Vedant Fashions logo

Vedant Fashions

MANYAVAR NSE

Key Fundamentals

MicrocapSpeciality RetailRetail
Market Cap
₹13,853 Cr
Volatility
Moderate
P/E Ratio
36.67
EBITDA
₹728 Cr
Return on Equity
25.86%
Debt to Equity
0.23
Book Value
₹80.84
EPS
₹15.84
52W High
₹779
52W Low
₹329.2

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 50.0%

Weaknesses

2
  • Stock is trading at 7.20 times its book value
  • Company has high debtors of 166 days.

Growth Rate

Revenue Growth
3.01% higher than 3Y
Net Income Growth
-3.47% higher than 3Y
Cash Flow Change
2.82% lower than 3Y
ROE
-15.63% lower than 3Y
ROCE
-19.11% lower than 3Y
EBITDA Margin (Avg.)
-0.65% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 6d ago
AI opinion · based on fundamentals
Risk high

Vedant Fashions (Manyavar) commands a market cap of ₹14,471 Cr at a PE of 37.4x with a 3-year ROE track record of ~23%, but faces slowing growth with TTM sales growing just 2% and profits declining 3%. The stock has corrected 18% over the past year amid deteriorating working capital efficiency and elevated valuations.

Bull Case 7
  • Strong return on equity track record with 3-year ROE of 22.8% and 5-year ROE of 25%, indicating efficient capital deployment in the ethnic wear segment
  • Healthy dividend payout ratio of 50.0% with a current dividend yield of 1.3%, providing income visibility for shareholders
  • Long-term compounded sales CAGR of 11% over 10 years and 21% over 5 years demonstrates the brand's ability to scale over extended periods
  • Compounded profit CAGR of 15% over 10 years and 24% over 5 years reflects historically strong earnings growth and operating leverage
  • Dominant position in the branded celebration and ethnic wear market with a capital-light franchise model, reflected in a last-year ROE of 20% despite a slowdown year
  • Market cap of ₹14,471 Cr provides reasonable scale and liquidity for institutional participation in a niche consumer discretionary segment
  • PE of 37.4x, while optically high, sits against a backdrop of 24% 5-year profit CAGR, suggesting the premium has historically been supported by earnings delivery
Bear Case 8
  • TTM sales growth has decelerated sharply to just 2%, down from a 5-year CAGR of 21%, signalling potential demand saturation or competitive pressures
  • TTM profits declined 3%, a stark reversal from the 5-year compounded profit growth of 24%, indicating margin or volume headwinds
  • Working capital days have deteriorated significantly from 162 days to 254 days, tying up substantially more capital in operations
  • High debtor days of 166 days suggest slow collections from franchise partners or channel partners, raising cash flow quality concerns
  • Stock is trading at 7.35x book value, a steep premium that leaves limited margin of safety if growth does not reaccelerate
  • Stock price CAGR of -18% over 1 year and -23% over 3 years reflects sustained de-rating and negative investor sentiment
  • 3-year compounded sales CAGR of just 3% indicates that post-COVID normalisation has led to a prolonged growth plateau
  • ROE has trended down from a 5-year average of 25% to 20% in the last year, suggesting declining return efficiency as the business matures

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 6d ago
Neutral 4
  • Investor meet Sep 11 Mumbai Sep 5

    Vedant Fashions will hold a physical investor meeting in Mumbai on September 11, 2026. No unpublished price-sensitive information will be discussed.

  • FY26 BRSR report filed Sep 4

    Vedant Fashions submitted its Business Responsibility and Sustainability Report for FY26 ended March 31, 2026, detailing ESG metrics including carbon neutrality and CSR initiatives.

  • Two independent directors appointed Sep 2

    Board approved Nihir Parikh and Neetu Kashiramka as independent directors, replacing Tarun Puri whose tenure ended. AGM scheduled for September 28, 2026.

  • Multiple investor meets scheduled Aug 27

    Vedant Fashions conducted a series of analyst and investor meetings through August and September 2026, including virtual sessions on Aug 27 and Sep 1, and physical meetings in Kolkata, Mumbai, and other locations.

