Vaibhav Global earnings calls.

Vaibhav Global delivered a strong Q3 FY26 with consolidated revenue crossing ₹1,000 crore for the first time, reaching ₹1,066Current reported value: 1,066. No comparable prior figure is available in the source record. crore—a 9.1Current reported value: 9.1. No comparable prior figure is available in the source record.% YoY growth slightly ahead of management guidance. EBITDA margin expanded 170bps to 13.2Current reported value: 13.2. No comparable prior figure is available in the source record.%, with PAT growing 41Current reported value: 41. No comparable prior figure is available in the source record.% YoY to ₹90Current reported value: 90. No comparable prior figure is available in the source record. crore. The margin expansion was driven by operating leverage (120bps improvement in employee costs, 60bps in airtime costs) and gross margin improvement to 63% (+170bps YoY) from vertically integrated supply chain. Geographically, Germany turned EBIT-positive at ~6%Current 6%. Reported change: Turned profitable. margin, UK delivered 40% profit growth despite 1.8% revenue decline, and US grew 3% YoY in local currency. Key strategic initiatives—digital contribution at 42%Current 42%. Reported change: Tracking to 50% by FY27. of B2C revenue, in-house brands at 48% of B2C sales, and lab-grown diamonds at 10.7%Current 10.7%. Reported change: Double-digit contribution. of retail revenue—are tracking toward FY27 targets. Management maintained FY26 guidance and provided first-ever range-based FY27 guidance of 9-11% revenue growth with 10.5-11% EBITDA margin. Risk remains around geopolitical tariffs (489bps cost increase in US despite localized casting) and commodity price-driven consumer deferment in key markets.