Vaibhav Global Ltd
Vaibhav Global Limited (VGL), through its distinctive business model, has created a niche for itself in the global retail space, especially in the jewellery, accessories and lifestyle product segments of two of the largest economies of the world - the US and UK. [1]
- Market Cap ₹ 3,827 Cr.
- Current Price ₹ 228
- High / Low ₹ 293 / 174
- Stock P/E 13.4
- Book Value ₹ 98.6
- Dividend Yield 2.63 %
- ROCE 16.4 %
- ROE 17.9 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 60.1%
Cons
- The company has delivered a poor sales growth of 7.77% over past five years.
- Tax rate seems low
- Company has a low return on equity of 13.7% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,376 | 1,277 | 1,439 | 1,571 | 1,814 | 1,986 | 2,540 | 2,752 | 2,691 | 3,041 | 3,380 | 3,692 | 3,795 | |
| 1,242 | 1,218 | 1,353 | 1,422 | 1,611 | 1,725 | 2,170 | 2,471 | 2,491 | 2,772 | 3,090 | 3,331 | 3,402 | |
| Operating Profit | 134 | 58 | 86 | 148 | 203 | 262 | 370 | 281 | 200 | 269 | 290 | 361 | 393 |
| OPM % | 10% | 4.6% | 6% | 9% | 11% | 13% | 15% | 10% | 7% | 9% | 9% | 10% | 10% |
| 13 | 17 | 16 | 10 | 14 | 14 | 18 | 50 | 28 | 19 | 27 | 39 | 34 | |
| Interest | 7 | 7 | 6 | 4 | 5 | 9 | 5 | 6 | 8 | 12 | 15 | 15 | 16 |
| Depreciation | 12 | 24 | 29 | 25 | 25 | 31 | 39 | 55 | 78 | 93 | 102 | 103 | 104 |
| Profit before tax | 128 | 45 | 66 | 129 | 188 | 236 | 344 | 271 | 141 | 182 | 200 | 282 | 307 |
| Tax % | 19% | 11% | 2% | 13% | 18% | 20% | 21% | 12% | 26% | 30% | 24% | 6% | |
| 103 | 40 | 65 | 112 | 154 | 190 | 272 | 237 | 105 | 127 | 153 | 266 | 285 | |
| EPS in Rs | 6.37 | 2.45 | 3.97 | 6.90 | 9.43 | 11.77 | 16.70 | 14.50 | 6.36 | 7.72 | 9.22 | 15.93 | 17.06 |
| Dividend Payout % | 9% | 0% | 0% | 0% | 21% | 57% | 30% | 41% | 94% | 78% | 65% | 38% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 8% |
| 3 Years: | 11% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 0% |
| 3 Years: | 37% |
| TTM: | 74% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | -22% |
| 3 Years: | -16% |
| 1 Year: | 7% |
| Return on Equity | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 14% |
| 3 Years: | 14% |
| Last Year: | 18% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 32 | 32 | 33 | 33 | 33 | 32 | 33 | 33 | 33 | 33 | 33 | 33 |
| Reserves | 296 | 335 | 402 | 518 | 664 | 719 | 931 | 1,094 | 1,168 | 1,225 | 1,317 | 1,615 |
| 76 | 112 | 85 | 67 | 66 | 102 | 124 | 165 | 193 | 218 | 228 | 416 | |
| 126 | 140 | 157 | 146 | 179 | 238 | 307 | 394 | 392 | 405 | 456 | 481 | |
| Total Liabilities | 530 | 619 | 676 | 763 | 942 | 1,091 | 1,395 | 1,686 | 1,786 | 1,881 | 2,034 | 2,544 |
| 76 | 126 | 126 | 120 | 116 | 154 | 163 | 467 | 507 | 616 | 566 | 699 | |
| CWIP | 1 | 3 | 0 | 0 | 1 | 9 | 29 | 27 | 5 | 6 | 11 | 26 |
| Investments | 3 | 4 | 5 | 12 | 18 | 82 | 280 | 84 | 34 | 128 | 116 | 19 |
| 450 | 487 | 545 | 632 | 807 | 847 | 923 | 1,108 | 1,241 | 1,131 | 1,342 | 1,801 | |
| Total Assets | 530 | 619 | 676 | 763 | 942 | 1,091 | 1,395 | 1,686 | 1,786 | 1,881 | 2,034 | 2,544 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 115 | -25 | 74 | 41 | 204 | 214 | 326 | 88 | 127 | 277 | 165 | 310 | |
| -3 | -42 | -26 | -23 | -22 | -184 | -267 | -45 | 43 | -183 | -5 | 81 | |
| -64 | 30 | -30 | -24 | -23 | -184 | -57 | -72 | -103 | -143 | -130 | -149 | |
| Net Cash Flow | 49 | -37 | 19 | -6 | 159 | -155 | 1 | -29 | 68 | -49 | 30 | 242 |
| Free Cash Flow | 92 | -72 | 55 | 23 | 184 | 184 | 269 | -213 | 92 | 233 | 135 | 290 |
| CFO/OP | 99% | -12% | 100% | 38% | 111% | 98% | 104% | 56% | 80% | 120% | 75% | 110% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 19 | 24 | 30 | 24 | 25 | 24 | 31 | 33 | 38 | 35 | 34 |
| Inventory Days | 187 | 277 | 221 | 227 | 239 | 220 | 180 | 231 | 238 | 202 | 219 | 232 |
| Days Payable | 61 | 99 | 83 | 66 | 74 | 75 | 65 | 104 | 95 | 76 | 73 | 77 |
| Cash Conversion Cycle | 139 | 197 | 162 | 191 | 189 | 170 | 139 | 158 | 176 | 164 | 181 | 189 |
| Working Capital Days | 31 | 45 | 49 | 72 | 62 | 59 | 42 | 58 | 59 | 55 | 60 | 68 |
| ROCE % | 35% | 11% | 15% | 23% | 27% | 30% | 36% | 21% | 11% | 14% | 14% | 16% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Retail Sales Volume (TV + Digital) thousand pieces |
