Vaibhav Global Limited (VGL) has released the transcript of its Q3 and 9 Months FY26 Earnings Conference Call, which was held on Wednesday, January 28, 2026. The call featured insights from Managing Director Mr. Sunil Agrawal and Group CFO Mr. Nitin Panwad. During the call, Mr. Agrawal highlighted a strong Q3 performance with consolidated quarterly revenue crossing the ₹1,000 crore mark for the first time, reaching ₹1,066 crores, a 9.1% year-over-year growth. This was achieved despite challenging geopolitical conditions. The gross margin stood at 63%, up 170 basis points year-over-year, attributed to the strength of their vertically integrated global supply chain. Digital contribution reached 42% of B2C revenue, with a target of 50% by the end of FY27. In-house brands contributed 48% of sales in the quarter, aiming for a 50% milestone before FY27. Regional performance varied: the U.S. saw 3% revenue growth despite elevated precious metal prices and lower consumer confidence, with the commencement of in-house jewelry casting manufacturing to mitigate tariffs. The U.K. experienced a 1.8% revenue decline, with TJC showing negative growth while Ideal World grew by 12%. Germany delivered 5.1% revenue growth, with the business turning profitable in Q3 with a 6% EBITDA margin. VGL expects to achieve EBITDA breakeven for the full financial year 2025-26 and contribute to group EBITDA from FY26-27 onwards. The company's growth priorities include expanding reach, customer acquisition, retention, and repeat purchases. They have committed to the Science-Based Targets initiative (SBTi) for carbon reduction and their ICRA ESG rating was upgraded. VGL also generated 1.1 million kilowatt hours of solar power, meeting 100% of manufacturing power requirements. The Board approved a third interim dividend of ₹1.5 per equity share. Looking ahead, VGL projects 9% to 11% revenue growth in FY2026-27 with an EBITDA margin of 10.5% to 11%. Mr. Panwad detailed the financial performance, noting that EBITDA margin expanded by 170 basis points to 13.2%, with Profit After Tax growing by 41% year-over-year to ₹90 crores. The company maintains a strong balance sheet with a net cash position of ₹213 crores.
