Vaibhav Global (VAIBHAVGBL) Q4 24/25 earnings summary

Executive summary

• Revenue for FY25 was INR 3,380 crores, up 11.1% YoY; Q4 revenue was INR 850 crores, up 7.7% YoY.

• Gross margin for Q4 was 62.1%, with a full-year margin of 63.1%.

• Digital business contributed 41% of sales, with a five-year CAGR of 15%-16%; target is 50% by FY2027.

• Unique customer base grew 21% YoY to 710,000; customer retention at 44%.

• Board recommended a final dividend of INR 1.5 per share; total FY25 payout is 65% of earnings.

• Audited consolidated and standalone financial results for FY25 were approved with unmodified audit opinions.

Financial highlights

• Q4 profit after tax was INR 34 crores, up 62% YoY; full-year PAT was INR 153 crores, up 21% YoY.

• EBITDA margin for Q4 was 8.3%; full-year EBITDA margin was 9.4%, slightly down from 9.7% in FY24.

• Free cash flow stood at INR 127 crores; net cash position at INR 170 crores.

• EPS for FY25 was Rs 9.3, up from Rs 7.7 in FY24.

• Consolidated revenue from operations for FY25 was Rs. 337,957.68 lacs, up from Rs. 304,096.46 lacs in FY24.

Outlook and guidance

• FY26 revenue growth expected at 8%-12% with operating leverage.

• Subsequent years projected to see mid-teens revenue growth.

• Gross margin guidance for FY26 is 62%-63%.

• Germany expected to be EBITDA positive in FY26; Ideal World to reach 8% EBITDA margin.

• Management does not expect recent US tariff measures to materially impact financials.