Vaibhav Global Q2 FY27 Revenue Up 7% YoY

Launches ~14,000–15,000 new jewellery designs annually, with 30,000 SKUs available at any given time.
Introduces ~100 new products daily across jewellery and lifestyle categories.
Unique customer base stood at 687,000 as of H1 FY27.
Achieved 57% of gross B2C sales from in-house brands in the Jul-Sep quarter (Q2 FY27), exceeding the ~50% target a year in advance.
Key drivers include a vertically integrated model, owned manufacturing, and a portfolio of owned brands.

Revenue split by product: Jewellery and Lifestyle products (specific percentages not provided for current period).
Revenue split by geography: Strong presence in USA and UK, with operations across multiple global markets.
Revenue split by format: Budget Pay revenues accounted for 38% of B2C revenue in Q2 FY27, up from 35% in Q2 FY26.
Germany operations achieved their first full year of positive EBITDA in FY26; H1 FY27 revenue was €12.7 million with a digital sales mix of ~24% and lifestyle products mix of ~31%.

Q2 FY27 Revenue: ₹938.4 crore (7.0% YoY growth).
Q2 FY27 EBITDA: ₹76.2 crore.
Q2 FY27 EBITDA Margin: 8.1%.
H1 FY27 Revenue: ₹1,855 crore.
H1 FY27 EBITDA: ₹178 crore.
H1 FY27 EBITDA %: 9.6%.
H1 FY27 PAT: ₹98 crore.
H1 FY27 PAT %: 5.3%.
H1 FY27 EPS (basic): ₹5.9.
Drivers: Gross margin expansion and technology-led efficiencies were partly offset by higher digital marketing spend and elevated freight costs. Q1 FY27 included a tariff refund of ₹25.6 crore in revenue. Q2 FY27 included a foreign tax credit of ₹4.34 crore.

Domestic vs Export/Regional Revenue: Not explicitly specified in the provided data.

H1 FY27 Total Assets: ₹2,625.8 crore.
H1 FY27 Inventories: ₹933.8 crore.
H1 FY27 Total Equity: ₹1,712.8 crore.
H1 FY27 Net Debt: Not explicitly specified, but the company describes itself as a "debt-free platform today (excl. dividends)".
Financial Health: Strong cash flow generation supporting consistent dividend payouts.

Capital Expenditure: Not specified for current period.
Free Cash Flow: FY26 Free Cash Flow was ₹100 crore, 38% of which was returned as dividends.
Investment Rationale: Focus on digital platform migration (Shopify), technology upgrades, and AI implementation.

Completed migration of retail websites to Shopify Enterprise, expected to provide a unified and scalable platform.
AI-driven product-scheduling tool is now in production to improve viewer engagement on live TV.
Generative AI is being used to scale ad creatives, product descriptions, and website content.
Innovation contributes ~7% of Group revenue, with 1,821+ new products launched and 3 design patents secured.
Strategic Rationale: Expanding digital reach, improving customer acquisition, and driving operating leverage.

Macro/Industry Trends: Global livestream e-commerce is growing at a ~41% CAGR industry-wide. Rising US demand in wellness & supplements categories.
Impact on Company: The company is leveraging these trends through live commerce, social media marketing (Meta, TikTok), and expanding its lifestyle product offerings.

Strategic Outlook: Management is focused on restoring digital momentum post-Shopify migration and improving customer acquisition for the seasonally important second half. They remain confident in the business's medium-term growth potential.
FY Guidance: Revenue target of ₹5,000–5,500 Crores by FY30.
FY27 Targets: 50% of B2C revenue from digital (up from 44% in FY26); In-house brands targeting 60%+ of B2C revenue; Lifestyle products targeting 50% of B2C revenue medium-term.

Flagship 'Your Purchase Feeds' program has distributed 119 million+ meals to date, with a long-term mission of 1 million meals per school day by FY40.
Jaipur SEZ is LEED Platinum, Net Zero Energy certified. Two India units are fully solar-powered; UK & Germany facilities use 100% renewable energy.
Budget Pay no-interest instalment programme reached 38% of B2C revenue in FY26.
ICRA Combined ESG Rating of 74 ('Strong').