Vaibhav Global Ltd. · NSE:VAIBHAVGBL
Vaibhav Global — Q2 FY26 Earnings Presentation
40 slides from Vaibhav Global's earnings presentation, September 2025
Slide 1: Q2 FY26 Investor Presentation
Q2 FY26 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: Q2 FY26 Highlights
Q2 FY26 Highlights 10.2% YoY 71% YoY Rs. 156 cr. ₹ Revenue Growth PAT Growth Net Cash Positive Quarterly sales: Strong Cashflows: Highest ever unique Declared 2nd interim • GPTW®: Globally Certified Rs. 877 crores OCF: Rs. 66 crores customer base of ~714 k, dividend of Rs. 1.50/- share • ICRA ESG ‘S
Slide 4: Table of Contents
Table of Contents 05 09 Company Overview Business Overview 24 27 An Update on Germany, Ideal Operational & Financial World & Mindful Souls Highlights 32 35 Financial Performance Annexures Trends
Slide 5: Company Overview
Company Overview
Slide 6: 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 7: 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 8: 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. Sab
Slide 9: Business Overview
Business Overview
Slide 10: A Global Retailer on Proprietary TV Channels
A Global Retailer on Proprietary TV Channels Capitalizing Cord Shifting through OTA Proprietary ‘TV Channels’ Our target demographics prefer watching Expanding presence through OTA traditional Pay-TV Total OTA HH in US 23mn HH ~ % of population having TV (age group wise) Shop LC’s Presence 86% Prima
Slide 11: Presence across Major Television Networks
Presence across Major Television Networks US UK Germany & Austria
Slide 12: 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 13: Expanding Digital Horizons: OTT as a Scalable Opportunity
Expanding Digital Horizons: OTT as a Scalable 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 sales trend (USD mn) $12.1 $10.5 $9.2 $7.5 $6.0 $2.2 FY21 FY22 F
Slide 14: TAM of USD 20 bn: A Huge Growth Opportunity
TAM of USD 20 bn: A Huge Growth Opportunity 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 15: Vertically Integrated Supply Chain
Vertically Integrated Supply Chain Strong Global Sourcing Base In-House Manufacturing in Jaipur A Global Jewellery Hub UK USA Germany Jaipur Global manufacturing hub of Fashion Jewellery & Gemstones Availability of skilled manpower 170,000 sq. ft. Sourcing Base Fully-integrated Manufacturing Set-up
Slide 16: 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 ~5000 unique SKUs • In-house testing lab and manufacturing • Facilitated by innovation & global sourcing base o
Slide 17: 'Innovation' Focused
‘Innovation’ Focused 72,000+ 7,100+ 3,000+ Ideas Generated Ideas Approved Products sold 63,000+ 5,000+ 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 18: Strengthening Own Brand Portfolio
Strengthening Own Brand Portfolio Leveraging manufacturing & digital capabilities ➢ 16 brands across categories and markets ➢ ~41% of gross B2C sales from in-house brands ➢ Target: ~50% of gross B2C sales by FY27 ➢ Strategic brand matrix focused on price laddering and customer offering ➢ Enhancing r
Slide 19: Resulting In
Resulting In
Slide 20: Top Decile Shareholders' Returns & Strong Cashflows
Top Decile Shareholders’ Returns & Strong Cashflows 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 With Strong Cash Generation Robust Payouts 272 268 237 230 19
Slide 21: R's of Customer Engagement
4 R’s of Customer Engagement TV Registrations & Products Reach (HH) Linear | OTA Acquisitions ^ Deep value proposition Digital 127mn Websites | Mobile Apps | Market-places | OTT| Social Media 3.8 lakh (TTM) Engrossing Content Enduring relationships Expanding wallet share Retention Repeat Purchases C
Slide 22: Steady Growth in Unique Customers
Steady Growth in Unique Customers Unique Customer Base (in 000') 714K Unique Customer Base (all-time high) 710 714 585 5% 497 YoY growth 461 $862 Spend per customer FY22 FY23 FY24 FY25 H1 FY26
Slide 23: Broad Based E-tailer
Broad Based E-tailer B2C Revenues by Format B2C Revenues by Product 33% 41% 42% 22% 33% 36% 67% 78% 67% 64% 59% 58% FY20 FY25 H1 FY26 FY20 FY25 H1 FY26 TV revenues Digital revenues Fashion Jewellery Lifestyle Products Jewellery : Fashion Jewellery, Gemstones and Accessories Lifestyle : Home Décor, B
