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Vaibhav Global Ltd
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NSE: VAIBHAVGBL BSE: 532156 INE884A01027 Consumer Discretionary Consumer 🔎 Screen
Microcap 250
₹4,014 Cr
Market Cap
14.1
P/E
0.39
PEG
16.4%
ROCE
17.9%
ROE
0.25
D/E
10.5%
OPM
-15.6%
% from 52W High
72
α RS
⚖️ Compare 🔒 Generate Report 📚 Guides
📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
Shareholding
About

Vaibhav Global Limited (VGL), through its distinctive business model, has created a niche for itself in the global retail space, especially in the jewellery, accessories and lifestyle product segments of two of the largest economies of the world - the US and UK.

✓ Strengths 1
  • Company has been maintaining a healthy dividend payout of 60.1%
! Concerns 4
  • The company has delivered a poor sales growth of 7.77% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 13.7% over last 3 years.
  • Company might be capitalizing the interest cost
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
📊 Quick Scorecard
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Solid beat: revenue +13% YoY, EBITDA +37% YoY and PAT +50% YoY, powered by digital +21% and a 57.2% in-house brand mix. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹917 Cr
+13% YoY; from ₹814 Cr in Q1 FY26
EBITDA Margin
11%
vs 9% YoY; ~+200bps, with EBITDA at ₹102 Cr (+37% YoY)
PAT
₹56 Cr
+50% YoY; PAT margin at 6% vs 5%
Key Metric
₹398 Cr
Digital revenue +21% YoY; 43% of B2C revenue vs 50% FY27 target
What Went Right
  • Revenue from operations rose 13% YoY to ₹917 Cr; EBITDA grew 37% YoY to ₹102 Cr, with margin improving to 11% from 9%.
  • PAT jumped 50% YoY to ₹56 Cr and PAT margin improved to 6% from 5%.
  • Digital revenue grew 21% YoY to ₹398 Cr, taking digital to 43% of B2C revenue; TV revenue grew 9% YoY to ₹484 Cr.
  • Own-brand contribution hit 57.2% of gross B2C sales in Q1FY27, ahead of the ~50% target by a year, supporting gross margin.
  • Balance sheet remains strong: FY26 FCF was ₹272 Cr, net cash ₹296 Cr, cumulative dividends ₹686 Cr since FY20.
What to Watch
  • TV ASP declined to $37.1 from $38.8 YoY and from $40.5 in Q4 FY26; TV sales volume grew only ~2% YoY, indicating core channel mix/pricing pressure.
  • Digital growth was price-led rather than volume-led: digital sales volumes were flat at 1,131k vs 1,139k YoY while ASP rose from $33.8 to $37.0.
  • Europe remains a margin drag: Q1FY27 Europe EBITDA is just ₹1 Cr on ₹103 Cr revenue (~1% margin), despite the 'inflection' narrative.
  • EBITDA margin walk shows headwinds from higher digital marketing spend, freight/fulfilment costs and the absence of last year's FX gain in other income.
  • PAT conversion remains weak: PAT margin is only 6% despite an 11% EBITDA margin, with depreciation/interest/taxes absorbing the incremental profit.
Management Guidance
  • FY27 target: 50% of B2C revenue from digital, up from 44% in FY26.
  • In-house brands targeting 60%+ of B2C revenue by FY27, from 48.8%.
  • Lifestyle products targeting 50% of B2C revenue medium-term, from 35% today.
  • Revenue target of ₹5,000–5,500 Cr by FY30.
  • Germany expected to contribute to overall profitability from FY27 after first full year of positive EBITDA in FY26.
Investor Lens
The investment thesis remains intact but needs delivery on digital mix and Europe profitability. Q1 was strong on growth — revenue +13%, EBITDA +37% — and the in-house brand mix at 57.2% gives gross margin support, while the balance sheet provides cushion with ₹296 Cr net cash and FY26 FCF of ₹272 Cr. The key watch item is whether digital's 43% share can reach the 50% FY27 target, because Q1 digital revenue growth was partly price-driven with volumes flat. Europe is still near breakeven at ₹1 Cr EBITDA on ₹103 Cr revenue, so the turnaround is not yet visible in profit terms. TV ASP also fell to $37.1 from $40.5 in Q4, signalling mix pressure in the core channel. If management stabilises TV ASP and scales Germany and digital profitably, FY27 EBITDA margin can move toward 12%+; otherwise, it stays around 11%.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong YoY quarter: revenue up 12.7%, PAT up 47.4%, OPM expands to 11%
Revenue
Revenue came in at ₹917.0 Cr, up 12.7% YoY from ₹813.5 Cr in Jun 2025. On a QoQ basis, revenue dipped 1.9% from Mar 2026, reflecting a slight sequential moderation.
Profitability
Net profit rose 47.4% YoY to ₹56.0 Cr, with EPS improving to ₹3.37 from ₹2.26 in the year-ago quarter. Profitability was supported by a 20% effective tax rate and operating leverage, though PAT fell 38.5% sequentially.
Margins
Operating profit margin improved to 11% from 8% YoY, a 300 bps expansion. Operating profit grew 56.5% YoY, significantly outpacing revenue growth, indicating better cost efficiency and operating leverage.
Cash Flow
Cash flow data was not provided in this update, so CFO quality versus reported PAT could not be assessed.
Balance Sheet
Debt-to-equity stands at a comfortable 0.25, suggesting low leverage. Detailed reserve and liability data were not disclosed.
Key Risks
Sequential revenue decline of 1.9% and a sharp 38.5% QoQ drop in net profit indicate possible demand or margin volatility. Consumer discretionary spending can remain sensitive to broader economic conditions. Absence of cash flow data limits visibility on earnings quality.
Outlook
Strong YoY momentum in revenue and profitability provides a positive base, but the QoQ slowdown warrants monitoring. Sustained OPM expansion and cost control will be key to maintaining earnings growth.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Europe (excluding United Kingdom)
119
EBIT 7
107
EBIT -3
India
151
EBIT 44
141
EBIT 45
Less: Intersegment eliminations
0
EBIT -87
0
EBIT -5
 —
Rest of world
102
EBIT 32
96
EBIT 21
United Kingdom
302
EBIT 48
253
EBIT -23
United States of America
686
EBIT 71
596
EBIT 33
Total 1,360 1,193

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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Information Sources:
The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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