Vaibhav Global Ltd. · NSE:VAIBHAVGBL
Vaibhav Global — Q2 FY27 Earnings Presentation
41 slides from Vaibhav Global's earnings presentation, Oct 29, 2026
Slide 1: Exchange filing cover letter
VAIBHAV GLOBAL LIMITED Ref: VGL/CS/2026/97 Date: 29th October, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra, Mumbai – 400 051 Mumbai – 400 001 Symbol: VAIBHAVGBL Scrip Code: 532156 Subjec
Slide 2: Investor Presentation Q2 FY27 Results
Investor Presentation Vaibhav Global Ltd. (A Vertically integrated, Omnichannel Consumer Platform _) Built on Proprietary Distribution, Owned Manufacturing, and Direct Customer Relationships. Q2 FY27 Results | Oct 2026 | NSE: VAIBHAVGBL | BSE: 532156
Slide 3: Disclaimer
Disclaimer This presentation contains “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Vaibhav Global Limited (VGL) and its group companies’ future business developments and economic p
Slide 4: Table of Contents
Table of Contents VGL – At a Glance 4 Financial & Operational Update 12 Structural Growth Drivers 18 Key Strengths 27 Growth Strategy 32
Slide 5: VGL – At a Glance
O07 VGL — At a Glance 2 i fs f %
Slide 6: VGL: An Omnichannel Consumer Company with Global Scale
VGL : An Omnichannel Consumer Company with Global Scale A Vertically Integrated Global Consumer Company with End-to-End Capabilities Across Manufacturing, Distribution, brand ownership and omnichannel retail capabilities to serve customers across jewellery, accessories and lifestyle categories in le
Slide 7: From Gemstone Trading to Integrated Consumer Ecosystem
From Gemstone Trading to Integrated Consumer Ecosystem From a first-generation gemstone trading business to a listed, vertically integrated global business 1980s–89 1996–97 2003–2008 Foundation & Gemstone Trading Backward Integration into Manufacturing Retail & International Expansion ▪ Established
Slide 8: A Multi-Category Consumer Portfolio: Expanding Beyond Jewellery
A Multi-Category Consumer Portfolio: Expanding Beyond Jewellery Fashion Jewellery & Gemstones Life-Style Products A well-balanced mix of Jewellery and Lifestyle products ~100 new products introduced daily, ensuring constant • ~14,000–15,000 new jewellery designs launched annually, with freshness and
Slide 9: Q2 & H1 FY27 Management Commentary
Q2 & H1 FY27 Management Commentary Digital Transformation Driving Long-Term Value Creation Mr. Sunil Agarwal, Managing Director, Vaibhav Global Limited said, "Q2 FY27 was an important transition quarter as we completed the migration of our retail websites to Shopify Enterprise. During the stabilisat
Slide 10: H1 FY27 Performance Update
H1 FY27 Performance Update INR 1,855.4 Crores INR 765.2 Crores INR 984.1 Crores Revenue from Operations Digital Revenue TV Revenue 9.7% YoY 14.7% YoY 5.9% YoY INR 178.3 Crores INR 98.1 Crores EBITDA PAT 9.6% YoY 15.2%YoY Margin at 9.6% Margin at 5.3% Broad-based H1 growth, with digital revenue incre
Slide 11: Q2 FY27 Performance Update
Q2 FY27 Performance Update INR 938.4 Crores INR 367.5 Crores INR 500.2 Crores Revenue from Operations Digital Revenue TV Revenue 7.0% YoY 9.1% YoY 2.7% YoY INR 76.2 Crores INR 41.7 Crores EBITDA PAT 13.5% YoY 12.3% YoY Margin at 8.1% Margin at 4.4% Revenue growth and gross-margin expansion were offs
Slide 12: EBITDA Margin Walk
EBITDA Margin Walk 10.0 Higher contribution Increase in spend in Due to operating of In-House brands, digital to further deleverage 8.1 Better realisation and inroads in respective cost efficiencies locations Increased usage of Higher freight and Impact due to Technology, Improved fulfilment costs f
Slide 13: Financial & Operational Update
02 Financial & Operational Update 12
Slide 14: Q2 FY27 Performance Update
Q2 FY27 Performance Update Consolidated Performance Revenue from Operations (INR Cr.) EBITDA (INR Cr.) & EBITDA Margin (%) PAT (INR Cr.) & PAT Margin (%) 10.0% 11.1% 8.1% 5.4% 6.1% 4.4% 7.0% YoY 938 102 917 56 877 88 48 76 42 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 13
Slide 15: Q2 FY27 Segmental Highlights
Q2 FY27 Segmental Highlights Revenue split (Rs. Cr) TV Revenue Digital Revenue 398.0 500.2 367.5 487.0 484.0 337.0 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 TV Digital Sales Volume ('000s) Average Selling Price US$ Sales Volume ('000s) Average Selling Price US$ 1,546.0 1,518.0 36.6 37.1 1,131.
