India's largest Indian wedding-wear company; runs Manyavar, Mohey, Twamev via franchised EBOs & e-commerce.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 301 | +7.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 43.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 81.0 | +15.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | −7.4 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | +0.3 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | −29.2 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Guidance
1 of 8 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Design Launch Frequency | 2.3x - 2.4x for FY26 | Q4 FY25 | Target period (FY26) has passed. Status remains achieved. | Achieved |
| Retail Area Expansion | 14-15% (Midterm) | Q2 FY25 | 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%. | Ghosted |
| Same-Store Sales Growth (SSG) | 8% to 9% (mid-to-long term) | Q2 FY26 | 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. | At Risk |
7 of Vedant Fashions Limited's 21 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 18 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹688.2 on 24 Oct 2025 → ₹481.5. High ₹688.2 (24 Oct 2025), low ₹337.1 (16 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 8 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Design Launch Frequency | 2.3x - 2.4x for FY26 | Q4 FY25 | Target period (FY26) has passed. Status remains achieved. | Achieved |
| Retail Area Expansion | 14-15% (Midterm) | Q2 FY25 | 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%. | Ghosted |
| Same-Store Sales Growth (SSG) | 8% to 9% (mid-to-long term) | Q2 FY26 | 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. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
Vedant Fashions Limited Q1 FY27
Vedant Fashions reported a robust Q1 FY27 with 7.2% revenue growth and 14.7% PAT growth, driven by healthy margins and domestic same-store sales. The company focused on strategic store network adjustments, brand visibility through mega campaigns, and product diversification, while acknowledging challenges in international markets and seasonal demand shifts.
Read the full callVedant Fashions Q4 FY26
Vedant Fashions reported a strong Q4 FY26 with retail sales growing 7.8% to INR 561 crores and revenue from operations up 8.7% to INR 399 crores. Full-year FY26 retail sales surpassed INR 2,000 crores, driven by a 2.7% same-store sales growth. The company maintained robust margins but noted a full-year gross margin contraction due to GST changes. Management highlighted a strategic focus on improving SSG, enhancing customer experience, and disciplined network expansion, while also investing in AI and customer retention initiatives for future growth.
Read the full callVedant Fashions Q3 FY26
Vedant Fashions reported a challenging Q3 FY26 with revenue from operations at ₹492 crores and PAT at ₹135 crores, primarily due to fewer wedding dates and muted middle-class consumer sentiment. Despite these headwinds, the company maintained strong gross and EBITDA margins at 65.7% and 44.6% respectively, with its premium brand Twamev showing exceptional growth. Management emphasized strategic store consolidation and a focus on retail KPI improvement, expecting store expansion to normalize in the coming quarters.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2019 to Mar 2024).
Financials
Net profit, year on year: +16% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 268 | 511 | 367 | 281 | 263 | 492 | 399 | 301 |
| Expenses | 146 | 269 | 202 | 161 | 152 | 274 | 221 | 170 |
| Operating profit | 122 | 242 | 166 | 121 | 111 | 218 | 179 | 131 |
| Operating margin | 46.0% | 47.0% | 45.0% | 43.0% | 42.0% | 44.0% | 45.0% | 43.0% |
| Other income | 19 | 22 | 22 | 26 | 20 | 21 | 26 | 30 |
| Interest | 14 | 14 | 14 | 14 | 15 | 14 | 13 | 13 |
| Depreciation | 37 | 39 | 39 | 40 | 42 | 44 | 44 | 42 |
