Vaibhav Jewellers credit ratings upgraded amid growth and expansion

** ICRA has upgraded the credit ratings for Manoj Vaibhav Gems 'N' Jewellers Limited, citing the company's increased turnover driven by new store openings and elevated gold prices. The long-term and short-term ratings have been upgraded to [ICRA]A- (Stable) and [ICRA]A2+, respectively. ICRA also acknowledged the jeweler's established retail presence, strong brand recognition in Andhra Pradesh and Telangana, and the promoters' extensive experience. While noting the working capital intensive nature of the business, ICRA expects the company’s ROCE to remain comfortable in the medium term. The rating outlook is Stable, reflecting ICRA's expectation that Vaibhav Jewellers will maintain its financial performance, benefit from its expanded retail network, and generate adequate cash flows. The total rated amount is INR 450.00 crore.