Vaibhav Global Limited (VAIBHAVGBL)
₹210.88 +3.95% last close, 16 Oct
Q2 FY27 results
📅 Next results: 28 Oct 2026 (board meeting)Vaibhav Global Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Vaibhav Global's revenue was ₹917 Cr (+12.7% year on year, -1.9% on the previous quarter), and net profit ₹56.4 Cr (+48.4% year on year); the operating margin was 10.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹917 | +12.7% | -1.9% |
| Operating profit | ₹96.7 | +56.0% | +16.5% |
| Net profit | ₹56.4 | +48.4% | -38.0% |
| EPS (₹) | 3.37 | +49.1% | -38.3% |
| Operating margin | 10.5% | — | — |
VAIBHAVGBL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.07% of the VAIBHAVGBL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.52%. The price rose 3.95% on unusually low delivery, so more of the move than usual was intraday trading. It traded 5.8 times its average daily volume.
Delivery in the last 5 sessions: 50.7% · 50.3% · 76.8% · 48.5% · 45.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ICRA Limited has reaffirmed the credit rating for Vaibhav Global Limited's bank facilities totaling Rs 110.00 crore. The long-term fund-based limits of Rs 105.00 crore have been reaffirmed at [ICRA]A+ with a Stable outlook, while short-term non-fund based limits of Rs 5.00 crore were reaffirmed at [ICRA]A1+. With total debt at Rs 113 crore and a conservative D/E ratio of 0.13, the reaffirmed ratings reflect stable creditworthiness and low balance-sheet leverage.
- ICRA reaffirmed [ICRA]A+ (Stable) for long-term fund-based limits of Rs 105.00 crore
- ICRA reaffirmed [ICRA]A1+ for short-term non-fund based limits of Rs 5.00 crore
- Total rated bank facilities stand at Rs 110.00 crore across four participating lenders
- Punjab National Bank holds the largest single allocation at Rs 40.00 crore, followed by HDFC Bank at Rs 34.00 crore
Vaibhav Global Limited has scheduled a one-on-one virtual interaction with Barca Capital on October 7, 2026, starting at 04:00 PM IST. The company confirmed that no unpublished price-sensitive information (UPSI) will be discussed during this meeting. This is a standard institutional investor interaction conducted under Regulation 30 of SEBI LODR Regulations.
- One-on-one virtual meeting scheduled with Barca Capital
- Interaction set for October 7, 2026, from 04:00 PM IST onwards
- Company confirmed no Unpublished Price-Sensitive Information (UPSI) will be shared
- Filing submitted pursuant to Regulation 30 of SEBI LODR Regulations
Vaibhav Global Limited has informed the exchanges that Mr. Sanjeev Agrawal has resigned as a Non-Executive Non-Independent Director of the company, effective September 15, 2026. The resignation is cited to be due to his enhanced professional commitments. The company and the director confirmed that there are no other material reasons behind the departure. The move is a routine board transition and is not expected to affect daily operations or the company's financial performance (TTM revenue of ₹3,795 Cr).
- Sanjeev Agrawal resigned as Non-Executive Non-Independent Director effective September 15, 2026
- Reason stated is enhanced professional commitments with no other material reasons disclosed
- Filing submitted to stock exchanges on September 16, 2026
Vaibhav Global Limited has notified stock exchanges of an upcoming analyst/investor meeting scheduled for September 22, 2026. Company officials will participate in a physical group interaction at the Anand Rathi Investor Conference starting from 10:00 AM IST. The company confirmed that no unpublished price-sensitive information (UPSI) will be discussed during the sessions. This is a routine institutional interaction under SEBI LODR Regulation 30.
- Participation scheduled for September 22, 2026, starting at 10:00 AM IST
- Event is the Anand Rathi Investor Conference conducted in physical group meeting mode
- Filing confirms no Unpublished Price-Sensitive Information (UPSI) will be shared
Vaibhav Global Limited has allotted 1,51,969 equity shares of face value Rs 2 each under its employee benefit schemes on September 8, 2026. The shares were issued to the Vaibhav Global Employee Stock Option Welfare Trust. Consequent to this allotment, the company's paid-up equity share capital increased to Rs 33,55,39,392 across 16,77,69,696 shares. The newly issued shares represent a negligible dilution of approximately 0.09% of the expanded equity base.
- Allotment of 1,51,969 equity shares of Rs 2 each on September 8, 2026
- Allotment made to Vaibhav Global Employee Stock Option Welfare Trust under employee benefit schemes
- Paid-up share capital increased to Rs 33,55,39,392 divided into 16,77,69,696 equity shares
- Represents a minor equity dilution of ~0.09%
Vaibhav Global Limited has scheduled one-on-one virtual meetings with institutional investors on September 8 and September 9, 2026. The company will meet Elixir Capital on September 8 at 10:00 AM IST, followed by Seraphic Family Office on September 9 at 11:30 AM IST. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during these interactions.
