VAIBHAVGBL Q3 FY26 earnings call.
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Revenue
₹1,066 Cr
verified against source
Revenue YoY
9.1%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Vaibhav Global delivered a strong Q3 FY26 with consolidated revenue crossing ₹1,000 crore for the first time, reaching ₹1,066 crore—a 9.1% YoY growth slightly ahead of management guidance. EBITDA margin expanded 170bps to 13.2%, with PAT growing 41% YoY to ₹90 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% 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% of B2C revenue, in-house brands at 48% of B2C sales, and lab-grown diamonds at 10.7% 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.
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Guidance to track
- First-ever range-based full-year guidance provided. Incorporates all geographies without assuming consumer sentiment improvement. H1 expected to benefit from rupee depreciation assumptions; H2 less so.
- Guided improved margin through operating leverage in employee costs, gross margin improvement trajectory, and SGA savings from AI/automation initiatives.
- FY26 expected flat/slightly positive EBITDA. FY27 will see Germany start contributing to group margins as business scales.
- Currently at 42% of B2C revenue. Tracking ahead of schedule with paid media channel mix shift and higher LTV customer acquisition.
Risks flagged
- Despite starting in-house jewelry casting in US, overall product costs still increased 489bps due to tariffs on non-jewelry products. 5.5% tariff only applicable on value-addition portion per Custom Border Protection ruling.
- Management admitted to shifting from low price-point ($10-30) to higher value customers, resulting in lower unique customer count in US. Previous cohort of budget customers may not be giving anticipated LTV.
- Revenue run-rate stuck at $4 million since acquisition despite 75% gross margins. Management cited customer acquisition cost constraints as limiting growth. Q4 may see further degrowth before recovery in Q1 FY27.
- Elevated gold/silver/platinum prices and lower consumer confidence causing customers to defer discretionary jewelry purchases across US and UK markets. No near-term relief expected.
Key quotes
- We delivered a strong performance in December quarter with revenue growth slightly ahead of our guidance. Our consolidated quarterly revenue crossed rupees 1,000 mark for the first time reaching rupees 1,66 cr a 9.1% y growth.
- This is the first time we are giving a range guidance in our investor calls but just for overall business.
- We mainly target the profitability of the customers rather targeting number of customer targeting quality of customers.
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