Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Manoj Vaibhav Gems 'N' Jewellers Limited ₹285, price ₹207, upside +38.0%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
36‑month range ₹131.97 – ₹374.15 · fair‑value band ₹203.86 – ₹370.87 · the ₹206.69 price screens below the ₹285.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Manoj Vaibhav Gems 'N' Jewellers Limited engages in the jewelry retail business under the Vaibhav Jewellers brand in India.
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Manoj Vaibhav Gems 'N' Jewellers Limited engages in the jewelry retail business under the Vaibhav Jewellers brand in India. The company offers gold bangles, harams, vaddanam, locket, vanky, chains, rings, maang tikka, necklace, earrings, pendants, mangalsutra, chokers, and bracelets, and accessories, as well as gold coins; and diamond bangles, bracelets, earrings, mangalsutra, necklace, nosepins, pendants, pendant sets, rings, and vaddanam. It also provides silver products, including silver gifts, pooja articles, dinner sets, jewellery, glasses and tumblers, and silver coins. The company also sells its products through its online portal. Manoj Vaibhav Gems 'N' Jewellers Limited was incorporated in 1989 and is based in Visakhapatnam, India.
Stock analysis
Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) currently trades at ₹206.69, while our model-based Fair Value estimate is ₹285.29, implying the stock looks roughly 27.6% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹475.83 per share, and 13 of the 15 models we run sit above the ₹206.69 price.
Bear case: the Asset-Based group reads lowest at ₹114.31, and 2 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹203.86 (bear) to ₹370.87 (bull), the price of ₹206.69 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Manoj Vaibhav Gems 'N' Jewellers Limited reported revenue of ₹27.4B in FY2026 versus ₹16.9B in FY2022, a compound +12.8%/yr. Reported net income was ₹1.1B in FY2026, compounding +27.4%/yr from FY2022.
Key figures
Market cap ₹10.1B (≈ $105M) · P/E ratio 8.3 · P/S ratio 0.35 · EPS (TTM) ₹24.96 · Net margin 4.2% · Return on equity 14.8% · Return on assets (EBIT) 11.8% · Operating margin 5.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 9% fair-value upside, at 38%, MVGJL screens cheaper than that median.
Fair Value models
Bear ₹203.86Fair Value ₹285.29Bull ₹370.87
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹12.65 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+15.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.9%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+36.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.4%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 6%
Compare Manoj Vaibhav Gems 'N' Jewellers Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Luxury Goods · 122 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+38.0% · Above median
Profitability
Return on equity (TTM)14.8% · Above median
Return on assets6.5% · Above median
Net margin (TTM)4.2% · Below median
Operating margin (TTM)5.9% · Below median
Growth and dividend
Revenue growth30.1% · Above median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Luxury Goods median · lower = cheaper
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Is Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹285.29 versus a price of ₹206.69, about +38% upside (undervalued).
What is the fair value of MVGJL?
Our model-based fair value for Manoj Vaibhav Gems 'N' Jewellers Limited is ₹285.29 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹206.69.
What is the quality score of MVGJL?
Manoj Vaibhav Gems 'N' Jewellers Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
Our model-based price target is the fair value of ₹285.29 (as of Oct 2, 2026) from 15 valuation models. Cautious scenario ₹203.86, optimistic scenario ₹370.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Manoj Vaibhav Gems 'N' Jewellers Limited stock forecast for 2026?
Our models put fair value at ₹285.29, about +38% upside versus a price of ₹206.69 (undervalued). Cautious scenario ₹203.86, optimistic scenario ₹370.87. The calculation is refreshed regularly with new filings.
What is the revenue of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
Manoj Vaibhav Gems 'N' Jewellers Limited reported trailing-twelve-month revenue of about ₹29.1B (latest available figure, as of Oct 2, 2026).
What is the intrinsic value of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Manoj Vaibhav Gems 'N' Jewellers Limited it is ₹285.29 per share (as of Oct 2, 2026), against a price of ₹206.69. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Manoj Vaibhav Gems 'N' Jewellers Limited stock overvalued or undervalued in 2026?