Slide 24: An update on Germany, Ideal World & Mindful Souls
An update on GERMANY, IDEAL WORLD & MINDFUL SOULS
Slide 25: Germany
Germany Increased TAM (immediate target addressable market) by ~20% Presence in 37 mn HH (95% penetration) Q2 FY26 revenue Gross Margins Repeat purchase Euro 6.4 mn +410 bps YoY 25 pieces Digital sales mix Profitability Lifestyle Products’ sales mix 22% To be EBITDA ~27% positive in FY26 Germany: Sa
Slide 26: Ideal World & Mindful Souls
Ideal World & Mindful Souls Ideal World Mindful Souls Q2 FY26 Performance Q2 FY26 revenue Gross margin Unique customer AOV Unique customer Revenue £ 6.1 mn 60%+ 143 K* Presence in Transponding on Maintained $ 44 104 k $ 3.4 mn EBITDA 27 mn households HD networks profitability in Q2 (100% penetration
Slide 27: Q2 FY26 Operational & Financial Highlights
Q2 FY26 OPERATIONAL & FINANCIAL HIGHLIGHTS
Slide 28: Financial Highlights – Q2 FY26 Revenue breakup
Financial Highlights – Q2 FY26 Revenue breakup Revenue (Rs. Cr) Total Revenue 10.2% 877 796 Q2 FY25 Q2 FY26 Revenue split (Rs. Cr) TV Revenue Digital Revenue B2B Revenue 17.3% 6.7% 14.3% 54 487 336 46 456 294 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Note: B2B has been non-core and opp
Slide 29: Financials – Q2 FY26 Performance
Financials – Q2 FY26 Performance TV Sales Digital Sales Sales Volume ('000s) Average Selling Price US$ Sales Volume ('000s) Average Selling Price US$ 1,518 38.9 36.6 34.7 1,400 31.5 1,117 1,104 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Gross Profit (Rs. Cr) and Margin (%) EBITD
Slide 30: EBITDA Margin Walk
EBITDA Margin Walk % to Particulars Remarks Revenue EBITDA Q2 FY25 8.7% Shipping cost 0.3% Operational efficiencies Employee cost 1.6% Productivity improvement and operating leverage Airtime cost 0.4% Operating leverage Digital Marketing 1.1% Sustained investments in scaling the digital busi
Slide 31: Outlook
Outlook ➢ Short term disruptions give way to long term growth • Consistent product expansion across Fashion Jewellery and Lifestyle Products • New Airtime agreements to boost reach ➢ Deepening market penetration and customer engagement • Digital businesses to expand reach & convenience • Leveraging
Slide 32: Financial Performance Trends
FINANCIAL PERFORMANCE Trends
Slide 33: 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 1,552 1,691 FY20 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 Fashion Jewelry, Accessories & Lifestyle Products (Rs. Crore) 5 years CAGR: 8% 5 years CAGR: 16% 5 years CAGR: 19% TV Revenue B
Slide 34: 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 H1 FY26 268 230 176 127 (103) 90 (178) (167) (170) (156) 56 (194) (214) (387) FY20 FY21 FY22 FY23 FY24 FY25 H1 FY26 ROE (TTM) ROCE (TTM) 32% 61% 26% 23% 46% 31% 12% 13% 9% 10% 19% 19%
Slide 35: Annexures
ANNEXURES
Slide 36: Sustainability Initiatives
Sustainability Initiatives WASTE BIODIVERSITY 100% ~28,000 ENERGY Conversion of bio-degradable waste into manure Saplings planted Solar 3.68 mw 3,600 Kg for developing 2 Miyawaki Forests Solar power capacity Generated 22.6 Mn kWh units E-waste recycled till date WATER since inception ~9,000 1,100 KL
Slide 37: Growth With Responsibility
Growth With Responsibility ▪ Till date served 106+ million meals to underprivileged children through flagship mid-day meals programme- ‘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
Slide 38: Robust Corporate Governance
Robust Corporate Governance H1 FY26 ~ Rs. 50 crores ICSI NATIONAL AWARD LEED’S PLATINUM & GOLD CERTIFICATION for Excellence in Corporate Governance Dividend Payout: 59% (H1 FY26) Dividend Payout Policy ▪ 20-30% of consolidated free cash flows IGJA: HIGHEST EXPORTER OF EXCELLENCE IN SUSTAINABILITY CU
Slide 39: Shareholding Pattern as on 30th September 2025
Shareholding Pattern as on 30th September 2025 Key Shareholders Holding (in %) Shareholding Pattern Nalanda India Fund Limited 7.6% 20.88% Promoter & Promoter Malabar India Fund Limited 6.4% Group 2.02% Foreign Institutions (FPI, FII) Vijay Kedia 2.0% & NRI Domestic Instititions (MF Vanguard 1.3% 1.
Slide 40: 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