Slide 16: Revenue Mix Overview
Revenue Mix Overview B2C Revenues by Product B2C Revenues by Geography 11% 12% 13% 31% 28% 29% 36% 40% 40% 64% 60% 60% 58% 60% 58% Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Jewellery Lifestyle Products US UK Europe B2C Revenues by Format Budget Pay (% to B2C Revenues) Budget Pay revenues refer to pr
Slide 17: Profit & Loss Summary
Profit & Loss Summary Particulars (INR crores unless stated) FY24 FY25 FY26 H1 FY27 Revenue from Operations 3,041 3,380 3,692 1,855 EBITDA 295 317 399 178 EBITDA % 9.7% 9.4% 10.8% 9.6% Finance Cost 12 15 15 9 Depreciation & Amortisation 93 102 103 54 PBT 182 200 282 115 Tax Expense 55 47 16 17 PAT 1
Slide 18: Balance Sheet Summary
Balance Sheet Summary Particulars (INR crores unless stated) FY24 FY25 FY26 H1 FY27 Assets Fixed Assets Non-current assets 621.9 576.5 724.5 746.1 Financial assets 8.3 15.5 12.3 12.5 Other Non-Current Assets 40.0 59.2 122.1 139.7 Total Fixed Assets 670.2 651.2 858.8 898.3 Current Assets Inventories
Slide 19: Structural Growth Drivers
03 Structural Growth Drivers 18
Slide 20: Growth Drivers Driving Long-Term Value Creation
Growth Drivers Driving Long-Term Value Creation Vertical Integration Diversified Global Footprint Higher gross margin Profitable presence across End-to-end control US, UK & Europe Capital Discipline Digital-First Omnichannel Growth Platform 22% ROCE and ₹ 186 Cr net cash position Digital share targe
Slide 21: Vertical Integration Driving Superior Gross Margins
Vertical Integration Driving Superior Gross Margins Manufacturing Scale and Design Agility for Western Markets 2,000+ Highly skilled workers Design & Owned Owned Customer (Jewellery) Manufacture Brands Distribution Data 4 units 1,69,000 sq.ft. Mumbai 1,000+ Manufacturing units across Jaipur factory
Slide 22: Diversified Global Footprint Across Manufacturing, Retail and Sourcing
Diversified Global Footprint Across Manufacturing, Retail and Sourcing India In-House Manufacturing ‘A Global Jewellery Hub’ 30+ Strong Global Sourcing Base Making in India for ‘Western Markets’ Availability of skilled manpower in India 21
Slide 23: Strong Global Revenue Mix with Improving Profitability (Local Currency)
Strong Global Revenue Mix with Improving Profitability (Local Currency) USA · Anchor UK · Accelerating Europe · Inflection Revenue EBITDA Revenue EBITDA Revenue EBITDA $52.4 Mn $3.0 Mn GBP 20.1 Mn GBP 0.6 Mn Euro 10.0 Mn Euro (0.2) Mn Q2 FY27 4.1% YoY 15.1% 7.0% YoY 69.9% 7.9% YoY Revenue EBITDA Rev
Slide 24: Strong Global Revenue Mix with Improving Profitability (INR)
Strong Global Revenue Mix with Improving Profitability (INR) Q2 FY27 Revenue Mix USA · Anchor UK · Accelerating Europe · Inflection FY26 FY26 FY26 Revenue EBITDA Revenue EBITDA Revenue EBITDA ₹2,058 Cr ₹194 Cr ₹1,032 Cr ₹77 Cr ₹404 Cr ₹7 Cr Q2 FY27 Q2 FY27 Q2 FY27 Revenue EBITDA Revenue EBITDA Reven
Slide 25: Strengthening Brand Equity
Strengthening Brand Equity 57% In-House Brand Revenue Contribution (%) 48.8% 57.0% Higher gross margin per unit Brand owner captures margin the licensor previously took of B2C revenue from own brands (Q2FY27) 29.8% Customer loyalty 26.3% Brand equity accrues to VGL, not to a third-party licensor Pri
Slide 26: AI-Enabled Commerce powered by First-Party Data
AI-Enabled Commerce powered by First-Party Data Linear TV VGL owns the data 127mn HH Every transaction on every surface 687K unique customer creates a first-party record records owned OTA Broadcast AI is compounding the data advantage AI-driven product-scheduling tool (in beta last year) now in prod
Slide 27: A High-Engagement Customer Ecosystem
A High-Engagement Customer Ecosystem 127mn+ HH 3.6 Lakh 38% 23 40–50 4 Reach Registration & Retention Average Repeat pieces Core customer age band R’s Acquisition purchased per customer across US, UK, Germany per year Differentiated Customer Proposition Target Customers: Wide Product Selection Value
Slide 28: Key Strengths
04 Key Strengths 27
Slide 29: Resilience Through Cycles
