Manoj Vaibhav Gems N Jewellers Limited — Credit Ratings, 07-07-2025: Credit Rating

ICRA has upgraded Manoj Vaibhav Gems 'N' Jewellers Limited’s long-term rating to [ICRA]A- (Stable) from [ICRA]BBB+ (Stable) and short-term rating to [ICRA]A2+ from [ICRA]A2, reflecting a stronger financial profile driven by steady revenue growth to Rs. 2,384 crore in FY2025, supported by an expanded retail network and elevated gold prices. Improved profitability and cash accruals have enhanced the company’s capital structure, with gearing reducing to 0.6 times and coverage indicators strengthening. While the business remains working capital intensive with high inventory levels and limited liquidity buffer, the healthy scale-up and stable margins underpin credit strength. The upgraded ratings are expected to reduce the company’s cost of borrowing and support investor confidence, sustaining its ability to service debt comfortably.