Manoj Vaibhav Gems 'N' Jewellers Limited, a prominent player in the Indian jewelry market, has announced a significant change in its retail strategy. The company is set to close its showroom located in A.S. Rao Nagar, Hyderabad, Telangana, as part of a broader retail restructuring initiative.

Closure Details

The jewelry retailer has set October 16, 2025, as the effective date for the showroom closure. This decision comes after a comprehensive review of the company's retail footprint, aimed at optimizing operations and aligning with long-term business objectives.

Strategic Restructuring

In an official communication to the stock exchanges dated September 4, 2025, Bandari Shiva Krishna, Company Secretary & Compliance Officer of Manoj Vaibhav Gems 'N' Jewellers Limited, stated:

"This decision forms part of the Company's ongoing retail restructuring strategy, following a comprehensive review aimed at optimizing the retail footprint and aligning with our long-term business objectives."

The move suggests that the company is taking proactive steps to streamline its operations and potentially focus on more profitable locations or channels.

Company Background

Manoj Vaibhav Gems 'N' Jewellers Limited, with its registered office in Visakhapatnam, Andhra Pradesh, has been a part of the Indian jewelry industry since its incorporation in 1989. The company has been actively engaging with its shareholders, as evidenced by the recent announcement of its 36th Annual General Meeting (AGM) for the financial year 2024-25.

Investor Communication

The company has maintained transparency with its investors, publishing notices about the AGM and annual report dispatch in prominent newspapers such as "Business Line" and "Prajasakti" on September 3, 2025. This demonstrates the company's commitment to keeping its stakeholders informed about significant developments and financial performance.

As Manoj Vaibhav Gems 'N' Jewellers Limited navigates through this retail restructuring phase, investors and industry observers will be keenly watching how this strategic move impacts the company's overall performance and market position in the competitive Indian jewelry sector.

Manoj Vaibhav Gems 'N' Jewellers Limited has reported a slight increase in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the first quarter, along with significant changes in its management structure.

Q1 Financial Performance

The Visakhapatnam-based jewellery retailer announced that its Q1 EBITDA reached ₹375.00 million, compared to ₹370.00 million in the same period last year, marking a marginal growth. However, the company's EBITDA margin saw a slight dip, standing at 6.83% versus 6.86% in the previous year.

According to the company's unaudited financial results, Manoj Vaibhav Gems reported:

Management Restructuring

The company's Board of Directors has approved several key management changes:

1. New Joint Managing Director: Mr. Rakhal Gontla has been appointed as an Additional Director (Executive Category) and subsequently as the Joint Managing Director of the company, effective August 11. This appointment is subject to shareholder approval at the upcoming Annual General Meeting. Mr. Gontla, who previously served as the Chief Operating Officer, brings over 9 years of experience in product planning, strategic leadership, and business scaling.

2. Independent Director Appointment: Mrs. Jonnada Vaghira Kumari has been appointed as an Additional Director in the Non-Executive Independent category. With more than 10 years of experience in the corporate sector, Mrs. Kumari is a Company Secretary and specializes in listed company compliances and complex corporate matters.

3. New Secretarial Auditors: The company has appointed M/s P.S. Rao & Associates, Company Secretaries, as the Secretarial Auditors for a period of five consecutive years, subject to shareholder approval.

Looking Ahead

The company has scheduled its 36th Annual General Meeting for September 26, to be held through video conferencing. These management changes, coupled with the marginal growth in EBITDA, signal Manoj Vaibhav Gems' efforts to strengthen its leadership team and potentially drive future growth in the competitive jewellery retail sector.