Vaibhav Global Ltd. · NSE:VAIBHAVGBL
Vaibhav Global — Q4 FY25 Earnings Presentation
53 slides from Vaibhav Global's earnings presentation
Slide 1: Q4 & FY25 Investor Presentation
Q4 & FY25 Investor Presentation
Slide 2: 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 3: MD's Message
We navigated a complex macro environment marked by tariff uncertainties and cautious consumer sentiment in key markets. Proactive inventory management in the US and signing of the India–UK FTA position us well to capture upcoming opportunities. MD’s Message Revenue grew 8% YoY in Q4 to ₹850 crores;
Slide 4: Q4 FY25 Highlights
Q4 FY25 Highlights 8% YoY 62% YoY Rs. 170 cr. ₹ Revenue Growth PAT Growth Net Cash Positive Annual sales: • GPTW®: India, US, UK, Germany Strong cashflows: Highest ever unique Recommended final Rs. 3,380 crores and China OCF: Rs. 162 crores customer base of ~710 k, dividend of Rs. 1.50/- 11% YoY • I
Slide 5: Table of Contents
Table of Contents 06 11 Company Overview Business Overview 27 31 Update on Acquisitions Emerging Industry & Germany Trends 35 41 Operational & Financial Financial Performance Highlights Trends 46 Annexures
Slide 6: Company Overview
Company Overview
Slide 7: About Us
About Us Vertically-integrated Digital Retailer of fashion Strong Customer Visibility jewellery & lifestyle products • TV Homes accessed (FTE*): ~ 127 mn households • Growing digital presence • End-to-end B2C business model • Presence through proprietary TV channels and digital platforms Exceptional
Slide 8: Guiding Pillars Defining VGL Group
Guiding Pillars Defining VGL Group Our Vision Vaibhav Global Limited Be the Value Leader in Electronic Retailing of Jewellery & Lifestyle Products Global Retailer on TV and Digital Platforms of Fashion Jewelry, Lifestyle Products and Accessories Our Mission To deliver 1 million meals per school day
Slide 9: An Evolving Journey
An Evolving Journey Started Gemstones business Started Jewellery manufacturing Listing on stock for B2B exchange 1980 1996 1997 Started 'Lifestyle Products' category, Shifted strategy towards 'value name changed to Vaibhav Global Ltd. conscious offering' 2008 06-07 Started own TV channels 2013 in UK
Slide 10: Strong & Experienced Management
Strong & Experienced Management Mr. Sunil Agrawal Mr. Nitin Panwad Mr. Vineet Ganeriwala Mr. Deepak Mishra Mr. Raghuveer Patnala Managing Director, VGL Group Group CFO, VGL Group President, Shop LC (US) Managing Director, Managing Director, Shop TJC (UK) Shop LC (Germany) Mr. Mohammed Farooq Mr. Pus
Slide 11: Business Overview
Business Overview
Slide 12: A Global Retailer on Proprietary TV Channels
A Global Retailer on Proprietary TV Channels Proprietary ‘TV Channels’ Primary Retail Markets UNITED STATES UNITED KINGDOM GERMANY & AUSTRIA 60 million HH 27 million HH 40^ million HH Reaching TV homes through Cable, Satellite and OTA broadcasts (Over The Air) ^ A government authority-led household
Slide 13: Presence across Major Television Networks
Presence across Major Television Networks US UK Germany & Austria
Slide 14: Complimented by Digital Platforms
Complimented by Digital Platforms Digital Platforms Our Presence Proprietary Digital Platform Mobile Applications www.shoplc.com www.tjc.co.uk www.shoplc.de www.idealworld.tv www.mindfulsouls.com www.rachelgalley.com Third Party Marketplaces Social Retail OTT Platforms
Slide 15: With Huge Growth Potential: TAM of USD 20 bn
With Huge Growth Potential : TAM of USD 20 bn Opportunity size UNITED STATES $14-$15 bn Target customers Value-buying Baby Boomers proposition of $30-$45 UNITED KINGDOM (65+ years) & Gen X (45+ years) $2-$2.5 bn GERMANY & AUSTRIA ~$3 bn Widest product range comprising ~30,000 SKUs Statista, Marketre
