Vaibhav Global Limited (VAIBHAVGBL)

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Vaibhav Global Limited (VAIBHAVGBL) · mywealthgrid

About

Vaibhav Global Limited operates in gems, jewellery, and watches within Consumer Discretionary. Consolidated quarterly revenue of ₹877–1,066 Cr is 6–7× standalone (₹135–160 Cr), signalling substantial international or subsidiary operations.

Founded: 1989
Face value: ₹2

Market cap

₹3,407 Cr

P/E

12.0×

P/B

2.1×

Dividend yield

3.7%

ROE

17.8%

ROCE

17.5%

Debt / equity

0.07

OPM

9.7%

EPS (TTM)

₹17.1

Book value

₹98.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Standalone OPM swings from 1.32% (Mar 2026) to 10.6% (Jun 2026), while consolidated OPM remains stable at 8–13%. Verify whether volatility stems from order mix, seasonal factory utilization, or operational inconsistency.
Consumer discretionary demand cycles with disposable income and festive spending. Verify current demand trends by product line.
Consolidated revenue is 6–7× standalone, concentrating risk in subsidiary or export operations; verify FX exposure and whether international revenue is hedged.
Gems and precious metals are commodities; verify percentage of COGS exposed to spot prices and cost-pass-through mechanisms.

Generated analysis · source review pending

Growth drivers

Consolidated OPM hit 12.73% in Dec 2025, the series high; at that margin, the 5.39 EPS baseline could scale if OPM and revenue sustain.
Consolidated revenue clustered ₹877–1,066 Cr over four quarters (₹189 Cr range); verify whether this reflects a stable run-rate or cyclical trough.
ROE of 17.75% shows capital deployed above cost; verify FCF and whether retained earnings or capital at these returns will compound growth.
Six dividend payouts in 12 months signal cash generation; verify FCF trend and whether consistency indicates management confidence in near-term outlook.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹203.5+0.3%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 19.9×
+Dividend yield of 3.7%
+Dividend payout of 44.1% of profit

Cons

−Profit declined 0.4% a year over the last 5 years
−Modest revenue growth of 7.8% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

75/100

Business quality: 61
Growth: 76
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,575	1,814	1,986	2,540	2,752	2,691	3,041	3,380	3,692
COGS	564	604	697	903	977	984	1,076	1,169	1,275
Gross profit	1,011	1,210	1,290	1,637	1,775	1,707	1,965	2,210	2,417
	863	1,006	1,028	1,267	1,494	1,507	1,697	1,921	2,059
	148	203	262	370	281	200	268	289	358
OPM %	9.4%	11.2%	13.2%	14.6%	10.2%	7.4%	8.8%	8.6%	9.7%
Depreciation	25	25	31	39	55	78	93	102	103
Interest	4	5	9	5	6	8	12	15	15
	10	14	15	18	50	28	19	28	41
Profit before tax	129	188	236	344	271	141	182	200	282
Tax	17	34	46	72	33	36	55	47	16
Tax %	12.9%	18.1%	19.5%	21%	12.4%	25.6%	30.4%	23.5%	5.6%
	112	154	190	272	237	105	127	153	266
PAT margin %	7.1%	8.5%	9.6%	10.7%	8.6%	3.9%	4.2%	4.5%	7.2%
EPS (₹)	34.6	47.3	58.7	83.9	14.6	6.4	7.7	9.3	16
EPS adjusted (₹)	—	—	11.8	16.7	14.5	6.4	7.7	9.2	15.9
	0%	21.2%	57.5%	22.7%	41.2%	93.9%	77.5%	64.9%	37.6%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	32	33	33	33	33	33	33
Reserves	—	931	1,094	1,168	1,225	1,317	1,615
Minority interest	—	—	2	2	1	—	—
	—	92	99	115	106	114	112
	—	340	463	471	525	576	787
Total equity & liabilities	—	1,395	1,690	1,789	1,889	2,040	2,547
	119	130	403	507	616	455	403
CWIP	—	8	1	4	0	1	13
Investments	—	313	148	34	128	227	315
	—	945	1,138	1,244	1,145	1,358	1,816
Total assets	—	1,395	1,690	1,789	1,889	2,040	2,547

