Manoj Vaibhav Gems N Jewellers Ltd Q1 FY27 Results

Manoj Vaibhav Gems 'N' Jewellers posted standalone revenue of ₹713.91 Cr for Q1 FY27 (quarter ended June 30, 2026), up 30.0% YoY from ₹548.94 Cr, with PAT of ₹27.57 Cr, up 33.9% YoY from ₹20.59 Cr, and EPS of ₹5.64 versus ₹4.22 a year ago. Sequentially, revenue fell 5.4% and PAT fell 2.1% from Q4 FY26 (₹754.47 Cr revenue, ₹28.16 Cr PAT) — this QoQ softness is a seasonal artifact, since Q4 (Jan-Mar) captures wedding-season demand while Q1 (Apr-Jun) is typically lighter despite Akshaya Tritiya, so the YoY comparison is the meaningful read here: continued strong top-line growth.

The reported PAT growth was flattered by a ₹3.78 Cr exceptional gain — a partial reversal of the ₹15.13 Cr provision the company had booked in FY26 against uncovered metal-based jewellery purchase-plan obligations (₹11.35 Cr of that provision remains on the books till maturity). Stripping this one-off out, adjusted PAT is approximately ₹24.74 Cr, up ~20.2% YoY — trailing the 30% revenue growth. Net profit margin (on total income) still expanded to 3.85% from 3.74% a year ago, aided by the exceptional gain and a 25.0% effective tax rate, but operating margin (EBITDA/revenue) was roughly flat at 6.79% YoY (6.81% a year ago) on a reported basis, or about 6.26% once the exceptional item is excluded — a mild compression that likely reflects higher finance costs (₹10.72 Cr vs ₹8.97 Cr YoY) alongside raw-material cost pass-through on gold.

The stock went into the print at ₹173.9, up 11.4% over the past month of trading.

No street consensus estimates for this quarter's revenue or PAT could be found — searches surfaced only long-term share-price targets (e.g., a 3-6 month target of ₹155 contingent on this print, and a longer-term Uniresearch target of ₹210), not quarterly brokerage estimates, consistent with this being a small-cap with limited formal coverage; vsStreet is therefore unknown. The company has issued no formal quarterly guidance either in our records or found via search, so vsGuidance is also unknown rather than assessed. Alongside the results, the board used the same meeting to re-appoint statutory auditors Sagar & Associates for a further five years (FY27-31) and re-appoint the Chairperson & MD, Whole-time Director & CFO, and Executive Director for fresh five-year terms — governance continuity matters unrelated to this quarter's operating performance.