Slide 16: Vertically Integrated Supply Chain: Jaipur
Vertically Integrated Supply Chain Leveraging Global Jewellery Manufacturing Hub: Jaipur UK USA Jaipur Germany Global manufacturing hub of Fashion 169,000 sq. ft. Making in India Jewellery & Gemstones Fully-integrated Manufacturing Set-up in Jaipur Production for ‘Western Markets’ Availability of sk
Slide 17: Strong Global Sourcing Base
Vertically Integrated Supply Chain Complemented by a Strong Global Sourcing Base Sourcing Countries ▪ India ▪ Mozambique ▪ China ▪ Germany ▪ Thailand ▪ Italy ▪ Indonesia ▪ Turkey ▪ Tanzania ▪ Poland ▪ Russia ▪ Singapore ▪ Morocco ▪ UAE ▪ Myanmar ▪ Japan ▪ Madagascar ▪ Bangladesh ▪ Bolivia ▪ Philippi
Slide 18: Constantly Reimagining Growth Through New Designs & Products
Constantly Reimagining Growth Through New Designs & Products Fashion Jewellery & Gemstones Life-Style Products Lab Grown Diamond Jewellery Hanabi Cut Ring Detangler Hair-Brush Walking Cane (Retractable Bristle Technology) • ~14K-15K new jewellery designs launched annually • A rich product basket of
Slide 19: Innovation Focused
‘Innovation’ Focused 62,000+ 6,800+ 2,700+ Ideas Generated Ideas Approved Products sold 61,000+ 4,700+ Ideas Proposed to Buyers Orders Placed Global Search Program Crowdsourcing of Ideas Received ‘Design Patent’ Received ‘Design Patent’ A Global product innovation and search From employees, customer
Slide 20: Strengthening Own Brand Portfolio
Strengthening Own Brand Portfolio • Leveraging manufacturing & digital capabilities • Number of brands: 16 • In-house brand’s revenue mix: c.32% of gross B2C sales • Target revenue mix: ~50% by FY27 of gross B2C sales • Strategic brand matrix (price laddering and offering) • Increase repeats and ret
Slide 21: Resulting In
Resulting In
Slide 22: Top decile shareholders' returns since listing
Top decile shareholders’ returns since listing Growing Consistently Parameters (Rs. in crores) CAGR (28 years) Return (x times) Revenue 18% 103 EBITDA 16% 71 Profit After Tax 14% 42 ~21% CAGR in market cap. since listing (~227 times), excluding dividends
Slide 23: R's of Customer Engagement
4 R’s of Customer Engagement TV Products Linear | OTA Registrations & Reach (HH) Acquisitions ^ Deep value proposition 127mn Digital Browsers | Mobile Apps | Market-places | OTT| Social Media 4.1 lakh (TTM) Engrossing Content Enduring relationships Expanding wallet share Retention Repeat Purchases C
Slide 24: Broad Basing Customer Base
Broad Basing Customer Base Unique Customer Base (in 000') 215 220 • Unique customer base at an all-time high- 710 K 204 164 126 • YoY growth of 21% (incl. acquisition) 84 472 478 483 490 452 454 459 • YoY growth of 7% (ex-acquisition) • Healthy ‘spend per customer’ of $859 (excl. acquisition) Q2 FY2
Slide 25: With long term value creation
With long term value creation Cash accretive business model With strong dividend payouts 272 268 237 230 190 176 153 105 127 127 Since FY20 Rs. in crores 90 Profits After Tax 1,084 FY 20 FY 21 FY22 FY23 FY24 FY25 Dividends Paid 586 Impact of one-time planned higher capex Payout Ratio 54% (214) Net P
Slide 26: Broad Based E-tailer
Broad Based E-tailer B2C Revenues by Format B2C Revenues by Product 27% 39% 41% 12% 30% 33% 73% 88% 70% 61% 59% 67% FY18 FY24 FY25 FY18 FY24 FY25 TV revenues Digital revenues Jewellery Lifestyle Jewellery : Fashion Jewellery, Gemstones and Accessories Lifestyle : Home Décor, Beauty & Hair Care, Appa
Slide 27: An update on Germany, Ideal World & Mindful Souls
An update on GERMANY, IDEAL WORLD & MINDFUL SOULS
Slide 28: Germany
Germany Increased TAM (immediate target addressable market) by ~20% Q4 revenue Revenue growth Repeat purchase Euro 6.3 mn by 19% YoY 24 pieces Digital sales mix Maintained Lifestyle Products’ sales mix 30% EBITDA level c.19% breakeven in H2 Revenue (in Euro mn) No. of HH (in mn) 25.7 42 40 40 21.4 2