As of Oct 2, 2026, MVGJL trades below its calculated fair value: price ₹206.69, fair value ₹285.29, a gap of about +38% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MVGJL?
No. The price is what the market pays today (₹206.69); the fair value is what the company's own numbers justify (₹285.29). For Manoj Vaibhav Gems 'N' Jewellers Limited the two are ₹78.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Manoj Vaibhav Gems 'N' Jewellers Limited worth?
The market values Manoj Vaibhav Gems 'N' Jewellers Limited at about ₹10.1B (market capitalisation, as of Oct 2, 2026). Per share that is ₹206.69; our models calculate a fair value of ₹285.29 per share.
What do the bullish and bearish scenarios say about MVGJL?
Our models span a range for Manoj Vaibhav Gems 'N' Jewellers Limited: cautious scenario ₹203.86, base ₹285.29, optimistic ₹370.87 per share (as of Oct 2, 2026, price ₹206.69). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MVGJL?
Manoj Vaibhav Gems 'N' Jewellers Limited trades at a price-to-earnings ratio of 8.3 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹285.29 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.3, EV/EBITDA 4.7.
How solid is the balance sheet of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
Balance-sheet figures for Manoj Vaibhav Gems 'N' Jewellers Limited (as of Oct 2, 2026): return on equity 14.8%, debt of 0.01 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is MVGJL from its 52-week high?
Manoj Vaibhav Gems 'N' Jewellers Limited trades at ₹206.69, about 8% below its 52-week high of ₹224.38 and 57% above the low of ₹131.97 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹285.29 is for.
Which stocks are comparable to Manoj Vaibhav Gems 'N' Jewellers Limited?
From the same area (Consumer Cyclical) we also value Compagnie Financière Richemont SA, Christian Dior SE, Titan Company, Tapestry, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Manoj Vaibhav Gems 'N' Jewellers Limited stock attractive at the current price?
The data as of Oct 2, 2026: price ₹206.69, calculated fair value ₹285.29 (+38%), Quality Score 46/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MVGJL calculated?
We run Manoj Vaibhav Gems 'N' Jewellers Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹285.29, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Manoj Vaibhav Gems 'N' Jewellers Limited currently trades 28 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
The closing price on Oct 1, 2026 was ₹206.69. Our model-based fair value is ₹285.29, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Manoj Vaibhav Gems 'N' Jewellers Limited right now?
Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (₹203.86 to ₹370.87) leaves room in how you read the outcome.
Key figures of Manoj Vaibhav Gems 'N' Jewellers Limited
How large is the market capitalisation of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
The market capitalisation of Manoj Vaibhav Gems 'N' Jewellers Limited is ₹10.1B (≈ $105M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
The price-to-sales ratio of Manoj Vaibhav Gems 'N' Jewellers Limited is 0.35 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
Earnings per share at Manoj Vaibhav Gems 'N' Jewellers Limited are ₹24.96 (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
The net margin of Manoj Vaibhav Gems 'N' Jewellers Limited is 4.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
The return on equity (ROE) of Manoj Vaibhav Gems 'N' Jewellers Limited is 14.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
On an EBIT basis the return on assets of Manoj Vaibhav Gems 'N' Jewellers Limited is 11.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
The operating margin of Manoj Vaibhav Gems 'N' Jewellers Limited is 5.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
Revenue at Manoj Vaibhav Gems 'N' Jewellers Limited is growing +30.1% versus a year earlier (3y avg +10.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL)?
Earnings per share at Manoj Vaibhav Gems 'N' Jewellers Limited are growing +33.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) generate?
The free cash flow of Manoj Vaibhav Gems 'N' Jewellers Limited is −₹67.5M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL) carry?
The net debt of Manoj Vaibhav Gems 'N' Jewellers Limited is ₹3.8B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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