; for gold stores 35 to 40 kg depending on location.
2 more points from Manoj Vaibhav's call on capex
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FundraisingQ4 FY25 call
See what Manoj Vaibhav said on fundraising — free account, 30 seconds.
Order bookQ4 FY25 call
Ask what Manoj Vaibhav said on the order book →
Full Q4 FY25 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Financials of Manoj Vaibhav
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Manoj Vaibhav
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 516 | 509 | 619 | 475 | 546 | 539 | 642 | 498 | 705 | 549 | 756 | 685 | 754 |
| Expenses + | 484 | 472 | 577 | 441 | 510 | 502 | 598 | 460 | 659 | 512 | 700 | 630 | 716 |
| Operating Profit | 32 | 37 | 42 | 34 | 37 | 37 | 44 | 38 | 46 | 37 | 55 | 54 | 38 |
| OPM % | 6% | 7% | 7% | 7% | 7% | 7% | 7% | 8% | 6% | 7% | 7% | 8% | 5% |
| Other Income + | 1 | 1 | 1 | 5 | 5 | 4 | 4 | 4 | 2 | 2 | 2 | 0 | 10 |
| Interest | 11 | 11 | 11 | 11 | 11 | 10 | 10 | 10 | 10 | 9 | 9 | 8 | 9 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 |
| Profit before tax | 20 | 26 | 30 | 25 | 28 | 29 | 36 | 29 | 36 | 28 | 45 | 44 | 37 |
| Tax % | 24% | 26% | 26% | 24% | 27% | 25% | 25% | 12% | 26% | 26% | 30% | 21% | 25% |
| Net Profit + | 15 | 19 | 22 | 19 | 21 | 22 | 27 | 25 | 27 | 21 | 32 | 34 | 28 |
| EPS in Rs | 3.81 | 4.92 | 4.54 | 3.88 | 4.21 | 4.46 | 5.46 | 5.17 | 5.47 | 4.22 | 6.50 | 7.06 | 5.76 |
Financials of Manoj Vaibhav
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 1,276 | 1,431 | 1,689 | 2,025 | 2,148 | 2,382 | 2,744 |
| Expenses + | 1,193 | 1,350 | 1,584 | 1,881 | 1,997 | 2,217 | 2,559 |
| Operating Profit | 83 | 81 | 106 | 144 | 151 | 166 | 185 |
| OPM % | 7% | 6% | 6% | 7% | 7% | 7% | 7% |
| Other Income + | 5 | -2 | 4 | 4 | 11 | 13 | 14 |
| Interest | 46 | 43 | 42 | 44 | 45 | 41 | 36 |
| Depreciation | 9 | 9 | 9 | 9 | 8 | 8 | 10 |
| Profit before tax | 33 | 28 | 58 | 96 | 109 | 130 | 154 |
| Tax % | 27% | 25% | 25% | 25% | 26% | 23% | 25% |
| Net Profit + | 24 | 21 | 44 | 72 | 81 | 100 | 115 |
| EPS in Rs | 24.96 | 21.23 | 44.71 | 18.32 | 16.57 | 20.56 | 23.54 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Manoj Vaibhav
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 39 | 49 | 49 | 49 |
| Reserves | 198 | 219 | 263 | 305 | 569 | 670 | 785 |
| Borrowings + | 467 | 489 | 503 | 485 | 429 | 400 | 491 |
| Other Liabilities + | 143 | 85 | 124 | 248 | 352 | 380 | 540 |
| Total Liabilities | 819 | 803 | 900 | 1,078 | 1,399 | 1,498 | 1,865 |
| Fixed Assets + | 121 | 93 | 87 | 83 | 78 | 88 | 82 |
| CWIP | 17 | 7 | 3 | 1 | 1 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 681 | 704 | 809 | 994 | 1,321 | 1,410 | 1,781 |
| Total Assets | 819 | 803 | 900 | 1,078 | 1,399 | 1,498 | 1,865 |
Financials of Manoj Vaibhav
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 33 | -12 | 9 | 69 | 60 | -67 | 26 |
| Cash from Investing Activity + | -6 | 11 | 1 | -4 | -126 | 127 | 2 |
| Cash from Financing Activity + | -37 | 4 | -26 | -59 | 94 | -76 | 55 |
| Net Cash Flow | -9 | 4 | -15 | 7 | 28 | -16 | 83 |
| Free Cash Flow | 18 | -4 | 9 | 68 | 58 | -78 | 22 |
| CFO/OP | 61% | -2% | 22% | 66% | 58% | -20% | 32% |
Financials of Manoj Vaibhav
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 2 | 5 | 4 | 4 | 5 | 5 | 4 |
| Inventory Days | 212 | 184 | 188 | 193 | 211 | 231 | 246 |
| Days Payable | 34 | 17 | 22 | 8 | 19 | 25 | 26 |
| Cash Conversion Cycle | 181 | 172 | 171 | 190 | 196 | 211 | 225 |
| Working Capital Days | 38 | 61 | 64 | 67 | 71 | 97 | 89 |
| ROCE % | 12% | 13% | 17% | 16% | 16% | 16% |
Guidance history
How Manoj Vaibhav's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY25 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY25 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
27 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −9.7% | 50% |
| Last 6 months | −0.7% | 53% |
| Last 3 months | +3.0% | 69% |
The price is 52.2% below its all-time high of ₹360.4 (8 Dec 2023). Stocks more than 20% below their peak have their score halved, so 55 became 27.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Manoj Vaibhav: 0.4 × 50 + 0.4 × 53 + 0.2 × 69 = 55, halved to 27 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.