Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO

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i. Vaibhav Jewellers, are a leading regional jewellery brand in South India led by a first generation woman entrepreneur Mrs. Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana. They are a hyperlocal jewellery retail chain with presence in the micro markets of Andhra Pradesh & Telangana with 13 showrooms (inclusive of two franchisee showrooms) across 8 towns and 2 cities.

ii. They have a market share of ~4% of the overall Andhra Pradesh and Telangana jewellery market and ~10% of the organised market in these two states in FY2023. They were one of the earlier entrants in the organised jewellery retail market of Andhra Pradesh and continue to focus on regional expansion into the high growth untapped regions within the micro-markets of Andhra Pradesh & Telangana thereby creating a market for branded jewellery in the area of our operations.

iii. The company cater to all economic segments of the micro markets of Andhra Pradesh and Telangana through its dedicated branded showrooms and have a strong rural market focus and a dedicated urban focus also. The company have positioned itself as a retailer focussed on ‘Relationships, by Design’ where it focus on offering designs, high quality, transparency and customer service to its customers.

iv. The company has designed and developed a website –, for their online sales in addition to other online market places. Their website can be easily navigated and is user friendly for online shopping, enquiries, live videos shopping options. It serves as a strong starting point to display of our varied collection and to push online sales that would transcend beyond sou thern boundaries and make a strong case for pushing the brand to other micro-markets as well as states.

v. Vaibhav Jewellers procure jewellery on an outright basis from their list of suppliers as well as they supply bullion to job workers for creating varied designs of jewelleries as per their specifications. The company sell a wide range of gold, silver, diamond jewellery and precious gemstones and other jewellery products with wide collection of designs to meet the needs of all types of customers on all occasions throughout the year including festivals, weddings, special days such as Akshaya Tritiya and all other festive occasions.

Competitive Strengths

Key leading home-grown regional brand built on hyperlocal retail strategy
Early mover advantage in the state of Andhra Pradesh
Our focus of fortifying our business through Rural Market focus

Objects of the Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO:

The Net Proceeds from the Fresh Issue are proposed to be utilized towards the following objects: i. To Finance the Establishment of the proposed 8 new showrooms, i.e. (a) Capital expenditure cost for the proposed eight (8) new showrooms, (b) Inventory cost for the proposed eight (8) new showrooms, ii. General corporate purposes. Total number of shares issues: - (a). Fresh Issue is 9,767,442 shares. (b). Offer for Sale is 2,800,000 shares.

Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO Details:

Open Date: Sep 22 2023
Close Date: Sep 26 2023
Total Shares: 12,567,442
Face Value: ₹ 10 Per Equity Share
Issue Size: 270.20 Cr.
Lot Size: 69 Shares
Issue Price: ₹ 204 to ₹215 Per Equity Share
Listing At: NSE,BSE
Listing Date: Oct 05 2023

Promoters And Management:

(i) Bharata Mallika Ratna Kumari Grandhi is a Promoter, Chairperson and Managing Director of the Company. She has 23 years of experience in jewellery industry, having been associated with the Company since 2001. She has completed her Higher Secondary School in the year 1987. Her knowledge of jewellery industry has contributed to the growth of the Company. Currently, she looks after the overall operations and gives strategic directions furthering the growth of the Company. She is also involved in strengthening the sales, implementing the marketing strategy and involved in the business development of the Company. In the year 2016 she was awarded “Best Women Entrepreneur of the year 2016” in an event organized by Prajadiary Magazine and also Woman Entrepreneur of the year”- GJTCI Excellence Award 2016. In 2018, she was awarded the Best Women Entrepreneur -Dare to Dream Awards-AP Chamber of Commerce. In the year 2021, she was awarded the Entrepreneur of the Year, Vysya Limelight Awards for Women 2021 by Vysya Limelight Inc. and was also ‘The Art of Jewellery’ for her contribution to the Gems and Jewellery Industry on International Women’s Day. She was awarded as the “Female Entrepreneur Award” by Red FM-93.5 on July 09, 2022.In the year 2023, she was awarded the ‘Industry Legend’ award by the Gem and Jewellery Export Promotion Council (GJEPC) during the India International Jewellery Show (IIJS) Premier show held on August 03, 2023 (ii) Grandhi Sai Keerthana is a Whole-time Director and CFO of the Company. She is a qualified Chartered Accountant from the Institute of Chartered Accounts of India(“ICAI”) and is also a member of ICAI. She holds a Degree of Bachelor of Commerce from Andhra University. She has been involved in the areas of marketing, operations and product developm ent of the Company. Currently, she is involved in managing the finances of the Company.On October 18, 2021, she was awarded Power of YoungJeweller Think Tank by Informa Markets and Hyderabad Jewellery, Pearl and Gem Fair in association with HJMA & Art of Jewellery as Knowledge partner at HICC, Novotel, Hyderabad.In the year 2023, she was awarded the ‘Forty under 40’ by the Gem and Jewellery Export Promotion Council (GJEPC) during the India International Jewellery Show (IIJS) Premier show held on August 05, 2023. (iii) Grandhi Sai Sindhuri is an Executive Director of the Company. She has been associated with the Company since 2012. She has completed her graduation in Bachelor of Dental Surgery from the Dr. NTR University of Health Sciences, Andhra Pradesh, Vijayawada in the year 2014. She looks after the HR and Administration activities of the Company.

