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.

• Unique customer base reached 706,000, up 2% YoY; digital channels contributed 42% of B2C revenue, with in-house brands at 48% of sales.

• Board approved a third interim dividend of INR 1.5 per share (28% payout), with total dividend for nine months at Rs. 4.50 per share.

• Achieved GPTW® global certification, ICRA ESG rating of 73, and implemented AI and automation across operations.

• 63,789 ESOPs and 5,862 RSUs granted to employees; 198,125 equity shares allotted under ESOP schemes.

Financial highlights

• Gross margin improved to 63%, up 170 bps YoY; EBITDA margin at 13.2%; PAT for the quarter at INR 90 crore (Rs. 8,980.42 lakhs).

• Operating cash flow was INR 160 crore; free cash flow at INR 143 crore; net cash position of INR 213 crore.

• TV revenues grew 7.7% YoY to INR 589 crore; digital revenue rose 11.2% YoY to INR 423 crore.

• Lifestyle products contributed 35% of total sales, targeting 50% medium-term.

• Basic EPS for the quarter was Rs. 5.39; total comprehensive income at Rs. 10,166.35 lakhs.

Outlook and guidance

• FY 2026-2027 revenue growth expected at 9%-11%, with EBITDA margin guidance of 10.5%-11%.

• Digital and in-house brand sales to reach 50% by FY 2027; Germany expected to contribute positively to group EBITDA from FY 2027.

• Management does not anticipate liability from ongoing tax proceedings and is monitoring regulatory changes, including new labor codes.

• Focus remains on profitable customer acquisition, retention, and operational leverage.

• Social initiatives aim to serve 1mn meals per school day by FY40.