Q3 2026 Vaibhav Global Ltd Earnings Call Transcript
Key Points
- Vaibhav Global Ltd (BOM:532156) achieved a consolidated quarterly revenue of INR 1,066 crores, marking a 9.1% year-over-year growth, surpassing their guidance.
- The company's gross margin improved to 63%, up 170 basis points year-over-year, supported by their vertically integrated global supply chain.
- Digital contribution to B2C revenue reached 42%, with a target to achieve 50% by the end of FY27.
- The Germany business turned profitable during the quarter with an EBITDA margin of around 6%, and is expected to contribute to group EBITDA margin from FY26-27 onwards.
- Vaibhav Global Ltd (BOM:532156) maintained a strong balance sheet with a net cash position of INR 213 crores, reflecting prudent capital management and liquidity strength.
- Revenue in the U.K. declined by 1.8% year-over-year, impacted by lower consumer confidence and higher precious metal prices.
- The U.S. market faced challenges with elevated precious metal prices and lower consumer confidence, leading to deferred discretionary purchases.
- Despite revenue growth, the company experienced a decline in TV and digital sales volumes, relying on increased average selling prices to drive revenue.
- The company faced a 489 basis points increase in overall product costs due to tariffs on products shipped to the U.S.
- Customer growth was modest, with a unique customer base increase of only 2% year-over-year, indicating challenges in customer acquisition and retention.
Ladies and gentlemen, good day, and welcome to the Vaibhav Global Limited Q3 and 9 Months FY26 Earnings Conference Call. (Operator Instructions) Please note that this conference is now being recorded.
I now hand the conference over to Ms. Nishita Bhatt from Adfactors PR. Thank you, and over to you, ma'am.
Good evening, everyone, and thank you for joining us on Vaibhav Global Limited Earnings Conference Call for the third quarter and 9 months ended December 31, 2025.
Today, we have with us Mr. Sunil Agrawal, Managing Director; Mr. Nitin Panwad, Group CFO; and Mr. Prashant Saraswat, Head of Investor Relations. We will begin the call with the opening remarks by Mr.
Sunil Agrawal on the business operations, key initiatives and broad outlook, followed by discussion on the financial performance by Mr. Nitin Panwad, after which the management will open the forum for the Q&A session.
Before we get started, I would like to point out that some statements made or discussed on today
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