Buy, Sell Or Hold: Manappuram Finance, IIFL Finance, PC Jeweller, Tribhovandas Bhimji Zaveri, Vaibhav Global — Analyst Forecast

Updated: 25 Sept 2026 • 12:24 pm

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Buy, Sell Or Hold: Manappuram Finance, IIFL Finance, PC Jeweller, Tribhovandas Bhimji Zaveri, Vaibhav Global — Analyst Forecast

India's gold stocks span gold-loan NBFCs and jewellery retailers, businesses whose fortunes track gold price trends, loan-against-gold demand and wedding-season jewellery purchases. This piece checks five listed names on valuation and profitability.

Sector Snapshot (25 September 2026)

Stock	LTP (Rs)	52W High	52W Low	P/E vs Industry	ROE	Our View
Manappuram Finance	330.70	381.55	245.15	21.12 / 19.07	6.25%	Hold
IIFL Finance	612.50	705.00	409.10	11.69 / 19.07	11.93%	Buy on Dips
PC Jeweller	14.37	14.86	7.47	18.04 / 49.70	8.74%	Hold
Tribhovandas Bhimji Zaveri	655.00	698.60	110.50	21.03 / 49.70	24.14%	Hold
Vaibhav Global	207.00	293.25	174.13	12.09 / 49.70	16.15%	Buy on Dips

Quick Answer

IIFL Finance and Vaibhav Global both stand out among these gold stocks, trading well below their respective industry averages with reasonable to solid return on equity. PC Jeweller and Tribhovandas Bhimji Zaveri both look cheap on paper but have already rallied hard toward their 52-week highs, while Manappuram Finance's weaker return on equity keeps it in hold territory.

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Table of Contents

Manappuram Finance: Hold

Manappuram Finance, a gold-loan NBFC, trades at Rs 330.70, down close to 13% from its 52-week high of Rs 381.55. It posts a price-to-earnings ratio of 21.12, close to the industry average of 19.07, but a return on equity of just 6.25% is the weakest in this group, alongside a debt-to-equity ratio of 3.60. That combination of a fair valuation but modest profitability keeps this in hold territory.

IIFL Finance: Buy on Dips

IIFL Finance, another gold-loan focused NBFC, is at Rs 612.50, down close to 13% from its 52-week high of Rs 705.00. It stands out with a price-to-earnings ratio of just 11.69 against an industry average of 19.07, alongside a return on equity of 11.93%. That combination of a deep discount and reasonable profitability makes it the standout gold stock to watch for accumulation, even with its elevated leverage typical of NBFC lending models.

PC Jeweller: Hold

PC Jeweller trades at Rs 14.37, close to its 52-week high of Rs 14.86 after a dramatic climb from its low of Rs 7.47. It trades at a price-to-earnings ratio of 18.04, well below the industry average of 49.70, with a return on equity of 8.74%. That said, with the stock having nearly doubled off its lows and trading right at its highs, this looks like a hold rather than a fresh buy despite the cheap headline multiple.

Tribhovandas Bhimji Zaveri: Hold

Tribhovandas Bhimji Zaveri is at Rs 655.00, close to its 52-week high of Rs 698.60 after an extraordinary rally from its low of Rs 110.50. It combines a strong return on equity of 24.14% with a price-to-earnings ratio of 21.03, well below the industry average of 49.70. Despite that attractive combination on paper, the stock has already run up so sharply that this looks like a hold rather than a name to chase at current levels.

Vaibhav Global: Buy on Dips

Vaibhav Global, the electronic home-shopping gems and jewellery retailer, trades at Rs 207.00, down close to 29% from its 52-week high of Rs 293.25. It stands out with a price-to-earnings ratio of just 12.09 against an industry average of 49.70, alongside a return on equity of 16.15%. That combination of a steep discount and solid profitability makes it another of the more attractive gold stocks to accumulate on dips.

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What Ties These Gold Stocks Together

Across these gold stocks, IIFL Finance and Vaibhav Global currently offer the more attractive combination of steep discounts to their respective industry benchmarks and solid returns, without having already run up sharply. PC Jeweller and Tribhovandas Bhimji Zaveri both look statistically cheap but have already delivered extraordinary rallies off multi-year lows, which tempers the case for chasing them further. Gold price trends, loan-against-gold demand and wedding-season jewellery purchases can all move these numbers meaningfully from one quarter to the next.

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Conclusion

Gold stocks in India currently show IIFL Finance and Vaibhav Global as the better placed picks for gradual accumulation among these gold stocks, while Manappuram Finance, PC Jeweller and Tribhovandas Bhimji Zaveri are more reasonable holds given weaker returns or an already sharp rally. As always, treat this as a starting point rather than a final word.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.

Frequently Asked Questions

A few common questions on these gold stocks, answered briefly below for quick reference.

Which gold stocks look attractive right now?

IIFL Finance and Vaibhav Global both combine steep discounts to their respective industry benchmarks with solid to reasonable return on equity among these gold stocks.

Why has Tribhovandas Bhimji Zaveri rallied so sharply?

Tribhovandas Bhimji Zaveri has climbed from a 52-week low of Rs 110.50 to trade near Rs 655.00, a rally that reflects renewed investor interest in the stock, though it now trades close to its 52-week high, which tempers the case for chasing it further.

Why does Manappuram Finance carry high debt?

As a gold-loan NBFC, Manappuram Finance borrows funds to lend against pledged gold, so a debt-to-equity ratio of 3.60 is typical of the lending business model rather than a sign of distress on its own.

Is PC Jeweller a good buy after its rally?

PC Jeweller trades at a cheap price-to-earnings ratio relative to the industry, but with the stock having nearly doubled from its 52-week low and trading close to its high, it looks like a hold rather than a fresh buy at current levels.

How do gold prices affect these stocks?

Rising gold prices generally boost the loan book value for gold-loan NBFCs like Manappuram Finance and IIFL Finance, while also raising jewellers' working capital needs and sometimes dampening volume demand for retailers like PC Jeweller and Tribhovandas Bhimji Zaveri.

Where can I track these gold stocks in real time?

You can track live prices, set price alerts, and follow quarterly results for Manappuram Finance, IIFL Finance, PC Jeweller, Tribhovandas Bhimji Zaveri and Vaibhav Global using the Univest iOS App and Univest Android App.