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Vaibhav Global
Our verdict on Vaibhav Global isn’t the consensus take — see where we landed, and the one risk the bull case glosses over.
See the verdict — free →Does management do what it says?
Germany operations achieved EBITDA breakeven in Q3 FY25, which falls within H2 FY25. (4 met, 1 missed across 5 tracked commitments)
“We expect a robust performance in FY '25 and achieve 14% to 17% revenue growth with strong operating leverage.”
Digital sales contributed 43% of B2C sales in Q1 FY26, remaining on track for the 50% target by FY27. (1 in progress across 1 tracked commitment)
“We are on path to achieve 50% sales mix from digital businesses by FY ‘27.”
See the full cited Management analysis of Vaibhav Global
How durable is the business?
TV revenue grew to Rs. 1,900 crores in FY25 from Rs. 1,769 crores in FY24, showing steady growth. (1 expanding)
“TV Revenue: 1,769 (FY24) to 1,900 (FY25)”
Digital revenue grew to Rs. 1,314 crores in FY25 from Rs. 1,145 crores in FY24, maintaining a strong growth trajectory. (5 expanding)
“Digital Revenue: 1,145 (FY24) to 1,314 (FY25)”
See the full cited Business Model analysis of Vaibhav Global
Where does growth come from?
OTT sales showed strong growth through FY25 but experienced a decline in H1 FY26, indicating a potential reversal or seasonal fluctuation. (1 reversing, 4 steady across 5 signals)
“Digital contribution was 42% of B2C revenue, and we remain on track to reach 50% digital contribution by end of FY '27.”
Lab-grown diamonds have scaled rapidly to 8.9% of quarterly sales, up from 0.2% a year ago, showing strong acceleration. (4 accelerating, 1 new trend across 5 signals)
“Yes. LGD is now double digit, roughly around 10.7% of our retail revenue. And average selling price is roughly around $250 for lab grown.”
See the full cited Future Growth analysis of Vaibhav Global
What could break the thesis?
The company reported 10.2% YoY revenue growth in Q2 FY26, suggesting an easing of demand pressures compared to previous periods. (1 easing, 1 stable, 1 high-severity)
“Due to softness in overall consumer confidence, combined with steeply higher precious metal prices, consumer deferred their purchases. This had a direct impact on core TJC's growth.”
TV revenue showed modest growth of 1% year-over-year, indicating continued pressure on volume-based growth in the TV segment. (1 stable, 1 easing, 1 intensifying)
“I have few questions quarterly sales volume for TV declined from 1.74 million to 1.71 million units and digital volume dropped.”
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