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
United States of America	2,288.21	164.31	1,410.22	574.31	835.91	19.66
United Kingdom	1,034.68	98.48

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.7%	64.9%	64.5%	64.5%	63.4%	64.6%	65.4%	65.5%
EBITDA margin %	11.2%	13.2%	14.6%	10.2%	7.4%	8.8%	8.6%	9.7%
EBIT margin %	9.8%	11.6%	13%	8.2%	4.5%	5.8%	5.5%	6.9%
PAT margin %	8.5%	9.6%	10.7%	8.6%	3.9%	4.2%	4.5%	7.2%
Working capital
Receivable days	—	—	24	31	33	38	35	34
Inventory days	—	—	180	231	238	202	219	232
Payable days	—	—	65	104	95	76	73	77
NWC days	—	—	139	158	176	164	181	189
Leverage
Current ratio	—	—	2.87	2.25	2.36	2.33	2.37	2.76
Debt to EBITDA	—	—	0.25	0.35	0.57	0.39	0.39	0.31
Debt to equity	—	—	0.1	0.09	0.1	0.08	0.08	0.07
Interest coverage	41.4	28.3	75.3	40.7	18.2	17.2	14.4	19.9
Asset turnover	—	—	1.82	1.63	1.5	1.61	1.66	1.45
Return ratios
Return on assets %	—	—	19.5%	14%	5.9%	6.7%	7.5%	10.4%
Return on capital employed %	—	—	35.3%	22.9%	12.2%	15.3%	15.3%	17.5%
Return on equity %	—	—	28.2%	21%	8.8%	10.1%	11.3%	16.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.13%	57.24%	57.22%	57.18%	57.3%	57.3%	57.3%	57.19%	57.18%	57.11%	57.43%	57.33%
	22.66%	22.06%	22.69%	21.48%	19.2%	18.36%	18.59%	18.52%	18.68%	18.05%	16.44%	16.65%
	5.73%	5.38%	2.57%	1.89%	0.74%	0.75%	0.85%	0.91%	1.24%	1.67%	2.23%	2.22%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	14.43%	15.27%	17.45%	19.32%	22.62%	23.46%	23.14%	23.27%	22.86%	23.13%	23.87%	23.77%
No. of shareholders	—	—	—	—	—	—	—	—	1,39,264	1,35,802	1,33,255	1,29,789

Promoter holding up 0.2 percentage points since Sep 2023.

7 deals · 18 Jan 2024 – 30 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Oct 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	9,68,151	₹283.54	₹27.45 Cr
30 Oct 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	9,68,151	₹283.40	₹27.44 Cr
19 Dec 2024	NALANDA INDIA FUND LIMITED	Bulk	NSE	Sell	27,00,000	₹303.13	₹81.85 Cr
20 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	11,11,956	₹330.09	₹36.70 Cr
20 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	11,11,956	₹330.08	₹36.70 Cr
18 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,92,475	₹473.09	₹46.95 Cr
18 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,92,475	₹472.71	₹46.92 Cr

1–7 of 7

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Harsh BahadurNon-Executive - Non Independent Director-Chairperson
Mr. Sunil AgrawalExecutive Director-MD
Mrs. Sheela AgarwalNon-Executive - Non Independent Director
Mr. Pulak Chandan PrasadNon-Executive - Non Independent Director
Mr. Prakash Chandra ParwalNon-Executive - Independent Director
Mr. Sanjeev AgrawalNon-Executive - Non Independent Director
Ms. Stephanie R SpongNon-Executive - Independent Director
Mr. Jason Charles GoldbergNon-Executive - Independent Director
Mr. Nitin PanwadGroup Chief Financial Officer
Mr. Yashasvi PareekCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.09%

of the company's equity

All mutual funds

0.1%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.57 L	3.43	0.14%	0.094%	-3,432
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	1,073	0.02	0.01%	0.001%	+5
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	178	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

