Manoj Vaibhav Jewellers Q2 Profit Rises 12.5% to ₹35.70 Crore; Shares Gain 1.75%

Mumbai, November 13: Manoj Vaibhav Gems ‘N’ Jewellers Limited shares traded higher on Friday, November 13, 2026, as the company announced its unaudited financial results for the September quarter. Standalone profit after tax increased 12.5% year-on-year to ₹35.70 crore from ₹31.73 crore, while revenue from operations rose to ₹790.69 crore. The company also reported an exceptional gain from the reversal of a jewellery purchase-plan provision, which supported the quarterly profit. Shares traded near ₹189 during the afternoon session.

Vaibhav Jewellers Q2 FY27 Profit Rises 12.5%, Revenue Grows 4.6%

Manoj Vaibhav Gems ‘N’ Jewellers reported standalone revenue from operations of ₹790.69 crore for the quarter ended September 30, 2026, compared with ₹755.82 crore in the corresponding quarter last year, representing growth of approximately 4.6%. Net profit increased to ₹35.70 crore from ₹31.73 crore, registering a year-on-year rise of approximately 12.5%. On a sequential basis, profit improved 29.5% from ₹27.57 crore in the June quarter. However, the results also showed pressure on underlying profitability. Profit before exceptional items and tax declined to approximately ₹39.2 crore from ₹45.2 crore a year earlier. The company reported an exceptional gain of ₹8.83 crore during the September quarter following the reversal of provisions related to metal-based jewellery purchase-plan obligations. According to the financial statement notes, the company reversed ₹12.61 crore of these provisions during the first half of FY27, leaving an outstanding provision of approximately ₹2.52 crore. The reversal supported reported profit, making it an important factor when assessing the company’s earnings growth. For the six months ended September 30, 2026, revenue from operations stood at approximately ₹1,504.60 crore, compared with ₹1,304.78 crore in the corresponding period last year. The company’s first-half performance reflected higher sales, although the contribution from exceptional gains remains relevant to its reported profitability.

Vaibhav Jewellers Revises Related-Party Transaction Limit to ₹274 Crore

Alongside its quarterly financial results, the company’s board approved an increase in the aggregate related-party transaction limit involving Gontla Trading LLP. The approved limit was revised from ₹200 crore to ₹274 crore for FY 2026-27. According to the exchange filing, the revised arrangement covers transactions involving the sale and purchase of bullion and jewellery, along with other miscellaneous services. The company disclosed a maximum transaction limit of ₹196 crore for jewellery sales, ₹74 crore for purchases of bullion and jewellery, and ₹4 crore for other services. The transactions are intended to take place in the ordinary course of business on an arm’s-length basis. The company also disclosed that the designated partners of Gontla Trading LLP have relationships with certain members of its promoter group. The revision represents a corporate governance and business transaction update. However, the available information does not establish it as a primary reason for Friday’s share price movement.

Stock Market Snapshot

Manoj Vaibhav Gems ‘N’ Jewellers share price were trading around ₹188.80 during the afternoon session on Friday, November 13, 2026, up approximately ₹3.25 or 1.75% from the previous closing price of ₹185.55. According to the supplied intraday chart, the stock initially traded below ₹185 and declined towards ₹180.50 during early trading. Buying interest subsequently improved, lifting the share price above its previous closing level around 9:45 AM IST. The stock gained further momentum after 10:45 AM IST, briefly moving above ₹192 during the late morning session. Shares later eased from their intraday highs but remained in positive territory, trading near ₹189 at approximately 12:30 PM IST. The positive movement coincided with the company’s quarterly earnings announcement. However, the available market information does not establish a single confirmed trigger for the gains.

About Manoj Vaibhav Gems ‘N’ Jewellers

Manoj Vaibhav Gems ‘N’ Jewellers Limited is an Indian jewellery retailer operating under the Vaibhav Jewellers brand. Headquartered in Visakhapatnam, Andhra Pradesh, the company offers gold, diamond, silver and other jewellery products. The company has a strong presence in Andhra Pradesh and Telangana, serving customers through its jewellery showrooms and retail network. Its business focuses on traditional jewellery, bridal collections and other jewellery products catering to regional customer preferences.

Conclusion

Manoj Vaibhav Gems ‘N’ Jewellers reported higher revenue and net profit for Q2 FY27, with earnings benefiting partly from the reversal of a jewellery purchase-plan provision. Although reported profit increased 12.5%, the decline in profit before exceptional items and tax indicates pressure on underlying earnings. The stock traded higher during Friday’s session as investors assessed the results. Going forward, revenue growth, operating margins and the sustainability of profitability will remain important factors to monitor.

Source: 

• https://www.nseindia.com/get-quote/equity/MVGJL/Manoj-Vaibhav-Gems-N-Jewellers-Limited