| Profit before tax | 90 | 212 | 135 | 93 | 74 | 181 | 148 | 106 |
| Tax rate | 26.0% | 25.0% | 25.0% | 24.0% | 24.0% | 26.0% | 23.0% | 24.0% |
| Net profit | 67 | 158 | 101 | 70 | 56 | 135 | 114 | 81 |
| EPS (₹ per share) | 2.75 | 6.50 | 4.16 | 2.89 | 2.31 | 5.55 | 4.70 | 3.32 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,355 | 1,366 | 1,386 | 1,435 |
| Expenses | 684 | 708 | 744 | 808 |
| Operating profit | 670 | 658 | 643 | 629 |
| Other income | 40 | 69 | 84 | 93 |
| Interest | 31 | 44 | 56 | 56 |
| Depreciation | 103 | 133 | 152 | 170 |
| Profit before tax | 576 | 549 | 520 | 496 |
| Net profit | 429 | 415 | 388 | 375 |
| Line item | Mar 2023 | Mar 2024 | Sept 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 24 | 24 | 24 | 24 | 24 | 24 |
| Reserves | 1,371 | 1,578 | 1,503 | 1,762 | 1,697 | 1,940 |
| Borrowings | 293 | 444 | 463 | 483 | 464 | 458 |
| Other liabilities | 473 | 462 | 472 | 477 | 435 | 431 |
| Total liabilities | 2,161 | 2,508 | 2,463 | 2,747 | 2,620 | 2,853 |
| Fixed assets | 518 | 663 | 677 | 688 | 671 | 659 |
| Capital work in progress | 2 | 0 | 0 | 0 | 0 | 0 |
| Investments | 793 | 959 | 765 | 1,051 | 918 | 1,214 |
| Other assets | 848 | 886 | 1,020 | 1,008 | 1,031 | 979 |
| Total assets | 2,161 | 2,508 | 2,463 | 2,747 | 2,620 | 2,853 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 253 | 341 | 459 | 483 | 389 | 481 |
| Cash from investing | -90 | 62 | -228 | -110 | -16 | -102 |
| Cash from financing | -165 | -406 | -226 | -362 | -377 | -386 |
| Net cash flow | -2 | -3 | 5 | 12 | -4 | -6 |
| Free cash flow | 263 | 352 | 464 | 484 | 388 | 470 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 247 | 143 | 130 | 151 | 163 | 166 |
| Inventory days | 275 | 207 | 191 | 139 | 210 | 131 |
| Days payable | 133 | 100 | 93 | 89 | 106 | 56 |
| Cash conversion cycle | 389 | 250 | 228 | 200 | 266 | 240 |
| Working capital days | 172 | 101 | 85 | 105 | 126 | 121 |
| Return on capital employed | 15.0% | 33.0% | 39.0% | 31.0% | 26.0% | 23.0% |
| Dividend payout | 0.0% | 39.0% | 52.0% | 50.0% | 50.0% | 50.0% |
To justify its price of ₹482, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹115 — downside of 76%.
Ownership
Promoters hold 74.94% as of Sept 2026; institutions added 0.38 pts since Jun 2026.
since Jun 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 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Vedant Fashions Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 57.15% | unchanged | |
| 16.00% | unchanged | |
| Sovereign | 3.18% | +0.07 pp |
| Mutual fund | 3.00% | newly disclosed |
| Mutual fund | 2.50% | newly disclosed |
| Mutual fund | 2.37% | −0.47 pp |
| FPI fund | 1.20% | newly disclosed |
| Insurer | 1.17% | −0.22 pp |
| 1.09% | unchanged | |
| Mutual fund | 1.09% | newly disclosed |
| 0.69% | unchanged | |
| Mutual fund | — | off the list |
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.
Filings to Sep 2026
0 new, 2 added, 1 trimmed, 0 sold out — net +7.76 L shares (+4.3%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹242 Cr | −5.00 L | Feb '25 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹220 Cr | +12.68 L | Aug '26 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹203 Cr | held | Aug '26 |
| SBI Smallcap Fund SBI Mutual Fund | ₹187 Cr | held | Feb '22 |
| HDFC Children's Fund HDFC Mutual Fund | ₹86 Cr | held | Aug '26 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹66 Cr | held | Jun '24 |
| HDFC Consumption Fund HDFC Mutual Fund | ₹5 Cr | held | Nov '24 |
| HDFC Retirement Fund - Hybrid-Debt Plan HDFC Mutual Fund | ₹1 Cr | +0.08 L | Aug '26 |
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 Sep 2026
2 added, 1 trimmed — net +7.76 L shares (+4.3%)
Shares held by these funds +74%
Oct '23 1.89 cr shares Sep '26
Your own record
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