- One-on-one virtual meeting with Elixir Capital scheduled for 8th September, 2026 at 10:00 AM IST
- One-on-one virtual meeting with Seraphic Family office scheduled for 9th September, 2026 at 11:30 AM IST
- Filing confirms no Unpublished Price-Sensitive Information (UPSI) will be discussed
CARE Ratings has upgraded Vaibhav Global Limited's short-term bank facility rating from CARE A1 to CARE A1+, while reaffirming its long-term rating at CARE A+ with a Stable outlook. The upgrade covers total bank facilities of Rs 120.00 crore across four banks, led by Punjab National Bank (Rs 48.00 crore) and HDFC Bank (Rs 34.00 crore). The rating action reflects the company's operational stability, strong balance sheet with low leverage (Debt/Equity of 0.13x), and healthy cash flow profile.
- Short-term bank facilities rating upgraded to CARE A1+ from CARE A1 for Rs 120.00 crore bank lines
- Long-term bank facility rating reaffirmed at CARE A+ with a Stable outlook
- Facilities distributed across PNB (Rs 48.00 cr), HDFC Bank (Rs 34.00 cr), Yes Bank (Rs 21.00 cr), SBI (Rs 15.00 cr), and Proposed (Rs 2.00 cr)
- Rating evaluation was based on audited FY26 and unaudited Q1 FY27 operational and financial performance
Vaibhav Global Limited announced that ICRA ESG Ratings has revised the company's Combined ESG Rating upward to '75 (Strong)' from '74 (Strong)'. The revision follows ICRA ESG's evaluation of VGL's FY26 Business Responsibility and Sustainability Report (BRSR) and governance practices. The upgrade reflects incremental progress in environmental, social, and sustainability disclosures, though it carries no direct debt or financial implication.
- ICRA ESG Ratings upgraded Combined ESG Rating to '75 (Strong)' from '74 (Strong)'
- Rating review incorporates disclosures from the company's FY26 BRSR filing
- Company reaches ~127 million households across US, UK, and Germany via TV shopping networks
- Company has provided over 103 million meals to date, with ~57,000 meals donated every school day
Vaibhav Global Limited (VGL) announced via a press release that it has been honored with the India Risk Management Award for Best-in-Class Risk Management under the Mid Cap Category. The award recognizes the company's enterprise risk management, governance, and business continuity frameworks. The announcement does not contain any commercial or financial commitments, leaving operational and financial estimates unchanged. VGL continues to operate its omnichannel retail business reaching approximately 141 million households across the US, UK, and Germany.
- Received the India Risk Management Award for Best-in-Class Risk Management in the Mid Cap Category on August 18, 2026
- Company highlights direct TV access to ~141 million households across the US, UK, and Germany
- Flagship CSR meal program has provided over 75 million meals, donating at a rate of 50,000 meals every school day
Vaibhav Global reported a 12.7% YoY revenue growth to ₹917 Cr for Q1 FY27, although constant currency revenue remained flat due to macro headwinds in the US and UK. Profitability saw a significant boost with PAT rising 50% to ₹56 Cr, aided by a ₹25.5 Cr US tariff refund and favorable foreign exchange. The company is aggressively transitioning to a digital-first model, with digital sales now comprising 45% of B2C revenue. Management maintained its FY27 guidance of 9-11% revenue growth and 50-100 bps margin expansion.
- Consolidated revenue grew 12.7% YoY to ₹917 Cr, while EBITDA rose 37% to ₹102 Cr.
- PAT increased 50% YoY to ₹56 Cr, supported by a ₹25.5 Cr one-time US tariff refund.
- Lab-grown diamonds now account for 13% of retail revenue with a higher Average Selling Price of ~$250.
- Digital sales reached 45% of B2C revenue, nearing the FY27 target of 50%.
- Germany business grew 6% in local currency and is expected to contribute positively to group profitability in FY27.
Vaibhav Global Limited has scheduled a physical group meeting with institutional investors and analysts at the Equirus Annual India Conference on August 14, 2026. The company, which reported a TTM revenue of ₹3,692 crore and a PAT of ₹266 crore for FY26, will engage in discussions starting from 10:00 am IST. As per the filing, no unpublished price-sensitive information (UPSI) will be shared. This interaction is part of the company's regular investor relations outreach.
- Meeting scheduled for August 14, 2026, at the Equirus Annual India Conference.
