Manoj Vaibhav Gems N Jewellers share price today

Manoj Vaibhav Gems N Jewellers Ltd's share price was ₹174.80 at the close on 4 November 2026. It has been rising for 6 weeks. That is 3.1% below its average price over the last 200 trading days.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Manoj Vaibhav Gems N Jewellers Ltd is in stage 2. The phase helps read everything below.

In the last 52 weeks it traded between ₹139 and ₹225, and at that close it sat 42% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 12 weeks in a row.

Over the last 3.1 years the share price moved −22% while the NIFTY 500 moved +26%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: revenue up on a year earlier for 10 quarters in a row and profit up on a year earlier for 4 quarters in a row.

1. Revenue up on a year earlier for 10 quarters in a row

   In the June 2026 quarter revenue was ₹714 crore, +30.1% on a year earlier.

2. Profit up on a year earlier for 4 quarters in a row

   In the June 2026 quarter profit was ₹28 crore, +33.3% on a year earlier.

For April to June 2026 (the quarter ended 30 June 2026), Manoj Vaibhav Gems N Jewellers reported revenue of ₹714 crore, up 30.1% from ₹549 crore a year earlier, and a profit of ₹28.0 crore, up 33.3% from ₹21.0 crore.

Manoj Vaibhav Gems N Jewellers results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 4 June 2025, about January to March 2025; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Manoj Vaibhav Gems N Jewellers closed at ₹174.80 on 4 November 2026, down 12.6% from ₹200.01 a year earlier (7 November 2025) and down 33.1% over three years. Its highest weekly close since October 2023 was ₹360.40 on 8 December 2023.

Manoj Vaibhav Gems N Jewellers share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

169 weekly closes from 6 October 2023 to 4 November 2026.

4 Nov 2026: Manoj Vaibhav Gems N Jewellers closed at ₹174.80, up 6.9% on the week and down 15.4% on the month. Results for April to June 2026: Revenue up 30.1% and profit up 33.3% on a year earlier.

Earlier

• 4 Jun 2025: Manoj Vaibhav Gems N Jewellers held its results call for January to March 2025.

Manoj Vaibhav Gems N Jewellers has paid no dividend on the NSE since its first NSE close in our records (6 October 2023), the start of the period we checked.

No. Manoj Vaibhav Gems N Jewellers Ltd paid out 0% of its profit as dividends in each of its last 7 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2025, held on 4 June 2025, Manoj Vaibhav Gems N Jewellers' management spoke about the quarter; the main points are below.

Source: the call transcript.

From the call for January to March 2025, 4 June 2025. The April to June 2026 results are out since, so this part may be out of date until we update it.

The changes showing up in Manoj Vaibhav Gems N Jewellers' own numbers are new regions and countries. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to January to March 2025, 10 October 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

Turnover growth comes mainly from gold-price inflation while same-store volumes and contribution profit decline.

Each change stops working if

• Existing-store sales and customer exchange: Turnover growth comes mainly from gold-price inflation while same-store volumes and contribution profit decline.
• Premium showroom: The showroom opens but fails to generate enough contribution profit to cover inventory financing and store costs.
• Silver jewellery format: Silver sales replace existing gold sales without increasing group profit after inventory and store costs.
• Operating-profit growth: Operating profit stops growing while inventory funding and interest costs continue to rise.

The main risks

• Inventory absorption and borrowing: Inventory accumulation can leave reported earnings unavailable to owners. ⚠ estimate
• Margin dilution during expansion: Sales growth is not translating proportionately into operating profit. ⚠ estimate
• Unresolved earnings-quality suspicion: The other-income dig cannot be resolved from the available breakup. ⚠ estimate
• : Operational hedging does not establish protection for unsold inventory. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026.

When Manoj Vaibhav Gems N Jewellers reports July to September 2026, these are the check that show whether the story is still on course. First: Sales keep growing over 15% on the year while operating cash flow for the year turns positive and inventory days stop rising above 246.

Manoj Vaibhav Gems N Jewellers is on 3 of our India lists: Multibagger study list, Breakout stocks and Gold & silver stocks.

