Vaibhav Global Limited

Consumer Cyclical — Luxury Goods · NSE

₹211.83+₹8.96 (+4.42%)

DalalBaazaar Score

71 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

The 60-second version of Vaibhav Global Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Vaibhav Global Limited, together with its subsidiaries, manufactures and sells fashion jewelry and lifestyle products in India, the United States of America, Canada, the United Kingdom, Germany, the rest of Europe, and internationally.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees1,106

Annual revenue₹3,672 Cr

How does it make money?

Turns over ₹3,672 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation. Each of its 1,106 employees supports ₹3.32 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin10.3%

Net margin7.2%

Revenue / employee₹3.32 Cr

Who are its competitors?

The closest listed comparisons in its industry are TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

What is its competitive advantage?Some evidence

ROCE of 15.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE15.3%

ROE16.1%

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +37% while net margin moved +85% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+37%

Margin effect+85%

DalalBaazaar Score

71/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.21 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

81/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

12.6x

3Y Median

31.4x

40 monthly readings · mean 38.3x · range 13.0x–79.0x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 60% below its 3y median of 31.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 82% below the peer median of 69.2x.

vs. its own history

Cheap

31.4x median over 40 months · -60%

vs. sector peers

Cheap

69.2x median of 4 peers · -82%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

12.6x

P/B

2.15x

EV/EBITDA

9.7x

PEG

0.35

Dividend Yield

2.83%

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 8.4% to 10.3% over 3 years.
Cash generation is improving
Free cash flow is up 202% over 3 years.
Return on equity is rising
ROE has improved from 8.7% to 16.1%.
Return on capital is rising
ROCE has improved from 11.7% to 15.3%.
Valuation below its historical average
At 12.6x the stock trades 60% below its own median of 31.4x.
Very low debt
Debt/Equity of 0.25x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Debt is rising
Total debt is up 115% over 3 years — worth checking what it funded.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 115% over 3 years, from ₹193 Cr to ₹416 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 8.4% to 10.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 60% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 82% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹277 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 11.1% CAGR
Latest reported year was 12.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 8%✓ 10.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹277 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 12%✓ 15.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

9 good · 2 neutral · 0 weak

Market Cap

₹3,552 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.6x

Cheap

Cheap against the generic band

P/B Ratio

2.15x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹16.87

Profitable

Profitable on a per-share basis

ROE

16.1%

Strong

Strong capital efficiency

ROCE

15.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.25x

Low

Conservative leverage

Revenue Growth (YoY)

12.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

48.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

2.83%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹277 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹211.83

P/E (Forward)

4.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

7.6%

Average

Average margins

Net Margin

7.5%

Average

Average bottom-line conversion

Current Ratio

2.76

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.21

Defensive

Steadier than the market

52W Range Position

32%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

204.2 / 215.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

55.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,679 Cr	₹3,021 Cr	₹3,357 Cr	₹3,672 Cr	+11.1%
EBITDA	₹225 Cr	₹285 Cr	₹311 Cr	₹377 Cr	+18.7%
EBITDA Margin	8.4%	9.4%	9.3%	10.3%	—
PAT (Net Profit)	₹105 Cr	₹128 Cr	₹153 Cr	₹266 Cr	+36.4%
EPS	₹6.29	₹7.59	₹9.1	₹15.75	+35.8%
ROE	8.7%	10.2%	11.4%	16.1%	—
ROCE	11.7%	14.1%	14.6%	15.3%	—
Total Debt	₹193 Cr	₹218 Cr	₹228 Cr	₹416 Cr	+29.1%
Free Cash Flow	₹92 Cr	₹233 Cr	₹130 Cr	₹277 Cr	+44.6%

🟢 Revenue has grown at 11.1% a year over 3 years.

🟢 EBITDA has grown at 18.7% a year over 3 years.

🟢 EBITDA Margin has risen from 8.4% to 10.3% over 3 years (+1.8 pts).

🟢 PAT (Net Profit) has grown at 36.4% a year over 3 years.

🟢 EPS has grown at 35.8% a year over 3 years.

🟢 ROE has risen from 8.7% to 16.1% over 3 years (+7.4 pts).

🟢 ROCE has risen from 11.7% to 15.3% over 3 years (+3.7 pts).

🔴 Total Debt has grown at 29.1% a year over 3 years.

🟢 Free Cash Flow has grown at 44.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,547 Cr

Total Liabilities

₹899 Cr

Total Debt

₹416 Cr

Cash & Equivalents

₹330 Cr

Operating Cash Flow

₹310 Cr

Capex

-₹33 Cr

Shareholding (proxy)

Institutional Holding

15.2%

Insider Holding

59.2%

Corporate Actions

Dividend Rate

₹6

Ex-Dividend Date

12 Aug 2026

Peer Comparison

Company	P/E	ROE
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

2 positive4 general

Vaibhav Global Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Does Vaibhav Global (NSE:VAIBHAVGBL) Deserve A Spot On Your Watchlist?

Simply Wall Street, 18 Jun

Vaibhav Global reports 50% profit surge in Q1FY27, declares interim dividend

scanx.trade, 04 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Vaibhav Global allots 2.65 lakh equity shares under ESOP

Business Standard, 04 Aug

Vaibhav Global (VAIBHAVGBL.NS) Eases to ₹212.58 as Stock Holds Mid-Range Between Key Levels - Factor Valuation

https://www.siam.in/, 11 Sept

Vaibhav Global Limited (NSE:VAIBHAVGBL) Will Pay A ₹1.50 Dividend In Three Days

Simply Wall Street, 21 JunCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate11.5/20

🟢Financial HealthStrong15.6/20

🟢GrowthStrong16.1/20

🟢ProfitabilityStrong10.9/15

🟢ValuationAttractive11.8/15

🟡RiskModerate5.2/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 8% a year11.1% CAGR
✓EBITDA margin holds above 8%10.3%
✓Free cash flow remains positive₹277 Cr
✓Debt / EBITDA stays below 2x1.1x
✓ROCE stays above 12%15.3%