Vaibhav Global
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Vaibhav Global (VAIBHAVGBL) investor relations material

Vaibhav Global Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary28 Jan, 2026

Executive summary

  • Achieved record consolidated quarterly revenue of INR 1,066 crore (Rs. 87,731.61 lakhs), up 9.1% YoY, with EBITDA margin at 13.2% and PAT up 41% YoY, surpassing guidance despite challenging macroeconomic conditions.

  • Unique customer base reached 706,000, up 2% YoY; digital channels contributed 42% of B2C revenue, with in-house brands at 48% of sales.

  • Board approved a third interim dividend of INR 1.5 per share (28% payout), with total dividend for nine months at Rs. 4.50 per share.

  • Achieved GPTW® global certification, ICRA ESG rating of 73, and implemented AI and automation across operations.

  • 63,789 ESOPs and 5,862 RSUs granted to employees; 198,125 equity shares allotted under ESOP schemes.

Financial highlights

  • Gross margin improved to 63%, up 170 bps YoY; EBITDA margin at 13.2%; PAT for the quarter at INR 90 crore (Rs. 8,980.42 lakhs).

  • Operating cash flow was INR 160 crore; free cash flow at INR 143 crore; net cash position of INR 213 crore.

  • TV revenues grew 7.7% YoY to INR 589 crore; digital revenue rose 11.2% YoY to INR 423 crore.

  • Lifestyle products contributed 35% of total sales, targeting 50% medium-term.

  • Basic EPS for the quarter was Rs. 5.39; total comprehensive income at Rs. 10,166.35 lakhs.

Outlook and guidance

  • FY 2026-2027 revenue growth expected at 9%-11%, with EBITDA margin guidance of 10.5%-11%.

  • Digital and in-house brand sales to reach 50% by FY 2027; Germany expected to contribute positively to group EBITDA from FY 2027.

  • Management does not anticipate liability from ongoing tax proceedings and is monitoring regulatory changes, including new labor codes.

  • Focus remains on profitable customer acquisition, retention, and operational leverage.

  • Social initiatives aim to serve 1mn meals per school day by FY40.

Explain ESOP vs RSU exercise price difference
What is the risk from pending tax cases?
What drives USA segment revenue growth?
How will Germany sustain EBITDA beyond Q3 seasonality?
Assess digital strategy impact on unit volume growth
Given macro headwinds, what underpins FY'27 growth?
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Q4 25/2621 May, 2026
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Frequently asked questions

Vaibhav Global Limited is an Indian company engaged in electronic retailing of fashion jewelry and lifestyle products. It operates home shopping networks and e-commerce platforms in markets including the U.S., UK, and Germany. The company follows a vertically integrated model from manufacturing to retail distribution. The company is headquartered in Jaipur, India, and its shares are listed on the NSE.

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