Manoj Vaibhav Gems N Jewellers Ltd earned ₹28.0 Cr of net profit in the Jun 2026 quarter, +33.3% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹115 Cr. Over 6 years profit has grown 29.8% a year on average. That is 3.9% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹21.0 Cr.

For the full year, FY26 profit was ₹115 Cr (+15.0% on the year before).

Why profit moved: revenue changed +30.1% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +22.9% and revenue +23.1%. Profit and revenue are moving at about the same pace.

Manoj Vaibhav Gems N Jewellers Ltd reported ₹714 Cr of revenue in the Jun 2026 quarter, +30.1% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 6 years it has grown 13.6% a year on average. The last full year, FY26, came in at ₹2,743 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Management reported same-store growth and a higher gold-exchange share in the latest supplied call. Exchanging old gold may bring customers back, but the benefit retained by the company depends on the margin of the additional purchase. Discounts associated with gold prices can offset turnover gains. Current same-store volumes and contribution profit are unavailable, so this mechanism is a hypothesis for the newest results.

The last four reported quarters add to ₹2,909 Cr.

FY26 revenue was ₹2,743 Cr, +15.2% on the year before.

Recent pace: the last four quarters grew +23.1% on average, against 13.6% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +21.5%, against +15.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +22.0%, against +20.5% a year (stabilising).

Manoj Vaibhav Gems N Jewellers Ltd's operating margin was 6.0% in the Jun 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 6.0% and 7.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The newest reported quarter shows an increase in operating profit alongside a larger increase in revenue. That supports business growth while limiting the operating-leverage argument. A sustained contribution needs profit growth to continue without a further deterioration in inventory productivity.

Why the margin moved: operating margin changed −0.6 percentage points on the year while gross margin changed −1.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 6% of Manoj Vaibhav Gems N Jewellers Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹26.0 Cr of operating cash against ₹115 Cr of profit. After ₹5.0 Cr of spending on assets, ₹21.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 6% of profit came in as cash: the cash cycle got 53 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 53 days longer. The next section looks at where the cash is stuck.

Manoj Vaibhav Gems N Jewellers Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 225 days in FY26, up from 172 days in FY21. It spent ₹25.0 Cr on assets over the last 3 years. Customers take 4 days to pay, and stock sits for 246 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹2,743 Cr, each day of that cycle ties up about ₹7.5 Cr, so roughly ₹1,691 Cr is tied up in the business at any time.

FY26: customers took 4 days to pay and stock sat for 246 days, about 8.1 months of sales sitting as stock, for a full cycle of 225 days, longer than FY21's 172.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 246 days. Customers pay about 4 days after that. Suppliers are paid at 26 days. Together that makes the 225-day cycle.

Spending on assets: ₹25.0 Cr over the last 3 years, against ₹26.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹1.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Manoj Vaibhav Gems N Jewellers Ltd's P/E is 7.1×, near the low end of its own history: it has been lower only 16% of the time. Its usual P/E (the middle reading) is 11.1×, over 3.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹24.96.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +14.5% while the price moved −12.6%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 3 years the price moved −12.5% a year; about +19.2% a year came from earnings growth and about −31.7 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 11 October 2026, Manoj Vaibhav Gems N Jewellers Ltd's share price assumed profit growth of about 1.3% a year. Over the past 6 years its profit actually grew 29.8% a year. Today its P/E is 7.1×, lower than 84% of its own last 3.1 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Manoj Vaibhav Gems N Jewellers Ltd's business is getting better. EPS growth hit its low 8 quarters ago at −9.9% and has recovered to +22.8%, with ROCE steady at 24.4%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: a lasting rise from a low is what this page is built to show.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Manoj Vaibhav Gems N Jewellers Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION.

NOT YET CHECKED

From the price. Price stage 2, week 6, below its 200-day line, relative strength falling.

The test written in advance. Inventory absorption and borrowing. Measured by: Inventory absorption and borrowing Inventory days and borrowings rise together in the next annual filing without improved store contribution. by the next result.

The test written in advance. Margin dilution during expansion. Measured by: Margin dilution during expansion The next comparable quarter records further margin dilution and lower operating profit. by the next result.

