Vedant Fashions Limited (MANYAVAR)

Micro Cap

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.

₹509.85

-10.00 · -1.92%

Market cap ₹12,287 Cr

ThemesManufacturing Pharma Infrastructure+4 more

Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am IST

Details

Quote21 Oct, 04:45 am IST

Base fundamentals14 Oct 2026 · screener

Latest result26 Jul, 12:21 am IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage14/14 · 100%

Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)

Technical timing lens

Trend score and candlestick chart

41Neutral

SMA20 -7.4% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)

Stock trend: 45

Sector RS: 36

Sector 3M: -9.3% vs Nifty 500 -5.6%

Consumer FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

MANYAVARD candles · FIT view+13.3%

Latest close ₹509.85 on 2026-10-19

Bar

-2.5%

RSI

MACD hist

-0.30

52W pos

49%

2026-10-19O ₹522.80H ₹522.80L ₹504.55C ₹509.85Vol 84,373 sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

MANYAVARNifty Consumer DurablesNifty 500

MANYAVAR: +23.2%
Nifty 500: -5.6%
Nifty Consumer Durables: -9.7%
Vs Nifty 500: +28.7 pp

Chart stats

19 Oct 2026

From 52W high: -27.7%
52W range position: 48%
ATR (14): 3.7%
Volume vs 20D: 0.30x
Avg traded value: ₹9.5 Cr
20D price channel: ₹483.8 - ₹551.1

Quarter ended 30 Jun 2026

Average · 37

margin compression · Rev +7% YoY · PAT +16% YoY · operating leverage

Revenue: ₹301 Cr; YoY +7.1%
PAT: ₹81 Cr; YoY +15.7%
Operating margin: 43.0%; QoQ -200 bps
PAT margin: 26.9%; QoQ -166 bps

Filed 25 Jul 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 2 Uptrend

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 58; -7 ranks over 20D
Stage 2 entry: 31 Aug 2026; 34 trading sessions · established
Sector rotation: #9; neutral · 495 stocks
Industry rotation: #22; improving · 153 stocks

Trend structure

Below 20-DMABelow 50-DMAAbove 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -0.30

Volume participation

0.3x average

Versus 20-session average

20-session position

39% of range

₹483.8 low · ₹551.1 high

Relative performance

vs Nifty 500

1M: -2.8 pp; stock -6.3%
3M: +28.7 pp; stock +23.2%
6M: +17.2 pp; stock +13.6%
1Y: -18.4 pp; stock -25.5%

From 52W high

-27.0%

High ₹698.55

52W range position

49%

₹329.2 - ₹698.55

ATR (14)

3.7%

₹19

Avg traded value

₹9.5 Cr

20-session average

Current setup

Established Stage 2

Entered 31 Aug 2026 · 34 sessions

Open detailed technicals →

Research snapshot

What the evidence says now

Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · FAIR VALUE

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Average · 37/100

margin compression · Rev +7% YoY · PAT +16% YoY · operating leverage

Filed 25 Jul 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹301 Cr	+7.1%	-24.6%
EBITDA	₹131 Cr	+8.3%	-26.8%
Operating margin	43.0%	+0 bps	-200 bps
PAT	₹81 Cr	+15.7%	-28.9%
PAT margin	26.9%	+200 bps	-166 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 31.80
P/B: 6.26
EV/EBITDA: 15.72
Market Cap: 12287.00Cr

Profitability

ROE: 18.80%
ROCE: 22.80%
ROA: 13.53%
Dividend Y: 1.53%

Growth (CAGR)

Revenue 5Y: 21.00%
EPS 5Y: 23.00%
Revenue 3Y: 3.00%
EPS 3Y: -5.00%

Balance Sheet

Debt/Equity: 0.26
Interest Coverage: 11.62×
Altman Z: 8.34
Book Value: 80.80

Cash Flow

FCF Yield: 3.08%
FCF Positive Y: 9/5
OCF: 481.00 Cr
EPS TTM: 15.88

Shareholding

Promoter Hold: 74.94%
Promoter Pledge: 0.00%
Momentum 52W: 48%

Financial History

Updated 21/10/2026

Revenue

₹ Cr

Latest: 301-24.6% vs prev

Net Profit

₹ Cr

Latest: 81.0-28.9% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Mixed signals

Signals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.

Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
SMA20 falling (~8.0% over last month) — short-term momentum negative.
RSI(14) at 45 — rising, no extreme reading.
MACD below signal but histogram contracting — bearish momentum easing.
27% off 52W high · 55% 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.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 2 UptrendEstablished S2

1M return

-6.3%

3M return

+23.2%

6M return

+13.3%

1Y return

-24.5%

RS 1D

-1

RS 20D

-7

Sector rank

Industry rank

#22

Stage evidence

Price is 12.3% above the 30-week proxy.
The 50-DMA is above the 30-week proxy and its slope is rising +4.4%.
Both 3-month and 6-month returns are positive.

50-DMA

price below

200-DMA

price above

S2 entered

31 Aug 2026

S2 age

34 trading sessions

Sector

neutral

Industry

improving

Relative-strength line vs Nifty 500 (base 100)

261 observations

19 Oct 2026Value 75.88-0.91%

RS vs Nifty 50076

Valuation & peers

U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

Financial Turnaround

Fundamental score breakdown

U band · FAIR VALUE

Valuation2/30

Growth17/25

Quality14/20

Balance Sheet11/15

Cash Flow7/10

Piotroski

8/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

56/100 · legacy band FAIR VALUE

Positive drivers

FCF yield is supportive at 3.1%.
Piotroski is strong at 8/9.
Balance sheet contributes 11/15 to the score.

Main drags

Valuation is weaker at 2/30; verify the latest quarterly trend.
Growth is weaker at 17/25; verify the latest quarterly trend.
Quality is weaker at 14/20; verify the latest quarterly trend.

Sector valuation model

Consumer valuation: PE/PEG and brand-quality premium

Consumer franchises can deserve higher multiples, but only when growth quality supports them.

Consumer PE/PEG

Primary lens

PE and PEG relative to growth, ROE, margins, and brand strength.

Secondary checks

Volume growth, pricing power, distribution, same-store or category growth.

Main risk check

Premium valuation needs durable growth and margin resilience.

31.8

6.3

EV/EBITDA

15.7

ROE

18.8%

ROCE

22.8%

FCF Yield

3.1%

Debt/Equity

0.3

MoS

+3.6%

Score movement

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.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 56

Legacy U-Score band

FAIR VALUE

Previous: FAIR VALUE

Margin of safety

+3.6%

Previous: +3.6%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹169.91

-200.1% MoS

Growth-justified P/E

33.3

Growth-justified Value

₹528.8

+3.6% MoS

PEG

1.38

Comparable companies

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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

VGUARD

Micro

V-Guard Industries Limited

WESTLIFE FOODWORLD LIMITED

Relaxo Footwears Limited

Krishna Defence And Allied Industries Limited

Travel Food Services Limited

EBO Network Expansion

Factual

Retail 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.

Tailwinds

Growing Indian wedding & celebration wear market

Management claim

Large & growing Indian wedding & celebration wear market driven by an increased spending on such wear.

Risk radar

Dated Market Leadership Claims

Analyst assessment

Claims 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 assessment

No discounts/ end-of-season sales for Manyavar brand, which could impact sales velocity if demand softens.

Moderating Growth

Factual

FY26 Revenue from Operations grew by +3.5% with PAT declining by -3.3%, indicating a slowdown in overall performance.

Management accountability

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.

Analyst reading lens

Compare BOTH

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.

Sector KPIs management disclosed

Retail Sales Growth (Q4 FY26 YoY)

Positive

Retail Sales (i.e, Sale of our Customers) grew by +7.8% as compared to Q4 FY25.

