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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vaibhav Global
Vaibhav Global (VAIBHAVGBL) investor relations material
Vaibhav Global Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary29 Oct, 2026
Executive summary
Q2 FY27 revenue rose 7% to INR 938.4 crore but declined 1% in constant currency; Shopify migration and U.K. consolidation disrupted sales and operating leverage.
H1 FY27 revenue grew 9.7% to INR 1,855.4 crore; digital revenue rose 14.7%.
Financial highlights
Q2 EBITDA was INR 76.2 crore, down 13.6%, with an 8.1% margin versus 10.0% in Q2 FY26; transition costs and sales deleverage weighed on profitability.
Q2 gross margin expanded 196 bps to 65.5%; retail revenue rose 5.3% to INR 867.5 crore and B2B revenue grew 32.4% to INR 70.9 crore.
Q2 net profit was INR 41.71 crore versus INR 47.55 crore in Q2 FY26; H1 net profit rose to INR 98.09 crore from INR 85.19 crore.
H1 EBITDA was INR 178.3 crore at a 9.6% margin; H1 revenue included INR 765.2 crore digital sales, up 14.7%, and INR 984.1 crore TV sales, up 5.9%.
Q2 total income was INR 946.57 crore and profit before tax INR 44.42 crore; H1 profit before tax was INR 115.30 crore.
Outlook and guidance
FY27 revenue growth guidance was lowered to 7%-9% from 9%-11%; FY27 EBITDA margin is expected broadly in line with FY26, replacing prior guidance for 50-100 bps expansion.
FY28 revenue growth of 9%-11% is expected; digital share target remains 50% of B2C revenue by Q4 FY27, versus 44% in FY26.
FY30 revenue target is INR 5,000-5,500 crore, based mainly on existing U.S., U.K. and Germany brands; India launch is excluded, with a small e-commerce acquisition possible.
In-house brands target 60%+ of B2C revenue by FY27; lifestyle products target 50% of revenue over the medium term, from 40% in H1 FY27.
Priorities include restoring digital momentum, improving customer acquisition and operating leverage on Shopify; Germany profitability is a priority before entering new geographies.
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Latest events from Vaibhav Global
- Record FY20 growth and resilient retail channels supported performance through the pandemic.VAIBHAVGBL
Q4 19/20 - Revenue grew 8.4%, while planned investments compressed EBITDA margin to 11.0%.VAIBHAVGBLQ4 21/22
- Retail growth lifted FY19 revenue 15%, PAT 37%, and EBITDA margin to 12%.VAIBHAVGBLQ4 18/19
- FY18 profit surged 74.2% as digital retail growth and operating leverage strengthened results.VAIBHAVGBLQ4 17/18
- Record FY21 growth, with Germany and textiles opening the next expansion phase.VAIBHAVGBLQ4 20/21
- Profit fell sharply, but gross margin rose as growth investments positioned the business for recovery.VAIBHAVGBLQ4 15/16
- Moderate growth, lower profit, strong cash generation and capacity investment shaped FY2014-15.VAIBHAVGBLQ4 14/15
- Consolidated sales grew 22.94%, as retail expansion offset persistent subsidiary and market risks.VAIBHAVGBLQ4 11/12
- Revenue rose 45%, margins widened and net debt fell as TV and web sales expanded.VAIBHAVGBLQ4 13/14
Next Vaibhav Global earnings date
Q3 26/2727 Jan, 2027
Vaibhav Global
Next Vaibhav Global earnings date
Q3 26/2727 Jan, 2027
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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.