Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Oct
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result05 Aug, 03:53 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 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
37BearishSMA20 -5.9% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 38
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
Technical chart
VAIBHAVGBLD candles · FIT view-4.2%Latest close ₹205.90 on 2026-10-19
Bar
-1.9%
RSI
48
MACD hist
1.55
52W pos
27%
2026-10-19O ₹209.89H ₹214.79L ₹204.35C ₹205.90Vol 2.9L 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
VAIBHAVGBLNifty Consumer DurablesNifty 500
- VAIBHAVGBL
- -19.2%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -13.6 pp
Chart stats
19 Oct 2026- From 52W high
- -29.8%
- 52W range position
- 27%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹6.6 Cr
- 20D price channel
- ₹196.9 - ₹215.3
₹293.3
₹174.1 - ₹293.3
₹7.4
Latest completed session
20-session average
27.0% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +12.7% · PAT +47.4% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+48.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +13% YoY · PAT +47% YoY · margin expansion · operating leverage
Filed 04 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 12.00
- P/B
- 2.06
- EV/EBITDA
- 7.69
- Market Cap
- 3408.00Cr
Profitability
- ROE
- 17.90%
- ROCE
- 16.40%
- ROA
- 11.20%
- Dividend Y
- 2.95%
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
- 5.41
- Book Value
- 98.60
Cash Flow
- FCF Yield
- 11.47%
- FCF Positive Y
- 11/5
- OCF
- 310.00 Cr
- EPS TTM
- 17.06
Shareholding
- Promoter Hold
- 57.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,795+2.8% vs prev
Net Profit
₹ CrLatest: 266+73.9% vs prev
Return on Equity
%Latest: 16.1+42.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 48. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.3% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 30% off 52W high · 18% 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
42
RS percentile
Stage 4 Downtrend
1M return
-1.9%
3M return
-19.2%
6M return
-7.9%
1Y return
-14.2%
RS 1D
-3
RS 20D
-4
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 8.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 91.27-1.34%
RS vs Nifty 50091
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth15/25
Quality13/20
Balance Sheet10/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 11.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 48.2%.
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.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
PE
12.0
PB
2.1
EV/EBITDA
7.7
ROE
17.9%
ROCE
16.4%
FCF Yield
11.5%
Debt/Equity
0.3
MoS
+48.2%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+48.2%
Previous: +48.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
72
72
72
72
72
71
71
71
71
71
71
71
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
₹194.54
-5.8% MoS
Growth-justified P/E
23.3
Growth-justified Value
₹397.33
+48.2% MoS
PEG
0.85
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SENCO
Micro
Senco Gold Limited
Retail
match 92
74
9.7
25.6%
+71%
UNDERVALUED
TBZ
Small
Tribhovandas Bhimji Zaveri Limited
Retail
match 90
66
18.7
27.1%
+28%
UNDERVALUED
SHRINGARMS
Small
Shringar House of Mangalsutra Limited
Retail
match 87
59
17.5
26.3%
+24%
FAIR VALUE
UTSSAV
SME
Utssav CZ Gold Jewels Ltd.
Retail
match 87
55
34.5
36.4%
-23%
FAIR VALUE
MOTISONS
Small
Motisons Jewellers Limited
Retail
match 87
55
30.2
14.0%
+23%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T14:41:32.014Z
Management commentary snapshot
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.
Current business mix
B2C Revenues by Geography (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
US61.0%
UK29.0%
Europe11.0%
Growth engines
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.
Tailwinds
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.
Headwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
84Limited 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 97th percentile of the scored universe and 98th 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
138 docs text-extracted · 58 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Consumer: 98th pctile, median 66 · Micro: 95th pctile, median 73
Evidence depth
Financial-only
138 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 confidenceWhat 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
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Vaibhav Global Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper Publication - Special Window for Transfer and Dematerialisation (Demat) of Physical Shares
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Sep - CARE upgraded Vaibhav Global’s ₹120 crore bank facilities to CARE A+; Stable/CARE A1+.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.