Manoj Vaibhav Gems ‘N’ Jewellers Limited IPO Details Issue Price, Date, News, Allotment Status, GMP, Link, Updates

IPO-Note	Manoj Vaibhav Gems ‘N’ Jewellers Limited
Rs.204 – Rs.215 per Equity share	Recommendation: Aggressive investors may Apply

Manoj Vaibhav Gems ‘N’ Jewellers Limited  IPO Details :

Manoj Vaibhav Gems ‘N’ Jewellers Limited  IPO Strengths :

• MVJL has nearly three-decade focus on the micro markets of Andhra Pradesh and Telangana, giving it deep insight into local customer sentiments and preferences.

• Company’s Go to Market strategy is its key business enabler helped it to expand its market reach, deepen its connections with customers, and has enabled it to build a loyal customer base.

• It offers diverse product designs at varied price range to customers across budget bracket.

Manoj Vaibhav Gems ‘N’ Jewellers Limited  IPO Key Highlights:

• Revenue of the co. has increased from Rs.1434 Cr. in FY21 to Rs.2027 Cr. in FY23 with a CAGR of 12%; Net Profit also increased from Rs.21 Cr. in FY21 to Rs.72 Cr. in FY23 with a strong CAGR of 51%

• Co.’s ’s EBITDA Margin & PAT Margin stands at 7.1% & 3.5% respectively in FY23.

• As of March, 2023, ROCE and ROE ratio of the co. is 17.7% and 23.19% respectively.

• Debt to Equity ratio is decreasing over the years & currently stands at 1.34.

Manoj Vaibhav Gems ‘N’ Jewellers Limited  IPO Risk Factors:

• Co. generated 62% of its revenue from Visakhapatnam region in FY23; any specific risk related to this region may impact the revenues of the co.

• The company, Promoters and Directors are involved in certain legal proceedings; any adverse decision in such proceedings may adversely affect its business.

• MVJL operates in a highly competitive market and faces competition from other jewellery retailer. Increase in the competition may adversely impact co.’s operations and performance.

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Manoj Vaibhav Gems ‘N’ Jewellers Limited  IPO Financial Performance:

Manoj Vaibhav Gems ‘N’ Jewellers Limited  IPO Shareholding Pattern:

Source: RHP, EWL Research

Manoj Vaibhav Gems ‘N’ Jewellers Limited  IPO Outlook:

MVJL is one of the leading regional jewellery brand in South India majorly focused in the micro markets of Andhra Pradesh and Telangana. The co. sets itself apart by emphasizing ‘Relationships, by Design,’ putting a strong emphasis on providing great designs, superior quality, transparency, and outstanding customer service. It derives approximately 90% of its revenue from Gold jewelry, 3.7% from Silver jewelry/articles, 3.6% from Diamonds, and the remaining 2.7% from Platinum jewelry and other sources. The co. 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. It also focuses on further strengthening its rural focus and improving sales from existing showrooms along with leveraging its e-commerce platform. MVJL is offering the P/E of 12.03x compared to industry average of 68.69x. The co. provides a chance to be a part of a strong regional jewelry brand with a hyperlocal retail focus. It has early mover advantages in Andhra Pradesh, diverse product offerings, steady revenue growth, and attractive IPO pricing. However, it has risks of substantial working capital needs, regional concentration, and ongoing legal proceedings. Hence, we recommend only aggressive investors to apply to the offering.

Manoj Vaibhav Gems ‘N’ Jewellers IPO FAQ