Financials of Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO:

A. Balance Sheet
Particular (In Million) Mar-21 Mar-22 Mar-23 3MFY24
Equity Share Capital 97.70 97.70 390.80 390.80
Reserves 2,192 2,631 3,055 3,246
Borrowings 4,634 4,777 4,600 4,604
Trade Payables 589 886 380 682
Other Liabilities 518 603 2,353 1,906
Total Liabilities 5,741 6,267 7,333 7,192
Net Block 492 463 434 421
Capital Work in Progress 66 30 7 7
Investments 197 192 198 197
Other Assets 296 288 268 266
Total NC Assets 1,051 973 907 892
Receivables 198 200 244 251
Inventory 6,412 7,672 9,336 9,361
Cash & Bank 248 86 172 173
Other Assets 122 64 120 152
Face value 10 10 10 10
B. Profit & Loss Statement
Particular (In Million) Mar-21 Mar-22 Mar-23 3MFY24
Sales 14,336 16,939 20,273 5,089
Raw Material Cost 8,147 9,766 12,126 3,100
Purchases of Stock In Trade 4,649 6,252 7,228 1,314
Change in Inventory -61 -1,156 -1,726 4
Employee Cost 279 356 425 104
Other Expenses 514 672 790 193
Other Income 96 38 40 13
EBITDA 904 1,087 1,470 386
EBITDA Margin 6.31% 6.42% 7.25% 7.59%
Depreciation 88 87 86 20
Interest 425 416 426 108
Profit before tax 278 584 958 258
Tax 71 147 242 66
Net profit 207 437 716 192
NPM (%) 1.44% 2.57% 3.52% 3.77%
C. Cash Flow Statement
Particular (In Million) Mar-21 Mar-22 Mar-23 3MFY24
Cash From Operating Activity
Profit From Operation 867 1,071 1,457 383
Receivable -120 -6 -46 -9
Inventory -81 -1,260 -1,664 -25
Payable -417 297 -506 301
Loans And Advances 1 9 -2 -1
Other WC Items -155 124 1,712 -500
Working Capital Changes -772 -836 -505 -233
Direct Taxes -98 -146 -259 -43
Net Cash Inflow from Operating Activity -115 90 692 107
Cash from Investing Activity
Fixed assets purchased 0 -2 -13 -2
Fixed assets sold 74 0 0 0
Investments purchased 0 0 -8 0
Investment sold 0 4 0 0
Inter-corporate deposits 32 9 -17 -0.02
Other investing items 3 2 3 0.25
Net cash inflow from investing activities 109 13 -35 -2
Cash from Financing Activity
Proceeds from borrowings 688 242 26 52
Repayment of borrowings -230 -99 -203 -48
Intrest paid fin -376 -369 -380 -101
Other financing items -40 -30 -31 -8
Net Cash Flow 37 -153 69 0.45

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Manoj Vaibhav Gems 'N' Jewellers 2027 72 14.65 14.7 215 1050
Titan Company Ltd 40575 3,274 36.61 92.1 3339 2,96,450
Thangamayil Jewellery Ltd 3,153 80 29.1 28.7 1,244 3,430
Kalyan Jewellers India Ltd 14,071 432 4.2 48.2 229 23,598
Tribhovandas Bhimji Zaveri 2,394 40 6.02 15.3 113 753
* All the data is as per FY23.

Recommendation on Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO:

Review And Recommendation of Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO by IZ team is 5/10

Business Overview

Vaibhav Jewellers is a regional brand predominantly active in South India, specifically in Andhra Pradesh and Telangana. The company has successfully carved a niche in these regions with 13 showrooms. Their market share is approximately 4% in the overall market and about 10% in the organized market of these two states. The company's focus on rural markets and emphasis on customer relationships has bolstered its brand image. Their online platform offers an additional channel for sales, extending their reach beyond regional boundaries.

Object of the Issue

The company aims to use the IPO proceeds for: 1. Establishing 8 new showrooms, covering capital expenditure and inventory costs. 2. General corporate purposes. The total number of shares issued includes 9,767,442 as a Fresh Issue and 2,800,000 as an Offer for Sale.


Profit & Loss The company has shown consistent growth in sales from 1433 Cr in Mar-21 to 2027 Cr in Mar-23. Profit margins have improved from 1.44% to 3.52% during the same period, indicating better operational efficiency. Cash Flow Cash inflow from operating activities has improved, moving from a negative figure to a positive one.

Peer Comparison

When compared to peers like Titan and Kalyan Jewellers, Vaibhav Jewellers has lower revenues. Their the P/E ratio at 14.7 is considerably lower than Titan but higher than Thangamayil Jewellery Lt

Analysis and Opinion

1. Strengths: Vaibhav Jewellers has a strong regional presence, an early-mover advantage, and a diversified customer base. It has also shown consistent financial growth and profitability. 2. Risks: As a regional player, the company faces challenges in scaling up to match the footprint of larger, established brands. Additionally, the business is highly dependent on economic cycles and consumer sentiment. 3. Valuation: With an issue price of ₹204 to ₹215 per equity share, the valuation seems reasonable given the company’s financials and growth prospects. 4. Market Position: The company is well-positioned in its target markets, but competition from larger brands remains a threat. However, its focus on rural markets could be a differentiating factor. Overall, the IPO seems to be a good opportunity for investors looking for a regional play with growth potential. However, it is crucial to consider the risks and market competition before making an investment decision.

Lead Manager of Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO:

  1. Elara Capital (India) Private Limited

Registrar of Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Manoj Vaibhav Gems 'N' Jewellers Limited 47-15-8, V Square, Zone-A, Opp: TSR Complex, Station Road, Dwarakanagar, Visakhapatnam - 530016 Phone: + (91) 89 1663 7777 Email: Website

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