India · Delayed Price · Currency is INR V.I.P. Industries Earnings Call Transcripts
Fiscal Year 2026
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Q1 FY26 saw a 12% revenue decline due to e-commerce weakness and intense competition at the lower end, but adjusted EBITDA margin held at 10% after excluding one-offs. Premium brands like Carlton grew, Bangladesh operations turned profitable, and inventory reduction efforts continue.
Fiscal Year 2025
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Inventory and debt were significantly reduced, with improved cash flow and elimination of a major contingent liability. E-commerce and premiumization drove growth, while profitability was impacted by price competition and inventory actions. Gross margin and EBITDA are expected to improve in FY26.
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Inventory and debt were significantly reduced, with a return to profitability and improved margins. Strong cost controls, a favorable tribunal judgment, and a focus on premiumization and new launches support a positive outlook, with double-digit EBITDA margin guidance for Q4.
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Inventory reduction and market share gains were offset by margin pressure from aggressive e-commerce pricing and channel mix, but profitability is expected to recover in H2 with gross margin targeted at 50% and EBITDA margin at 12% by Q4. Debt reduction and transformation initiatives remain on track.
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Q1 saw flat revenue growth but 11% volume growth, with a 2% market share gain and significant inventory reduction. Gross margin fell to 42% due to soft luggage liquidation, but profitability and margins are expected to improve from Q3, with guidance for 15% EBITDA margin in FY25.
Fiscal Year 2024
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Double-digit volume growth is expected, but value growth remains muted due to limited premiumization and intense competition. Inventory and debt reduction are on track, with margin stabilization anticipated as initiatives take effect. Market share is stable at 38-40%, and strategic focus is on premiumization, channel balance, and operational leadership.