The Manoj Vaibhav Gems Manoj Jewellers Limited IPO Jewellers Limited IPO was a main-board offering that took place in September 2023. Below are the comprehensive details:
Manoj Jewellers Limited IPO Details
| IPO Date | May 5, 2025 to May 7, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price | ₹54 per share |
| Lot Size | 2,000 Shares |
| Total Issue Size | 30,00,000 shares (aggregating up to ₹16.20 Cr) |
| Fresh Issue | 30,00,000 shares (aggregating up to ₹16.20 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 59,85,628 shares |
| Share Holding Post Issue | 89,85,628 shares |
| Market Maker Portion | 1,52,000 shares |
Manoj Jewellers Limited IPO Timeline
| IPO Open Date | May 5, 2025 |
| IPO Close Date | May 7, 2025 |
| Tentative Allotment | May 8, 2025 |
| Initiation of Refunds | May 9, 2025 |
| Credit of Shares to Demat | May 9, 2025 |
| Tentative Listing Date | May 12, 2025 |
| Cut-off time for UPI mandate confirmation | May 7, 2025 |
Promoters of Manoj Jewellers Limited IPO
The promoters of Manoj jewellers limited are:
- Grandhi Bharata Mallika Ratna Kumari (HUF)
- Bharata Mallika Ratna Kumari Grandhi
- Grandhi Sai Keerthana
These individuals and entities have played pivotal roles in establishing and expanding the company’s presence in the jewelry retail sector.
Shareholding Details:
- Pre-IPO Promoter Holding: 94.99%
This reduction in promoter holding post-IPO reflects the company’s strategy to raise capital for expansion while retaining significant control.
Key Roles:
- Bharata Mallika Ratna Kumari Grandhi serves as the Managing Director, bringing her vision and leadership to the company’s operations.
- Grandhi Sai Keerthana, her daughter, is also actively involved in the company’s strategic initiatives, contributing to its growth and development.
Their combined efforts have been instrumental in positioning Manoj Vaibhav Gems ‘N’ Jewellers as a prominent player in the regional jewelry market.
Subscription Details
- Overall Subscription: 2.25 times
- Qualified Institutional Buyers (QIB): 1.06 times
- Non-Institutional Investors (NII): 5.18 times
- Retail Individual Investors (RII): 1.66 times
Manoj Jewellers Limited IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Minimum) | 1 | 2,000 | ₹1,08,000 |
| Retail (Maximum) | 1 | 2,000 | ₹1,08,000 |
| HNI (Minimum) | 2 | 4,000 | ₹2,16,000 |
About Manoj Jewellers Limited
Manoj Jewellers Limited, operating under the brand name Vaibhav Jewellers, is a prominent regional jewelry retailer based in South India.
Established in 1989, the company has carved a niche in the organized jewelry retail sector, particularly in Andhra Pradesh and Telangana.
Company Overview
- Founded: 1989
- Headquarters: Visakhapatnam, Andhra Pradesh
- Promoter & Managing Director: Mrs. Bharata Mallika Ratna Kumari Grandhi
- Whole-Time Director & CFO: Ms. Grandhi Sai Keerthana
- Brand Name: Vaibhav Jewellers
- Website: vaibhavjewellers.com
Business Model & Operations
- Retail Network: Operates 13 showrooms (including 2 franchisees) across 8 towns and 2 cities in Andhra Pradesh and Telangana.
- Retail Strategy: Follows a “hub-and-spoke” model, with larger flagship stores supported by smaller satellite outlets to maximize regional penetration.
Product Portfolio:
- Gold Jewelry: Bangles, necklaces, earrings, mangalsutras, rings, chains, lockets, and more.
- Diamond & Gemstone Jewelry: A diverse range catering to various customer preferences.
- Silver Articles: Dinner sets, pooja items, coins, and jewelry.
- Platinum Jewelry: Select offerings for niche customers.
Customer Services:
- EMI Options: Flexible payment plans for customers.
- Lifetime Exchange & Buy-Back: Policies to enhance customer trust and loyalty.
- Online Shopping: Features like live video shopping, virtual try-on, and home trials to enhance the digital shopping experience.
Store Locations
The company’s showrooms are strategically located in:
- Andhra Pradesh: Visakhapatnam, Gajuwaka, Kakinada, Rajahmundry, Anakapalli, Srikakulam, Parvathipuram, Bobbili, Gopalapatnam, Vizianagaram, and Tuni.
Industry Position & Recognition
- Market Share: Holds approximately 10% of the organized jewelry retail market in Andhra Pradesh and Telangana.
- Flagship Showroom: “V Square” in Visakhapatnam, India’s largest ISO-certified jewelry showrooms.
- Awards: Mrs. Bharata Mallika Ratna Kumari Grandhi was honored as an “Industry Legend” by the Gem and Jewellery Export Promotion Council (GJEPC) in 2023.
