India · Delayed Price · Currency is INR Vaibhav Global Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 delivered strong profit growth, margin expansion, and record free cash flow, driven by digital scaling, in-house brands, and Germany's turnaround. FY 2027 guidance targets 9%-11% revenue growth and further margin improvement, with continued digital and AI investments.
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Revenue grew 9.1% YoY to INR 1,066 crore, with gross margin at 63% and EBITDA margin at 13.2%. Digital and in-house brands now contribute 42% and 48% of sales, respectively, and Germany turned profitable. FY 2027 guidance is 9%-11% revenue growth and 10.5%-11% EBITDA margin.
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Q2 FY26 saw 10.2% YoY revenue growth, 63.5% gross margin, and 71% PAT increase, with digital now 42% of B2C sales. U.S. and U.K. grew, Germany flat but with margin gains; lab-grown diamonds rose to 10.3% of sales. Guidance for 7–9% FY26 revenue growth maintained.
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Revenue grew 8% YoY to INR 814–840 crore with strong gross margins and digital momentum. FY2026 revenue guidance was revised to 7%-9% due to U.S. tariffs and weak consumer sentiment, but mid-teens growth is targeted longer term. Gross margin held at 63.8% and PAT rose 37% YoY.
Fiscal Year 2025
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Revenue grew 11.1% YoY to INR 3,380 crores with strong gross margins and digital expansion. FY26 guidance is 8%-12% revenue growth, with Germany and Ideal World expected to be EBITDA positive. Dividend payout for FY25 is 65% of earnings.
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Quarterly revenue hit a record INR 977 crores, up 10% YOY, with strong growth in lab-grown diamonds and digital sales. Germany and Ideal World turned profitable, and the board declared a 39% payout interim dividend. FY 2025 revenue growth is guided at 12%, with continued focus on operating leverage.
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Q2 FY25 saw 13% revenue growth, strong gross margins, and a 51% YoY increase in unique customers. U.K. and Germany segments posted double-digit growth, while U.S. was impacted by macro events. Digital revenue rose 11.8% YoY, and the company reaffirmed its 14%-17% FY25 growth target.
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Revenue grew 15% year-over-year with strong gross margin improvement to 66.1%, while EBITDA margin declined due to higher digital and airtime investments. Digital revenue rose 22% and now forms 40% of total revenue. Guidance for FY25 is 14%-17% revenue growth with operating leverage.