Vaibhav Global Ltd. · NSE:VAIBHAVGBL
Vaibhav Global — Q1 FY26 Earnings Presentation
54 slides from Vaibhav Global's earnings presentation, June 2025
Slide 1: Q1 FY26 Investor Presentation
Q1 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: MD's Message
The June quarter unfolded in a mixed global environment, with consumer sentiment varying across markets but showing signs of recovery towards the quarter-end. We reported Q1 revenue of ₹814 crores, growing 8% YoY. Gross margin remained strong at 63.8%. Our vertically integrated global supply chain e
Slide 4: Q1 FY26 Highlights
Q1 FY26 Highlights 8% YoY 37% YoY Rs. 174 cr. ₹ Revenue Growth PAT Growth Net Cash Positive Quarterly sales: • GPTW®: India, US, UK, Germany Strong Cashflows: Highest ever unique Recommended first Rs. 814 crores and China OCF: Rs. 22 crores customer base of ~713 k, dividend of Rs. 1.50/- 8% YoY • IC
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. Asw
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 63 million HH 27 million HH 37^ 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, Market
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: Vertically Integrated Supply Chain: 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 • ~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 19: 'Innovation' Focused
‘Innovation’ Focused 67,000+ 6,900+ 2,760+ Ideas Generated Ideas Approved Products sold 61,590+ 4,800+ 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: ~36% of gross B2C sales • Target revenue mix: ~50% by FY27 of gross B2C sales • Strategic brand matrix (price laddering and offering) • Increase repeats and rete
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 Digital 127mn Websites | Mobile Apps | Market-places | OTT| Social Media 4.0 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') 215 220 230 • Unique customer base at an all-time high- 713 K 204 164 126 • YoY growth of 12% 84 472 478 483 490 483 452 454 459 • Healthy ‘spend per customer’ of $888 (excl. acquisition) Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 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 38 15 Profits After Tax 1,122 FY 20 FY 21 FY22 FY23 FY24 FY25 Q1 FY26 Dividends Paid 611 Impact of one- time planned higher capex Payout Ratio
Slide 26: Broad Based E-tailer
Broad Based E-tailer B2C Revenues by Format B2C Revenues by Product 33% 41% 43% 22% 33% 36% 67% 78% 67% 64% 59% 57% FY20 FY25 Q1 FY26 FY20 FY25 Q1 FY26 TV revenues Digital revenues Fashion Jewellery Lifestyle Products Jewellery : Fashion Jewellery, Gemstones and Accessories Lifestyle : Home Décor, B
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% Q1 FY26 revenue Revenue growth Repeat purchase Euro 5.7 mn 7.2% YoY 25 pieces Digital sales mix Profitability Lifestyle Products’ sales mix 30% To be EBITDA ~26% positive in FY26 No. of HH (in mn) Revenue (in Euro mn) (95% penetrati
Slide 29: Ideal World
Ideal World Q1 FY26 revenue Gross margin Unique customer £ 5.3 mn 60%+ 140 K* Presence in Transponding on Maintained 27 mn households EBITDA HD networks profitability in Q1 (100% penetration) Revenue and New Customers 9.0 250 191 7.0 169 200 147 5.0 120 150 97 3.0 69 6.3 5.3 100 4.4 4.9 5.1 3.5 1.0
Slide 30: Mindful Souls
Mindful Souls Q1 FY26 Performance AOV PBT margin Revenue $ 46 7% $ 3.6 mn Unique customer 105 k Quarterly Updates ➢ Short-term impact owing to product mix change ➢ Launched 7 new products during Q1 FY26
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 Pay-TV Expanding presence through OTA % of population having TV Total OTA HH in US (age group wise) 86% ~ 23mn HH 80% 81% 73% 66% Shop LC’s Presence 65% Low Power Full Power 34% 46% ~ 15*mn HH ~12*mn HH Revenu
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 $4.8 $2.2 FY21 FY22 FY
Slide 34: Being Resilient
Being Resilient 18.0 46.0% Revenue and EBITDA % trends • Continue to deliver market share gains across 16.0 14.0 36.0% geographies 11.1% 11.5% 12.0 10.0% 9.5% 9.2% • Disciplined pricing enabled sustain gross margins 26.0% 23% 8.1% 8.7% 8.7% 8.3% 10.0 8.0% 16.0% 14% 15% at 63%+ in volatile macro envi
Slide 35: Q1 FY26 Operational & Financial Highlights
Q1 FY26 OPERATIONAL & FINANCIAL HIGHLIGHTS
Slide 36: Financial Highlights – Q1 FY26 Revenue breakup
Financial Highlights – Q1 FY26 Revenue breakup Revenue (Rs. Cr) Total Revenue 8.0% 756 814 Q1 FY25 Q1 FY26 Revenue split (Rs. Cr) TV Revenue 80 B2B Revenue Digital Revenue 13.8% 60 54.3% 1.0% 329 41 440 444 289 40 27 20 - Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Note: B2B has been non
