Vaibhav Global Limited conducted a Q2 & H1 FY27 Earnings Conference Call on Thursday, 29th October, 2026. The transcript was submitted to the exchanges on 3rd November, 2026.

Event Type: Earnings conference call for Q2 and H1 FY27 results

Management Participants:

  • Mr. Sunil Agrawal - Managing Director
  • Mr. Nitin Panwad - Group Chief Financial Officer
  • Mr. Vivek Jain - Head, Investor Relations

Moderator: Ms. Deepali Kumari from Arihant Capital Markets Limited

Financial Period Discussed: Q2 FY27 (July-September 2026) and H1 FY27 (April-September 2026)

Key Financial Highlights:

  • Q2 FY27 revenue grew 7% year-over-year to INR938.4 crores
  • Gross margin expanded by approximately 197 basis points to 65.5%
  • EBITDA was INR76.2 crores, down 13.5% with a margin of 8.1%
  • H1 FY27 revenue grew 9.7% to INR1,855.4 crores
  • H1 EBITDA increased 9.6% to INR178.3 crores
  • Profit after tax increased 15.2% year-over-year to INR98.1 crores for H1
  • Board declared second interim dividend of INR1.5 per equity share

Operational Updates:

  • Completed migration of all retail websites to Shopify Enterprise platform
  • Consolidated UK operations from 4 different sites into single headquarters
  • Revenue impact from Shopify migration was approximately USD2.8 million (2.8% of growth)
  • Digital share of B2C revenue decreased by ~3 percentage points due to transition
  • Lab-grown diamond share rose to 12% of total retail revenue from 10% a year ago
  • In-house brands contributed 57% of B2C revenue

Geographic Performance:

  • US revenue grew 4.3% to INR500 crores in rupee terms (declined 4.1% in constant currency)
  • UK revenue grew 2.3% to INR257.2 crores in rupee terms (declined 7% in constant currency)
  • Europe (ex-UK) revenue rose 18.3% to INR110 crores (8% in constant currency)
  • B2B business delivered 32.4% growth to INR70.9 crores

Guidance Revision:

  • FY27 revenue growth guidance revised to 7-9% from previous 9-11%
  • FY27 EBITDA margin expected to be broadly in line with FY26 vs earlier expectation of 50-100 bps expansion
  • Confidence in returning to 9-11% revenue growth in FY28

Capital Allocation:

  • Net cash stood at INR186 crores as of September 30, 2026 (vs INR279 crores in March 2026)
  • Reduction mainly due to seasonal inventory buildup and UK warehouse migration capex of INR36 crores
  • ROCE stood at 22% and ROE at 18%

Compliance Statement:

The company included forward-looking statement disclaimer indicating that some statements may be forward-looking in nature and must be viewed in conjunction with risks and uncertainties.

Additional Notes Section

The document is a submission of the earnings conference call transcript to the stock exchanges. The transcript includes the full Q&A session with analysts and investors. No unpublished price sensitive information (UPSI) was indicated to be shared during the call. The transcript is available on the company's website at www.vaibhavglobal.com.