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| Average Repeat Purchases per Customer (TTM) pieces per customer |
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| Digital Sales Mix (% of B2C Revenue) % of B2C revenue |
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| New Customer Registrations / Acquisitions (TTM) lakh customers |
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| TV Household Reach (FTE) million households |
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| Unique Customer Base (TTM) thousand customers |
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| Customer Retention Rate (TTM) % of customers |
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| In-House Brand Contribution to B2C Revenue % of B2C revenue |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Equirus Annual India Group Meeting on 14 August 2026 at 10:00 am onwards, physical.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper Publication - Financial Results for Q1 FY 2027
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Audio Recording of Q1 FY27 Earnings Conference Call
- Intimation Of Record Date Pursuant To Regulation 42 Of The SEBI (LODR) Regulations, 2015
Annual reports
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Financial Year 2026
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Jan 2025TranscriptAI SummaryPPT
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT REC
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Aug 2024TranscriptPPTREC
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Jan 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022TranscriptAI SummaryPPT
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Aug 2022Transcript PPT
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Aug 2022TranscriptAI SummaryPPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Nov 2021Transcript PPT
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Aug 2021Transcript PPT
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May 2021TranscriptPPT
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May 2021TranscriptPPT
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Feb 2021Transcript PPT
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Sep 2020TranscriptAI SummaryPPT
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Aug 2020Transcript PPT
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May 2020Transcript PPT
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Jan 2020Transcript PPT
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Nov 2019Transcript PPT
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Aug 2019Transcript PPT
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May 2019Transcript PPT
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Jan 2019Transcript PPT
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Oct 2018Transcript PPT
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Jul 2018Transcript PPT
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May 2018TranscriptAI SummaryPPT
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Jan 2018TranscriptAI SummaryPPT
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Oct 2017TranscriptAI SummaryPPT
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May 2017TranscriptPPT
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Feb 2017TranscriptPPT
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Oct 2016TranscriptPPT
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Aug 2016TranscriptPPT
Business Verticals:[1]
a) Fashion Jewellery and Gemstones:
The company has a diverse jewellery portfolio with 14,000–15,000 new designs launched annually and 30,000+ SKUs, supported by
in-house manufacturing and testing capabilities. The portfolio spans seven metals — Silver,
Gold, Platinum, Steel, Brass, Copper, and
Bronze- and includes a wide range of styles
such as cast, handmade, diamond-cut, and
bead jewellery, catering to varied consumer preferences.
b) Lifestyle Products:
A portfolio of ~5,000 unique SKUs supported
by innovation and a global sourcing network, offering a wide range of lifestyle products
beyond jewellery.