VAIBHAVGBL

Vaibhav Global share price & financials

Price
₹244.33
Market cap
₹4.0k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 05 Aug 2026

Vaibhav Global Limited Q1 FY27

Revenue ₹917 cr +13%EBITDA ₹102 cr +37%EBITDA Margin 11% Profit After Tax ₹56 cr +50%

What went well

  • Consolidated revenue of INR 917 crores, a growth of 12.7% Y-o-Y.
  • EBITDA came in at INR 102 crores, up 37% year-on-year with EBITDA margin at 11%, a strong improvement from 9.2% in Q1 FY '26.
  • Profit after tax grew 50% year-on-year to INR 56 crores.

What to watch

  • On a constant currency basis, revenue was broadly flat, largely due to Middle East conflict-related disruptions early in the quarter and a cautious consumer spending environment across our key markets.
  • In the U.S., consumer confidence stayed weak through the quarter, with households prioritizing essentials over discretionary categories in face of increased fuel costs.
Read the full call →

What Vaibhav Global Limited does

Vaibhav Global is a vertically-integrated, end-to-end B2C electronic retailer that sells fashion jewellery, gemstones and lifestyle products (home decor, beauty, apparel) through its own proprietary TV shopping channels (Shop LC in the US, TJC and Ideal World in the UK, Shop LC in Germany) and companion digital platforms (websites, mobile apps, marketplaces, OTT and social retail). It designs and manufactures a large share of its own jewellery in-house in Jaipur, India, and sources the balance from a global supplier base, giving it control over cost, quality and speed-to-market. Revenue is earned by selling directly to consumers in developed markets, with an increasing share coming from company-owned brands versus third-party merchandise.

Segments

  • United States of America
  • United Kingdom
  • Europe
  • Manufacturing/Sourcing/Service Locations
TV homes accessible (FTE)
~127 million households
Manufacturing units (globally)
4
In-house Jaipur manufacturing facility
1,69,000 sq. ft., ~5 million pieces p.a. production capacity
Sourcing countries
30+
Product SKUs offered
30,000+
In-house/owned brands
16+
Founded 1980Headquarters Jaipur, Rajasthan, IndiaEmployees 3,501 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 26 tracked 6 delivered 8 missed 12 open
  • Gross Margin delivered said Q3 FY25 Promised: above 60% Q1 FY27: Gross margin for the quarter was 67%.
  • US Revenue Growth missed said Q3 FY25 Promised: high single digit Q1 FY27: U.S. local currency growth was 4% for the quarter.
  • Customer Acquisition Cost Recovery Period at risk said Q2 FY26 Promised: within 3 to 6 months Q1 FY27: The current profitability of a customer comes in around 10 months, 9 to 10 months. Our aim is to take it to 3 months.

All 26 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.7%, net profit up 47.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue796 977 850 814 877 +10%1,066 +9%935 +10%917 +13%
EBITDA60 110 62 62 78 +30%136 +24%83 +34%97 +56%
Net profit28 64 34 38 48 +71%90 +41%91 +168%56 +47%
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 −10.9% 1Y

₹180₹200₹220₹240₹260₹280Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 27 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹238.6 on 10 Sept 2025 → ₹212.58. High ₹281.25 (3 Nov 2025), low ₹175.36 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−7.4%
5 Aug
Q4 FY26
−2.2%
28 May
Q3 FY26
+3.0%
28 Jan
Q2 FY26
+6.4%
30 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 11.1% a year over 3 years, FY23 to FY26. Operating margin widened to 9.7%.

