Vaibhav Global (VAIBHAVGBL) Q3 25/26 earnings summary

Executive summary

• Achieved record consolidated quarterly revenue of INR 1,066 crore (Rs. 87,731.61 lakhs), up 9.1% YoY, with EBITDA margin at 13.2% and PAT up 41% YoY, surpassing guidance despite challenging macroeconomic conditions.

• Digital sales contributed 42% of B2C revenue; in-house brands reached 48% of sales, both on track to hit 50% by FY 2027.

• Unique customer base reached 706,000, growing 2% YoY; retention stable at 40%.

• Sustainability initiatives advanced, including SBTi commitment, upgraded ESG rating, and 100% renewable energy for manufacturing.

• Interim dividend of INR 1.5/share declared, with total dividend of INR 4.5/share for the nine-month period.

Financial highlights

• Revenue: INR 1,066 crore (+9.1% YoY); TV revenue INR 589 crore (+7.7% YoY); digital revenue INR 423 crore (+11.2% YoY).

• Gross margin: 63% (+170 bps YoY); EBITDA margin: 13.2% (+170 bps YoY); EBITDA up 26% YoY.

• Profit after tax: INR 90 crore (+41% YoY); operating cash flow: INR 160 crore; free cash flow: INR 143 crore.

• Net cash position: INR 213 crore, up 101% YoY; ROCE: 21%; ROE: 15%.

• Basic EPS for the quarter was Rs. 5.39, compared to Rs. 2.85 in the previous quarter.

Outlook and guidance

• FY 2026-27 revenue growth guidance: 9%-11%; EBITDA margin guidance: 10.5%-11%.

• Targeting ~50% of gross B2C sales from in-house brands by FY27.

• Germany expected to contribute positively to group EBITDA from FY 2026-27.

• Focus remains on profitable growth, digital expansion, and operational leverage.

• Management does not anticipate any liability from ongoing tax proceedings and continues to monitor regulatory changes.