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Vaibhav Global Results: Latest Quarterly Results & Analysis

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Vaibhav Global Ltd. 30 Oct 2025 12:30 PM
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Q2FY26 Quarterly Result Announced for Vaibhav Global Ltd.

Apparels & Accessories company Vaibhav Global announced Q2FY26 results

  • Revenue: Up 10.2% YoY, ahead of guidance.
  • Gross margin: 63.5%, led by sharp focus on efficient product mix and pricing discipline.
  • EBITDA increased 28% YoY, with margins expanding 130 bps to 10%, driven by operating leverage and disciplined cost management.
  • Profit After Tax (PAT): Rs 48 crore, up 71% YoY.
  • Balance Sheet: Remains strong with a net cash position of Rs 156 crore.
  • Return Ratios: ROCE at 20% and ROE at 13%.
  • Digital Revenue Mix: 42% of B2C revenue.
  • In-House Brands: Contributed 41% of gross B2C revenue, up from 31% in Q2FY25.

Sunil Agrawal, Managing Director, Vaibhav Global, said: “We are pleased to report a strong quarter with revenue growth exceeding our guidance. Revenue was at Rs 877 crore, up 10.2% YoY. EBITDA margin improved by 130 basis points to 10%, up 28% in absolute terms. This was driven by productivity gains and operating leverage. Profits after tax rose 71% YoY to Rs 48 crore. Execution remained strong across regions.

With a strong balance sheet, healthy cashflows, and improving profitability, we are well positioned to sustain growth. We maintain our FY26 guidance of 7-9%, with potential upside as macro conditions improve and tariff concerns ease.”

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Apparels & Accessories company Vaibhav Global announced Q1FY26 results

  • Revenue: Q1 revenue of Rs 814 crore, up 8% YoY.
  • Strong gross margin: 63.8% led by advance inventory planning (amidst tariff concern) and favorable product mix.
  • EBITDA margin: 9.2% ( 50 bps YoY improvement led by cost rationalization and operating leverage).
  • Profit After Tax (PAT): Rs 38 crore, up 37% YoY.
  • Robust balance sheet with net cash position of Rs 174 crore.
  • ROCE at 19% and ROE at 12%.
  • Digital revenue mix: 43% of B2C revenue.
  • In-house brands’ sales mix: 36% of B2C revenue vs 26% in Q1FY25.

Sunil Agrawal, Managing Director, Vaibhav Global, said: “We reported Rs 814 crore in revenue in Q1, showing 8% year-over-year growth, with strong gross margins at 63.8%. Our digital business continues to scale and now accounts for 43% of B2C revenue. Our unique customer base reached an all-time high of 713,000, reflecting sustained momentum in both acquisition and retention. Germany showed improved YoY performance, and we remain confident of achieving EBITDA profitability there in FY26.

Given the evolving macro environment and recent tariff developments, we are revising our FY26 revenue growth guidance to 7–9%. However, we remain optimistic that the resolution of the tariff issue along with macro improvement could unlock additional upside. Our integrated, agile model positions us well for sustainable growth.”

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Apparels & Accessories company Vaibhav Global announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Q4 revenue of Rs 850 crore, up 8% YoY.
  • Gross margin: Q4: 62.1%
  • EBITDA margin: Q4: 8.3%
  • Profit After Tax (PAT): Q4: Rs 34 crore, up 62% YoY

FY25 Financial Highlights:

  • FY25 revenue of Rs 3,380 crore, up 11% YoY.
  • Gross margin: FY25: 63.1% ( 110 bps YoY)
  • EBITDA margin: FY25: 9.4% (-30 bps YoY)
  • Profit After Tax (PAT): FY25: Rs 153 crore, up 21% YoY
  • ROCE at 19% and ROE at 12%
  • Digital revenue mix: 41% of B2C revenue
  • In-house brands’ sales mix: 32% of B2C revenue

Commenting on the performance for Q4FY25 Sunil Agrawal, Managing Director, Vaibhav Global, said, “We closed the quarter with Rs 850 crore in revenue, an 8% YoY growth. Our unique customer base crossed 7.1 lakh- the highest ever for the Group. Germany remained EBITDA breakeven for the quarter, and Ideal World continued its growth momentum. Digital now contributes 41% of overall sales, and PAT grew 62% YoY, supported by operating leverage and cost efficiencies. The balance sheet remains strong with a net cash position of Rs 170 crore.

The outlook remains compelling and promising. For FY26, we expect revenue growth of 8–12%, with further upside in the following years along with a healthy degree of operating leverage.”

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Apparels & Accessories company Vaibhav Global announced Q3FY25 results

Financial Highights:

  • Achieved highest ever quarterly sales of Rs 977 crore with YoY growth of 10%.
  • Digital revenue mix: 40% of B2C revenue.
  • Market leading gross margins of 61.3%.
  • EBITDA margin of 11.5%.
  • Healthy operating leverage: Achieved PAT of Rs 64 crore, YoY growth of 36%.
  • ROCE at 18% and ROE at 11%.
  • Strong balance sheet: Net cash position of Rs 106 crore.

