Vaibhav Global (VAIBHAVGBL) Q3 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly sales of INR 977 crores (Rs. 97,734.26 lacs), up 10% year-over-year, with strong demand for high-end jewelry and lab-grown diamonds scaling to 8.9% of sales.

• Germany operations reached EBITDA break-even; Ideal World turned profitable at PBT level in Q3, supporting margin improvement.

• Unique customer base grew 30% YOY to 698,000, with retention at 43% and average annual purchases per customer at 22 pieces.

• Net profit for the quarter was INR 64 crores (Rs. 6,382.20 lacs), up 36% YOY.

• Board declared interim dividend of INR 1.50 per share for Q3 (39% payout), with total dividends of Rs. 4.50 per share for the nine-month period.

Financial highlights

• Quarterly revenue: INR 977 crores (10% YOY growth); gross margin: 61.3% (down 110 bps YOY); EBITDA margin: 11.5% (up 40 bps YOY).

• Profit after tax: INR 64 crores, up 36% YOY; basic EPS for the quarter was Rs. 3.85, up from Rs. 2.87.

• Free cash flow: INR 58 crores; operating cash flow: INR 78 crores; net cash position: Rs. 106 crores.

• Digital revenue grew 5.6% YOY; TV revenue up 5.6% YOY; digital now 40% of B2C revenue.

• ROE (TTM) at 19%, ROCE (TTM) at 14%.

Outlook and guidance

• FY25 revenue growth guidance at 12%, reflecting cautious stance on UK and Europe consumer sentiment.

• Early teen revenue growth expected from FY26 onwards, with continued focus on operating efficiency.

• Gross margin expected to remain above 60% in upcoming quarters and years.

• Management does not expect any liability from ongoing Income Tax Department proceedings.