Vaibhav Global (VAIBHAVGBL) Q4 25/26 earnings summary

Executive summary

• FY 2026 saw strong results with profit before tax up 41% year-over-year and EBITDA margin at 10.8%, driven by investments and in-house brands exceeding 50% of B2C sales.

• Q4 FY26 revenue grew 10% year-over-year to Rs. 935 Cr, with EBITDA margin rising to 10.3% from 8.3% in Q4 FY25.

• Germany achieved EBITDA breakeven, positioning it for future profitability.

• Digital business contributed 44% of B2C sales, with a target of 50% by FY 2027.

• Final dividend of Rs. 1.50 per share recommended, totaling Rs. 6.00 per share for FY26 including interim dividends.

Financial highlights

• FY26 consolidated revenue reached Rs. 3,691 crore, with Q4 revenue at Rs. 935 crore, up 10% year-over-year.

• EBITDA margin expanded by 140 bps to 10.8% for the year; Q4 EBITDA was Rs. 96 Cr with a 10.3% margin.

• Profit before tax for Q4 was Rs. 64 crore, up 41% year-over-year; PAT including MAT credit was Rs. 91.1 Cr.

• Free cash flow hit Rs. 272 crore; net cash position at Rs. 296 crore as of March 31, 2026.

• ROCE improved to 24% and ROE to 15%.

Outlook and guidance

• FY27 revenue growth expected at 9%-11%, with EBITDA margin improvement of 50-100 bps.

• Strategic focus on expanding digital presence and in-house brands, with digital contributing 44%+ to group revenue.

• Tax rate (ETR) expected to remain steady around 22% for upcoming years.

• Transitioned to new tax regime effective 1 April 2026, recognizing incremental deferred tax asset for MAT credit.