India · Delayed Price · Currency is INR Vaibhav Global Earnings Call Transcripts
Fiscal Year 2026
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Record quarterly revenue of INR 1,066 crore (up 9.1% YoY) with gross margin at 63% and EBITDA margin at 13.2%. Digital and in-house brand sales rose, Germany turned profitable, and guidance for FY 2027 is 9%-11% revenue growth with 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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Q4 FY25 revenue grew 7.7% YoY to INR 850 crores, with full-year revenue up 11.1% and gross margin at 62.1%. Digital sales rose to 41% of revenue, and Germany achieved EBITDA break-even. FY26 revenue growth is guided at 8%-12%, with continued focus on digital expansion and operating leverage.
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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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Q1 FY25 saw 15% revenue growth and improved gross margins, but EBITDA margin declined due to higher digital and airtime investments. Digital revenue now forms 40% of total, with strong customer growth and retention. Guidance for FY25 is 14%-17% revenue growth with margin expansion.