Slide 29: Ideal World
Ideal World FY25 revenue Gross margin Unique customer £ 21 mn 60%+ 138 K Presence in Transponding on Maintained 27 mn households EBITDA HD networks profitability in H2 (100% penetration) Revenue and New Customers 9.0 200 169 7.0 147 150 120 5.0 97 100 3.0 69 6.3 4.4 4.9 5.1 3.5 50 1.0 (1.0) Q4 FY24
Slide 30: Mindful Souls
Mindful Souls FY25 performance AOV PBT margin Revenue $ 45 7% $ 17 mn Unique customer 107 k Leveraging VGL’s supply chain ➢ Launched 11 new products during FY25 ➢ Introduced ‘Single Item’ boxes, contributing 20% to overall sales ➢ Best selling products also shifted under India’s supply chain ➢ Benef
Slide 31: Emerging Industry Trends
Emerging INDUSTRY TRENDS
Slide 32: Capitalizing Cord Shifting through OTA
Capitalizing Cord Shifting through OTA Our target demographics prefer watching traditional Expanding presence through OTA Pay-TV % of population having TV Total OTA HH in US (age group wise) 86% 23 mn 80% 81% 73% 66% Shop LC’s Presence 65% Low Power Full Power 34% 46% c. 18 mn HH c. 5 mn HH Revenue
Slide 33: Widening Digital Presence: OTT Huge Growth Opportunity
Widening Digital Presence OTT: Huge Growth opportunity In US, OTT’s are projected to be the fastest growing video distribution medium US internet connected device installed base, 2016 to 2026 Live & Interactive Apps Shop LC (US) OTT revenue trend (USD mn) $12.1 $10.5 $7.5 $6.0 $2.2 FY21 FY22 FY23 FY
Slide 34: Being Resilient
Being Resilient 18.0 46.0% Revenue and EBITDA % trends 16.0 • Consistent market share gains across geographies 14.0 36.0% 11.1% 11.5% 12.0 • Disciplined pricing and curated product mix kept 10.0% 9.5% 26.0% 23% 8.7% 8.7% 10.0 8.0% 8.1% 8.3% 8.0% gross margins at 62%+ 16.0% 14% 15% 13% 10% 6.0% 9% 8%
Slide 35: Q4 FY25 Operational & Financial Highlights
Q4 FY25 OPERATIONAL & FINANCIAL HIGHLIGHTS
Slide 36: Financial Highlights – Q4 & FY25 Revenue breakup
Financial Highlights – Q4 & FY25 Revenue breakup Revenue (Rs. Cr) 11.1% Total Revenue 3,380 3,041 7.7% 789 850 Q4 FY24 Q4 FY25 FY24 FY25 Revenue split (Rs. Cr) TV Revenue 7.4% Digital Revenue 14.7% B2B Revenue 30.9% 1,314 166 1,900 1,145 1,769 127 0.5% 14.9% 40.3% 453 456 305 350 44
Slide 37: Financial Highlights – Q4 & FY25 Revenue breakup
Financial Highlights – Q4 & FY25 Revenue breakup Revenue – (Local Currency) Shop LC (US) Shop TJC (UK) 5 years CAGR 5 years CAGR 3% 7% (USD million) (GBP million) 9.7% 1.8% 86.0 221.3 225.2 78.4 1.0% 2.0% 55.9 56.4 20.0 20.4 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 37
Slide 38: Retail Performance Trends – Q4 & FY25
Retail Performance Trends – Q4 & FY25 TV Sales Sales Volume ('000s) 8.3% Average Selling Price US$ 5,911 39.4 37.0 39.1 38.0 5,459 2.6% 1,386 1,422 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Digital Sales Sales Volume ('000s) Average Selling Price US$ 6.3% 4,885 32.3 31.8 4,596 29.9 30
Slide 39: Financials – Q4 & FY25 Performance
Financials – Q4 & FY25 Performance Gross Profit (Rs. Cr) and Margin (%) EBITDA (Rs. Cr) and Margin( %) Gross EBITDA 62.7% 62.1% 62.0% 63.1% 8.1% 8.3% 9.7% 9.4% margin (%) margin (%) 13.1% 7.5% 2,133 295 317 1,885 10.8% 6.7% 495 528 64 71 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 PA
Slide 40: EBITDA Margin Walk
EBITDA Margin Walk % to Particulars Remarks revenue EBITDA Q4 FY24 8.1% Gross margin 0.6% Product mix to match the consumer demand Digital marketing 2.8% Investments in scaling digital business Shipping cost 1.1% Operational efficiencies and contracts renegotiation Employee cost 2.5% Rationa
Slide 41: Financial Performance Trends
FINANCIAL PERFORMANCE Trends
