Vedant Fashions logo

Vedant Fashions

MANYAVAR NSE

Key Fundamentals

MicrocapSpeciality RetailRetail
Market Cap
₹12,959 Cr
Volatility
Moderate
P/E Ratio
32.7
EBITDA
₹728 Cr
Return on Equity
25.86%
Debt to Equity
0.23
Book Value
₹80.84
EPS
₹15.84
52W High
₹705
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

1
  • 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

17d ago
AI opinion · based on fundamentals
Risk high

Vedant Fashions (Manyavar), with a market cap of ₹14,048 Cr, is India's dominant celebration-wear brand trading at a PE of 36.3x and PB of 7.13x. The company's topline growth has decelerated sharply to 2% TTM from a 5-year CAGR of 21%, while profits have turned negative at -3% TTM, even as it maintains a 19% ROE and 50% dividend payout ratio.

Bull Case 7
  • Dominant market position in Indian celebration and wedding wear with a well-recognized brand portfolio (Manyavar, Mohey, Twamev), operating in a category with structural demand tied to India's wedding economy
  • Healthy long-term profitability track record with ROE averaging 24% over 10 years and 25% over 5 years, indicating strong capital efficiency relative to retail peers
  • Consistent dividend payout ratio of 50.0%, offering a current dividend yield of 1.33%, which is relatively attractive for a consumer discretionary company
  • Long-term compounded sales growth of 11% over 10 years and 21% over 5 years demonstrates the brand's ability to scale revenue meaningfully over extended periods
  • Long-term compounded profit growth of 15% over 10 years and 23% over 5 years reflects historically strong earnings expansion and operating leverage
  • Asset-light franchise model with over 600 exclusive brand outlets reduces capital intensity compared to fully owned retail chains, supporting return ratios
  • Stock has corrected approximately 21% over the past 1 year and roughly 24% over 3 years on a CAGR basis, which has compressed valuations from earlier highs, potentially creating a more reasonable entry point relative to peak multiples
Bear Case 8
  • Revenue growth has decelerated dramatically to just 2% TTM and 3% 3-year CAGR, a steep fall from the 21% 5-year CAGR, signaling potential demand saturation or execution challenges
  • Compounded profit growth has turned negative at -3% TTM and -5% over 3 years, indicating margin compression and earnings deterioration in the recent period
  • Stock trades at 7.13x book value despite slowing growth, which is expensive for a company delivering only 2% topline growth and negative profit growth
  • ROE has declined from a 5-year average of 25% to 19% in the last year, a 600 basis point drop suggesting deteriorating return efficiency
  • Debtor days stand at a high 166 days, indicating significant working capital strain and potential collection risk from franchise partners
  • PE ratio of 36.3x is elevated for a company with flat-to-declining earnings, implying the stock is priced for growth that is currently not materializing
  • The company operates in a narrow product niche — occasion and wedding wear — leaving it vulnerable to shifts in consumer preferences, casualization trends, and competition from unorganized players
  • Stock price CAGR of -24% over 3 years and -21% over 1 year reflects sustained negative sentiment and persistent de-rating by the market

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

AI News Digest

17d ago
Positives 1
  • GST penalty of ₹2.73L set aside Sep 9

    GST appellate authority ruled in Vedant Fashions' favour, setting aside ₹2.73 lakh penalty and interest demand related to an FY18-20 audit issue. No material financial impact but removes a lingering compliance overhang.

Neutral 3
  • Active investor engagement cycle Sep 14

    Company has scheduled multiple analyst/investor meetings through Aug-Sep 2026 — virtual and physical sessions in Mumbai and Kolkata on Aug 24-25, Aug 27, Sep 1-2, Sep 11, and Sep 17. All limited to publicly available information.

  • FY26 BRSR report filed Sep 4

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

  • Two new independent directors appointed Sep 2

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

TL;DR: Vedant Fashions faces no meaningful headwinds in this news cycle. The favourable GST appellate order is a minor positive, clearing a legacy compliance issue. The company is running a notably busy investor engagement calendar through Aug-Sep 2026, suggesting management is proactive on street communication. With routine governance updates and no negative surprises, the near-term narrative is steady — watch for any strategic updates at the Sep 28 AGM.

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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62 extracted metrics + investor summaries across FY16–FY27.

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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 ₹12,959 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 32.70, 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 ₹705.
Does Vedant Fashions Ltd pay dividends?
Vedant Fashions Ltd has a dividend yield of 1.45%.
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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