Vedant Fashions (MANYAVAR) Q1 26/27 earnings summary

Executive summary

• Revenue from operations grew 7.2% year-over-year to INR 3,014 million in Q1 FY27, with retail sales reaching INR 4,195 million and domestic same-store sales growth of 3.8%.

• Maintained industry-leading gross margin of 65.7% and PAT margin of 26.7%, with PAT up 14.7% year-over-year.

• Continued focus on customer engagement, omnichannel integration, analytics-led merchandising, and digital transformation.

• Launched VFL Brahma, an AI-driven data integration platform to enhance operational efficiency.

• Major marketing campaigns and influencer collaborations drove brand visibility and engagement.

Financial highlights

• Q1 FY27 revenue from operations: INR 3,014 million, up from INR 2,812 million in Q1 FY26.

• Gross margin stood at 65.7%, with EBITDA margin at 44.6%.

• PAT for Q1 FY27 was INR 806 million, up from INR 709 million in Q1 FY26, with PAT margin at 26.7%.

• EBITDA increased by 10.8% year-over-year to INR 1,345 million.

• Cash conversion ratio for the trailing 12 months was approximately 101%.

Outlook and guidance

• Management remains confident in achieving sustained long-term growth, focusing on SSG, new store openings, and digital initiatives.

• High single-digit SSG expected for the remaining nine months of FY 2027.

• Gross margin expected to stabilize at 65–65.5% as GST impact is absorbed.

• Optimism for strong performance in November–March wedding season.

• Focus on retail expansion domestically and internationally, up-selling, cross-selling, and disciplined acquisitions.