Financial Performance Highlights

Quarterly Financial Results (₹ in Crores)

| Metric | Q1 FY27 | Q1 FY26 | YoY Growth | Q4 FY26 | QoQ Growth |

| Revenue | 917 | 814 | 13% | 935 | -2% |

| EBITDA | 102 | 75 | 37% | 96 | 6% |

| PAT | 56 | 38 | 50% | 44* | 29% |

| Net Cash | 287 | 174 | 65% | 296 | -3% |

*Note: PAT excluding MAT credit of ₹47.6 Cr. Numbers are rounded off to nearest figure.

Margin Performance

  • Gross Margin: 68% in Q1 FY27 vs 64% in Q1 FY26 (417 bps expansion)
  • Gross Margin: 68% in Q1 FY27 vs 64% in Q4 FY26 (402 bps expansion)

Business Mix Trends

  • Digital revenue mix: 45% in Q1 FY27 vs 43% in Q1 FY26 (210 bps improvement)
  • Digital revenue mix: 45% in Q1 FY27 vs 45% in Q4 FY26 (10 bps improvement)
  • In-House Brands contribution: 57% of B2C revenue in Q1 FY27 vs 36% in Q1 FY26 (2200 bps improvement)
  • In-House Brands contribution: 57% in Q1 FY27 vs 53% in Q4 FY26 (420 bps improvement)

Key Business Metrics (TTM)

  • Unique Customers: 677 lakhs
  • New Customer Acquisitions: 3.5 lakhs
  • Customer Retention Rate: 38%
  • Repeat Purchase: 23 pieces per customer

Dividend Declaration

  • Declared interim dividend of ₹1.5 per equity share

Operational and Strategic Updates

  • Completed migration of all retail businesses to Shopify Enterprise ECom platform during the quarter
  • Continued focus on AI-driven personalization, customer experience improvement, and marketing efficiency
  • Supply chain optimization and disciplined cost control maintained
  • AI-led initiatives scaling across marketing, merchandising and supply chain

ESG Initiatives

  • 'Your purchase feeds…' program: Over 115 million meals donated since inception
  • Recently installed two groundwater recharge systems at VGL-adopted gardens near SEZ
  • Added ~6.7 lakh liters of annual groundwater recharge capacity
  • Total rainwater harvesting capacity now at 10,670 KL/Year
  • ICRA ESG Score improved to '74' (Strong)

Management Commentary

Mr. Sunil Agrawal, Managing Director, commented on the performance:

  • Reported revenue growth benefited from favorable foreign exchange movements
  • On constant currency basis, revenue remained broadly flat due to Middle East conflict disruption and cautious consumer spending
  • Fundamentals remain strong with healthy customer engagement and value proposition resonance
  • Strategic investments are translating into stronger, more resilient operating platform
  • In-house brands milestone (57% of B2C revenue) reflects growing acceptance of differentiated product portfolio
  • Digital expected to continue as significant growth engine
  • Business reaching inflection point with structurally stronger position
  • Strong balance sheet and robust cash generation support growth opportunities

Company Overview

Vaibhav Global Limited is a global E-tailer of Fashion Jewelry, Lifestyle Products, Apparels, and Accessories operating through proprietary Home Teleshopping Channels and Digital Platforms. The company has direct access to ~129 million households through its TV home shopping networks including Shop LC in US, Shop TJC & Ideal World in UK, and Shop LC in Germany.