MANYAVAR

Vedant Fashions share price & financials

Price
₹412.5
Market cap
₹10.1k Cr
Sector
Consumer Services
Calls analysed
8
Latest concall · Q1 FY27 · call held 27 Jul 2026

Vedant Fashions Limited Q1 FY27

Revenue from Operations ₹301.4 cr +7%EBITDA Margin 44.6% Profit After Tax ₹81 cr +15%PAT Margin 26.7%

What went well

  • Revenue from operations grew 7.2% YoY to INR301.4 crores, demonstrating sustained momentum.
  • EBITDA margin at 44.6% and PAT margin at 26.7% reflect strong profitability, with PAT growing 14.7% YoY to INR81 crores.
  • Domestic same-store sales growth (SSG) without SIS was 3.8%, indicating organic performance.

What to watch

  • International markets (UAE and North America) faced challenges due to war and tariffs, impacting growth in that vertical.
  • The September and October period might be slightly more difficult due to wedding calendar shifts, though November to March is expected to be strong.
Read the full call →

What Vedant Fashions Limited does

Vedant Fashions designs and retails Indian wedding and celebration wear for men, women and kids under the Manyavar brand and sister brands, positioned as the largest company in India's men's Indian wedding and celebration wear market by revenue, OPBDIT and PAT. It sells through an asset-light, franchisee-owned network of Exclusive Brand Outlets (EBOs) alongside multi-brand outlets (MBOs), large-format stores (LFS) and e-commerce (its own website plus leading marketplaces), with uniform pricing across online and offline channels and no discounts or end-of-season sales for the Manyavar brand. Design is refreshed through a 52-week design collection model backed by data-driven demand forecasting and an automated, pin-code-level inventory replenishment system.

Segments

  • Men's Indian wedding & celebration wear (Manyavar)
  • Women's Indian wedding & celebration wear (Mohey)
  • Men's premium wear (Twamev)
  • Value/mid-premium festive wear (Manthan)
  • Regional ethnic wear (Mebaz)
Exclusive Brand Outlets (EBOs)
669 (India + overseas), including 144 shop-in-shops
Cities/towns with EBO presence
252 (240 in India, 12 international)
EBO retail area
1.79 million sq. ft. (including ~39,000 sq. ft. overseas)
International footprint
EBOs in USA, UAE, Canada, UK and Australia
Distribution channels
Omni-channel network of EBOs, MBOs (multi-brand outlets), LFS (large-format stores) and e-commerce (own website + leading marketplaces)
Market position
Largest company in India in men's Indian wedding & celebration wear by revenue, OPBDIT and PAT (Crisil Report)
Founded 2002Headquarters Kolkata, India Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 1 delivered 7 missed 13 open
  • Design Launch Frequency delivered said Q4 FY25 Promised: 2.3x - 2.4x for FY26 Q1 FY27: Target period (FY26) has passed. Status remains achieved.
  • Retail Area Expansion went quiet said Q2 FY25 Promised: 14-15% (Midterm) Q1 FY27: The original 14-15% target is long abandoned and was not mentioned. The focus remains on strategic closures and a normalized gross opening tail of 3-4%.
  • Same-Store Sales Growth (SSG) at risk said Q2 FY26 Promised: 8% to 9% (mid-to-long term) Q1 FY27: Q1 FY27 domestic SSG was 3.8%. While an improvement from the FY26 full-year number, it remains significantly below the 8-9% mid-to-long-term target range.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 8.7%, net profit up 12.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue240 268 511 367 281 +17%263 −2%492 −4%399 +9%
EBITDA113 122 242 166 121 +7%111 −9%218 −10%179 +8%
Net profit62 67 158 101 70 +13%56 −16%135 −15%114 +13%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −20.4% 1Y

₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 11 May 2026Q1 FY27 — 27 Jul 2026

