VEDANT FASHIONS LIMITED

Retails branded Indian wedding and occasion wear through an Exclusive Brand Outlet (EBO) network, with Manyavar as the flagship brand alongside Mohhe Rangoo, Twamev, Mebaaz, Divas and Manvari. As of FY26 year-end, the EBO network covered 1.79 million sq ft across 669 stores in 252 cities, with net EBO addition in FY26 held to roughly 4,200 sq ft as the company prioritised same-store sales growth over footprint expansion. FY26 customer retail sales reached Rs 2,008 crore (+6.1% YoY) with Q4 FY26 SSSG of 4.6%; a Q1 FY27 investor presentation disclosed a network of 501 domestic EBOs across 205 cities plus 14 international stores, with retail sales up 3.4% and SSSG of 3.8%. The cost structure is dominated by other operating expenses (22.2% of revenue) and depreciation (11.8%), consistent with a leased-store retail model, while materials cost only 10% of revenue and capex is light at 0.9%. Marketing is a heavy operational lever — the 'Made for Each Other' campaign with Vijay-Rashmika crossed 1 billion organic views in six days. FY26 cash conversion ran at about 98% of EBITDA.