Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 619 | 475 | 546 | 539 | 642 | 498 | 705 | 549 | 756 | 685 | 754 | 714 |
| Expenses | 577 | 441 | 510 | 502 | 598 | 460 | 659 | 512 | 700 | 630 | 716 | 669 |
| Operating Profit | 42 | 34 | 37 | 37 | 44 | 38 | 46 | 37 | 55 | 54 | 38 | 45 |
| OPM % | 7% | 7% | 7% | 7% | 7% | 8% | 6% | 7% | 7% | 8% | 5% | 6% |
| Other Income | 1 | 5 | 5 | 4 | 4 | 4 | 2 | 2 | 2 | 0 | 10 | 5 |
| Interest | 11 | 11 | 11 | 10 | 10 | 10 | 10 | 9 | 9 | 8 | 9 | 11 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 |
| Profit before tax | 30 | 25 | 28 | 29 | 36 | 29 | 36 | 28 | 45 | 44 | 37 | 37 |
| Tax % | 26% | 24% | 27% | 25% | 25% | 12% | 26% | 26% | 30% | 21% | 25% | 25% |
| Net Profit | 22 | 19 | 21 | 22 | 27 | 25 | 27 | 21 | 32 | 34 | 28 | 28 |
| EPS in Rs | 4.54 | 3.88 | 4.21 | 4.46 | 5.46 | 5.17 | 5.47 | 4.22 | 6.50 | 7.06 | 5.76 | 5.64 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,276 | 1,431 | 1,689 | 2,025 | 2,148 | 2,382 | 2,743 | 2,909 |
| Expenses | 1,193 | 1,350 | 1,584 | 1,881 | 1,997 | 2,217 | 2,555 | 2,716 |
| Operating Profit | 83 | 81 | 106 | 144 | 151 | 166 | 188 | 192 |
| OPM % | 7% | 6% | 6% | 7% | 7% | 7% | 7% | 7% |
| Other Income | 5 | -2 | 4 | 4 | 11 | 13 | 13 | 18 |
| Interest | 46 | 43 | 42 | 44 | 45 | 41 | 37 | 37 |
| Depreciation | 9 | 9 | 9 | 9 | 8 | 8 | 10 | 10 |
| Profit before tax | 33 | 28 | 58 | 96 | 109 | 130 | 154 | 163 |
| Tax % | 27% | 25% | 25% | 25% | 26% | 23% | 25% | |
| Net Profit | 24 | 21 | 44 | 72 | 81 | 100 | 115 | 122 |
| EPS in Rs | 24.96 | 21.23 | 44.71 | 18.32 | 16.57 | 20.56 | 23.54 | 24.96 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 14% | 11% | 22% | ||
| Compounded Profit Growth | % | 32% | 18% | 21% | ||
| Stock Price CAGR | % | % | % | 12% | ||
| Return on Equity | % | 17% | 15% | 15% |
| 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 |
| 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% | 31% |
| 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% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% | 74.28% |
| FIIs | 8.77% | 8.64% | 8.04% | 7.96% | 2.86% | 1.75% | 0.69% | 0.77% | 0.60% | 0.60% | 0.60% | 0.64% |
| DIIs | 2.60% | 1.66% | 1.23% | 1.23% | 1.16% | 1.16% | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% | 1.02% |
| Public | 14.36% | 15.42% | 16.46% | 16.54% | 21.71% | 22.83% | 23.93% | 23.86% | 24.02% | 24.02% | 24.01% | 24.06% |
| No. of Shareholders | 65,717 | 25,734 | 25,007 | 23,394 | 30,815 | 31,355 | 32,208 | 30,871 | 31,469 | 30,067 | 29,022 | 28,221 |
Fundamentals
Market Cap₹ 1,038 Cr.
Current Price₹ 213
Stock P/E8.63
Book Value₹ 171
ROCE15.8 %
ROE15.1 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)22%
Compounded Profit Growth (TTM)21%
Standalone figures.
