Vedant Fashions
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Vedant Fashions (MANYAVAR) investor relations material

Vedant Fashions 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 summary13 Feb, 2026

Executive summary

  • Q3 FY26 revenue was INR 4,917.09 million, with nine-month revenue at INR 10,360.52 million, reflecting 1.7% year-over-year growth; SSG for nine months stood at 1.8%.

  • Q3 FY26 performance was impacted by fewer wedding dates and muted consumer sentiment, resulting in a 3.8% decline in revenue from operations and a 4.5% decline in SSSG compared to Q3 FY25.

  • Focus remained on strengthening retail quality, selective store expansion, and rationalizing underperforming locations, with a net addition of 8,500 sq ft and a new 9,000 sq ft flagship store in Mumbai.

  • Integrated marketing strategies, including digital campaigns and influencer collaborations, enhanced brand visibility and consumer engagement.

  • Unaudited financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 12, 2026.

Financial highlights

  • Q3 FY26 gross margin was 65.7%, EBITDA margin 44.6%, and PAT margin 27.4%; nine-month gross margin was 65.9% and PAT margin 25.2%.

  • Profit after tax for Q3 FY26 was INR 1,349 million; for nine months, INR 2,614.12 million.

  • Cash conversion ratio for the trailing twelve months was approximately 95%.

  • Basic and diluted EPS for the quarter were INR 5.55; for nine months, INR 10.75.

  • Q3 order performance was significantly impacted by a lack of wedding dates in December and January, affecting sales.

Outlook and guidance

  • Management expects normalization of store expansion and improved business quality in the next 2-3 quarters.

  • Focus on retail expansion domestically and internationally, up-selling, cross-selling, and disciplined acquisitions.

  • Continued investment in brand-building and influencer-led campaigns to drive long-term growth.

  • The company is monitoring the impact of new labour codes and will adjust accounting as further regulatory details emerge.

  • Optimism for demand revival supported by government initiatives and improving macro environment.

Reason for Q3 2025 YoY profit decline?
Future impact of Labour Codes on expenses?
ESOP share issuance and dilution trend
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Frequently asked questions

Vedant Fashions Limited, widely recognized by its brand name Manyavar, is a leading name in the Indian celebration wear market, particularly known for its men's Indian wedding and celebration wear. The company was founded in 2002 and has since established a significant presence across India with its flagship brand Manyavar leading the way. Manyavar specializes in a wide range of men's ethnic and celebration wear, including Indo-western outfits, sherwanis, kurtas, and accessories like juttis and safa. In addition to Manyavar, Vedant Fashions has expanded its brand portfolio to include Mohey, which focuses on women's ethnic and celebration wear, Mebaz, a heritage brand offering a one-stop shop for family celebration wear, and Twamev, which bridges the gap between ethnic wear and couture with luxurious occasion wear for both men and women. The company is headquartered in Kolkata, West Bengal, and its shares are listed on the BSE and NSE.

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