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Vedant Fashions Q2 FY27 results: net profit up 0.2% to ₹56.22 crore, revenue up 2.4%
Vedant Fashions Limited reported standalone revenue from operations of ₹269.37 crore in Q2 FY27, up 2.4% from Q2 FY26 but down 10.6% from Q1 FY27. Net profit was ₹56.22 crore, broadly unchanged from ₹56.08 crore a year earlier, while EBITDA fell 5.2% to ₹105.05 crore and EBITDA margin declined 3.1 percentage points to 39.0%.
Key points
- Q2 FY27 revenue from operations was ₹269.37 crore, up 2.4% from Q2 FY26 but down 10.6% from Q1 FY27.
- EBITDA was ₹105.05 crore in Q2 FY27, down 5.2% year on year and 19.8% from Q1 FY27; EBITDA margin was 39.0%.
- Net profit was ₹56.22 crore, up 0.2% from Q2 FY26 and down 30.3% from Q1 FY27; basic EPS was ₹2.31.
- H1 FY27 revenue was ₹570.73 crore, up 4.8% from H1 FY26, while PAT was ₹136.83 crore, up 8.3%.
- Domestic same-store sales declined 5.8% in Q2 FY27 and 0.3% in H1 FY27, according to the investor presentation.
How did Vedant Fashions perform in Q2 FY27?
Vedant Fashions reported standalone revenue from operations of ₹269.37 crore for Q2 FY27, up 2.4% from ₹263.15 crore in Q2 FY26 but down 10.6% from ₹301.37 crore in Q1 FY27. Total income was ₹292.66 crore, up 3.4% year on year and down 11.6% sequentially. The results are standalone; no consolidated figures were provided in the stated data.
EBITDA was ₹105.05 crore, down 5.2% from ₹110.79 crore in Q2 FY26 and 19.8% from ₹130.99 crore in Q1 FY27. EBITDA margin was 39.0%, compared with 42.1% a year earlier and 43.5% in the previous quarter. Profit before tax was ₹74.13 crore and net profit was ₹56.22 crore, against ₹74.04 crore and ₹56.08 crore respectively in Q2 FY26.
Basic EPS was ₹2.31, unchanged from Q2 FY26 and down from ₹3.32 in Q1 FY27. Against the previous quarter, profit before tax fell 29.8% and net profit fell 30.3%. PAT margin was 20.9%, compared with 21.3% in Q2 FY26 and 26.7% in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 269.37 | 301.37 | 263.15 | +2.4% | −10.6% |
| Other income | 23.30 | 29.69 | 19.91 | +17.0% | −21.5% |
| Total expenses | 218.54 | 225.53 | 209.02 | +4.6% | −3.1% |
| EBITDA | 105.05 | 130.99 | 110.79 | −5.2% | −19.8% |
| EBITDA margin | 39.0% | 43.5% | 42.1% | −3.1 pp | −4.5 pp |
| Profit before tax | 74.13 | 105.53 | 74.04 | +0.1% | −29.8% |
| Tax | 17.91 | 24.92 | 17.96 | −0.3% | −28.1% |
| Net profit | 56.22 | 80.61 | 56.08 | +0.2% | −30.3% |
| EPS (₹) | 2.31 | 3.32 | 2.31 | +0.0% | −30.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Vedant Fashions' costs and profit?
Total expenses were ₹218.54 crore in Q2 FY27, up ₹9.52 crore or 4.6% from Q2 FY26. Cost of materials was higher by ₹3.96 crore, employee cost by ₹0.90 crore and other expenses by ₹7.75 crore. Finance costs fell by ₹2.15 crore, while depreciation fell by ₹0.28 crore. There was no exceptional item.
Other income rose ₹3.39 crore from Q2 FY26 to ₹23.30 crore, while tax expense fell ₹0.05 crore to ₹17.91 crore. These movements left profit before tax ₹0.09 crore higher at ₹74.13 crore and net profit ₹0.14 crore higher at ₹56.22 crore. EBITDA nevertheless fell ₹5.74 crore as expenses increased faster than revenue.
Against Q1 FY27, cost of materials was higher by ₹6.53 crore, employee cost by ₹2.23 crore and other expenses by ₹2.37 crore, while finance costs fell ₹0.14 crore and depreciation fell ₹0.79 crore. Other income fell ₹6.39 crore and tax fell ₹7.01 crore. The company’s investor presentation said the quarter was affected by Navratri moving from Q2 in FY26 to Q3 in FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 37.19 | 33.23 | +3.96 | +11.9% |
| Employee cost | 17.39 | 16.49 | +0.90 | +5.5% |
| Finance costs | 12.81 | 14.96 | −2.15 | −14.4% |
| Depreciation | 41.41 | 41.69 | −0.28 | −0.7% |
| Other expenses | 69 | 61.25 | +7.75 | +12.7% |
| Total expenses | 218.54 | 209.02 | +9.52 | +4.6% |
| Other income | 23.30 | 19.91 | +3.39 | +17.0% |
| Tax | 17.91 | 17.96 | −0.05 | −0.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹570.73 crore, up 4.8% from ₹544.34 crore in H1 FY26. Total income rose 5.7% to ₹623.72 crore, while profit before tax increased 7.9% to ₹179.66 crore.
H1 FY27 PAT was ₹136.83 crore, up 8.3% from ₹126.34 crore in H1 FY26. Basic EPS rose from ₹5.20 to ₹5.63. The investor presentation reported H1 revenue from operations growth of 4.8% and PAT growth of 8.3%, alongside a 65.3% gross margin.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 570.73 | 544.34 | +4.8% |
| Profit before tax | 179.66 | 166.55 | +7.9% |
| Net profit | 136.83 | 126.34 | +8.3% |
| EPS (₹) | 5.63 | 5.20 | +8.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹2,952.32 crore at 30 September 2026, against ₹2,852.72 crore at 31 March 2026. Total equity rose to ₹2,099.20 crore from ₹1,964.34 crore, while inventories were broadly unchanged at ₹144.52 crore against ₹144.62 crore.
