Vaibhav Global Ltd. · NSE:VAIBHAVGBL
Vaibhav Global — Q3 FY26 Earnings Presentation
22 slides from Vaibhav Global's earnings presentation, Jan 28, 2026
Slide 1: Vaibhav Global Limited exchange filing cover letter
VAIBHAV GLOBAL LIMITED Ref: VGL/CS/2026/10 Date: 28th January, 2026 National Stock Exchange of India Limited (NSE) 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
Slide 2: Q3 & 9M FY26 Investor Presentation
Q3 & 9M FY26 Investor Presentation
Slide 3: About Us
About Us Vertically-integrated Digital Retailer of Fashion Strong Customer Visibility Jewellery & Lifestyle products • TV Homes accessed (FTE*): ~ 127 mn households • End-to-end B2C business model • Growing digital presence contributing 42%+ to • Presence through proprietary TV channels and Group’s
Slide 4: A Global Retailer on Proprietary TV Channels
A Global Retailer on Proprietary TV Channels Opportunity: Large & Scalable Differentiated Customer Proprietary ‘TV Channels’ TAM of US$ 20bn Proposition UK US: ~$14-$15bn UK: ~$2-$2.5bn Target Customers: Value-Positioning Baby Boomers & Gen X ($30-$45) ➢ Vertically integrated sourcing, merchandising
Slide 5: 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 OTT Platforms Social Retail
Slide 6: Vertically Integrated Supply Chain
Vertically Integrated Supply Chain Strong Global Sourcing Base In-House Manufacturing in India ‘A Global Jewellery Hub’ UK USA Germany India Global manufacturing hub of Fashion Jewellery & Gemstones Availability of skilled manpower 170,000 sq. ft. Sourcing Base Fully-integrated Manufacturing Set-up
Slide 7: Constantly Reimagining Growth Through New Designs & Products
Constantly Reimagining Growth Through New Designs & Products Fashion Jewellery & Gemstones Life-Style Products • ~14k-15k new jewellery designs launched annually • A rich product basket of ~5k unique SKUs • In-house testing lab and manufacturing • Facilitated by innovation & global sourcing base of
Slide 8: Strengthening Own Brand Portfolio
Strengthening Own Brand Portfolio Leveraging manufacturing & digital capabilities ➢ 16 brands across categories and markets ➢ Achieved ~48% of gross B2C sales from in-house brands in Dec. Quarter ➢ Target: ~50% of gross B2C sales by FY27 ➢ Strategic brand matrix focused on price laddering and custom
Slide 9: R's of Customer Engagement
4 R’s of Customer Engagement TV Innovation Led Product Variety Linear | OTA Registrations & Reach (HH) Acquisitions ^ Deep Value Proposition Digital 127mn Websites | Mobile Apps | Market-places | OTT| Social Media 3.8 lakh (TTM) Engrossing Live Content Enduring relationships Expanding wallet share R
Slide 10: Unique Customers and Broad Based E-tailer
Unique Customers and Broad Based E-tailer Unique Customer Base (in 000') 710 698 706 706K 2% 497 461 585 Unique Customer YoY growth Base (TTM basis) FY22 FY23 FY24 FY25 Dec-24 Dec-25 TTM TTM B2C Revenues by Format B2C Revenues by Geography Budget Pay (% to B2C Revenues) B2C Revenues by Product 22% 3
Slide 11: Q3 FY26 Highlights
Q3 FY26 Highlights Revenue EBITDA Net Cash Positive 1,066cr 13.2% 213cr 9.1% YoY 26% YoY 101% YoY Quarterly update: Strong Cashflows: Unique customer base 3rd interim dividend • GPTW®: Globally Certified Revenue: Rs. 1,066cr OCF: Rs. 160cr (+105% YoY) ~706k Rs. 1.50/- share • ICRA ESG ‘Strong: ‘73’
Slide 12: Financial Highlights – Q3 Segment Results
