Vaibhav Global's margins hit double digits for the first time in three years
A strong Q4 showed revenue up 10%, EBITDA up 36%, and in-house brands hitting their target a year early. The German unit turned profitable.
— 2 earlier stories on Vaibhav Global Ltd. →What's new
- Q4 revenue rose 10% to ₹935 cr; EBITDA jumped 36% to ₹96 cr, restoring double-digit margins.
- In-house brands reached 53% of B2C sales, hitting the FY27 target a year early.
- German operations turned profitable; net cash jumped 74% to ₹296 cr.
Why this matters
The profit growth outpacing revenue growth is the key story. It signals a real structural shift in the business, not just top-line momentum. In-house brands now drive more than half of B2C sales, which typically carry better margins. The profitability of the German unit removes a drag on the consolidated P&L.
What we're watching
- Whether the double-digit margin is sustainable in the next fiscal year.
- The pace of digital channel growth beyond the 44% mix.
- How the German business scales after turning profitable.
The full read
Vaibhav Global delivered its best quarter in three years. Revenue rose 10% to ₹935 crore, but EBITDA jumped 36% to ₹96 crore, pushing margins back into double digits. The profit engine is the brand mix: in-house brands now account for 53% of B2C sales, hitting a target originally set for FY27 a full year early. That shift carries better economics. The other turning point is geography. The German operations, once a drag, turned profitable in the quarter. The net cash position also strengthened, up 74% to ₹296 crore, removing balance-sheet risk. A ₹1.50 per share final dividend was proposed. The results are a clear statement that the company's investment in private labels and international operations is finally paying off.
Questions answered
- What drove the big jump in EBITDA compared to revenue growth?
- The 36% EBITDA surge to ₹96 crore versus 10% revenue growth points to a significant margin expansion. The key driver was likely the mix shift toward higher-margin in-house brands, which now make up 53% of B2C sales.
- What does it mean that the German operations turned profitable?
- It means the company's investment in its international business has started to pay off. A previously loss-making segment contributing positively will directly boost future consolidated profit growth.
- How does the company's cash position look?
- The net cash position strengthened 74% to ₹296 crore. This gives the company a solid balance sheet for funding future growth without needing to raise external capital.
- What is the dividend payout?
- The company recommended a final dividend of ₹1.50 per share. This represents a 27% payout ratio based on the ₹44 crore PAT.
Vaibhav Global Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on VAIBHAVGBL →- 22 May 2026 · 2:50 AM IST Vaibhav Global's margins hit double digits for the first time in three years
- 45d ago Vaibhav Global pares growth targets as US, UK retail headwinds persist
- 45d ago Vaibhav Global's Q4 presentation adds detail but no new numbers