Business Highights:

  • Unique Customers (TTM basis): 6.98 lakh YoY growth of 30% (6% ex-acquisition).
  • New Registrations & Acquisition: 4.1 lakh.
  • Retention Rate: 43%.
  • Repeat Purchase: 22 pieces.
  • Germany: Achieved EBITDA level breakeven point.
  • Ideal World: Achieved full cost profitability.
  • Conferred with ‘IGJ Award’ for ‘Highest Exporter of Cut & Polished Coloured Gemstones during FY24’.
  • ‘Your Purchase Feeds…’: Over 97 million meals donated since inception.

Sunil Agrawal, Managing Director, Vaibhav Global, said: This quarter we achieved highest ever quarterly sales of Rs 977 crore showing a 10% YoY revenue growth. Also, our group has achieved an all-time unique customer base of 698 K. We are also pleased to share that during the quarter, as guided, Germany operations have reached the break-even at the EBITDA level with Ideal World also turning profitable on full-cost basis. This has resulted in a much stronger operating leverage for us with PAT growing by 36% YoY. Our balance sheet continues to be strong with net cash position of Rs 106 crore.

Our Outlook remains promising and compelling. We are confident in our ability to sustain the growth momentum profitably.

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Apparels & Accessories company Vaibhav Global announced Q2FY25 results

  • Revenue: Q2 revenue growth of 13% YoY.
  • Volume growth: 9.3% YoY.
  • Digital revenue mix: 39% of B2C revenue.
  • Improved realization and favorable product mix, supported by in-house supply chain led gross margins to 63.5%.
  • EBITDA margin of 8.7%.
  • PAT for the quarter: Rs 28 crore.
  • ROCE at 17% and ROE at 10%.
  • Strong balance sheet: Net cash positive balance of Rs 100 crore.

Sunil Agrawal, Managing Director, Vaibhav Global, said: In Q2, we achieved 13% year-over-year revenue growth, aligning with our stated guidance. We maintained gross margins at 63.5%, supported by our strategic pricing and a favourable product mix. Our investments towards scaling digital businesses, acquisition of new households and operational efficiencies continue to support business growth while maintaining profitability. Our unique customer base has once again reached an all-time high of 682,000. We are also celebrating the first anniversary of acquiring Ideal World and Mindful Souls BV. Both the businesses are performing as expected and are positioned for a stronger outlook.

Our balance sheet remains strong with a net cash position of Rs 100 crore. We are on track to meet our full-year revenue guidance of 14% to 17% with operating leverage. Additionally, the Board has declared second interim dividend of Rs 1.5 per equity share, representing 89% payout.

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Apparels & Accessories company Vaibhav Global announced Q1FY25 results:

Financial Highlights: 

  • Revenue: Q1 revenue growth of 15% YoY
  • Volume growth: 20% YoY
  • Digital revenue mix: 40% of B2C revenue
  • Better pricing, favourable product mix and efficient sourcing led gross margins to 66.1%
  • EBITDA margin of 8.7%
  • PAT for the quarter: Rs 27 crore
  • ROCE at 17% and ROE at 10%
  • Strong balance sheet: Net cash positive balance of Rs 158 crore 

Business Highlights:

  • Unique Customers (TTM basis): 6.4 lakhs. 5 years CAGR of 13%
  • New Registrations & Acquisition: 3.3 lakhs
  • Ideal World: Profitable on a direct cost basis
  • Awarded with ‘IGJ Award’ by ‘The Gems & Jewellery Export Promotion Council (GJEPC)’ for being ‘Highest Exporter of Cut & Polished Coloured Gemstones during FY23’
  • ‘Your Purchase Feeds…’: Over 90 million meals donated since inception

Commenting on the performance for Q1 FY25 Sunil Agrawal, Managing Director, Vaibhav Global Limited, said, In accordance with our stated guidance, we achieved a 15% YoY revenue growth. Improved realizations, favourable product mix and efficient sourcing led to stronger gross margins. Our investments in digital initiatives and optimized G&A expenses support long-term value creation while maintaining profitability. Our unique customer base has reached an alltime high of 6,36,000.

We maintain a strong balance sheet with a net cash positive balance of Rs 158 crore. We reaffirm our full-year revenue guidance of 14% to 17% along with operating leverage. The Board has declared first interim dividend of Rs 1.5 per equity share, representing a 90% payout

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Apparels & Accessories company Vaibhav Global announced Q4FY24 results:

  • Revenue: Q4 revenue growth of 14% YoY.
  • Volume Growth: 26% YoY.
  • Digital Revenue Mix: 39% of B2C revenue.
  • Better realization led Gross Margins to 62.7%.
  • EBITDA margin of 8.1%. YoY higher by 15%.
  • PBT for the quarter is Rs 36 crore, higher by 18% YoY.
  • ROCE at 19% and ROE at 10%.
  • Lean balance sheet: Net cash positive balance of Rs 167 crore.
  • Robust cash generating business model: Free cash flow and operating cash flow of Rs 230 crore and Rs 270 crore respectively

Commenting on the performance for Q4 FY24, Sunil Agrawal, Managing Director, Vaibhav Global Limited, said, In line with our stated guidance, we demonstrated healthier operational performance with a revenue growth of 14% and 13% during Q4 and FY24 respectively. Higher gross margins drove overall profitability. We foresee continued momentum in FY25 and beyond.

