Vaibhav Global (VAIBHAVGBL) Q1 26/27 earnings summary

Executive summary

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

• Digital revenue grew 21% YoY, now 44%-45% of B2C sales, with a target of 50% by FY27; lab-grown diamonds contributed 13% of retail revenue.

• Major migration to Shopify Enterprise platform completed, enabling unified digital operations and enhanced AI integration.

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

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

Financial highlights

• Revenue from operations: INR 917 crore (+12.7%-13% YoY); EBITDA: INR 102 crore (+37% YoY, margin 11%); PAT: INR 56 crore (+50% YoY, margin 6%).

• Digital revenue: INR 398 crore (+21% YoY); TV revenue: INR 484 crore (+9% YoY); digital now 44%-45% of B2C revenue.

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

• Free cash flow for FY26 was INR 272 crore; 38% of FY26 FCF returned as dividends.

• 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, with 50-100 bps EBITDA margin expansion over FY26.

• FY30 revenue target of INR 5,000–5,500 crore, 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 assumed in long-term guidance.