Vaibhav Global (VAIBHAVGBL) Q2 25/26 earnings summary

Executive summary

• Achieved consolidated revenue of INR 877 crore in Q2 FY26, up 10.2% YoY, with strong cash flows and a net cash positive position.

• PAT grew 71% YoY to INR 48 crore, and unique customer base reached a record 714,000, up 5% YoY.

• Sustainability initiatives advanced, including upgraded ESG rating, 1.2 million kWh solar energy generation, and multiple governance awards.

• Served over 106 million meals through CSR initiatives.

• Total comprehensive income for H1 FY26 reached ₹13,483.11 lakhs, up from ₹7,793.43 lakhs YoY.

Financial highlights

• Q2 FY26 revenue: INR 877 crore, up 10.2% YoY; TV revenue up 6.7%, digital revenue up 14.3%, B2B revenue up 17.3%.

• Gross margin at 63.5%; EBITDA margin improved to 10% (up 130 bps YoY); PAT margin increased to 5.5% from 3.5% YoY.

• Free cash flow for H1 FY26 at INR 55 crore; net cash positive position.

• Basic EPS for H1 FY26 stood at ₹5.12, compared to ₹3.35 in H1 FY25.

• Dividend payout ratio at 59% for H1 FY26.

Outlook and guidance

• FY26 revenue guidance maintained at 7%-9%, with potential upside as macro challenges resolve.

• Focus on long-term growth through product expansion, new airtime agreements, and digital scaling.

• Plans to deepen market penetration, enhance customer engagement, and leverage AI.

• Confident of achieving double-digit EBITDA margin for Ideal World in two years and EBITDA breakeven in Germany for FY26.