Valuation
Market capRs 808 Cr
Enterprise valueRs 1,276 Cr
P/E (TTM)6.62x
Price to book2.34x
Price to sales0.28x
EV / EBITDA6.07x
EV / EBIT6.37x
EV / sales0.44x
Price to cash flow11.67x
Earnings yield15.10%
Profitability
Operating margin (excl. other income)7.11%
Operating margin (incl. other income)7.30%
EBITDA margin7.22%
Pre-tax margin5.61%
Net profit margin4.19%
Net margin, latest quarter3.86%
ROE23.19%
ROCE17.36%
ROA7.24%
ROE, 3-year average16.70%
ROCE, 3-year average13.67%
ROA, 3-year average4.98%
ROIC (approx.)18.42%
Tax rate25.29%
Other income / net worth1.15%
Growth
Sales growth (latest year)19.89%
Profit growth (latest year)63.92%
Sales CAGR, 3 years16.65%
Profit CAGR, 3 years43.19%
Sales growth QoQ-5.38%
Profit growth QoQ-2.10%
Sales growth YoY (latest quarter)30.05%
Profit growth YoY (latest quarter)33.90%
Per share
EPS (TTM)Rs 31.21
EPS (latest year)Rs 18.32
EPS (latest quarter)Rs 7.05
EPS, 3-year averageRs 28.09
Book value per shareRs 88.17
Sales per shareRs 744.37
Cash flow per shareRs 17.71
Free cash flow per shareRs 5.63
Efficiency
Asset turnover1.88x
Fixed asset turnover24.34x
Inventory turnover1.94x
Inventory days189 days
Debtor days4 days
Debtors turnover83.07x
Creditor days26 days
Cash conversion cycle225 days
Working capital days89 days
Leverage
Total debtRs 485 Cr
Cash and bankRs 17 Cr
Net debtRs 468 Cr
Debt to equity1.41x
Net debt / EBITDA2.23x
Interest coverage5.38x
Current ratio (filing 2026-03-31)1.79x
Quick ratio (filing 2026-03-31)0.16x
Trade payables (filing 2026-03-31)Rs 168 Cr
Owners' fund to total sources31.97%
Debt to assets45.01%
Cash flow
Cash from Operating Activity (latest year)Rs 69 Cr
Cash from Investing Activity (latest year)Rs -4 Cr
Cash from Financing Activity (latest year)Rs -59 Cr
Net Cash Flow (latest year)Rs 7 Cr
Free cash flow (latest year)Rs 22 Cr
FCFE (approx.: FCF + change in debt)Rs 4 Cr
Cash from ops / profit, 5 years0.24x
Sales to cash flow29.27x
Statement figures
Net sales (TTM)Rs 2,909 Cr
Net sales (latest year)Rs 2,025 Cr
Sales (latest quarter)Rs 714 Cr
Operating profit excl. other income (latest year)Rs 144 Cr
Operating profit (latest quarter)Rs 45 Cr
Other income (TTM)Rs 18 Cr
EBITDA (TTM)Rs 210 Cr
PBDT (TTM)Rs 173 Cr
Profit before tax (TTM)Rs 163 Cr
Tax (latest year)Rs 24 Cr
Net profit (TTM)Rs 122 Cr
Net profit (latest year)Rs 72 Cr
Net profit (latest quarter)Rs 28 Cr
Depreciation (TTM)Rs 10 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 37 Cr
Cost of goods sold (latest year)Rs 1,807 Cr
Total expenditure (latest year)Rs 1,881 Cr
Total income (latest year)Rs 2,029 Cr
Share capitalRs 39 Cr
ReservesRs 305 Cr
Shareholders' fundsRs 345 Cr
Total assetsRs 1,078 Cr
Net blockRs 83 Cr
Capital work in progressRs 1 Cr
ReceivablesRs 24 Cr
InventoryRs 934 Cr
Other liabilitiesRs 248 Cr
Shares outstanding (crore)3.91
Ownership
Promoter holding74.28% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 6.6 is at the 22th percentile of its own 3.1-year range
(median 8.8, low 4.5, high 54.3).
P/B 2.34 is at the 16th percentile (median 3.37).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | MVGJL | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -3.8% | -2.8% | -1.0 pts |
| 1 month | +27.3% | -6.8% | +34.1 pts |
| 3 months | +36.2% | -7.6% | +43.8 pts |
| 6 months | +56.6% | +0.4% | +56.2 pts |
| 1 year | +6.2% | -9.9% | +16.1 pts |
| 2 years | -27.4% | -13.6% | -13.8 pts |
Red flags
F-score 6 of 7| explain | Weak cash conversion Cash from operations was 49% of net profit over the last 3 years |
| look | On NSE surveillance On NSE surveillance: ASM short-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹714 Cr +30.1% vs Jun 2025.
Net profit ₹28 Cr +33.3%.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Short Term Additional Surveillance Measure (Short Term ASM): stage 1