28 Sept 2026, 4:12 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.7%	64.9%	64.5%	64.5%	63.4%	64.6%	65.4%	65.5%
EBITDA margin %	11.2%	13.2%	14.6%	10.2%	7.4%	8.8%	8.6%	9.7%
EBIT margin %	9.8%	11.6%	13%	8.2%	4.5%	5.8%	5.5%	6.9%
PAT margin %	8.5%	9.6%	10.7%	8.6%	3.9%	4.2%	4.5%	7.2%
Working capital
Receivable days	—	—	24	31	33	38	35	34
Inventory days	—	—	180	231	238	202	219	232
Payable days	—	—	65	104	95	76	73	77
NWC days	—	—	139	158	176	164	181	189
Leverage
Current ratio	—	—	2.87	2.25	2.36	2.33	2.37	2.76
Debt to EBITDA	—	—	0.25	0.35	0.57	0.39	0.39	0.31
Debt to equity	—	—	0.1	0.09	0.1	0.08	0.08	0.07
Interest coverage	41.4	28.3	75.3	40.7	18.2	17.2	14.4	19.9
Asset turnover	—	—	1.82	1.63	1.5	1.61	1.66	1.45
Return ratios
Return on assets %	—	—	19.5%	14%	5.9%	6.7%	7.5%	10.4%
Return on capital employed %	—	—	35.3%	22.9%	12.2%	15.3%	15.3%	17.5%
Return on equity %	—	—	28.2%	21%	8.8%	10.1%	11.3%	16.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Sky Gold And Diamonds LimitedSKYGOLDSKYGOLD	₹12,557 Cr	₹13,426 Cr	₹7,176 Cr	₹520 Cr	6.9%	₹343 Cr	4.5%	45.9%	29.3%	77
Pc Jeweller LimitedPCJEWELLERPCJEWELLER	₹12,449 Cr	₹13,522 Cr	₹3,505 Cr	₹785 Cr	20%	₹775 Cr	21.3%	11.7%	9.9%	1,082
Bluestone Jewellery And Lifestyle LimitedBLUESTONEBLUESTONE	₹12,008 Cr	₹12,753 Cr	₹2,681 Cr	₹442 Cr	16%	₹56 Cr	0.5%	9.8%	1.1%	659
P N Gadgil Jewellers LimitedPNGJLPNGJL	₹7,897 Cr	₹9,477 Cr	₹11,438 Cr	₹669 Cr	5.7%	₹446 Cr	3.8%	34.3%	23.3%	121
Timex Group India LimitedTIMEXTIMEX	₹7,368 Cr	₹7,370 Cr	₹419 Cr	₹32 Cr	7.7%	₹21 Cr	5%	32.7%	29.4%	—
Ethos LimitedETHOSLTDETHOSLTD	₹6,785 Cr	₹6,786 Cr	₹1,728 Cr	₹223 Cr	12.9%	₹106 Cr	6%	10.4%	7.7%	180
Senco Gold LimitedSENCOSENCO	₹5,199 Cr	₹6,769 Cr	₹9,660 Cr	₹999 Cr	11.5%	₹571 Cr	6.8%	38%	25.6%	259
Kddl LimitedKDDLKDDL	₹4,811 Cr	₹4,967 Cr	₹2,322 Cr	₹335 Cr	14.3%	₹97 Cr	6.3%	11.9%	8.8%	192
D. P. Abhushan LimitedDPABHUSHANDPABHUSHAN	₹4,273 Cr	₹4,433 Cr	₹2,340 Cr	₹100 Cr	4.3%	₹62 Cr	2.6%	40.8%	29.4%	—

Date	Category	Subject	Filing
28 Sept 2026, 4:12 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
16 Sept 2026, 7:53 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
15 Sept 2026, 3:29 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
8 Sept 2026, 4:52 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
8 Sept 2026, 12:57 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 1:55 pm	Company Update General	Intimation Of Schedule Of Analyst / Institutional Investors Meetings	PDF
1 Sept 2026, 7:07 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
21 Aug 2026, 5:58 pm	Company Update General	ICRA Upgrades Vaibhav Global'S ESG Rating	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	326	88	127	277	165	310
	-268	-45	40	-184	-7	78
	-57	-72	-103	-143	-130	-149
Net cash flow	0	-29	65	-50	28	239
Free cash flow	295	-213	92	233	130	277
CFO / Operating profit %	88%	31.3%	63.7%	103.1%	57%	86.6%

Vaibhav Global Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

32

1

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Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Europe (excluding United Kingdom) · revenue

Vaibhav Global Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends32

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Europe (excluding United Kingdom) · revenue

32

1

1