Vaibhav Global (VAIBHAVGBL) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue reached INR 917 crores, up 12.7%-13% YoY, with EBITDA at INR 102 crores (up 37%) and PAT at INR 56 crores (up 50%), supported by a US tariff refund and digital expansion.

• Digital sales accounted for 44%-45% of B2C revenue, with a target of 50% by FY27; in-house brands contributed 57% of B2C sales, and lab-grown diamonds made up 13% of retail revenue.

• Interim dividend of INR 1.5 per equity share declared for FY27.

• Strategic migration to Shopify Enterprise and adoption of AI tools enhanced operational efficiency and digital scalability.

• Strong global presence with operations in the US, UK, Germany, and India, and a diversified product portfolio spanning jewellery, lifestyle, and accessories.

Financial highlights

• Q1 FY27 revenue from operations: INR 917 crores (+12.7%-13% YoY); EBITDA margin expanded to 11%; PAT margin at 6%.

• Digital revenue grew 21% YoY to INR 398 crores; TV revenue grew 9% to INR 484 crores.

• Net cash position stood at INR 287-296 crores as of June 30, 2026; ROCE at 24%, ROE at 15%-18%.

• Received INR 38 crores in US tariff refunds, with INR 25 crores recognized in other operating revenue.

• Basic EPS for Q1 FY27 was Rs. 3.37, up from Rs. 2.26 in Q1 FY26.

Outlook and guidance

• FY27 guidance: 9%-11% revenue growth and 50-100 bps EBITDA margin expansion over FY26.

• Revenue target of INR 5,000–5,500 crores by FY30, with digital expected to reach 50% of B2C revenue by FY27.

• In-house brands targeted to contribute 60%+ of B2C revenue by FY27; lifestyle products to reach 50% medium-term.

• Germany expected to contribute positively to profitability from FY27 after achieving its first full year of positive EBITDA in FY26.

• Currency depreciation of 3% per year factored into long-term guidance.