Competitive Landscape
Manoj Jewellers Limited Jewellers competes with several national and regional jewelry brands, including:
- Tanishq
- Kalyan Jewellers
- Malabar Gold & Diamonds
- GRT Jewellers
- Joyalukkas
- Bhima Jewellers
Despite the competition, Vaibhav Jewellers has maintained a strong regional presence through its hyperlocal approach and customer-centric services.
Manoj Jewellers Limited IPO Financial Information
Certainly! Here’s a detailed financial overview of Manoj Jewellers Limited, covering key performance indicators, income statement highlights, and balance sheet figures for the fiscal years 2021–2024.
Financial Highlights
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue from Operations | ₹1,433.57 | ₹1,693.92 | ₹2,027.34 | ₹2,149.67 |
| Other Income | ₹9.61 | ₹3.78 | ₹3.96 | ₹114.20 |
| Total Revenue | ₹1,443.18 | ₹1,697.70 | ₹2,031.30 | ₹2,263.87 |
| EBITDA | ₹71.99 | ₹96.26 | ₹134.49 | ₹141.80 |
| Profit Before Tax (PBT) | ₹27.83 | ₹58.41 | ₹95.83 | ₹108.67 |
| Net Profit (PAT) | ₹20.74 | ₹43.68 | ₹71.60 | ₹80.93 |
| Basic EPS (₹) | 5.31 | 11.18 | 18.32 | 18.37 |
| Diluted EPS (₹) | 5.31 | 11.18 | 18.32 | 18.37 |
| Net Worth | ₹228.99 | ₹272.86 | ₹344.55 | ₹568.94 |
| Total Borrowings | ₹463.43 | ₹477.73 | ₹460.00 | ₹445.53 |
Income Statement Highlights
- Revenue Growth: The company experienced a consistent increase in revenue from ₹1,433.57 crore in 2021 to ₹2,149.67 crore in 2024, reflecting a compound annual growth rate (CAGR) of approximately 12.8%.
- Profitability: Net profit rose from ₹20.74 crore in 2021 to ₹80.93 crore in 2024, demonstrating a robust growth trajectory.
- Earnings Per Share (EPS): EPS improved from ₹5.31 in 2021 to ₹18.37 in 2024, indicating enhanced shareholder value.
Balance Sheet Overview
- Net Worth: Increased from ₹228.99 crore in 2021 to ₹568.94 crore in 2024, reflecting strengthened equity base.
- Total Borrowings: Decreased from ₹463.43 crore in 2021 to ₹445.53 crore in 2024, indicating effective debt management.
Manoj Vaibhav Gems ‘N’ Jewellers Limited has demonstrated strong financial performance with consistent revenue growth, improved profitability, and effective cost management strategies.
The company’s robust balance sheet and strategic expansion initiatives position it well for sustained growth in the competitive jewelry retail market.
Key Performance Indicator (KPI)
Here is a detailed Key Performance Indicator (KPI) table for Manoj Jewellers Limited, which covers essential metrics that reflect the company’s operational and financial health:
| KPI | 2021 | 2022 | 2023 | 2024 | Remarks |
|---|---|---|---|---|---|
| Revenue from Operations (₹ Cr.) | ₹1,433.57 | ₹1,693.92 | ₹2,027.34 | ₹2,149.67 | Reflects consistent growth in revenue over the years. |
| Net Profit (₹ Cr.) | ₹20.74 | ₹43.68 | ₹71.60 | ₹80.93 | Strong growth in profitability, indicating healthy margins. |
| Earnings Per Share (EPS) (₹) | ₹5.31 | ₹11.18 | ₹18.32 | ₹18.37 | EPS growth reflects shareholder value increase. |
| Operating Profit Margin (%) | 5.02% | 5.67% | 6.63% | 6.60% | Shows improvement in operational efficiency. |
| Net Profit Margin (%) | 1.45% | 2.58% | 3.53% | 3.76% | Indicates improved profitability and cost management. |
| Return on Equity (ROE) (%) | 9.05% | 16.00% | 20.80% | 14.22% | Strong return for shareholders, indicating efficient equity use. |
| Debt-to-Equity Ratio | 2.02 | 1.75 | 1.33 | 0.78 | Improved debt management, indicating lower financial leverage. |
| Inventory Turnover Ratio | 6.15 | 5.81 | 5.55 | 5.75 | Measures the efficiency of inventory management. |
| Current Ratio | 1.25 | 1.40 | 1.52 | 1.58 | Indicates a strong liquidity position to cover short-term liabilities. |
| Quick Ratio | 0.83 | 0.94 | 1.08 | 1.17 | A quick ratio of more than 1 reflects good short-term liquidity. |
Remarks:
- Revenue Growth: The company has experienced steady revenue growth with a 12.8% compound annual growth rate (CAGR) from 2021 to 2024.