Positioned to capitalize on future growth opportunities, generate robust cash flows, and deliver meaningful returns to stakeholders.

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Apparels & Accessories company Vaibhav Global announced Q3FY24 results:

Financial Performance Highlights:

  • Revenue Growth: Q3FY24 revenue increased by 23% YoY.
  • Digital Revenue Mix: Contributed to 40% of B2C revenue.
  • Gross Margins: Industry-leading at 62.4%.
  • EBITDA Margin: 11.1%, showing an improvement of 30% YoY.
  • Profit Before Tax (PBT): Rs. 72 crore, marking a rise of 32% YoY.
  • Operating Leverage: Improvement in margins due to better gross margins and operating leverage.
  • Return Ratios: Return on Capital Employed (ROCE) stood at 18% and Return on Equity (ROE) at 11%.
  • Interim Dividend: The company declared a third interim dividend of Rs 1.50 per share.

Key Recent Development and Business Metrics:

  • Ideal World: Reached profitability on a direct cost basis in Q3FY24.
  • Mindful Souls BV: Operating with profitability at a 10% PBT margin.
  • Unique Customers: Totalled 5.4 lakhs on a trailing twelve-month basis, with a 5-year compound annual growth rate (CAGR) of 9%.
  • Community Initiative ('Your Purchase Feeds...'): The program has provided over 84 million meals since inception, with a run rate of approximately 66,000 meals donated every school day.

Commenting on the performance for Q3FY24, Sunil Agrawal, Managing Director of Vaibhav Global, stated, "Strong operational performance with revenue growth of 23% YoY. Better gross margins along with operating leverage led to improved profitability margins. We reiterate our guidance of 13% to 15% topline growth in FY24 and a high teen range in FY25 with decent operating leverage. Having achieved market-leading growth, we are optimistic about our prospects and believe that the outlook remains promising and compelling."

 

 

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Other apparel & accessories company Vaibhav Global announced Q1FY24 results:

  • Revenue:
    • Q1FY24 revenue growth of 4.8% YoY.
    • 5-year CAGR stays healthy at 11%.
  • Digital revenue mix: 38% of B2C revenue.
  • Industry-leading gross margins at 61.2%.
  • Substantial improvement in EBITDA owing to efficient pricing and cost rebase.
  • PAT for Q1FY24 is Rs 30 crore as against Rs 20 crore in Q1FY23.
  • ROCE at 16% and ROE at 9%.
  • Declared an interim dividend of Rs 1.50 per share (face value of Rs 2 each).

Commenting on the performance for Q1FY24, Sunil Agrawal, Managing Director, Vaibhav Global, said, "Decent revenue growth of 4.8% YoY. Our 5-year CAGR stays healthy at 11%, suggesting the robustness of our business model. Substantial YoY improvement in EBITDA is on account of operational efficiencies and cost rebase initiatives. Our continued market share gain across territories demonstrates our agility.

Our outlook for the future remains positive and we are confident to deliver 8-10% revenue growth in FY24 and mid-teens revenue growth in subsequent periods with strong operating leverage."

 

 

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Other Apparels & Accessories company Vaibhav Global announced Q4FY23 results:

  • Revenue:
    • Q4 and FY23 revenue growth: 1.1% and (2.2%) YoY respectively
    • Robust growth of 39% and 36% over pre-Covid period of Q4 and FY20 respectively
  • Digital Revenue Mix: 37% of B2C revenue
  • Industry leading Gross Margins at 61%
  • YoY improvement in EBITDA margin owing to efficient pricing and cost rebase
  • PAT for the quarter is Rs 23 crore as against Rs 27 crore last year
  • ROCE at 14% and ROE at 9%. Return ratios suggest the effect of subdued profitability.
  • Recommended final dividend of Rs 1.50 per share (face value Rs 2 each) making cumulative dividend of Rs 6.00 per share for FY23

Commenting on the performance for Q4 FY23 Mr. Sunil Agrawal, Managing Director, Vaibhav Global Limited said, Revenue during last quarter was up by 1.1 YoY. While the quarterly numbers were modest, our growth over pre-COVID period is encouraging at 39.2% which is CAGR of 11.7%. The topline performance was in line with our guidance but could have been better given the continued macro environment weighing on the consumer sentiments.

Amidst current macro challenges, our continued market share gain across territories demonstrates our ability to adapt and navigate headwinds. YoY improvement in EBITDA is on account of operational efficiencies and cost rebase initiatives.

Our outlook for the future remains positive. I would like to reiterate our earlier guidance and outlook for the business and are confident to deliver 8-10% revenue growth in FY24 and to deliver mid-teens revenue growth in subsequent periods with decent operating leverage.

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