NSE: VGCL · BSE: 538732
VIBRANT GLOBAL CAPITAL L
Operates across three business lines. Manufacturing is the largest by revenue, contributing 65.3% (₹121.73 crore in FY26) from selling physical products, with materials at ₹107.74 crore (57.9% of total revenue) absorbed as input cost. Capital Market activities make up 27.4% (₹50.97 crore) and are by far the most profitable line, running at a 51.3% segment EBIT margin against 1.1% for manufacturing, suggesting proprietary investment in securities rather than fee-based advisory. Trading contributes the remaining 6.6% (₹12.34 crore) but ran at a negative 35.0% EBIT margin in FY26. The standalone entity is registered in Lower Parel, Mumbai, and is listed on BSE (Script Code 538732) as a Non-Banking Financial Company. In June 2026 the board approved acquiring a 65% stake in The Private Reserve Capital Pvt. Ltd. for about ₹6 crore, a newly incorporated firm that will operate in wealth management, Portfolio Management Services, Category III Alternative Investment Funds and wealth advisory, intended to become a subsidiary. Employee cost at ₹3.56 crore (1.9% of revenue) is small relative to materials, and depreciation is ₹2.49 crore (1.3%). The company paid an interim dividend of ₹0.65 per share for FY26 on 2.29 crore equity shares. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacturing (65%), Capital Market (27%), Trading (7%), Unallocated (1%). Hybrid NBFC with a low-margin physical-product manufacturing business alongside higher-margin capital market proprietary investments and a loss-making trading book.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 282 | 197 | 242 | 282 | 186 |
| EBITDA (ex other income) | 59 | 4 | 58 | 9 | 25 |
| margin % | 20.9 | 1.8 | 24.1 | 3.1 | 13.3 |
| Owners' profit | 46 | (8) | 48 | (0) | 17 |
| EPS, as reported (₹) | 20.23 | (3.38) | 20.85 | (0.16) | 7.73 |
| ROE % · ROCE % | 39.8 · — | (7.1) · — | 31.2 · — | (0.3) · — | 10.5 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 21 | 20 | 31 | 48 | (19) |
| Capex | 0 | 0 | 0 | (1) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74 | 82 | 44 | 82 | 42 | 64 | 35 | 45 |
| Profit before tax | 16 | 7 | (12) | (9) | 7 | 3 | 4 | 6 |
| Net profit | 14 | 5 | (12) | (8) | 5 | 2 | 3 | 8 |
| EPS (₹) | 6.06 | 2.22 | (5.02) | (3.43) | 2.33 | 0.77 | 1.25 | 3.39 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| CAPITAL MARKET | 12 | 6.5 |
| TRADING | 3 | 1.5 |
| MANUFACTURING | 30 | 15.9 |
| UNALLOCATED | 1 | 0.3 |
| Capital Market | 39 | 20.9 |
| Trading | 9 | 5.1 |
| Manufacturing | 92 | 49.5 |
| Unallocated | 1 | 0.4 |
| Total, before eliminations | 186 | 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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.0 | 18.1 | 37 of 200 | 82% |
| P/B | 0.8 | 1.1 | 96 of 253 | 62% |
| ROE | 10.5 | 3.1 | 51 of 257 | 81% |
| EBITDA margin | 15.8 | 48.6 | 172 of 249 | 31% |
| Revenue growth | (45.0) | 12.6 | 190 of 231 | 18% |
| Profit growth | 195.5 | 7.8 | 41 of 251 | 84% |
| Market cap | 125 | 34 | 78 of 268 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Bhavna Jhunjhunwala sells 7.59% stake in Vibrant Global Capital | ownership changes | high | — | — |
| 16 Oct 2026 · Non-promoter Bhavna Jhunjhunwala sells 7.59% in Vibrant Global Capital | ownership changes | high | — | — |
| 1 Oct 2026 · Subsidiary gets SEBI registration as Category III AIF | business updates | medium | — | — |
| 30 Sept 2026 · Trading window closed for Q2 FY27 results period | compliance | minimal | — | — |
| 30 Sept 2026 · Vibrant Global Capital: 31st AGM voting results, all 4 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Proceedings of 31st Annual General Meeting held on 29 September 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 31st AGM notice published; e-voting and book closure details | compliance | minimal | — | — |
| 4 Sept 2026 · Cut-off date and e-voting period set for 31st AGM on 29 Sep 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Book closure from 25 Sep to 29 Sep 2026 for 31st AGM | corporate actions | low | — | — |
| 4 Sept 2026 · Annual Report FY 2025-26 - Strong PAT growth on standalone basis | results | high | — | — |
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.