1Y: ₹731.2 on 10 Sept 2025 → ₹582.35. High ₹750.8 (22 Sept 2025), low ₹337.1 (16 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.0%
27 Jul
Q4 FY26
+0.3%
11 May
Q3 FY26
−5.0%
13 Feb
Q2 FY26
−3.9%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 1.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 43.8%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.4k Cr₹1.4k Cr₹1.4k Cr
Operating profit₹670 Cr₹658 Cr₹643 Cr₹629 Cr
Operating margin49.4%48.1%46.4%43.8%
Interest₹31 Cr₹44 Cr₹56 Cr₹56 Cr
Depreciation₹103 Cr₹134 Cr₹152 Cr₹170 Cr
Net profit₹429 Cr₹415 Cr₹388 Cr₹375 Cr
Net margin31.7%30.4%28.0%26.1%
Cash from operations₹470 Cr₹483 Cr₹389 Cr₹481 Cr
Free cash flow₹475 Cr₹484 Cr₹388 Cr₹470 Cr
ROCE39.0%31.0%——
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹25 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr
Reserves₹1.1k Cr₹1.1k Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹1.9k Cr
Borrowings₹292 Cr₹279 Cr₹293 Cr₹463 Cr₹464 Cr₹458 Cr
Other liabilities₹241 Cr₹407 Cr₹472 Cr₹472 Cr₹435 Cr₹431 Cr
Total liabilities₹1.6k Cr₹1.8k Cr₹2.2k Cr₹2.5k Cr₹2.6k Cr₹2.9k Cr
Fixed assets₹459 Cr₹515 Cr₹520 Cr₹677 Cr₹671 Cr₹660 Cr
Capital work in progress₹0 Cr₹0 Cr₹2 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹536 Cr₹512 Cr₹787 Cr₹765 Cr₹918 Cr₹1.2k Cr
Other assets₹629 Cr₹741 Cr₹856 Cr₹1.0k Cr₹1.0k Cr₹979 Cr
Total assets₹1.6k Cr₹1.8k Cr₹2.2k Cr₹2.5k Cr₹2.6k Cr₹2.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.09 pp while FIIs trimmed −1.93 pp. The shareholder count grew 10% to 83,016.

Promoters
74.9%
FIIs
8.0%
DIIs
13.2%
Public
3.9%

Since Jun 2025

  • DIIs +2.09 pp
  • FIIs −1.93 pp
  • Public −0.15 pp

How it drifted, 12 quarters

Over this window DIIs fell from 14.9% to 13.2% — −1.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 6.7%, DIIs 14.9%, Public 3.5%.Dec '23: Promoters 75.0%, FIIs 7.8%, DIIs 13.7%, Public 3.5%.Mar '24: Promoters 75.0%, FIIs 8.1%, DIIs 12.6%, Public 4.3%.Jun '24: Promoters 75.0%, FIIs 9.0%, DIIs 11.9%, Public 4.1%.Sep '24: Promoters 75.0%, FIIs 9.5%, DIIs 11.6%, Public 3.9%.Dec '24: Promoters 75.0%, FIIs 10.5%, DIIs 10.4%, Public 4.1%.Mar '25: Promoters 75.0%, FIIs 10.1%, DIIs 10.6%, Public 4.3%.Jun '25: Promoters 75.0%, FIIs 9.9%, DIIs 11.1%, Public 4.1%.Sep '25: Promoters 74.9%, FIIs 9.8%, DIIs 10.9%, Public 4.3%.Dec '25: Promoters 74.9%, FIIs 9.3%, DIIs 12.0%, Public 3.8%.Mar '26: Promoters 74.9%, FIIs 8.3%, DIIs 12.6%, Public 4.1%.Jun '26: Promoters 74.9%, FIIs 8.0%, DIIs 13.2%, Public 3.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Vedant Fashions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ravi Modi Family Trust (acting through its trustee, Modi Fiduciary Services Private Limited) 57.15%unchanged
Ravi Modi Huf 16.00%unchanged
SBI Equity Hybrid Fund Mutual fund3.50%−0.06 pp
Government Pension Fund Global Sovereign3.11%−0.21 pp
Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund2.84%+1.07 pp
ICICI Prudential Life Insurance Company Limited Insurer1.39%unchanged
Shilpi Modi 1.09%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund1.09%+0.08 pp
Ravi Modi 0.69%unchanged
Usha Devi Modi 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MANYAVAR

Filings to Aug 2026

1 new, 0 added, 1 trimmed, 1 sold out — net −16.48 L shares (−10.8%).

Held by funds
₹739 Cr
4 schemes
Biggest holder
Nippon India Multi Cap Fund
₹274 Cr · 0.5% of that fund
SchemeHoldingLast month
Nippon India Multi Cap Fund Nippon India Mutual Fund₹274 Cr−4.48 L
SBI Large and Midcap Fund SBI Mutual Fund₹207 Crnew
SBI Smallcap Fund SBI Mutual Fund₹191 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹67 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −16.48 L shares (−10.8%)

Funds are sitting on
-38%
vs est. average cost
Held by funds
₹739 Cr
4 schemes · ≈ 5.5% of the company
Biggest holder
Nippon India Multi Cap Fund
₹274 Cr · 0.5% of that fund
Longest holder
SBI Smallcap Fund
4y 7m · since Feb '22

Shares held by these funds +41%

Aug '23 1.52 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹582, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹112 — downside of 81%.

Growth the price implies
26.7% a year
for 7 years, fading to 4%
It has actually compounded at
-4.4% a year
net profit, FY23–FY26 · EPS -4.4%
The gap
0.3 pp
-81% downside if it only repeats history
Price today ₹582.35 Value at the reference growth ₹112.33

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Vedant Fashions Limited

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