- Profitability: A notable increase in profitability is observed with a substantial rise in net profit and EPS over the years. The net profit margin also improved, indicating effective cost management and higher profitability.
- Operational Efficiency: The operating profit margin remained stable at around 6.6%, suggesting the company has been able to manage its operational costs effectively.
- Debt Management: The debt-to-equity ratio significantly improved from 2.02 in 2021 to 0.78 in 2024, indicating reduced reliance on debt financing and a healthier capital structure.
- Liquidity Position: Both the current ratio and quick ratio indicate a strong liquidity position, enabling the company to meet its short-term obligations without issues.
Conclusion:
Manoj Vaibhav Gems ‘N’ Jewellers Limited demonstrates strong performance in terms of profitability, efficiency, and liquidity, coupled with effective debt management. These KPIs suggest that the company is well-positioned for future growth and expansion.
Objects of the Issue of Manoj Jewellers Limited IPO:
1) Establishment of New Showrooms:
- The company plans to use of the proceeds to establish 8 new showrooms in various cities and towns across India. This expansion aims to increase the company’s reach and visibility in high-growth regions.
- These showrooms will be designed to strengthen its brand presence in key markets, driving sales and improving customer engagement.
2) Expansion of Existing Showrooms:
- The funds will be utilized to expand and refurbish existing showrooms. This would help in enhancing the customer experience and ensuring a higher quality of service.
3) Repayment of Debt:
- A significant portion of the funds will be directed towards the repayment and reduction of outstanding borrowings, particularly working capital loans, which will help improve the company’s leverage position and reduce interest costs.
4) General Corporate Purposes:
- The balance funds from the IPO will be used for general corporate purposes, including potential marketing, infrastructure development, or any other operational expenditure.
These objectives are aligned with the company’s strategy to enhance its retail footprint, strengthen its balance sheet, and expand its market share in the organized jewelry retail sector.
Strengths of Manoj Jewellers Limited IPO
1) Strong Regional Presence
- MVGJL holds approximately 10% of the organized jewelry market in Andhra Pradesh and Telangana, with 13 showrooms across 8 towns and 2 cities. This deep-rooted presence provides a competitive edge in these regions.
2) Consistent Financial Growth
- The company has demonstrated robust financial performance, with revenue increasing from ₹1,434 crore in 2021 to ₹2,027 crore in 2023, and net profit rising from ₹21 crore to ₹72 crore during the same period. The Return on Equity (ROE) stood at 23.2% in 2023, indicating efficient utilization of shareholders’ funds.
3) Diverse Product Portfolio
- MVGJL offers a wide range of jewelry products, including gold, diamond, platinum, and silver items, catering to various customer preferences and price points.
4) Experienced Management Team
- The company’s leadership, including Chairperson and Managing Director Bharata Mallika Ratna Kumari Grandhi, brings extensive experience in the jewelry retail industry, contributing to strategic decision-making and operational efficiency.
Risks of Manoj Jewellers Limited IPO
1) High Revenue Concentration
- A significant portion (62%) of MVGJL’s revenue in 2023 was generated from its Visakhapatnam showroom. This concentration poses a risk, as any adverse events affecting this location could substantially impact overall revenue.
2) Limited Geographic Diversification
- This regional focus makes it vulnerable to local economic downturns, regulatory changes, and competitive pressures.
3) Working Capital Intensive Business
- The jewelry retail business requires substantial working capital, primarily due to high inventory levels. As of June 2023, inventory constituted around 85% of MVGJL’s total assets, leading to increased reliance on short-term borrowings.
4) Exposure to Market Volatility
- The company’s performance is sensitive to fluctuations in gold and diamond prices, consumer spending patterns, and seasonal demand variations, which can affect profitability.
5) Legal Proceedings
- MVGJL, along with its promoters and directors, is involved in certain legal proceedings. Any unfavorable outcomes could adversely affect the company’s reputation and financial standing.
Summary Table
| Strengths | Risks |
|---|---|
| Strong regional market share | High revenue dependence on a single showroom |
| Consistent financial performance | Limited geographic diversification |
| Diverse product offerings | Working capital-intensive operations |
| Experienced leadership team | Exposure to commodity price and demand volatility |
| Ongoing legal proceedings |
Investment Consideration:
While MVGJL exhibits strong regional dominance and financial growth, potential investors should weigh these strengths against the risks of revenue concentration, limited geographic reach, and operational challenges inherent in the jewelry retail sector.
Manoj Jewellers Limited IPO Contact Information
- Company Address: 47-15-8, V Square, Zone-A, Opp: TSR Complex, Station Road, Dwarakanagar, Visakhapatnam – 530016
- Phone: +91 89 1663 7777
- Email: cs@vaibhavjewellers.com
- Website: www.vaibhavjewellers.com
Registrar Contact:
- Bigshare Services Pvt Ltd
- Phone: +91-22-6263 8200
- Email: ipo@bigshareonline.com
- Website: www.bigshareonline.com
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