Vedant Fashions Ltd(MANYAVAR)

NSE: MANYAVARBSE: 543463

₹ 482.95-1.41%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 11,735 crWebsite: www.vedantfashions.comUpdated: 24 Oct 2026

About

Vedant Fashions Ltd designs and sells Indian wedding and celebration wear for men, women and children under the Manyavar, Mohey, Twamev, Diwas and Mebaz brands. The company calls itself the market leader in Indian celebration wear, and its flagship brand Manyavar is a category leader in branded men's wedding and celebration wear. Revenue was Rs 1,435.48 Cr in FY26, and exclusive brand outlets generated 90.6% of revenue. As of Q1 FY27 it ran 501 domestic EBOs covering 1.67 mn sq ft.^[1][2][3]

Business segments

The company reports a single segment, branded fashion apparel and accessories. India revenue was Rs 1,409.92 Cr in FY26 vs Rs 1,350.2 Cr in FY25.^[1][4]
Overseas revenue was Rs 25.56 Cr in FY26 vs Rs 36.28 Cr in FY25.^[1][4]

Brand portfolio

Manyavar is the flagship men's celebration wear brand, aimed at the mid-premium segment, selling sherwanis, kurtas and Indo-western wear for weddings and festivals.^[5]
Manyavar stayed undiscounted in FY26 while discounting became common across retail.^[1]
Mohey, launched in 2015, is the mid-premium women's brand. In FY26 it was repositioning from bridal wear to a broader wedding wear brand, with early gains in footfalls.^[1]
Mohey's bridal lehenga share fell from ~50-55% to ~30% over 2-2.5 years as the brand expanded into stitched suits, sarees and crop-top lehengas (as of Q2 FY26).^[6]
Twamev, the premium menswear brand, grew 40% overall with 12% SSSG in Q3 FY26 and grew faster than the company average in Q1 FY27.^[5]
Diwas was launched in 2024 as a value-to-mid-premium men's brand. It is sold through MBOs and e-commerce.^[1]
Mebaz is a regional ethnic wear brand with a strong presence in Andhra Pradesh and Telangana. As of FY26 it was repositioning towards all-season celebration wear.^[1]

Operations and store network

Manufacturing is asset-light: the company works with a network of job workers and production partners. It runs a centralised warehouse in Dhulagarh, Howrah, West Bengal (FY26).^[1]
As of Q1 FY27 there were 501 domestic EBOs covering 1.67 mn sq ft. Net EBO area fell by 15.1k sq ft in Q1 FY27 because of planned closures.^[7]
At the end of FY26 there were 669 EBOs worldwide across 252 cities, and total retail footprint was 1.79 mn sq ft.^[3][1]
In FY26 the company added ~1 lakh sq ft gross but only ~4,200 sq ft net, as underperforming stores were closed.^[3]
The network is almost entirely franchise-led. A COCO pilot in Bangalore (INR 11 crore capex) performed on par with franchise stores, and no further COCO rollout is planned.^[6]
Twamev had 8 EBOs as of Q4 FY26. The next 5-6 stores are build-to-suit, with openings spread across FY27-FY29.^[3][1]

Key operating numbers

Domestic SSSG was +3.8% in Q1 FY27, +4.6% in Q4 FY26, -4.5% in Q3 FY26, and +2.7% for FY26 as a whole.^[7][1]
Customer (retail) sales grew 3.4% to INR 4,195 mn in Q1 FY27, and grew 6.1% for FY26.^[7][1]
Gross margin was 65.7% in FY26 vs 67.2% in FY25.^[1]
On a trailing-twelve-month basis, inventory days were 34 as of June 2026.^[7]

Distribution and markets

EBOs generated 90.6% of revenue in FY26.^[1]
MBO, shop-in-shop and e-commerce channels together made up about 5% of revenue as of Q1 FY27, and a new leadership team was formed to grow them.^[7]
Diwas stock was placed in Myntra, Amazon, Blinkit and Zepto warehouses ahead of the Q3 FY27 festive season.^[7]
As of Q1 FY27, the UAE stores were under pressure from regional conflict, and North America faced tariff headwinds.^[7]

Initiatives

A pilot Manyavar kurta-format store (~1,000 sq ft) is planned for urban neighbourhoods such as Bangalore in FY27.^[3]
A retention programme aimed at ~90 lakh existing customers is to be announced at the Q2 FY27 earnings call.^[3]
Agentic AI is being used across marketing, supply chain and merchandising, and it now manages all 20,000 Google search keywords.^[3]
The 'Made for Each Other' campaign passed 1 bn views, and the Manyavar Shaadi Show passed 100 million cumulative views (FY26).^[1]

Competition and risks

The company's research across 8 top states found that net competitor store count had started to decline as of Q1 FY27.^[7]
Risks named in the FY26 annual report are concentration on wedding and celebration wear, swings in demand, and rising competition.^[1]

Recent developments

In FY26, CRISIL reaffirmed its AA/Stable rating on the company's long-term bank facilities, and the company remained debt-free.^[1]

Market Cap

₹11,735 Cr

High / Low

₹699 / 330

EPS

₹15.5

ROCE

23.7%

ROE

20.0%

OPM

36.1%

Debt / Equity

0.00

Sales

₹1,435 Cr

Net Profit

₹376 Cr

Promoter holding

74.9%

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