- Interaction mode is a physical group meeting starting from 10:00 am IST.
- Company reported TTM revenue of ₹3,692.34 crore for FY26.
- Promoter holding stands at 57.33% as of June 2026.
- No unpublished price-sensitive information (UPSI) to be discussed per the filing.
Vaibhav Global has released the audio recording link for its Q1 FY27 earnings conference call held for the period ended June 30, 2026. This follows a fiscal year (FY26) where the company reported revenue of Rs 3,692 Cr and a PAT of Rs 266 Cr. The call typically provides management commentary on the 7-9% expected growth rate and the turnaround of the Ideal World acquisition. This is a routine administrative filing to ensure transparency for shareholders who could not attend the live session.
- Audio recording link for Q1 FY27 earnings call released on August 5, 2026
- The call pertains to the financial results for the quarter ended June 30, 2026
- Company reported TTM revenue of Rs 3,692 Cr and TTM PAT of Rs 266 Cr as of the latest annual cycle
Vaibhav Global reported a strong start to FY27 with PAT rising 50% YoY to ₹56 Cr, significantly outpacing revenue growth of 13% (₹917 Cr). Profitability was driven by a sharp expansion in Gross Margins to 68% (up 417 bps YoY), fueled by a higher mix of in-house brands which now constitute 57% of B2C revenue. While constant currency revenue remained flat due to Middle East geopolitical disruptions and cautious consumer spending, the company maintained a healthy net cash position of ₹287 Cr. An interim dividend of ₹1.5 per share was declared.
- Revenue increased 13% YoY to ₹917 Cr, representing approximately 25% of TTM revenue.
- EBITDA grew 37% YoY to ₹102 Cr, with EBITDA margins improving as operating leverage kicked in.
- In-house brands contribution to B2C revenue surged to 57% from 36% in the previous year.
- Gross Margins reached 68%, a 417 bps improvement YoY and 402 bps improvement QoQ.
- Declared an interim dividend of ₹1.5 per equity share for the quarter.
Vaibhav Global reported a strong Q1 FY27 with revenue growing 13% YoY to Rs 917 Cr and PAT surging 50% to Rs 56 Cr. The company's vertically integrated model continues to deliver superior gross margins of ~60%, compared to the ~40% industry average for typical importers. Digital revenue grew 21% YoY to Rs 398 Cr, now contributing 43.4% of total sales. The company maintains a robust balance sheet with Rs 296 Cr in net cash and has set an ambitious revenue target of Rs 5,000–5,500 Cr by FY30.
- Q1 FY27 PAT increased by 50% YoY to Rs 56 Cr, with EBITDA margins expanding to 11% (Rs 102 Cr).
- In-house brand revenue contribution reached 57.2% in Q1 FY27, significantly up from 48.8% in FY26.
- Digital revenue grew 21% YoY to Rs 398 Cr, tracking toward the company's 50% digital mix target for FY27.
- Maintained a strong capital position with Rs 296 Cr net cash and a reported ROCE of 24%.
- Omnichannel reach expanded to 127 million households across USA, UK, and Germany.
Vaibhav Global Limited has fixed Wednesday, August 12, 2026, as the record date to determine shareholder eligibility for an interim dividend for FY 2026-27. The announcement follows a fiscal year (FY26) where the company reported a net profit of ₹266.36 crore on a revenue of ₹3,692.34 crore. While the specific dividend amount per share was not disclosed in this filing, the company maintains a healthy ROCE of 19.0% and a low debt-to-equity ratio of 0.13. Investors must hold the stock prior to the ex-dividend date to qualify for the payout.
- Record date for interim dividend fixed as August 12, 2026
- Purpose is for determining eligibility for the FY 2026-27 interim dividend
- Company reported TTM revenue of ₹3,692.34 crore as of March 2026
- Net profit for FY26 stood at ₹266.36 crore with an OPM of 9.7%
- Promoter holding remains stable at 57.33% as of June 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 10.2% YoY to INR 877 Cr in Q2 FY26. The B2C segment is supported by the Budget Pay program, which contributes 38% of total B2C revenue. FY25 revenue was INR 3,380 Cr, up 11% YoY.
Geographic Revenue Split
Geographic revenue is concentrated in the US, UK, and Germany, which together account for 88% of FY25 revenue. In FY25, the US grew 2%, the UK grew 10%, and Germany grew 21% YoY. Germany's monthly revenues crossed EUR 2.1 million.
Profitability Margins
Gross margins remained firm at 63.5% in Q2 FY26, consistent with historical trends. PAT increased by 71% YoY to INR 48 Cr in Q2 FY26. FY25 PAT was INR 153 Cr, up 21% YoY.