Year endingFY23FY24FY25FY26
Revenue₹2.7k Cr₹3.0k Cr₹3.4k Cr₹3.7k Cr
Operating profit₹199 Cr₹267 Cr₹289 Cr₹359 Cr
Operating margin7.4%8.8%8.6%9.7%
Interest₹9 Cr₹12 Cr₹15 Cr₹15 Cr
Depreciation₹77 Cr₹93 Cr₹102 Cr₹102 Cr
Net profit₹105 Cr₹127 Cr₹153 Cr₹267 Cr
Net margin3.9%4.2%4.5%7.2%
Cash from operations₹127 Cr₹277 Cr₹165 Cr₹310 Cr
Free cash flow₹92 Cr₹233 Cr₹135 Cr₹290 Cr
ROCE11.0%14.0%14.0%16.0%
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₹33 Cr₹33 Cr₹33 Cr₹33 Cr₹33 Cr₹33 Cr
Reserves₹931 Cr₹1.1k Cr₹1.2k Cr₹1.2k Cr₹1.4k Cr₹1.6k Cr
Borrowings₹124 Cr₹165 Cr₹193 Cr₹218 Cr₹227 Cr₹416 Cr
Other liabilities₹307 Cr₹394 Cr₹392 Cr₹405 Cr₹468 Cr₹481 Cr
Total liabilities₹1.4k Cr₹1.7k Cr₹1.8k Cr₹1.9k Cr₹2.1k Cr₹2.5k Cr
Fixed assets₹163 Cr₹467 Cr₹507 Cr₹616 Cr₹561 Cr₹699 Cr
Capital work in progress₹29 Cr₹27 Cr₹5 Cr₹6 Cr₹1 Cr₹26 Cr
Investments₹280 Cr₹84 Cr₹34 Cr₹128 Cr₹113 Cr₹19 Cr
Other assets₹923 Cr₹1.1k Cr₹1.2k Cr₹1.1k Cr₹1.5k Cr₹1.8k Cr
Total assets₹1.4k Cr₹1.7k Cr₹1.8k Cr₹1.9k Cr₹2.1k Cr₹2.5k 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, FIIs trimmed −1.86 pp while DIIs added +1.31 pp. The shareholder count shrank 10% to 1,29,789.

Promoters
57.3%
FIIs
16.7%
DIIs
2.2%
Public
23.8%
Others
0.0%

Since Jun 2025

  • FIIs −1.86 pp
  • DIIs +1.31 pp
  • Public +0.50 pp

How it drifted, 12 quarters

Over this window the public went from 14.4% to 23.8% — +9.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 57.1%, FIIs 22.7%, DIIs 5.7%, Public 14.4%, Others 0.1%.Dec '23: Promoters 57.2%, FIIs 22.1%, DIIs 5.4%, Public 15.3%, Others 0.0%.Mar '24: Promoters 57.2%, FIIs 22.7%, DIIs 2.6%, Public 17.4%, Others 0.1%.Jun '24: Promoters 57.2%, FIIs 21.5%, DIIs 1.9%, Public 19.3%, Others 0.1%.Sep '24: Promoters 57.3%, FIIs 19.2%, DIIs 0.7%, Public 22.6%, Others 0.1%.Dec '24: Promoters 57.3%, FIIs 18.4%, DIIs 0.7%, Public 23.5%, Others 0.1%.Mar '25: Promoters 57.3%, FIIs 18.6%, DIIs 0.8%, Public 23.1%, Others 0.1%.Jun '25: Promoters 57.2%, FIIs 18.5%, DIIs 0.9%, Public 23.3%, Others 0.1%.Sep '25: Promoters 57.2%, FIIs 18.7%, DIIs 1.2%, Public 22.9%, Others 0.0%.Dec '25: Promoters 57.1%, FIIs 18.1%, DIIs 1.7%, Public 23.1%, Others 0.0%.Mar '26: Promoters 57.4%, FIIs 16.4%, DIIs 2.2%, Public 23.9%, Others 0.0%.Jun '26: Promoters 57.3%, FIIs 16.7%, DIIs 2.2%, Public 23.8%, Others 0.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Brett Enterprises Private Limited 55.87%−0.10 pp
Nalanda India Fund Limited FPI fund6.60%unchanged
Malabar India Fund Limited FPI fund5.41%unchanged
Vijay Kishanlal Kedia 2.05%unchanged
Deepti Agrawal 1.28%unchanged
Envision India Fund FPI fund1.04%unchanged
Sunil Purustottanm Agarwal 0.08%unchanged
Sheela Agarwal 0.07%unchanged
Sanjeev Agrawal 0.03%unchanged
Hursh Agrawal 0.00%unchanged
Neil Agrawal 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.

What the price assumes

Attractive

To justify its price of ₹213, this stock must grow earnings at 4% every year for 7 years. Our analysis caps realistic growth at ~36%. At that growth it is worth ₹1081 — upside of 409%.

Growth the price implies
4.1% a year
for 7 years, fading to 4%
It has actually compounded at
36.5% a year
net profit, FY23–FY26 · EPS 35.9%
The gap
-0.3 pp
409% downside if it only repeats history
Price today ₹212.58 Value at the reference growth ₹1,081.13

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Vaibhav Global Limited

Guides on how to read this kind of business and the numbers that matter.