Slide 42: Financial Performance Trends
Financial Performance Trends Revenue Breakdown – (Rs. crore) 5 years CAGR: 11% 3,380 3,041 2,540 2,752 2,691 1,986 FY20 FY21 FY22 FY23 FY24 FY25 Fashion Jewelry, Accessories & Lifestyle Products (Rs. Crore) 5 years CAGR: 8% 5 years CAGR: 16% 5 years CAGR: 19% TV Revenue B2B Revenue 1,900 Digital Rev
Slide 43: Retail Performance Trends
Retail Performance Trends TV Sales Sales Volume ('000s) Average Selling Price US$ 7,837 38.0 39.1 38.0 6,998 32.6 6,070 5,911 29.9 27.7 5,331 5,459 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Digital Sales Sales Volume ('000s) Average Selling Price US$ 5,409 5,477 30.1 31.8 4,596 4,8
Slide 44: Financials – Financial Performance
Financials – Financial Performance Shareholders’ Equity (Rs. Cr) Fixed assets including intangibles (Rs. Cr) 1,350 622 1,203 1,258 576 1,127 511 964 494 751 163 192 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Net Debt* (Rs. Cr) Net Assets^ (Rs. Cr) FY20 FY21 FY22 FY23 FY24 FY25 604 5
Slide 45: Financial Performance – Trends & Ratios
Financial Performance – Trends & Ratios Operating Cash flow (Rs. Cr) Free Cash Flow (Rs. Cr) 268 324 230 274 176 211 127 162 126 90 86 (214) FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 ROE (TTM) ROCE (TTM) 32% 61% 26% 23% 46% 31% 10% 12% 9% 19% 19% 14% FY20 FY21 FY22 FY23 FY24 FY25 F
Slide 46: Annexures
ANNEXURES
Slide 47: Digital Commerce Markets
Digital Commerce Markets Industry Trends US UK US 27.8% 30.9% Consumer sentiments turning positive 15.4% 16.1% 26.5% 26.6% 27.1% 26.3% 26.3% 14.0% 14.6% 14.5% 11.0% 19.1% UK Recovery remains gradual as spending stays cautious 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Q4 Q4 FY24 FY2
Slide 48: Sustainability Initiatives
Sustainability Initiatives ENERGY Solar 3.68 mw Solar power capacity Generated 20.0 Mn kWh units since inception WATER EV BIODIVERSITY 1,100 KL WASTE 184 two-wheelers & 4 four-wheelers for 3 Rainwater Storage Tanks employees’ commute. Replaced 12 buses c.28,000 100% till date Conversion of bio-degra
Slide 49: Growth With Responsibility
Growth With Responsibility ▪ Till date Served 100 million meals to underprivileged children through flagship One for One Program, ‘Your Purchase Feeds…’ ▪ Local charity partners ✓ Akshaya Patra in India ✓ No Kid Hungry and Backpack Friends in US ✓ Magic Breakfast & Felix Project in UK ▪ Serving ~57k
Slide 50: Robust Corporate Governance
Robust Corporate Governance Dividend Payout Policy FY25 ~ Rs. 100 crores ▪ 20-30% of consolidated free cash flows ▪ Balance between resource conservation and Annual dividend (65% Payout) shareholder reward (including interim and final dividend proposed in Q4 FY25) Statutory Auditors Credit Rating Lo
Slide 51: Awards & Accolades
Awards & Accolades IGJA: HIGHEST EXPORTER OF CUT BEST TECHNOLOGY & POLISHED COLOURED IMPLEMENTATION OF THE YEAR LEED’S PLATINUM & GOLD CERTIFICATION GEMSTONES (FY24) from UBS Forums EXCELLENCE IN SUSTAINABILITY ICSI NATIONAL AWARD India, US, UK, Germany & by Indo-American Chamber ‘NET ZERO ENERGY BU
Slide 52: Shareholding Pattern as on 31st March 2025
Shareholding Pattern as on 31st March 2025 Key Shareholders Holding (in %) Shareholding Pattern Nalanda India Fund Limited 7.6% 21.23% Promoter & Promoter Malabar India Fund Limited 6.8% Group 2.03% Foreign Institutions (FPI, FII) Vijay Kedia 2.0% & NRI Domestic Instititions (MF Vanguard 1.3% 0.85%
Slide 53: Vaibhav Global Limited
Company Investor Relations Advisors Vaibhav Global Limited Adfactors PR Pvt. Ltd. Nitin Panwad, Amit Sharma Group CFO Amit.Sharma@adfactorspr.com Nitin.panwad@vglgroup.com Nishita and Shrusti VAIBHAV GLOBAL LIMITED Prashant Saraswat shrusti.jain@adfactorspr.com, Head-Investor Relations nishita.bhatt