Manoj Vaibhav cash falls as inventory reaches Rs 1,863.90 crore

Manoj Vaibhav Gems 'N' Jewellers Limited reported cash and cash equivalents of Rs 60.22 crore at September 30, 2026, down Rs 48.36 crore from March 31, while inventories rose Rs 254.03 crore to Rs 1,863.90 crore. The half-year cash-flow statement recorded Rs 82.36 crore of net cash used in operating activities.

Why did Manoj Vaibhav’s cash balance fall?

Manoj Vaibhav’s cash balance fell to Rs 60.22 crore at September 30, 2026 from Rs 108.58 crore at March 31, 2026, a Rs 48.36 crore reduction over six months. Total assets increased by Rs 271.73 crore to Rs 2,136.59 crore during the same period, with inventories accounting for most of the asset growth.

Current assets rose to Rs 2,001.47 crore from Rs 1,770.27 crore at March 31, 2026. Alongside the Rs 254.03 crore increase in inventories, trade receivables rose Rs 13.27 crore to Rs 45.55 crore, other financial assets rose Rs 5.76 crore to Rs 20.96 crore, and other current assets increased Rs 6.50 crore to Rs 10.52 crore.

How much cash did inventory absorb for Manoj Vaibhav?

Manoj Vaibhav recorded Rs 54.01 crore of cash used by an increase in inventories in the six months ended September 30, 2026. That outflow was lower than the Rs 117.85 crore used in inventories in the corresponding six months of 2025, although the September 2026 closing inventory balance was Rs 254.03 crore above the March 2026 balance.

The cash-flow statement also showed Rs 13.31 crore used by higher trade receivables and Rs 5.78 crore used by other current assets in the latest half year. These movements were partly offset by a Rs 114.65 crore increase in other current liabilities, while the cash-flow statement recorded a Rs 20.66 crore decrease in trade payables.

Manoj Vaibhav operates in jewellery retail and reported a single business segment under Indian Accounting Standard 108, Operating Segments. Its September 2026 filing therefore does not separate the Rs 1,863.90 crore inventory balance by jewellery category, location, store format or geography.

What did Manoj Vaibhav’s cash flow statement show?

Manoj Vaibhav used Rs 82.36 crore in operating activities in the six months ended September 30, 2026, compared with Rs 5.29 crore generated in the corresponding 2025 period. The change occurred despite profit before tax and exceptional items of Rs 72.18 crore, close to Rs 72.80 crore a year earlier, as working-capital movements affected operating cash.

Investing activities used Rs 38.22 crore in the latest half year, compared with Rs 3.38 crore generated in the year-earlier six months. The reported outflows included Rs 32.25 crore for the increase in investment properties and Rs 6.75 crore for property, plant and equipment and capital work-in-progress, including capital advances.

Financing activities generated Rs 72.23 crore in the six months ended September 30, 2026, versus Rs 15.46 crore used a year earlier. The resulting net decrease in cash was Rs 48.36 crore, compared with a Rs 6.79 crore decrease in the corresponding 2025 period, reconciling the opening balance of Rs 108.58 crore to the September 2026 closing balance of Rs 60.22 crore.

How did Manoj Vaibhav’s funding and liabilities change?

Manoj Vaibhav’s non-current borrowings increased to Rs 71.31 crore at September 30, 2026 from Rs 7.31 crore at March 31, 2026. Current borrowings rose to Rs 6.12 crore from Rs 5.33 crore, while non-current lease liabilities increased to Rs 30.66 crore from Rs 26.73 crore.

Total equity rose Rs 63.53 crore to Rs 896.89 crore at September 30, 2026, comprising equity share capital of Rs 48.85 crore and other equity of Rs 848.04 crore. Total liabilities increased to Rs 1,239.70 crore from Rs 1,031.50 crore, with current liabilities rising to Rs 1,129.87 crore from Rs 989.77 crore and non-current liabilities reaching Rs 109.83 crore from Rs 41.73 crore.

Trade payables stood at Rs 482.05 crore at September 30, 2026, compared with Rs 451.67 crore at March 31, 2026. Dues to micro and small enterprises within trade payables declined to Rs 5.46 crore from Rs 9.31 crore over the six-month period.

How did profit and exceptional items affect Manoj Vaibhav’s results?

Manoj Vaibhav reported revenue from operations of Rs 1,504.60 crore for the six months ended September 30, 2026, up from Rs 1,304.76 crore in the comparable 2025 period. Profit for the period increased to Rs 63.27 crore from Rs 52.32 crore, while total comprehensive income rose to Rs 63.53 crore from Rs 52.08 crore.

The company reversed Rs 12.61 crore of a provision for potential losses on the uncovered portion of metal-based jewellery purchase-plan obligations during the September 2026 half year. Management said the reversal followed a reassessment of gold-equivalent obligations and available inventory coverage for matured plans, while a Rs 2.52 crore provision remains until maturity.

Conclusion

Manoj Vaibhav’s September 2026 half-year accounts show a Rs 48.36 crore decline in cash alongside a Rs 254.03 crore increase in inventory and Rs 82.36 crore of operating cash use. Financing cash inflow of Rs 72.23 crore partly offset operating and investing outflows, while total liabilities increased by Rs 208.20 crore over the six months.

The next results will show whether the Rs 1,863.90 crore inventory balance, Rs 45.55 crore of receivables and higher current assets convert into cash. Management has also disclosed that Rs 2.52 crore of the jewellery purchase-plan provision will remain until the relevant plans mature.