Vaibhav Global (VAIBHAVGBL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue reached INR 814–840 crore (Rs. 81,373.71 lakhs), up 8% year-over-year, with gross margin steady at 63.8%.

• Unique customer base grew 12% YoY to 713,000, with improved retention at 42%.

• Digital sales now contribute 43% of B2C revenue, with a target of 50% by FY2027.

• Lab-grown diamond jewelry scaled to 11% of group sales, up from 1% last year.

• ESG initiatives advanced, with 103 million meals served and strong ICRA/ESG ratings.

Financial highlights

• EBITDA margin improved by 50 bps YoY to 9.2%; PAT grew 37% YoY to INR 38 crore.

• Operating cash flow at INR 22 crore; free cash flow at INR 15 crore; net cash position of INR 174 crore.

• EPS increased from 1.7 to 2.3 YoY; basic EPS for the quarter was Rs. 2.26.

• TV revenue grew 1% YoY, digital revenue up 8–14%, and B2B revenue surged 54.3%.

• Interim dividend of INR 1.5 per share declared, payout ratio 56–66%.

Outlook and guidance

• FY26 revenue growth guidance revised to 7%-9% due to macro headwinds and U.S. tariffs.

• Mid-teens revenue growth projected for subsequent years, assuming macro recovery.

• Focus on product expansion, digital reach, and leveraging AI for customer engagement.

• Confident in sustaining 60%+ gross margin despite tariff impacts.

• Interim dividend of Rs. 1.50 per share declared, with record date set for 14 August 2025.