Vaibhav Global Ltd(VAIBHAVGBL)

NSE: VAIBHAVGBLBSE: 532156

₹ 186-4.69%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,121 crNext results: 28 Oct 2026Website: www.vaibhavglobal.comUpdated: 24 Oct 2026

About

Vaibhav Global Ltd, founded in 1980, is a vertically integrated, omni-channel retailer of fashion jewellery and lifestyle products. It sells through TV shopping channels and digital platforms in the US, UK, Germany and other markets. Its TV channels reach about 127 million households. Revenue was Rs 3691.79 Cr in FY26.^[1][2]

Business segments

United States: 48.5% of revenue (Rs 2288.21 Cr) in FY26, EBIT margin 7.2%.^[3]
United Kingdom: 21.9% of revenue (Rs 1034.68 Cr) in FY26, EBIT margin 9.5%.^[3]
India: 12.4% of revenue (Rs 585.13 Cr) in FY26, EBIT margin 30.2%. The India segment is also the manufacturing base.^[3]
Europe excluding the UK: 8.6% of revenue (Rs 407.57 Cr) in FY26. Rest of world: 8.6% (Rs 405.52 Cr) in FY26.^[3]

Sales channels and digital mix

Digital revenue grew 21% YoY to INR 398 crores in Q1 FY27. That was 45% of B2C revenue, vs 44% for full-year FY26.^[4]
Television revenue was INR 484 crores in Q1 FY27, up 9% YoY.^[4]
TV channels: Shop LC in the US (about 63 million households), Shop LC in Germany (about 37 million), and Shop TJC and Ideal World in the UK (about 27 million). Figures from the FY25 annual report.^[1]
Budget Pay, an instalment option, accounted for 36% of B2C revenue in Q1 FY27.^[4]

Products and brands

The company introduces about 14,000-15,000 new jewellery designs a year (FY25).^[1]
In FY25 the in-house brand portfolio was cut from 33 brands to 16.^[1]
In-house brands made up 57.2% of gross B2C sales in Q1 FY27, vs about 49% in FY26.^[4]
Lab-grown diamonds made up 13% of retail revenue in Q1 FY27, vs 11% in FY26. Average selling price was about USD 250.^[4]
Lifestyle (non-jewellery) products made up 40% of B2C revenue in Q1 FY27, vs 36% in Q2 FY26 and 35% in Q3 FY26.^[4]
UK brands include TJC, Ideal World and the in-house brand Rachel Galley.^[4]

Manufacturing and sourcing

There are 4 manufacturing units, in India and China. Plants are at EPIP and SEZ-II in Sitapura, Jaipur, and at SEEPZ-SEZ in Andheri, Mumbai (FY25).^[1]
The integrated Jaipur unit covers 1,69,000 sq. ft. and can make 5 million pieces a year (FY25).^[1]
Jewellery is made in-house. Lifestyle products come from partners in more than 30 countries (FY25).^[1]
A jewellery casting line began operating in the US in Q3 FY26 to reduce import tariffs. Under the customs ruling, the tariff applies only to the value added, at 5.5%.^[5]
US headcount fell from about 500 to 320 over three years while revenue rose, as AI tools were brought in (Q3 FY26).^[5]
The group had 3,501 employees in FY25, 21% of them women.^[1]

Key operating numbers

Customer retention was 38% in Q1 FY27. Customers bought an average of 23 pieces each over the trailing 12 months, vs 22 pieces in FY25.^[4][1]
Digital average selling price rose to USD 37 in Q1 FY27 from USD 33.80 a year earlier.^[4]
Gross margin was 67% in Q1 FY27 vs 63.9% in Q4 FY26. ROCE was 24% in Q1 FY27.^[4]

Subsidiaries and international units

Germany reached EBITDA breakeven for full-year FY26. In Q1 FY27 it grew revenue 6% in local currency, with EBITDA slightly above breakeven.^[4]
The India-EU FTA removes a duty of about 4% on jewellery exported from India to Germany.^[5]
Mindful Souls B.V. (Netherlands) sells online by subscription and had more than 1,07,000 unique customers in FY25.^[1]
Ideal World (UK) had £6 million revenue in Q1 FY27 at an EBITDA margin of about 28%.^[4]

Targets and expansion plans

FY27 guidance: revenue growth of 9-11% and EBITDA margin expansion of 50-100 bps over FY26's 10.8%.^[4]
Targets for FY27: digital at 50% of B2C revenue and in-house brands at 60% or more of B2C.^[4]
Medium-term target: revenue of INR 5,000-5,500 crores by FY30.^[4]
Any further acquisitions will wait until every market reaches double-digit EBITDA. A cash cushion of USD 50-100 million is being built for that purpose.^[4]
India and Japan have been named as possible new markets to start from scratch.^[4]

Recent developments

Q1 FY27: the main e-commerce sites moved from Salesforce Commerce Cloud to Shopify Enterprise in about 6 months.^[4]
Q1 FY27: a US tariff refund of INR 25 crores was booked as other operating revenue.^[4]
Q1 FY27: disruption from the Middle East conflict held B2C growth to 2% in USD terms, against 12.7% growth reported in INR.^[4]

Market Cap

₹3,121 Cr

High / Low

₹293 / 174

Stock P/E

10.9

Price / Book

1.9

Book Value

₹99

EPS

₹15.9

No. of Shares

16.71 Cr

ROCE

16.6%

ROE

17.8%

OPM

8.0%

Debt / Equity

0.07

Sales

₹3,692 Cr

Net Profit

₹266 Cr

Promoter holding

57.2%

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Vaibhav Global Ltd(VAIBHAVGBL)

About

Business segments

Sales channels and digital mix

Products and brands

Manufacturing and sourcing

Key operating numbers

Subsidiaries and international units

Targets and expansion plans

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

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