Audited Financial Results for the Quarter and year ended 31.03.2026
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Vega Jewellers (formerly PH Trading) reported FY2025-26 standalone revenue of Rs 59,699.41 lakhs vs Rs 1,030.28 lakhs in the prior year, a massive jump reflecting the company's first full year as a jewellery business post-restructuring. Standalone PAT was Rs 2,268.08 lakhs (vs Rs 18.60 lakhs). Consolidated revenue was Rs 98,188.85 lakhs with consolidated PAT of Rs 4,548.81 lakhs. EBITDA margin expanded from ~2.2% to ~7.1% standalone. The company raised Rs 9.87 crore via convertible warrant conversion to promoters in January 2026 and increased remuneration for its MD and Executive Director. Statutory auditors issued an unmodified (clean) opinion. Operating cash flow is deeply negative at Rs 12,847.52 lakhs standalone, driven primarily by a large inventory build-up of Rs 28,842 lakhs.
Strong topline and bottom-line growth, but deeply negative operating cash flow and high leverage (debt/equity ~1.43 standalone) raise concerns about working capital management. The clean audit is a positive. Investors should monitor inventory levels and cash conversion cycles closely.