Manoj Vaibhav Gems N Jewellers Ltd

Auditor Re-appointment

• Auditor: Re-appointment of M/s Sagar & Associates as Statutory Auditor for FY26-27 to FY30-31.
• Reason/basis: Audit Committee recommendation; subject to shareholders' approval.
• Profile: Hyderabad-based firm with 2+ decades in statutory audits and tax.
• Term: 5-year appointment from FY26-27 to FY30-31.
• Relationships: Not applicable.
• Board impact: No change stated.

Chairperson & MD Re-appointment

• Type: Re-appointment of Chairperson & Managing Director (Executive).
• Person: Bharata Mallika Ratna Kumari Grandhi (DIN: 00492520).
• Term: 5-year term from Feb 12, 2027, subject to shareholders' approval.
• Profile: 24-year jewellery industry experience; with company since 2001; oversees operations and growth.
• Relationships: Mother of Sai Keerthana Grandhi and Sai Sindhuri Grandhi; mother-in-law of Gontla Rakhal.
• Compliance: Not debarred per SEBI circular.

Whole-time Director Re-appointment

• Type: Re-appointment of Whole-time Director (Executive).
• Person: Sai Keerthana Grandhi (DIN: 05211918).
• Term: 5-year term from March 01, 2027; subject to shareholders' approval.
• Profile: CA, ICAI member; B.Com; involved in marketing, operations, product development, finances.
• Relationships: Daughter of MD Bharata Grandhi; sister of Sai Sindhuri Grandhi; spouse of Joint MD Gontla Rakhal.
• Compliance: Not debarred from directorship per SEBI.

Executive Director Re-appointment

• Type: Re-appointment of Executive Director.
• Person: Sai Sindhuri Grandhi (DIN: 02795856).
• Term: 5-year term from March 01, 2027; subject to shareholders' approval.
• Profile: Associated since 2012; BDS; handles HR and Administration.
• Relationships: Daughter of MD; sister of Sai Keerthana Grandhi.
• Compliance: Not debarred from directorship per SEBI.

Financial results

• Approved unaudited standalone quarterly results for quarter ended 30 June 2026; Limited Review Report enclosed.

Auditors

• Re-appointed M/s Sagar & Associates as statutory auditors for five years (FY2026-27 to FY2030-31).

Executive leadership

• Re-appointed Bharata Mallika Ratna Kumari Grandhi as Chairperson & Managing Director for five years from February 12, 2027.

Executive director re-appointments

• Re-appointed Sai Keerthana Grandhi as Whole-time Director for five years from March 01, 2027.

Executive director re-appointments 2

• Re-appointed Sai Sindhuri Grandhi as Executive Director for five years from March 01, 2027.

Scrutinizer appointment

• Appointed N. Vanitha as Scrutinizer for AGM electronic voting.

AGM details

• Fixed 37th AGM on September 25, 2026 at 12:00 via VC/OAVM; notice approved.

Financial notes

• Provision for jewellery-plan losses: Rs 15.13cr recognized; Rs 3.78cr reversed; Rs 11.35cr remains.
• Reversal treated as exceptional item.

Demat/remat status

• Regulation 74(5) not applicable; entire holding in demat and no demat/rematerialisation requests received.

Rating Action

• ICRA reaffirmed long-term/short-term facilities as [ICRA]A- (Stable)/[ICRA]A2+.

Rated Amount

• Rated amount for working capital facilities: Rs 511 crore.

Total Rated Facilities

• Total rated facilities: Rs 511 crore; enhanced for working capital.

Surveillance

• Surveillance due within one year from rating communication letter.

Bank Limits Rated

• Bank limits rated total Rs 511 crore across Axis, Federal, HDFC, ICICI, Kotak, Yes Bank.

Outlook

• Long-term rating outlook: Stable.

Financial Performance 📊

• Q3 FY26 revenue from operations was ₹684.80 crore, down 9.4% QoQ and up 37.7% YoY.
• 9M FY26 revenue from operations was ₹1,989.56 crore, up 18.4% YoY.
• Q3 FY26 total income was ₹686.27 crore, down from ₹757.56 crore in Q2 FY26.
• 9M FY26 total income was ₹1,994.29 crore, up from ₹1,689.97 crore in 9M FY25.
• Q3 FY26 EBITDA was ₹45.10 crore, flat QoQ and up 56.7% YoY.
• Q3 FY26 profit after tax was ₹34.50 crore, up 8.7% QoQ and 36.6% YoY; EPS was ₹7.06.

Cost & Expenses

• Q3 FY26 raw material cost was ₹483.61 crore, up 53.5% YoY and slightly up QoQ.
• Purchase of stock-in-trade declined QoQ to ₹122.28 crore from ₹213.23 crore.
• Employee benefits expense was ₹13.86 crore in Q3 FY26, slightly down from ₹14.02 crore in Q2 FY26.
• Finance costs decreased QoQ to ₹8.20 crore from ₹9.39 crore.
• Exceptional item of ₹1.44 crore recorded in Q3 FY26 due to new labor code impact.

Capex & Approvals 🧱

• Board approved purchase of a fully leased 1,50,000 sq ft warehouse for ₹32.29 crore.
• Board meeting held on February 10, 2026, approved Q3 and 9M FY26 results and warehouse purchase.

Other

• Statutory auditors issued an unmodified limited review report on Q3 and 9M FY26 results.
• Company operates in a single segment: retail jewellery business.
• Exceptional item relates to one-time past service cost due to labor legislation effective Nov 21, 2025.

Financial Performance 📊

• Approved unaudited standalone results for Q3 and nine months ended December 31, 2025.
• Reported total income of ₹199.43 crores and profit after tax of ₹86.82 crores for nine months ended December 31, 2025.
• Recognized a one-time exceptional expense of ₹1.44 crores due to new labor codes.
• Earnings per share for nine months ended December 31, 2025 were ₹17.77 basic and diluted.

Investments and Assets 📍

• Approved purchase of a fully leased 1,50,000 sq. ft. warehouse asset for ₹32.29 crores.
• Warehouse leased to a Kia partner company and classified as investment property.

Corporate Structure

• No subsidiaries, associates, or joint ventures as of December 31, 2025.

Audit and Compliance ⚠️

• Statutory auditors issued an unmodified limited review report on the unaudited results.
• Auditor’s review found no material misstatements or disclosure deficiencies.