NSE: VAIBHAVGBL · BSE: 532156
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. United States of America (49%), United Kingdom (22%), India (12%), Europe (excluding United Kingdom) (9%), Rest of world (9%). Vertically integrated, export-driven B2C retailer of fashion jewellery and lifestyle products via TV home-shopping and digital channels, with growing in-house brand share
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,752 | 2,691 | 3,041 | 3,380 | 3,692 |
| EBITDA (ex other income) | 310 | 200 | 260 | 289 | 358 |
| margin % | 11.2 | 7.4 | 8.6 | 8.6 | 9.7 |
| Owners' profit | 238 | 105 | 128 | 153 | 266 |
| EPS, as reported (₹) | 14.56 | 6.39 | 7.74 | 9.25 | 15.97 |
| ROE % · ROCE % | 21.0 · 23.3 | 8.7 · 11.8 | 10.1 · 14.2 | 11.3 · 14.8 | 16.1 · 15.3 |
| Debt / equity (x) | 0.09 | 0.10 | 0.08 | 0.08 | 0.07 |
| Cash from operations | 88 | 127 | 277 | 165 | 310 |
| Capex | (301) | (36) | (44) | (35) | (33) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 796 | 977 | 850 | 814 | 877 | 1,066 | 935 | 917 |
| Profit before tax | 39 | 82 | 41 | 46 | 60 | 112 | 64 | 71 |
| Net profit | 28 | 64 | 34 | 38 | 48 | 90 | 91 | 56 |
| EPS (₹) | 1.68 | 3.85 | 2.05 | 2.26 | 2.85 | 5.39 | 5.47 | 3.37 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| United States of America | 1,603 | 33.9 |
| United Kingdom | 1,035 | 21.9 |
| India | 585 | 12.4 |
| Europe (excluding United Kingdom) | 289 | 6.1 |
| Rest of world | 303 | 6.4 |
| United State of America | 686 | 14.5 |
| Europe(excluding United Kingdom) | 119 | 2.5 |
| Rest of World | 102 | 2.2 |
| Total, before eliminations | 4,721 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.0 | 23.8 | 4 of 29 | 89% |
| P/B | 1.9 | 2.7 | 11 of 28 | 63% |
| ROCE | 14.6 | 16.7 | 16 of 28 | 44% |
| ROE | 16.1 | 14.6 | 13 of 28 | 56% |
| Debt / Equity | 0.1 | 0.3 | 4 of 28 | 89% |
| EBITDA margin | 11.1 | 10.7 | 15 of 30 | 52% |
| Revenue growth | 12.7 | 45.7 | 23 of 25 | 8% |
| Profit growth | 49.8 | 49.8 | 13 of 25 | 50% |
| Market cap | 3145 | 2932 | 15 of 30 | 52% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 29 Oct 2026 · Q2 FY27 revenue rises 7%, but operating profit falls 13.5% | compliance | low | — | — |
| 29 Oct 2026 · Q2 revenue up 7%; FY30 revenue target Rs 5,000-5,500 crore | investor communications | medium | — | — |
| 29 Oct 2026 · Record date fixed for second interim dividend on 4 November 2026 | corporate actions | high | — | — |
| 29 Oct 2026 · Q2 revenue up 7%, profit after tax down 12%; Rs1.50 interim dividend declared | results | high | — | — |
| 29 Oct 2026 · Rs 1.50 interim dividend declared; Q2 revenue rises, profit falls | corporate actions | high | — | — |
| 29 Oct 2026 · Q2 group revenue rises, profit dips; Rs 1.50 interim dividend declared | results | high | — | — |
| 28 Oct 2026 · Allotment of 39,489 shares under employee benefit schemes | capital market events | low | — | — |
| 19 Oct 2026 · Q2 and H1 FY27 earnings call scheduled for 29 Oct 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board meeting on Oct 28 to consider Q2 results and 2nd interim dividend | results | low | — | — |
| 8 Oct 2026 · RTA certificate on dematerialisation of securities for Q2 FY27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.