NSE: MANYAVAR · BSE: 543463
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail sales of branded Indian wedding and occasion wear, Other occasion-wear brands. Asset-light, leased-store specialty retail of branded Indian occasion wear with high gross margins and high cash conversion
Exhibit 1: Financial summary, FY22–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue | 1,041 | 1,355 | 1,368 |
| EBITDA (ex other income) | 496 | 671 | 658 |
| margin % | 47.6 | 49.5 | 48.1 |
| Owners' profit | 315 | 0 | 0 |
| EPS, as reported (₹) | 12.90 | 17.68 | 17.06 |
| ROE % · ROCE % | 29.1 · 31.6 | 30.7 · 34.3 | 25.9 · 27.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 351 | 470 | 483 |
| Capex | (2) | (4) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 441 | 342 | 312 | 218 | 474 | 363 | 240 | 268 |
| Profit before tax | 202 | 145 | 124 | 65 | 212 | 148 | 83 | 90 |
| Net profit | 150 | 109 | 92 | 49 | 158 | 116 | 62 | 67 |
| EPS (₹) | 6.19 | 4.49 | 3.79 | 2.01 | 6.50 | 4.77 | 2.57 | 2.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD | 1,50,394 | 61.3 | 21.16 | 40.0 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD | 1,16,496 | 174.9 | 13.16 | 60.5 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED ◆ | 11,516 | 28.6 | 7.54 | 15.8 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 9,142 | 51.7 | 6.47 | 7.2 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,307 | 52.5 | 10.61 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED | 5,721 | 3.7 | 6.34 | 12.1 | 18.0 | 14.2 | 41.6 | 14.1 |
| ARVIND FASHIONS LIMITED | 4,928 | 41.1 | 4.25 | 7.5 | 15.8 | 12.9 | 19.1 | 13.0 |
| ADITYA BIRLA FASHION & RT | 4,876 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.6 | 26.3 | 11 of 19 | 44% |
| P/B | 7.5 | 3.9 | 11 of 14 | 23% |
| ROCE | 8.3 | 10.0 | 11 of 20 | 47% |
| ROE | 8.5 | 11.7 | 10 of 14 | 31% |
| Debt / Equity | 0.0 | 0.1 | 1 of 14 | 92% |
| EBITDA margin | 52.7 | 15.7 | 1 of 14 | 100% |
| Revenue growth | 22.7 | 16.6 | 7 of 16 | 60% |
| Profit growth | 37.3 | 20.6 | 5 of 13 | 67% |
| Market cap | 11516 | 735 | 3 of 20 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · Revised disclosure on ESOP allotment of 303 shares | capital market events | low | — | — |
| 7 Oct 2026 · Allotment of 303 shares under ESOP Scheme Pratham | capital market events | low | — | — |
| 29 Sept 2026 · AGM: All 8 resolutions passed, final dividend approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Proceedings of the 24th Annual General Meeting of the Company held on 28th September, 2026 | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Vedant Fashions gets Crisil ESG rating of 61 and Core ESG 70 | credit debt | medium | — | — |
| 22 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 20 Sept 2026 · Vedant Fashions schedules analyst/investor meeting on Sept 24 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Compounding fee of Rs 50,000 paid for size label violation | regulatory legal | high | — | — |
| 16 Sept 2026 · TDS communication sent to shareholders on FY26 dividend | corporate actions | medium | — | — |
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.