TL;DR: Recent news flow for Vedant Fashions is entirely routine and governance-oriented, with no material business updates, earnings surprises, or risk events. The company has been actively engaging investors through multiple meetings in Aug-Sep 2026 and completed standard regulatory filings including its FY26 BRSR report. No headwinds or positive catalysts are visible in the current news cycle. The outlook remains neutral pending upcoming AGM on Sep 28 and any operational updates that may emerge from investor interactions.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
311
218
474
363
240
268
511
367
281
263
492
399
301
Expenses
163
125
232
188
127
146
269
202
161
152
274
221
170
Operating Profit
148
93
242
175
113
122
242
166
121
111
218
179
131
OPM %
48%
43%
51%
48%
47%
46%
47%
45%
43%
42%
44%
45%
43%
Other Income
15
15
15
24
21
19
22
22
26
20
21
26
30
Interest
9
11
11
13
14
14
14
14
14
15
14
13
13
Depreciation
29
32
34
38
37
37
39
39
40
42
44
44
42
PBT
124
65
212
148
83
90
212
135
93
74
181
148
106
Tax %
26%
25%
26%
22%
25%
26%
25%
25%
24%
24%
26%
23%
24%
Net Profit
92
49
158
116
62
67
158
101
70
56
135
114
81
EPS in Rs
3.8
2.02
6.49
4.77
2.57
2.75
6.5
4.16
2.89
2.31
5.55
4.7
3.32
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
504
596
760
794
915
542
1,009
1,326
1,368
1,386
1,435
1,456
Expenses
354
423
526
521
517
307
528
668
709
744
807
817
Operating Profit
150
173
234
274
398
235
480
658
658
643
628
639
OPM %
30%
29%
31%
34%
44%
43%
48%
50%
48%
46%
44%
44%
Other Income
2
3
10
19
32
58
49
37
70
85
93
97
Interest
6
5
6
4
25
25
27
30
44
55
56
55
Depreciation
7
8
10
8
82
89
88
97
135
153
170
172
PBT
139
164
229
280
323
178
414
567
548
520
496
509
Tax %
35%
35%
35%
35%
24%
27%
25%
25%
24%
25%
24%
—
Net Profit
90
106
149
182
245
131
308
423
414
388
376
386
EPS in Rs
76.04
89.43
11.94
14.56
19.57
10.55
12.7
17.42
17.05
15.99
15.46
15.88
Div. Payout %
13%
0%
0%
0%
20%
0%
39%
52%
50%
50%
50%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
12
12
23
25
25
25
24
24
24
24
24
Reserves
221
317
683
865
1,051
1,075
1,060
1,371
1,578
1,762
1,940
Borrowings
22
9
13
0
234
204
263
293
444
483
458
Other Liabilities
109
154
221
257
281
320
402
473
462
477
431
Total Liabilities
364
492
940
1,147
1,591
1,623
1,749
2,161
2,508
2,747
2,853
Fixed Assets
104
141
316
252
482
446
495
518
663
688
659
CWIP
3
5
1
2
0
0
0
2
0
0
0
Investments
0
0
138
195
371
553
524
793
959
1,051
1,214
Other Assets
257
345
485
698
737
624
730
848
886
1,008
979
Total Assets
364
492
940
1,147
1,591
1,623
1,749
2,161
2,508
2,747
2,853
Figures in ₹ Crores

Cash Flow

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
37
52
179
251
253
341
459
483
389
481
Investing
—
-22
-279
-165
-106
-90
62
-228
-110
-16
-102
Financing
—
-16
224
-13
-138
-165
-406
-226
-362
-377
-386
Net Cash Flow
—
0
-4
1
7
-2
-3
5
12
-4
-6
Free Cash Flow
—
15
-94
173
238
263
352
464
484
388
470
CFO/OP
—
58
53
100
82
122
93
92
93
80
96
Figures in ₹ Crores

Ratios

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
78
115
155
155
156
247
143
130
151
163
166
Inventory Days
291
266
131
147
173
275
207
191
139
210
131
Days Payable
108
93
64
98
73
133
100
93
89
106
56
Cash Conversion Cycle
261
289
221
204
256
389
250
228
200
266
240
Working Capital Days
93
149
149
148
135
172
101
85
105
126
121
ROCE %
—
57%
44%
35%
31%
15%
33%
39%
31%
26%
23%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.72%Promot.74.94%Public3.20%FIIs7.95%DIIs13.20%As ofJun 2026

Documents

Frequently Asked Questions about Vedant Fashions

What does Vedant Fashions Ltd do?
Vedant Fashions Limited caters to the Indian celebration wear market with a diverse portfolio of brands. The company offers its customers a one-stop destination for every celebratory occasion and the largest men's Indian wedding and celebration wear by revenue.VFL commands a dominant position in ...
Where is Vedant Fashions Ltd (MANYAVAR) listed?
Vedant Fashions Ltd trades as MANYAVAR on the NSE and under code 543463 on the BSE.
Which sector does Vedant Fashions Ltd belong to?
Vedant Fashions Ltd is classified under the Retail sector, in the Speciality Retail industry.
What is the market capitalisation of Vedant Fashions Ltd?
Vedant Fashions Ltd has a market capitalisation of ₹13,853 Cr, which places it in the Mid Cap band.
What is the PE ratio of Vedant Fashions Ltd?
Vedant Fashions Ltd trades at a PE ratio of 36.67, on earnings per share of ₹15.84, against a book value of ₹80.84 per share.
What is the 52-week high and low of Vedant Fashions Ltd?
Over the last 52 weeks Vedant Fashions Ltd has traded between ₹329.2 and ₹779.
Does Vedant Fashions Ltd pay dividends?
Vedant Fashions Ltd has a dividend yield of 1.34%.
What is the Return on Equity (ROE) of Vedant Fashions Ltd?
Vedant Fashions Ltd reported a return on equity of 25.86%. Its debt-to-equity ratio is 0.23.

Company Information

Vedant Fashions Limited caters to the Indian celebration wear market with a diverse portfolio of brands. The company offers its customers a one-stop destination for every celebratory occasion and the largest men's Indian wedding and celebration wear by revenue.VFL commands a dominant position in conventionally unorganized market segment.[1]

Website vedantfashions.com
Listed 2022-02-16
Face Value ₹ 1
Issued Size 24,29,73,103

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