What the company does. Reported growth extends across the latest quarters; it is not established as a fresh operating turnaround. Premium and silver formats offer a possible route to better product economics, but their opening dates and profit contribution remain unverified.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: The newest results show profit growth. The research reads it further: Revenue grows faster than operating profit, while interest costs increase; the operating and financing legs constrain conversion of sales into profit.

What the surface reading misses. The surface reading is: Net profit increased against the comparable quarter. The research reads it further: Operating profit declined while interest expense and tax rate were lower, making the operating contribution less favourable than net profit suggests.

• 1 · Operating leveragequiet
• 2 · Value-added mixbuilding
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 2 · Value-added mix: building. The premium-format plan names an opening horizon, but its delivery and inventory productivity remain unverified. What proves it keeps working: Premium showroom. It stops working if The showroom opens but fails to generate enough contribution profit to cover inventory financing and store costs.

Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

Thin evidence and ordinary execution gaps lower the track-record grade without failing management.

Regulatory and governance record

The Central Tax IPO-credit assessment is a real adverse order, but it is not a fraud finding, a named SEBI/CBI/ED/court conduct order or proof of a material management lie. Planned appeal is not treated as an already-open qualifying case; the management verdict is pass, while the cash risk is HIGH.

Checked 14 October 2026.

Manoj Vaibhav Gems N Jewellers Ltd earned a ROCE of 16% in FY26. That is up from a low of 12% in FY21. Its return on capital used (ROIC) is 0.8 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 4.2% net margin and 1.47× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 4.2% net margin × 1.47× asset turnover × 2.24× leverage (assets divided by equity) ≈ 13.8% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 11.2% − 12.0% = −0.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Manoj Vaibhav Gems N Jewellers Ltd has total debt of ₹491 Cr against shareholder equity of ₹833 Cr as of Jun 2026, so its debt is 0.59× its equity. Year by year, that ratio went from 1.41 in FY23 to 0.59 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Foreign institutions cut their stake in Manoj Vaibhav Gems N Jewellers Ltd by 2.3 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 0.5% of the company. Domestic institutions moved −1.0 points over the same period, to 0.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: −2.3 points over 8 quarters, to 0.5%; Domestic institutions: −1.0 points over 8 quarters, to 0.2%; Promoters: +0.0 points over 8 quarters, to 74.3%.

Why the owners changed: foreign institutions drove it (−2.3 points), together with domestic institutions (−1.0 points). They reduced their stake.

For Manoj Vaibhav Gems N Jewellers Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

45.8 out of 100, rank 18 of 28 in Diamond, Gems & Jewellery, with 96% of the evidence available.

Manoj Vaibhav Gems N Jewellers Ltd scores 45.8 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 18. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far.

The four parts add up to the total exactly: 15.1 + 8.2 + 17.4 + 5.1 = 45.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Manoj Vaibhav Gems N Jewellers ranks 18 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 45.8 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Diamond, Gems & Jewellery, all 28 compared on one page.

Manoj Vaibhav Gems N Jewellers is the 22nd largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Advit Jewels, Asian Star Company and SJ Corporation. Just below it: RBZ Jewellers, Radhika Jeweltech and Grover Jewells.

Diamond, Gems & Jewellery companies close in size

19. Advit Jewels Ltd ₹1,596 crore
20. Asian Star Company Ltd ₹1,042 crore
21. SJ Corporation Ltd ₹845 crore
22. Manoj Vaibhav Gems N Jewellers Ltd ₹799 crore
23. RBZ Jewellers Ltd ₹690 crore
24. Radhika Jeweltech Ltd ₹686 crore
25. Grover Jewells Ltd ₹540 crore

All 27 Diamond, Gems & Jewellery companies, largest first

Companies close in size in other industries

1730. Fairchem Organics Ltd ₹801 crore · Chemicals - Organic
1731. RNFI Services Ltd ₹800 crore · E-Commerce - Platform - Utility
1732. Manoj Vaibhav Gems N Jewellers Ltd ₹799 crore
1733. Patel Retail Ltd ₹799 crore · Trading
1734. Advance Agrolife Ltd ₹797 crore · Pesticides/Agrochemicals

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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