MANYAVAR
Micro CapVedant Fashions Limited
Consumer
Vedant Fashions (Manyavar) is India's largest men's Indian wedding & celebration wear company by revenue, OPBDIT & PAT, offering apparel for men, women & kids. Incorporated in 2002, it operates an omni-channel network of EBOs, MBOs, LFS, and online platforms, headquartered in Kolkata.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +9% YoY · PAT +13% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹399 Cr | +8.7% | -18.9% |
| EBITDA | ₹179 Cr | +7.8% | -17.9% |
| Operating margin | 45.0% | +0 bps | +100 bps |
| PAT | ₹114 Cr | +12.9% | -15.6% |
| PAT margin | 28.6% | +105 bps | +113 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 saw strong retail sales (+7.8% YoY) and PAT (+13.0% YoY), with PAT margins expanding to 28.6%. However, full-year FY26 revenue growth was modest (+3.5% YoY), and PAT declined (-3.3% YoY), despite crossing Rs. 20 billion in retail sales and maintaining a 65.7% gross margin.
While Q4 FY26 showed strong retail sales and PAT growth, the full-year FY26 performance indicates a slowdown with revenue growth of only 3.5% and a PAT decline of 3.3%. The company's claims of market leadership are based on a FY20 Crisil report, raising questions about current market positioning. The asset-light model and high gross margins are positives, but growth appears to be moderating.
Up-selling and cross-selling
Management claimUp-selling and cross-selling initiatives.
Emerging brands growth
Management claimSignificant potential and space for growth of our emerging brands.
Retail Expansion
Management claimRetail Expansion within and outside India.
Targeted marketing
Management claimEnhancement of brand appeal through targeted marketing initiatives.
EBO Network Expansion
FactualRetail footprint (FY26) of 1.79 mn sq. ft. across 669 EBOs (including 17 international EBOs) in 252 cities globally. Net rollout of 5 EBOs and 4.2k sq. ft. in FY26.
Growing Indian wedding & celebration wear market
Management claimLarge & growing Indian wedding & celebration wear market driven by an increased spending on such wear.
Dated Market Leadership Claims
Analyst assessmentClaims of being the 'Largest company in India' and 'dominant position' are based on a 'Crisil Report; As of FY20 (latest available)'.
No Discount Policy
Analyst assessmentNo discounts/ end-of-season sales for Manyavar brand, which could impact sales velocity if demand softens.
Moderating Growth
FactualFY26 Revenue from Operations grew by +3.5% with PAT declining by -3.3%, indicating a slowdown in overall performance.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results show strong sequential momentum in retail sales and PAT, which is important for a consumer business. However, full-year (FY26 vs FY25) comparison is crucial to assess overall annual performance and trends, especially for a business with seasonal wedding/celebration wear demand.
Retail Sales Growth (Q4 FY26 YoY)
PositiveRetail Sales (i.e, Sale of our Customers) grew by +7.8% as compared to Q4 FY25.
Retail Sales Growth (FY26 YoY)
NeutralThe company achieved a important milestone, crossing Rs. 20 billion in Retail Sales (i.e, Sale of our Customers), reflecting a growth of +6.1% over FY25.
SSSG (Q4 FY26 YoY)
PositiveSSSG grew by +4.6% in Q4 FY26 compared to Q4 FY25.
SSSG (FY26 YoY)
NeutralSSSG grew by +2.7% in FY26 compared to FY25.
Focus on up-selling/cross-selling
Management planManagement plans to implement up-selling and cross-selling initiatives.
Developing emerging brands
Management planManagement sees significant potential and space for growth of emerging brands.
Continued retail expansion
Management planManagement aims for retail expansion within and outside India.
Disciplined acquisitions
Management planManagement intends to maintain a disciplined approach towards acquisitions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| SSSG | +2.7% (FY26 YoY) | Sustained improvement in SSSG to indicate underlying demand strength. |
| Retail Sales Growth | +6.1% (FY26 YoY) | Acceleration in overall retail sales growth beyond current modest levels. |
| PAT Growth | -3.3% (FY26 YoY) | Reversal of the negative PAT trend and return to positive growth. |
| EBO Expansion | Net 5 EBOs added in FY26 | Pace of new store additions and international expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -14.0% / mo
Technical chart
MANYAVARdaily · 5Y-35.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 43. Wait for confirmation.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 36% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 66.5%.
Main drags
- Valuation is weaker at 15/30; verify the latest quarterly trend.
- Quality is weaker at 13/20; verify the latest quarterly trend.
- Growth is weaker at 17/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +7 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 80th percentile within Consumer. Main check: results consistency is weak at 41/100.
High Trust Lite: Promoter holding is 74.9%. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 80th pctile, median 67 · Micro: 68th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.7%.
- ▸9 years of positive FCF.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 26.10
- P/B
- 5.00
- EV/EBITDA
- 12.87
- Market Cap
- 9814.00Cr
Profitability
- ROE
- 20.00%
- ROCE
- 23.60%
- ROA
- 13.18%
- Dividend Y
- 1.98%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 11.21×
- Altman Z
- 7.84
- Book Value
- 80.80
Cash Flow
- FCF Yield
- 3.86%
- FCF Positive Y
- 9/5
- OCF
- 481.00 Cr
- EPS TTM
- 15.46
Shareholding
- Promoter Hold
- 74.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.