Manoj Vaibhav Gems 'N' Jewellers Limited (MVGJL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-402.9%

-₹546.30

vs ₹180.34 price

Levered DCF

-₹13.97

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	5.61×	9.94×	14.26×	11.76×	19.28×	40.58×	43.19×	28.39×
P/B	0.77×	1.39×	1.87×	3.06×	3.86×	4.6×	5.06×	4.58×
P/S	0.23×	0.42×	0.54×	0.52×	0.62×	0.73×	0.82×	0.68×
EV / EBITDA	5.16×	7.69×	9.61×	10.37×	14.41×	19.21×	16.83×	14.57×
Gross margin	10.7%	10.4%	13.0%	13.0%	12.3%	9.4%	14.9%	15.3%
Operating margin	6.4%	6.6%	10.4%	6.7%	5.7%	5.1%	10.9%	10.9%
Net margin	4.2%	4.2%	3.8%	3.5%	2.6%	1.4%	1.9%	2.5%
Current ratio	1.79×	1.9×	1.83×	1.64×	1.62×	1.61×	-676,640×	1.3×
Debt / equity	0.59×	0.56×	0.69×	1.41×	1.84×	2.14×	2.25×	2.24×
Interest coverage	4.95×	3.91×	5.16×	3.2×	2.27×	1.69×	36.56×	4.68×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.8%	14.0%	13.1%	20.8%	16.0%	9.1%	11.7%	16.7%
Return on invested capital	9.9%	10.8%	15.8%	12.2%	9.3%	7.5%	8.6%	14.6%
Return on assets	6.2%	6.7%	5.8%	6.6%	4.9%	2.6%	3.0%	4.5%
Free cash flow yield	-1.0%	-10.5%	5.0%	6.4%	0.8%	-1.1%	2.7%	-0.2%
Earnings yield	17.8%	10.1%	7.0%	6.8%	4.1%	2.0%	2.3%	3.6%
Enterprise value	₹10.3B	₹13.7B	₹15.4B	₹15.2B	₹15.5B	₹15.2B	₹15B	₹12.1B
Net debt / EBITDA	1.92×	2.08×	2.42×	3.21×	4.62×	5.91×	5.03×	4.45×
Cash conversion cycle (days)	219	206	196	193	171	169	181	164