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.
Q3 FY26 Earnings Results
- Revenue from Operations: ₹1,066 cr, +9.1% YoY vs ₹977 cr, +21.5% QoQ.
- EBITDA: ₹136 cr, +26% YoY, margin 12.7% (+151 bps YoY).
- PAT: ₹90 cr, +41% YoY vs ₹64 cr, margin ~8.4%.
- Other key metrics: Digital sales >42% of revenue; in-house brands 48% of B2C; 9M revenue ₹2,757 cr (+9% YoY), PAT ₹175 cr (+47% YoY); unique customers ~706k (+2% YoY).
Management Commentary & Strategic Decisions
- Upper-end revenue growth within 9% FY26 guidance; EBITDA surge from efficiencies, Europe ex-UK turned profitable.
- Strategic moves: 3rd interim dividend ₹1.50/share; net cash ₹213 cr (+101% YoY); lab-grown diamonds 11% of sales; ESOPs granted.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹877 cr, +10.2% YoY.
- EBITDA: ₹88 cr, +28% YoY, margin 10% (+130 bps YoY).
- PAT: ₹48 cr, +71% YoY.
- Other key metrics: Digital 42% of B2C revenue (+3pp YoY); in-house brands 41% of B2C; customers 7.14 lakh (+5% YoY); lab-grown diamonds 10.3% of sales; H1 revenue ₹1,691 cr (+9% YoY), PAT ₹85 cr (+54% YoY).
Management Commentary Q2
- Revenue exceeded guidance with cost efficiencies boosting margins; digital/in-house mix strengthening.
- Strategic moves: 2nd interim dividend ₹1.50/share; net cash ₹156 cr; FY26 growth guidance 9% reaffirmed, mid-teens medium-term.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.