Financial Performance Summary
Q1 FY27 (Quarter ended June 30, 2026) Results:
Revenue Performance:
- Consolidated income from operations: ₹578 crore
- Year-over-year growth: 3% (vs. ₹561 crore in Q1 FY26)
- Quarter-over-quarter growth: 33%
- First revenue growth recorded in 7 quarters
Profitability Metrics:
- EBITDA: -1% (₹-7 crore)
- Comparison to FY26: Improved from EBITDA loss of -11.6% (₹-219 crore) for full year FY26
Profitability Impact Factors:
- Profitability was impacted due to inflation in raw material resulting from crude price hike
Operational Highlights
Product Development:
- Over 80 new product launches during the quarter
- New products contributed 50% of total revenue
Transformation Progress:
- First phase of transformation completed
- Problems of the past largely behind the company
- Company optimized inventory across company and channel network
- Reset brand and pricing guardrails
- Re-energized channel ecosystem
Brand Portfolio Strengthening:
- Focused on stabilizing and strengthening all brands: VIP, Skybags, Aristocrat, Alfa, and Caprese
Management & Ownership Changes
Leadership Updates:
- New management team onboarded
- Expanded leadership team was onboarded in Q4 FY26
- Atul Jain serves as Managing Director & CEO
Ownership Transition:
- Transaction of ownership transition to consortium led by Multiples completed in end of Q3 FY26
Management Commentary
From Atul Jain, Managing Director & CEO:
- Mission: \"to make every journey better for Indians\"
- Driving philosophy behind new product development: consumer obsession and customer focus
- Company is re-building VIP to be the \"OG of luggage\"
- Focus over past months: stabilizing the ship and strengthening all brands
- With problems of the past largely behind, VIP is building momentum for its next phase of growth
Forward Guidance
- Company guides for higher growth in Q2 FY27