Resilience Through Cycles A business that has absorbed five major model transitions and external shocks, turned into a profitable engine ✓ Multiple business-model transitions absorbed ✓ Exited CDR early, by choice Gemstones → Jewellery manufacturing → lifestyle products → retail → digital Entered Co
Slide 30: A Portfolio of Scalable Consumer Brands
A Portfolio of Scalable Consumer Brands 16 brands across categories and markets Selective third-party additions Close-up deals in categories such as collagen supplements, eyewear & select licensed lifestyle labels as additions 29
Slide 31: Voice of Customer as a Strategic Asset
Voice of Customer as a Strategic Asset Voice of Customer Portal B2C Revenues by Format Budget Pay (% to B2C Revenues) B2C Revenues by Product Unified Customer Feedback Budget Pay revenues refer to products sold on EMI basis Hub Consolidates customer inputs from 33% 41% 44% 44% 22% 33% 35% emails, me
Slide 32: Consistent Shareholder Returns
Consistent Shareholder Returns A consistent, cash-anchored dividend policy sustained through both investment and harvest phases. 15–20 38% ₹100 Cr ₹686 Cr Consecutive quarters of dividend Of FY26 FCF (₹100 Cr) returned as Total dividends paid in FY26 Cumulative dividends paid since payout funded ent
Slide 33: Growth Strategy
04 Growth Strategy 32
Slide 34: Expanding Addressable Markets Supporting Long-Term Growth
Expanding Addressable Markets Supporting Long-Term Growth USA · Video/Live Commerce ($bn) UK · Online Retail Sales (£bn) Germany · E-Commerce Sales (€bn) 68 132 96 50 127 92 89 123 2023 2026F 2023 2024 2025 2024 2025 2026F Immediate TAM: $14–15 bn Immediate TAM: $2–2.5 bn Immediate TAM: ~$3bn (incl.
Slide 35: Emerging Growth Engines
Emerging Growth Engines Ideal World Mindful Souls Germany H1 FY27 Revenue £ 12.1 mn H1 FY27 Revenue ~$ 7.7 mn H1 FY27 revenue € 12.7 mn Unique customer (TTM) 142K* Unique customer (TTM) 104K Digital sales mix ~24% Sustained Strong ~31% Profitability 35% growth YoY in Lifestyle Products’ EBITDA Margi
Slide 36: Lab-Grown Diamonds: A Structural Growth Opportunity
Lab-Grown Diamonds: A Structural Growth Opportunity Global lab grown diamond market size* (USD billion) 92.0 34.0 2026 2034 Rising consumer acceptance Chemically, physically and of sustainable and ethically Lab grown diamond business Q2 FY27 B2C Revenue contribution optically identical to natural so
Slide 37: Growth Drivers & FY30 Roadmap
Growth Drivers & FY30 Roadmap Revenue Target of ₹5,000–5,500 Crores by FY30 Digital business Live commerce & social breakout media ▪ FY27 target: 50% of B2C revenue from digital (up from 44% in ▪ Live commerce becomes a bigger medium FY26). ▪ Meta and TikTok marketing broaden customer acquisition ▪
Slide 38: Strong Leadership
Strong Leadership Mr. Sunil Agrawal Mr. Nitin Panwad Mr. Vineet Ganeriwala Mr. Deepak Mishra Mr. Raghuveer Patnala Managing Director, Group CFO President, Shop LC (US) Managing Director, TJC, Managing Director, Germany Total Exp – 46 years Total Exp – 16 years Total Exp – 27 years Total Exp – 20 yea
Slide 39: Management team
Management team Mr. Sabaresh Kumar Mr. Aswini Agarwal Mr. Ankur Sogani Mr. Mohammed Farooq Mr. Ashish Dawra CHRO, VGL Group Head of Supply Chain-Asia Vice President, Commercial, Chief Technology Officer, Vice President, Global IT (US) VGL Group Total Exp – 26 years Total Exp – 21 years Total Exp – 2
Slide 40: ESG — Social Impact Beyond the Financials
ESG — Social Impact Beyond the Financials 'Your Purchase Feeds' — flagship ESG program ▪ 119mn+ meals distributed to date, ~56,000 meals served every school day — funded by every product sold across VGL's platforms ▪ Long-term mission: 1 million meals per school day by FY40 — a formal, board-level a
Slide 41: Thank You
Thank You Company Investor Relations Advisors Vaibhav Global Limited Ernst & Young LLP Nitin Panwad, Vikash Verma Group CFO [email protected] [email protected] Sumedh Desai Vivek Jain [email protected] Head-Investor Relations [email protected] Sukhin Naphade www.vaibhavgloba