Trade receivables increased to ₹722.65 crore from ₹651.16 crore, and trade payables rose to ₹70.19 crore from ₹62.44 crore. There were no borrowings at either date. Cash fell to ₹3.08 crore from ₹11.06 crore. The investor presentation also reported negative working-capital movement of ₹7.01 crore for H1.
H1 FY27 operating cash flow was ₹108.13 crore, against ₹111.37 crore in H1 FY26. Investing cash flow was negative ₹19.08 crore, compared with ₹164.24 crore a year earlier, while financing cash flow was negative ₹97.03 crore against negative ₹286.4 crore. Capital expenditure was ₹0.89 crore, compared with ₹11.18 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,952 | 2,853 |
| Total equity | 2,099 | 1,964 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 3.08 | 11.06 |
| Inventories | 144.52 | 144.62 |
| Trade receivables | 722.65 | 651.16 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 108.13 | 111.37 |
| Cash from investing | −19.08 | 164.24 |
| Cash from financing | −97.03 | −286.40 |
| Capital expenditure | 0.89 | 11.18 |
Source: Company's results filing (XBRL).
How has Vedant Fashions done over the last 8 quarters?
Revenue and profit followed the expected seasonal pattern through the last eight quarters. Revenue peaked at ₹511.28 crore in Q3 FY25 and bottomed at ₹263.15 crore in Q2 FY26 before reaching ₹269.37 crore in Q2 FY27. The company has reported year-on-year revenue growth in each of the last three quarters.
PAT peaked at ₹157.97 crore in Q3 FY25 and bottomed at ₹56.08 crore in Q2 FY26, before being ₹56.22 crore in Q2 FY27. Profit rose year on year in each of the last three quarters. EBITDA margin peaked at 47.4% in Q3 FY25, fell to 42.1% in Q2 FY26 and was 39.0% in the latest quarter, showing that margin has remained lower than earlier levels.
What else did the company announce?
On 5 November 2026, the board approved the unaudited standalone financial results for the quarter and half-year ended 30 September 2026, alongside the statutory auditors’ limited review report. The board meeting commenced at 02:50 p.m. and concluded at 04:10 p.m.
The board also redesignated Aman Kumar Gupta from Chief Retail Officer to Chief Business Officer with effect from 6 November 2026. It approved a grant of 9,887 stock options under the VFL Employee Stock Option Scheme 2018–Scheme Pratham, with an exercise price of ₹505.70 per option and a 10-year exercise period. The same-day filings did not announce a dividend or fund raise.
What did Vedant Fashions' management say?
Management said Q2 FY27 was affected by Navratri moving from Q2 in FY26 to Q3 in FY27. It reported that domestic same-store sales declined 5.8% in Q2 FY27 and 0.3% in H1 FY27. The presentation also noted that Q2 EBITDA fell 4.8% and EBITDA margin compressed from 42.9% to 39.9%, while PAT was nearly flat; these management figures differ from the stated standalone results above.
Management described Manyavar’s market-leadership and no-discount positioning, an asset-light franchise-led distribution model and pan-India expansion as priorities. It also highlighted campaign-led growth initiatives for Mohey, Twamev, Diwas and Mebaz, and an omni-channel network spanning EBOs, MBOs, LFS and online channels. As of September 2026, the domestic footprint comprised 497 EBOs in 202 cities and towns, covering 1.67 mn sq. ft.
Management said retail expansion within and outside India was one of five stated growth strategies. It reported Q2 FY27 net EBO area rollout of +4.9 k sq. ft. The presentation did not provide quantified forward guidance. Management also cautioned that its market-leadership claims relied on Crisil data ‘As of FY20 (latest available)’, making the supporting evidence dated.
How did other Speciality Retail companies do?
Among 14 other Speciality Retail companies that had filed for the quarter, the median revenue growth was 13.4%, compared with Vedant Fashions’ 2.4% growth. Nine peers grew faster than the company, while four grew more slowly. These counts exclude Vedant Fashions itself.
Seven of the 12 peers for which profit was compared reported higher profit. Vedant Fashions’ standalone net profit was ₹56.22 crore in Q2 FY27, up 0.2% from ₹56.08 crore in Q2 FY26. The peer comparison was available as of 5 November 2026.
| Vedant Fashions revenue growth (YoY) | +2.4% |
|---|---|
| Median of 14 other Speciality Retail companies | +13.4% |
| Companies with slower revenue growth than Vedant Fashions | 4 of 14 |
| Companies with faster revenue growth than Vedant Fashions | 9 of 14 |
| Companies whose net profit rose | 7 of 12 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Vedant Fashions' revenue in Q2 FY27?
Revenue from operations was ₹269.37 crore, up 2.4% from ₹263.15 crore in Q2 FY26 (standalone).
Did Vedant Fashions make a profit in Q2 FY27?
Yes. Net profit was ₹56.22 crore, against a net profit of ₹56.08 crore in Q2 FY26.
What was Vedant Fashions' EPS in Q2 FY27?
Basic earnings per share were ₹2.31, against ₹2.31 in Q2 FY26.
When did Vedant Fashions announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Inter Alia, Consider And Approve The Unaudited Financial Results Along With Limited Review Reports Of The Auditor Thereon For The Quarter And Half-Year Ended September 30, 2026. (BSE, 28 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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