EBITDA Margin
EBITDA margin improved by 130 basis points to 10% in Q2 FY26, up 28% YoY in absolute terms. FY25 EBITDA was INR 317 Cr with a 9.4% margin.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company reported Free Cash Flow of INR 55 Cr in Q2 FY26 after accounting for inventory investments.
Credit Rating & Borrowing
CARE reaffirmed ratings at CARE A+; Stable / CARE A1 in October 2025. ICRA upgraded ratings to [ICRA]A+ (Stable) / [ICRA]A1+ in July 2025. The company maintains a net cash positive position of INR 156 Cr.
Operational Drivers
Raw Materials
Gemstones, gold, silver, and lab-grown diamonds. The company operates a vertically integrated model where raw materials are processed into gemstone-studded fashion jewellery.
Import Sources
China is a significant sourcing location, as evidenced by the company's strategic inventory advancement to mitigate 50% US tariff risks on Chinese imports.
Key Suppliers
Not disclosed by name, but the company maintains an established global supplier network to support its vertically integrated supply chain.
Capacity Expansion
Not disclosed in MT/units; however, the company is expanding its addressable market by 20% through its German operations and recent acquisitions like Ideal World and Mindful Souls.
Raw Material Costs
Gross margins of 63.5% imply that raw material and direct production costs represent approximately 36.5% of revenue. The vertically integrated model helps maintain these margins above 60%.
Manufacturing Efficiency
Productivity improvements led to a 160 basis point improvement in employee costs as a percentage of revenue in Q2 FY26.
Logistics & Distribution
Shipping costs showed a 30 basis point improvement YoY in Q2 FY26, while airtime costs for broadcasting improved by 40 basis points YoY.
Strategic Growth
Expected Growth Rate
7-9%
Growth Strategy
Growth will be driven by scaling the German market (21% growth in FY25), turning around Ideal World (achieved profitability in H2 FY25), and expanding lab-grown diamond sales which have reached double-digit percentages of total sales. The company targets mid-teens revenue growth in the medium term.
Products & Services
Gemstone-studded fashion jewellery, lifestyle products, and lab-grown diamonds sold via TV shopping channels and e-commerce platforms.
Brand Portfolio
Shop LC (USA), TJC (UK), Shop TJC (Germany), Ideal World (UK), and Mindful Souls.
New Products/Services
Lab-grown diamonds have reached double-digit percentage of sales, providing a new high-growth product category.
Market Expansion
Germany is the primary expansion market, now in its 4th year and contributing to a 20% increase in the Group's addressable market.
Market Share & Ranking
Not disclosed as a specific percentage, but competes with major players like QVC and Shop HQ.
External Factors
Industry Trends
The industry is shifting toward omni-channel retail and lab-grown diamonds. VGL is positioned with a 60%+ gross margin model and growing digital contributions.
Competitive Landscape
Key competitors include Qurate Retail (QVC), Shop HQ, and Amazon, along with traditional brick-and-mortar jewellery retailers.
Competitive Moat
The moat is built on a vertically integrated supply chain and an omni-channel 'TV + Web' presence. This allows for 60%+ gross margins which are structurally higher than traditional retailers.
Macro Economic Sensitivity
High sensitivity to consumer discretionary spending in the US and UK, which represent the bulk of the 88% geographic revenue concentration.
Consumer Behavior
Increasing consumer acceptance of lab-grown diamonds and a shift toward digital/web-based shopping platforms.
Geopolitical Risks
Trade barrier impacts from US-China relations, specifically the threat of 50% tariffs on Chinese-sourced goods.
Regulatory & Governance
Industry Regulations
Operations are subject to local e-commerce and retail regulations in the US, UK, and Germany, including consumer protection and data privacy laws.
Environmental Compliance
The company holds an ICRA ESG rating of 'Strong: 73' and is RJC (Responsible Jewellery Council) certified.
Taxation Policy Impact
Not disclosed; however, the company maintains a 53% dividend payout ratio.
Risk Analysis
Key Uncertainties
Potential 50% US tariffs on Chinese imports could increase COGS. Economic slowdowns in the US/UK could reduce demand for discretionary jewellery by 10-15%.
Geographic Concentration Risk
88% of revenue is derived from the US, UK, and Germany, making the company highly vulnerable to regional economic downturns.
Third Party Dependencies
Dependency on TV broadcasting carriers for household reach (127 million households) and digital marketing platforms for customer acquisition.
Technology Obsolescence Risk
Risk of falling behind in digital transformation; however, web sales are growing and ASP is increasing.
Credit & Counterparty Risk
39% of sales are through 'Budget Pay' schemes, exposing the company to bad debt risks if consumer credit quality declines.