Slide 37: Financial Highlights – Q1 FY26 Revenue breakup
Financial Highlights – Q1 FY26 Revenue breakup Revenue – (Local Currency) Shop LC (US) Shop TJC (UK) 5 years CAGR 5 years CAGR 1.1% 2.8% (USD million) (GBP million) 1.3% 53.2 53.9 2.3% 19.2 19.6 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 37
Slide 38: Retail Performance Trends – Q1 FY26
Retail Performance Trends – Q1 FY26 TV Sales Sales Volume ('000s) Average Selling Price US$ 0.6% 39.1 38.8 1,351 1,343 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Digital Sales Sales Volume ('000s) Average Selling Price US$ 1.4% 33.8 1,124 1,139 30.8 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26
Slide 39: Financials – Q1 FY26 Performance
Financials – Q1 FY26 Performance Gross Profit (Rs. Cr) and Margin (%) EBITDA (Rs. Cr) and Margin( %) Gross 66.1% 63.8% EBITDA 8.7% 9.2% margin (%) margin (%) 13.4% 3.9% 75 65 500 519 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 PAT (Rs. Cr) and PAT Margin (%) EPS (Rs.) PAT 3.6% 4.6% margin (%) 37.1% 38 27
Slide 40: EBITDA Margin Walk
EBITDA Margin Walk % to Particulars Remarks revenue EBITDA Q1 FY25 8.7% Strong GM at 63.8%- above traditional levels, below last year’s Gross margin 1.6%* peak of 65.3% Shipping cost 0.6% Operational efficiencies Employee cost 0.8% Headcount rationalisation Airtime cost 0.8% Operating levera
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 1,986 756 814 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 Fashion Jewelry, Accessories & Lifestyle Products (Rs. Crore) 5 years CAGR: 8% 5 years CAGR: 16% 5 years CAGR: 19% TV Revenue B2B R
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 39.1 38.8 6,998 32.6 6,070 5,911 29.9 27.7 5,331 5,459 1,351 1,343 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 Digital Sales Sales Volume ('000s) Ave
Slide 44: Financials – Financial Performance
Financials – Financial Performance Shareholders’ Equity (Rs. Cr) Fixed assets including intangibles (Rs. Cr) 1,350 1,410 622 1,203 1,258 576 567 1,127 511 964 494 751 163 192 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 Net Debt* (Rs. Cr) Net Assets^ (Rs. Cr) FY20 FY21
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 22 15 (214) FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 ROE (TTM) ROCE (TTM) 32% 61% 26% 23% 46% 31% 10% 12% 12% 9% 19% 19% 19% 14% F
Slide 46: Annexures
ANNEXURES
Slide 47: Digital Commerce Markets US UK
Digital Commerce Markets US Customer retention remained stable, despite Industry Trends macro uncertainty. US UK Market remained cautious on discretionary 30.9% spend. 27.8% 15.4% 16.1% 16.20% 26.5% 26.6% 27.1% 26.4% 14.0% 14.6% 14.5% Market share improved owing to proactive 26.3% 11.0% 19.1% invent
Slide 48: Sustainability Initiatives
Sustainability Initiatives ENERGY Solar 3.68 mw Solar power capacity Generated 21.4 Mn kWh units since inception WATER EV BIODIVERSITY 1,100 KL 3 Rainwater Storage Tanks WASTE 184 two-wheelers & 4 four-wheelers for employees’ commute. Replaced 12 28,000 100% buses till date Conversion of bio-degrada
Slide 49: Growth With Responsibility
Growth With Responsibility ▪ Till date served 103 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 50: Robust Corporate Governance
Robust Corporate Governance Dividend Payout Policy Q1 FY26 ~ Rs. 25 crores ▪ 20-30% of consolidated free cash flows ▪ Balance between resource conservation and First interim dividend (66% Payout) shareholder reward Statutory Auditors Credit Rating Long-term Credit Rating Short-term Combined ESG Rati
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 30th June 2025
Shareholding Pattern as on 30th June 2025 Key Shareholders Holding (in %) Shareholding Pattern Nalanda India Fund Limited 7.6% 21.35% Promoter & Promoter Malabar India Fund Limited 6.5% Group 2.03% Foreign Institutions (FPI, FII) Vijay Kedia 2.0% & NRI Domestic Instititions (MF Vanguard 1.3% 0.91% a
Slide 53: Outlook
Outlook ➢ Short term disruptions give way to long term growth • Continued product expansion across Fashion Jewellery and Lifestyle products • New airtime agreements to boost reach (eg. DISHTV & Comcast in the US) ➢ Focused on deepening market penetration and customer engagement • Expanding digital b
Slide 54: 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