Vedant Fashions (MANYAVAR) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 retail sales reached INR 561 crore, up 7.8% year-over-year, with SSG at 4.6%.

• FY26 retail sales crossed INR 2,000 crore (Rs. 20 billion), growing 6.1% over FY25; SSG for the year was 2.7%.

• Strategic focus on customer experience, retail training, data-driven merchandising, and omnichannel integration drove performance.

• Audited financial results for FY26 were approved with an unmodified opinion; a final dividend of INR 7.75 per share was recommended, pending AGM approval.

• Robust marketing initiatives, including celebrity campaigns and digital content, significantly boosted brand visibility and engagement.

Financial highlights

• Q4 FY26 revenue from operations was INR 399 crore (INR 3,994 mn), up 8.7% year-over-year; FY26 revenue was INR 1,436 crore (INR 14,355 mn), up 3.5% year-over-year.

• Q4 gross margin was 65%, EBITDA margin 45.6%, and PAT margin 28.6%; PAT stood at INR 114 crore (INR 1,143 mn), up 13%.

• FY26 gross margin was 65.7%, EBITDA margin 44.3%, and PAT margin 26.2%; PAT was INR 376 crore (INR 3,705.05 mn).

• Cash conversion ratio for FY26 was 98%.

• Net cash generated from operating activities in FY26 was INR 4,814 mn.

Outlook and guidance

• Focus remains on driving SSG through improved footfalls, conversion rates, and higher ASPs.

• Gross store openings to remain stable; emphasis on quality over quantity in new store additions.

• Input cost inflation expected to have minimal impact due to low fabric cost share; gross margin to remain stable.

• GST changes impacted margins and sales gap, but normalization expected in the coming year.

• The company continues to monitor regulatory changes, particularly regarding new labour codes, and will adjust accounting as necessary.