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Vaibhav Global Ltd
NSE: VAIBHAVGBL BSE: 532156 INE884A01027 Consumer Discretionary Consumer 🔎 Screen
Microcap 250
₹3,750 Cr
Market Cap
14.2
P/E
0.39
PEG
16.3%
ROCE
17.8%
ROE
0.25
D/E
9.8%
OPM
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📈 Price History
Ratio Health
Excellent
Good
Average
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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 43.8%
! 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
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Mixed quarter: Revenue grew 10% YoY with EBITDA margin expansion to 10.3%, but customer base declined 4% to 681k, sales volumes fell across TV and Digital, and reported PAT was inflated by MAT credit. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹935 Cr
+10% YoY (₹850 Cr)
EBITDA Margin
10.3%
+200 bps YoY (8.3%)
PAT
₹91.1 Cr (including MAT credit)
Ex-MAT: ₹44.4 Cr, +30.4% YoY
Unique Customers (TTM)
681k
-4% YoY (710k in FY25)
What Went Right
  • Revenue grew 10% YoY to ₹935 Cr driven by higher ASPs (TV ASP $40.5 vs $37.0; Digital ASP $38.5 vs $32.3).
  • EBITDA margin expanded 200 bps to 10.3% due to gross margin improvement (+180 bps) and operating leverage.
  • Free cash flow reached ₹272 Cr (FY26), and net cash increased to ₹296 Cr from ₹170 Cr in FY25.
  • In-house brand contribution hit 49% of B2C revenue, achieving ~50% target a year early.
  • Germany revenue grew to €26.8 mn (FY26) with EBITDA margin 3.0%, improving from negative in prior years.
What to Watch
  • Total unique customer base (TTM) declined to 681k from 710k in FY25, indicating weaker acquisition or retention.
  • Sales volumes dropped: TV units 1,291k vs 1,422k (-9%), Digital units 1,123k vs 1,257k (-11%), offset only by higher prices.
  • Reported PAT of ₹91.1 Cr includes non-cash MAT credit of ~₹46.7 Cr; excluding MAT, PAT growth was just 30.4% YoY.
  • SGA costs increased 0.4% of revenue due to higher freight and fulfilment costs from sales mix.
  • Ideal World and Mindful Souls segments remain small: Ideal World £5.8 mn revenue, Mindful Souls ~$4 mn, with declining subscription revenue.
Investor Lens
The Q4 FY26 results show a mixed picture. Revenue growth of 10% YoY and EBITDA margin expansion to 10.3% are positive, driven by higher average selling prices and cost efficiencies. However, the decline in unique customers (681k vs 710k) and lower sales volumes across TV and digital channels raise concerns about underlying demand and competitive pressures. The reported PAT was significantly inflated by a MAT credit, masking slower core profit growth. The strong free cash flow generation (₹272 Cr) and improved net cash position (₹296 Cr) support capital allocation, including a ₹100 Cr dividend. Key watch items for next quarter: customer acquisition trends, volume recovery, and margin sustainability without MAT credit. The thesis of a vertically integrated, high-margin retailer remains intact, but weak customer metrics need to reverse to confirm growth durability.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED PAT up 168% YoY to ₹91 Cr aided by tax credit; revenue up 10%.
Revenue
Revenue stood at ₹935 Cr, growing 10% YoY but declining sharply by 12.3% QoQ. The sequential drop indicates potential demand weakness despite YoY growth.
Profitability
Net profit jumped 167.6% YoY to ₹91 Cr (EPS ₹5.46 vs ₹2.05), helped by a negative tax expense of 43% (likely deferred tax credit). PBT of ₹64 Cr was lower, so core profitability is less robust.
Margins
Operating profit margin improved YoY to 9% from 7%, but fell markedly from 13% in the previous quarter. The QoQ decline signals margin pressure, possibly due to higher costs or lower operating leverage.
Balance Sheet
Borrowings of ₹416 Cr are moderate with a low D/E ratio of 0.16. Reserves stand at ₹1,615 Cr, supporting a healthy capital structure with ROCE of 14% and ROE of 11.7%.
Key Risks
1) Sequential revenue decline of 12.3% suggests demand softness. 2) OPM plunged from 13% to 9% QoQ, margin volatility is a concern. 3) Profit growth relies heavily on a one-off tax credit; normalized PAT would be significantly lower.
Outlook
Near-term revenue recovery is uncertain given the sharp QoQ drop and margin compression. A strong balance sheet provides a cushion, but sustainable growth will depend on reversing the volume decline and stabilizing margins.
Generated by AI · Mar 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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