Financial Highlights – Q3 Segment Results Quarter YTD Rs. in crores 31 Dec 2025 31 Dec 2024 Change % 31 Dec 2025 31 Dec 2024 Change % Segment Revenue Retail Channels: a) United States of America 593 545 8.7% 1,532 1,417 8.1% b) United Kingdom 301 278 8.2% 779 707 10.2% c) Europe 118 104 14.0% 298 28
Slide 13: Financial Highlights – Q3 FY26 Revenue breakup
Financial Highlights – Q3 FY26 Revenue breakup Revenue split (Rs. Cr) TV Revenue Digital Revenue 7.7% 11.2% 589 423 547 380 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 TV Digital Sales Volume ('000s) Average Selling Price US$ Sales Volume ('000s) Average Selling Price US$ 1,737 1,710 37.2 38.6 38.1 1,387 32
Slide 14: Strong Cash Generation and Returns Profile
Strong Cash Generation and Returns Profile Free Cash Flow (Rs. Cr) Net Debt (Rs. Cr) FY20 FY21 FY22 FY23 FY24 FY25 9M FY26 268 230 176 127 143 (103) 90 (178) (167) (170) (194) (213) (214) (387) FY20 FY21 FY22 FY23 FY24 FY25 9M FY26 ROE (TTM) ROCE (TTM) 32% 61% 26% 23% 46% 15% 31% 10% 12% 21% 9% 19%
Slide 15: Financial Highlights – Q3 FY26 Revenue breakup
Financial Highlights – Q3 FY26 Revenue breakup Revenue – Local Currency Shop LC Shop TJC (US) (UK) (US$ mn) (GBP mn) 3.0% 1.8% 64.6 66.5 25.6 25.2 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26
Slide 16: Germany
Germany Increased TAM (immediate target addressable market) by ~20% Presence in 37mn HH (95% penetration) Q3 FY26 revenue Gross Margins Repeat purchase Euro 7.9mn ~66% 27 pieces Digital sales mix Q3 EBITDA Margin Lifestyle Products’ sales mix ~26% 6% ~28% Revenue (in Euro mn) 25.7 ➢ Better product m
Slide 17: Ideal World & Mindful Souls
Ideal World & Mindful Souls Ideal World Mindful Souls Q3 FY26 revenue Unique customer (TTM) Profitability Revenue Unique customer (TTM) Profitability Sustained Strong Improving Unit £ 7.1mn 142k* $ 4.0mn 106k EBITDA Margins Economics Revenue and New Customers 35.0 233 250 Quarterly Updates New Custo
Slide 18: EBITDA Margin Walk
EBITDA Margin Walk % to Particulars Remarks revenue EBITDA Q3 FY25 11.5% Gross margin 1.7% Better realisation and cost efficiencies Digital marketing 1.8% Sustained investments towards strengthening digital businesses Airtime 0.6% Impact of operating leverage Employee cost 1.2% Improved effi
Slide 19: Growth With Responsibility
Growth With Responsibility Environmental Stewardship Social Impact At Scale ~37,000 saplings planted Developed 2 Miyawaki forests 109+ mn Meals served till date 3.68 MW solar | 23.7mn kWh units 184 EV two-wheelers, 3 EV cars Through flagship meals programme- 12 buses replaced your purchase feeds… 10
Slide 20: Robust Corporate Governance
Robust Corporate Governance 9M FY26 ~ Rs. 75cr ICSI NATIONAL AWARD LEED’S PLATINUM & GOLD CERTIFICATION for Excellence in Corporate Governance Dividend Payout: 43% (9M FY26) Dividend Payout Policy ▪ 20-30% of consolidated free cash flows IGJA: HIGHEST EXPORTER OF EXCELLENCE IN SUSTAINABILITY CUT & P
Slide 21: Key Shareholders Holding (%)
Shareholding Pattern as on 31st December 2025 Shareholding Pattern Key Shareholders Holding (%) Nalanda India Fund Limited 7.6% 21.15% Promoter & Promoter Malabar India Fund Limited 6.2% Group 2.02% Foreign Institutions (FPI, FII) & NRI Vijay Kedia 2.0% Domestic Instititions (MF 1.67% and AIF) Vangu
Slide 22: Vaibhav Global Limited Contact and Investor Relations
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