Financial Performance Highlights
Vaibhav Global Limited reported strong financial results for FY26 with consolidated revenue growing 9.2% to ₹3,692 crore and net profit surging 74% to ₹266 crore. The company achieved EBITDA of ₹399 crore (26% growth) with margins expanding 143 bps to 10.8%. PAT margins improved significantly by 268 bps to 7.2%. Basic EPS stood at ₹16.0, representing 73% growth from the previous year.
Operational Performance
Digital channels contributed 44% of B2C revenue (₹1,541 crore), while TV revenue accounted for 56% (₹1,952 crore). Fashion jewellery represented 65% of B2C revenue with lifestyle products at 35%. The company served 681,000 unique customers with 350,000 new acquisitions and maintained a 38% customer retention rate. Geographic performance showed US contributing 59% of revenue, UK 30%, and Europe 11%, with Germany operations achieving EBITDA breakeven.
Dividend and Capital Structure
The board recommended a final dividend of ₹1.50 per share, bringing total dividend payout for FY26 to 38% of net earnings (approximately ₹100.20 crores). The company maintained a strong net cash position of ₹296 crore with operating cash flow of ₹305 crore. Equity share capital increased to ₹33.41 crore following allotment of 785,581 shares to employees under various share-based benefit plans.
ESG and Sustainability Initiatives
Vaibhav Global demonstrated strong ESG performance with ICRA ESG rating improving to 74 (Strong). The company committed to SBTi 1.5°C pathway and donated 112+ million meals through its 'your Purchase feeds...' program. Environmental initiatives included 3.68 MW solar capacity installation generating 24.6 million kWh, avoiding 19,876 tonnes of carbon emissions. The company maintained 100% employee training coverage on human rights policies with zero bribery/corruption incidents.
Auditor's Report and Qualifications
The auditor, B S R & Co. LLP, issued a report with qualifications noting reliance on other auditors for eight subsidiaries representing total assets of ₹188.25 crore. The CARO report included unfavorable remarks for the holding company regarding physical verification of inventory, compliance with Sections 185-186 of Companies Act, and undisputed statutory dues. Internal financial controls were deemed adequate, though audit trail issues were noted in certain software systems.
Subsidiaries and Segment Reporting
The group consists of multiple subsidiaries across various jurisdictions. Segment reporting showed United States contributing 62.0% of revenue (₹2,288 crore), United Kingdom 28.0% (₹1,035 crore), India 15.9% (₹585 crore), Europe (excluding UK) 11.0% (₹408 crore), and rest of world 11.0% (₹406 crore).
Risk Management and Outlook
Key risks identified include volatile global economic environment, supply chain disruptions, currency volatility, and regulatory compliance. The company provided FY27 revenue growth guidance of 9-11% with targets to achieve 50%+ digital revenue contribution and 50%+ in-house brands contribution to revenue by FY27. The 37th AGM is scheduled for August 4, 2026, to approve financial statements and director reappointments.