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

ICRA has upgraded Manoj Vaibhav Gems ‘N’ Jewellers Limited’s credit ratings to [ICRA]A- (Stable) for long-term and [ICRA]A2+ for short-term facilities, reflecting improved financial health. The upgrade factors in steady turnover growth driven by store additions and higher gold prices, along with better profits and cash accruals enhancing capital structure and coverage metrics. The company’s gearing improved to 0.6 times and interest coverage to 4.0 times as of March 2025. Despite high working capital intensity and geographical concentration risks, the rating acknowledges MVGJL’s strong brand presence and expanding retail network. The rating upgrade is expected to lower borrowing costs and boost investor confidence, supporting the company’s financial flexibility and growth prospects.