VAIBHAVGBL
Micro CapVaibhav Global Limited
Consumer
Vaibhav Global Limited (VGL) is a vertically-integrated digital retailer of fashion jewellery and lifestyle products. It operates an end-to-end B2C business model through proprietary TV channels and digital platforms, reaching ~127mn households globally. VGL focuses on value-positioned products and strong customer engagement.
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 is neutral, and recent execution is consistent.
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
Excellent · 80/100Rev +10% YoY · PAT +168% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹935 Cr | +10.0% | -12.3% |
| EBITDA | ₹83 Cr | +33.9% | -39.0% |
| Operating margin | 9.0% | +200 bps | -400 bps |
| PAT | ₹91 Cr | +167.7% | +1.1% |
| PAT margin | 9.7% | +573 bps | +129 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 Revenue grew 10% YoY to Rs. 935 Cr, with PAT* up 167.4% YoY to Rs. 91.1 Cr. EBITDA margin expanded to 10.3% from 8.3% YoY, driven by higher gross margin and operating leverage.
VGL delivered strong Q4 and FY26 results, with significant PAT growth and margin expansion. Strategic focus on in-house brands and digital channels is yielding results, with the ~50% in-house brand target achieved early. While unique customer base declined slightly, ASPs increased, and the company is expanding its European footprint.
B2C Revenues by Geography (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Strengthening Own Brand Portfolio
Achieved ~50% of gross B2C sales from in-house brands in FY26, a year in advance, enhancing repeat purchases and retention.
Digitalization/AI
Continued investment in building digital capabilities and leveraging AI for expanding wallet share and cross-selling.
New Designs & Products
~14k-15k new jewellery designs launched annually and ~100 new products introduced daily, ensuring constant freshness.
European Scalability (Germany)
The German market serves as a blueprint for high-margin scalability in the EU, with 95% household penetration and improved digital performance.
Deep-value play (UK)
35% of UK consumers are trading down, favoring TJC/Ideal World's premium-look at low price points.
Digital scale-up (UK)
40% digital mix and three UK web properties are primed for growth.
India-EU FTA Advantage (Germany)
Structural 4% reduction in import duties via the FTA provides a margin edge for Indian exporters.
Cord-Cutting Migration (US)
Traditional linear reach is pivoting toward OTT and Connected TV platforms, expanding the video commerce TAM.
UK Consumer Sentiment
Consumer net confidence is -5 (PwC Sep 2025); 35% trading down and 28% plan to go out less in 2026.
UK Inflation/Rates
CPI Inflation at 3.3% (Mar 2026) vs BoE target 2%; Middle East energy shock could delay rate cuts.
Ideal World (UK) Performance
Lower recurring subscription revenues due to reduced customer acquisition for Ideal World.
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.
The investor presentation provides explicit Q4 FY26 vs Q4 FY25 and FY26 vs FY25 comparisons for key financial metrics and operational KPIs, making year-over-year the most relevant basis to assess performance and strategic execution.
Gross Margin
Q4 FY26 Gross Margin was 63.9%, up 1.8% YoY, driven by higher contribution of in-house brands, better realization, and cost efficiencies.
In-House Brand Contribution
Achieved ~53% of gross B2C sales from in-house brands in Jan-March quarter and ~48.8% for FY26, achieving the ~50% target a year in advance.
Digital Sales Mix
Digital presence contributes 44%+ to Group’s revenue in FY26.
Average Selling Price (ASP) US$ - TV
Q4 FY26 ASP for TV was US$ 38.5, up from US$ 32.3 in Q4 FY25. FY26 ASP was US$ 38.6, up from US$ 38.0 in FY25.
Dividend Payout Policy
Targeting 20-30% of consolidated free cash flows; FY26 dividend payout was ~37% of FCF (~Rs. 100 Cr).
Social Impact Target
Target to serve 1mn meals/school day by FY40 through the 'your purchase feeds…' program, up from ~56k meals currently.
ESG Commitment
SBTi Committed and achieved an ICRA ESG 'Strong: 74' Rating, with initiatives in environmental stewardship and social impact.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| In-House Brand Contribution to Revenue | 48.8% (FY26) | Continued growth towards 50%+ to enhance gross margins and customer retention. |
| Unique Customer Base (TTM) | 681K (FY26) | Reversal of the TTM decline and growth in customer acquisition across all platforms. |
| Digital Sales Mix | 44%+ of Group's revenue (FY26) | Continued expansion of digital contribution to overall revenue, especially in new markets like Germany. |
| UK Segment Revenue and Profitability | Revenue up 13% YoY in Q4, EBITDA up 116% YoY in Q4 | Impact of consumer sentiment and discretionary spending cuts on future performance in the UK market. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50Neutrallabel neutral
Technical chart
VAIBHAVGBLweekly · 1Y-9.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 51.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 18% off 52W high · 31% 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 10.4%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 52.6%.
Main drags
- Quality is weaker at 11/20; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Valuation is weaker at 20/30; 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: +2 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 87th percentile of the scored universe and 87th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 57.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 87th pctile, median 67 · Micro: 80th 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 57.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.2%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 14.00
- P/B
- 2.26
- EV/EBITDA
- 9.00
- Market Cap
- 3731.00Cr
Profitability
- ROE
- 17.80%
- ROCE
- 16.30%
- ROA
- 10.44%
- Dividend Y
- 2.69%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 9.01%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 23.87×
- Altman Z
- 5.52
- Book Value
- 98.60
Cash Flow
- FCF Yield
- 10.40%
- FCF Positive Y
- 11/5
- OCF
- 310.00 Cr
- EPS TTM
- 15.93
Shareholding
- Promoter Hold
- 57.43%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
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.