Vaibhav Global Limited (VAIBHAVGBL)
Micro CapConsumer stocks · Micro cap · NSE
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 argues for patience, 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 30 Jun 2026
Excellent · 80/100Rev +13% YoY · PAT +47% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹917 Cr | +12.7% | -1.9% |
| EBITDA | ₹97 Cr | +56.5% | +16.9% |
| Operating margin | 11.0% | +300 bps | +200 bps |
| PAT | ₹56 Cr | +47.4% | -38.5% |
| PAT margin | 6.1% | +144 bps | -362 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
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.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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
36BearishSMA20 -12.9% / mo · MACD −
Technical chart
VAIBHAVGBLdaily · 1Y · AUTO-0.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~14.9% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 25% off 52W high · 26% 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
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 10.7%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 45.0%.
Main drags
- Valuation is weaker at 18/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Quality is weaker at 13/20; 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: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 97th percentile of the scored universe and 98th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 57.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 98th pctile, median 66 · Micro: 95th pctile, median 73
138 documents have extracted text, 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 57.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 10.7%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 12.90
- P/B
- 2.22
- EV/EBITDA
- 8.21
- Market Cap
- 3666.00Cr
Profitability
- ROE
- 17.90%
- ROCE
- 16.40%
- ROA
- 11.20%
- Dividend Y
- 2.74%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 8.85%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 24.56×
- Altman Z
- 5.58
- Book Value
- 98.60
Cash Flow
- FCF Yield
- 10.67%
- FCF Positive Y
- 11/5
- OCF
- 310.00 Cr
- EPS TTM
- 17.06
Shareholding
- Promoter Hold
- 57.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.