What was Vedant Fashions's revenue in Q3 FY26?

Vedant Fashions reported revenue of ₹492 Cr in Q3 FY26, a — change year-over-year.

Did Vedant Fashions management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Vedant Fashions Q3 FY26 Research Workspace: Revenue ₹492 Cr (—)

Q: What guidance did Vedant Fashions management give?

Gross margin target of 65%+: Management reiterated confidence in achieving gross margins above 65% going forward, with GST impact expected to normalize.

Revenue ₹492 Cr

EBITDA ₹135 Cr

PAT ₹135 Cr

EBITDA Margin 27.4%

Duration 57 min

Read Time 1 min read

Financial stats pending filing verification

2-Minute Summary

✦ AI-Generated from Full Transcript

Vedant Fashions reported Q3 FY26 revenue of ₹492 crore with EBITDA margin of 27.4% and PAT of ₹135 crore. Performance was significantly impacted by a calendar shift: only 3 wedding dates in December vs 6 last year, and zero in January vs 11 last year. Management highlighted muted middle-class consumer sentiment as a key headwind, while premium brand 'To' posted 40% growth with 12% SSG. The company continued its strategic focus on retail quality over quantity, closing smaller stores and pausing aggressive expansion. Gross margin compression of ~65.7% was attributed to GST rate hikes (12% to 18%) not fully passed on. Management expects store expansion to normalize in 2-3 quarters. Risk: sustained weak consumer sentiment could delay recovery despite internal initiatives.

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Research workspace

Focused Modules

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Risk Intelligence

Sustained weak middle-class consumer sentiment

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Quarter Snapshot

SSG (Same Store Growth) 9M FY26 1.8%

+1.8pp YoY

Same store growth for the 9-month period, indicating modest underlying demand.

To Brand Overall Growth Q3 FY26 40%

+40% YoY

Premium brand To delivered strong growth, driven by premiumization trend.

To Brand SSG Q3 FY26 12%

+12% YoY

Same store growth for premium brand To, outperforming the core Manav brand.

Cash Conversion Ratio (9M FY26) 95%

N/A

Strong cash conversion from operating cash flow to EBITDA, indicating healthy working capital management.

Fast read

Guidance and risk preview

Top guidance Gross margin target of 65%+

Management reiterated confidence in achieving gross margins above 65% going forward, with GST impact expected to normalize.

Top risk Sustained weak middle-class consumer sentiment

Management acknowledged that muted consumer sentiment, especially in the middle class, has been a key drag on performance and may persist.