VAIBHAV GLOBAL LIMITED

Operates as a vertically integrated B2C retailer of fashion jewellery and lifestyle products, selling primarily through shop-at-home television channels and digital platforms. In FY26, consolidated revenue was INR 3,691.79 crore, of which 99% of standalone turnover (around INR 5,633 crore on a standalone basis) came from exports of fashion jewellery to 21 countries. Five geographic segments report the business: the United States, the United Kingdom, India, Europe (excluding the UK) and Rest of World. The United States is the largest, at INR 2,288.21 crore (48.5% of segment revenue) with EBIT of INR 164.31 crore; the United Kingdom contributes INR 1,034.68 crore (21.9%, EBIT INR 98.48 crore); India contributes INR 585.13 crore (12.4%) and the highest segment EBIT of INR 176.99 crore; Europe (excluding UK) is INR 407.57 crore (8.6%, EBIT INR 11.45 crore); and Rest of World is INR 405.52 crore (8.6%, EBIT INR 126.07 crore). In-house brands crossed 50% of B2C sales in FY26, roughly a year ahead of plan. Digital channels contributed about 44% of B2C sales, targeted to reach 50% by end-FY27, and lab-grown diamonds made up 11% of retail revenue at an average selling price of around USD 250. The Germany business reached full-year EBITDA breakeven in FY26. The largest cost line is other operating expenses at 39.1% of revenue, which management puts at around 20% of revenue for content and broadcasting (TV airtime); employee costs are 16.7% and raw materials only 10.8%, consistent with light-assembly fashion jewellery.