Manoj Vaibhav Gems N Jewellers Limited (MVGJL) held a conference call on June 4, 2025, to discuss Q4 FY25 results.
Q4 FY25 Highlights (Y-o-Y):
Turnover: ₹705.10 crore (up 29.0%)
EBITDA: ₹45.62 crore (up 24.3%)
PBT: ₹36.17 crore (up 29%)
PAT: ₹26.75 crore (up 30.1%)
FY25 Highlights (Y-o-Y):
Turnover: ₹2,384.02 crore (up 10.9%)
EBITDA: Up 9.5%
PBT: ₹129.66 crore (up 19.3%)
PAT: Up 24.1%
COO Rakhal Gontla mentioned the company increased 6 showrooms in the last year, bringing the total to 21, with a focus on Tier 2 and 3 cities in Andhra and Telangana.
The company plans to open approximately 10 silver jewelry showrooms and one premium gold jewelry showroom (Visesha) in Visakhapatnam by September. The Visesha showroom is targeted to generate revenue between ₹150 crore to ₹200 crore in the first year.
The average cost for setting up a silver store is estimated at ₹5,000 to ₹6,000 per square foot, with an average store size of 2,000-3,000 square feet. The Visesha showroom will be 6,000+ square feet with a capex of ₹8,000 to ₹9,000 per square foot (excluding rent).
The company is exploring opportunities in Vijayawada, including a potential silver jewelry showroom.
Same Store Sales Growth (SSSG) for pre-IPO stores is 6.65%. Excluding flagship stores Rajam and Mancherial, SSSG is 2%.
The management is targeting a top-line growth of 10.9% for the coming year, consistent with the previous year. The silver stores are targeting an inventory ratio of approximately 1.25 to 1.5, and the margins are, it will be around 25 % to in between 25 % to 30%.
Grandhi Vittal mentioned that Visesha margins can equate with Polki and Polki jewelry, which were at the margin of around 18%.