Submission of transcript of conference call

Vaibhav Global reported Q4 FY26 revenue of INR935 crores (10% YoY growth) with EBITDA margin at 10.3%. For full year FY26, revenue stood at INR3,691 crores with EBITDA margin improving by 140 basis points to 10.8%. PBT grew 41% YoY. Key milestones achieved include in-house brand contribution crossing 50% of B2C sales (a year ahead of target), Germany turning EBITDA breakeven, and highest-ever free cash flow of INR272 crores. Management guided for FY27 revenue growth of 9-11% with EBITDA margin improvement of 50-100 basis points. The company attributed volume decline to shift toward higher-value lab-grown diamonds (now 11% of retail revenue) and higher average ticket sizes.