Retail Sales Growth (FY26 YoY)

Neutral

The 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)

Positive

SSSG grew by +4.6% in Q4 FY26 compared to Q4 FY25.

SSSG (FY26 YoY)

Neutral

SSSG grew by +2.7% in FY26 compared to FY25.

Management forward view

Focus on up-selling/cross-selling

Management plan

Management plans to implement up-selling and cross-selling initiatives.

Developing emerging brands

Management plan

Management sees significant potential and space for growth of emerging brands.

Continued retail expansion

Management plan

Management aims for retail expansion within and outside India.

Disciplined acquisitions

Management plan

Management intends to maintain a disciplined approach towards acquisitions.

Thesis monitor

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.

Trust Score

78Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026

management-trust-v1

86 docs text-extracted · 35 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

86th percentile

overall median 67 · Consumer: 91st pctile, median 66 · Micro: 74th pctile, median 73

Evidence depth

Financial-only

86 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Can support position sizing if valuation and trend also agree.

Read 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.

Promoter

strong · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

acceptable · capital discipline

Results

acceptable · quarterly consistency

Trust positives

▸Promoter holding is 74.9%.
▸Promoter pledge is zero.
▸FCF yield is positive at 2.6%.
▸9 years of positive FCF.

Trust risks

▸ROCE trend is -3.4%.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Consumer stocks Browse Indian stocks starting with M Explore fundamental stock screeners Browse Indian investment themes

Related companies

V-Guard Industries Limited (VGUARD)WESTLIFE FOODWORLD LIMITED (WESTLIFE)Relaxo Footwears Limited (RELAXO)Krishna Defence And Allied Industries Limited (KRISHNADEF)Travel Food Services Limited (TRAVELFOOD)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Vedant Fashions Limited (MANYAVAR)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Consumer valuation: PE/PEG and brand-quality premium

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Up-selling and cross-selling

Emerging brands growth

Retail Expansion

Targeted marketing

EBO Network Expansion

Growing Indian wedding & celebration wear market

Dated Market Leadership Claims

No Discount Policy

Moderating Growth

What management said, and what results must prove

Retail Sales Growth (Q4 FY26 YoY)

Retail Sales Growth (FY26 YoY)

SSSG (Q4 FY26 YoY)

SSSG (FY26 YoY)

Focus on up-selling/cross-selling

Developing emerging brands

Continued retail expansion

Disciplined acquisitions

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Vedant Fashions Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Sep - Vedant Fashions Limited has informed about a schedule of meetings with the Institutional Investors/Analysts vide the enclosed Letter.

Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Sep - Vedant Fashions Limited has informed about Copies of Newspaper Publication in relation to post-despatch of AGM Notice.

Reg. 34 (1) Annual Report. 5 Sep

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Aug - Vedant Fashions Limited has informed about a schedule of meetings with the Institutional Investor(s)/Analyst(s) vide the enclosed Letter.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug - Vedant Fashions Limited has informed about a schedule of meet with the Institutional Investor(s)/Analyst(s) vide the enclosed Letter.

Announcement under Regulation 30 (LODR)-Credit Rating 3 Jul - CRISIL reaffirmed Vedant Fashions' ratings: AA stable for bank facilities and A1+ for commercial paper.

Announcement under Regulation 30 (LODR)-Change in Management 25 Jun - Board approved Grant Thornton reappointment, granted 24,237 stock options, and allotted 1,000 shares on exercise.

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Jun

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Jun - Vedant Fashions Limited has informed about a schedule of meet with the Institutional Investor(s)/Analyst(s) vide the enclosed Letter.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jun - Vedant Fashions Limited has informed about a schedule of meet with the Institutional Investor(s)/Analyst(s) vide the enclosed Letter.

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 May - Vedant Fashions Limited has informed about the allotment of ESOP vide the enclosed letter.

Annual Report 2026