Vedant Fashions Ltd.

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vedantfashions.comBSE: 543463NSE: MANYAVAR

Market Cap₹ 14,136 Cr.

Current Price

High / Low₹ 779 / 329

Stock P/E35.1

Book Value—

Price to Book14.15

Dividend Yield1.33 %

ROCE39.5 %

ROE27.7 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Consumer Services

Buy

Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.

Confidence

73%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 43.3%
Company has a good return on equity (ROE) track record: 3 Years ROE 30.5%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 37.3% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.13x)

CONS

Stock is trading at 14.1x its book value
Operating margins have contracted to 48.1% from 53.7%
Rich enterprise valuation - EV/EBITDA of 31.0x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer ServicesTextileTextile

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	PAGEIND	35260.05	52.03	39328.62	1.56	192.81	-3.98	1420.45	7.89	73.60	20.35
2.	KPRMILL	1140.10	42.71	38970.21	0.44	258.54	21.55	1935.52	14.77	20.16	19.37
3.	WELSPUNLIV	210.60	71.67	19896.49	0.05	162.61	82.09	2795.45	23.66	6.41	11.53
4.	VTL	583.00	19.91	16882.33	0.86	314.56	51.46	2703.08	13.31	8.91	18.11
5.	ARVIND	571.85	37.56	15556.64	0.79	57.77	5.61	2500.96	24.65	15.30	9.64
6.	MANYAVAR	581.80	35.09	14136.47	1.33	66.90	37.31	267.95	22.74	29.45	45.53
7.	PGIL	2279.00	33.92	10526.82	0.64	99.23	51.37	1528.26	24.46	22.42	10.72
8.	ICIL	445.05	58.42	8814.41	0.34	63.22	67.28	1206.96	25.89	8.73	11.88
9.	SWANCORP	277.65	38.93	8703.13	0.05	-35.99	-233.33	1013.75	-16.44	4.50	-0.38
10.	GARFIBRES	815.65	37.92	7964.69	1.10	64.60	21.56	482.37	31.35	20.98	18.70
11.	KUSUMGAR	564.55	60.36	5927.29	0.00	426.47	—	2472.47	—	26.15	30.50
12.	GOKEX	784.15	55.81	5746.07	0.00	44.30	6.81	1153.51	20.69	9.10	9.75

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	296	325	247	441	342	312	218	474	363	240	268
	152	162	131	217	174	163	125	232	188	127	146
Operating Profit	144	163	115	224	168	148	93	242	175	113	122
OPM %	48.61%	50.18%	46.75%	50.85%	49.14%	47.54%	42.51%	51.02%	48.21%	46.99%	45.53%
	11	7	10	10	13	15	15	15	24	21	19
Interest	9	8	8	7	8	9	11	11	13	14	14
Depreciation	27	26	25	25	27	30	32	34	38	37	37
Profit before Tax	120	136	93	202	145	124	65	212	148	83	90
Tax %	25.83%	25.79%	25.40%	25.55%	25.15%	25.73%	24.78%	25.58%	21.71%	24.77%	25.85%
Net Profit	0	0	0	150	109	92	49	158	116	62	67
	3.63	4.16	2.84	6.19	4.49	3.79	2.01	6.50	4.77	2.57	2.75

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	504	599	758	801	916	565	1,041	1,355	1,368	1,345
	354	426	526	527	522	322	545	684	709	694
Operating Profit	150	174	232	274	394	243	496	671	658	652
OPM %	29.84%	28.95%	30.56%	34.17%	43.01%	43.03%	47.64%	49.51%	48.12%	48.45%
	2	3	11	19	32	60	50	40	70	80
Interest	6	5	6	4	26	26	28	31	44	52
Depreciation	7	8	10	9	89	96	94	104	135	147
Profit before Tax	139	164	226	280	312	182	423	576	548	533
Tax %	35.15%	35.26%	34.70%	34.88%	24.12%	26.94%	25.55%	25.48%	24.48%	24.42%
Net Profit	90	106	148	182	237	133	315	429	414	403
EPS	93.87	89.42	12.06	14.55	18.90	5.36	12.90	17.68	17.05	—
Dividend Payout %	13.15%	0.00%	0.00%	0.00%	0.00%	0.00%	38.53%	50.92%	49.84%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 11%
3 Years:: 34%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 18%
3 Years:: 46%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -24%
1 Year:: -21%

RETURN ON EQUITY

10 Years:: —
5 Years:: 26%
3 Years:: 31%
Last Year:: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	12	12	23	25	25	25	24	24	24
	221	317	682	862	1,038	1,063	1,054	1,368	1,569
	85	80	96	103	283	257	324	346	508
Trade Payables	32	34	43	60	50	50	73	86	89
	12	39	94	95	194	643	811	1,005	1,123
Total Liabilities	362	482	939	1,146	1,591	2,038	2,287	2,829	3,313
	104	141	316	253	507	459	515	520	663
Capital Work in Progress	3	4	0	1	0	0	0	2	0
	0	0	138	194	351	536	512	787	959
	86	97	89	91	121	101	143	174	139
	0	0	0	0	0	0	0	0	565
Cash & Bank	2	1	5	119	70	7	4	10	22
	168	238	389	487	543	935	1,113	1,336	966
Total Assets	362	482	939	1,146	1,591	2,038	2,287	2,829	3,313

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	130	101	124	272	318	287	460	617	483
Cash from Investing	-24	-22	-279	-163	-96	-88	56	-232	-110
Cash from Financing	-62	-16	224	-13	-141	-166	-410	-232	-362
	-0	-0	-3	1	7	-2	-3	6	12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.97	74.96	74.96	74.95	74.95	74.95	74.94	74.94	74.94
	9.04	9.53	10.54	10.14	9.88	9.76	9.29	8.28	7.95
	11.89	11.57	10.38	10.59	11.10	10.95	12.00	12.62	13.19
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	4.10	3.94	4.13	4.32	4.06	4.35	3.76	4.15	3.91

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Updates

2026-09-09 - Vedant Fashions Limited has informed the Exchange regarding receipt of an Order-in-Appeal dated August 28, 2026 (received on September 08, 2026) from the Office of the Commissioner of CGST and CEX (Appeals-III), Mumbai, under the CGST Act 2017, vide the enclosed letter.

2026-09-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-05 - Vedant Fashions Limited has informed the Exchange about a schedule of meetings with the Institutional Investors/Analysts vide the enclosed Letter.

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Vedant Fashions Limited has informed the Exchange about Copies of Newspaper Publication in relation to post-despatch of AGM Notice.

2026-09-04

Shareholders meeting

2026-09-04 - Vedant Fashions Limited has informed the Exchange about the Notice of the upcoming 24th Annual General Meeting of the Members to be held on September 28, 2026 at 03.00 PM.

2026-09-04

General Updates

2026-09-04 - In continuation of its earlier intimations dated Aug 27, 2026 & Sept 01, 2026, Vedant Fashions Limited has informed the Exchange about the rescheduling of meeting with investor/analyst, as detailed in the enclosed letter.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Vedant Fashions Limited has informed the Exchange about Copy of Newspaper Publication w.r.t pre-despatch of AGM Notice.

2026-09-02

Appointment

2026-09-02 - Vedant Fashions Limited has informed the Exchange regarding Appointment of Ms Neetu Kashiramka as Non- Executive Independent Director of the company w.e.f. September 02, 2026.

2026-09-02

General Updates

2026-09-02 - Vedant Fashions Limited has informed the Exchange regarding 'convening of 24th Annual General Meeting ('AGM') On Monday, September 28, 2026'.

2026-09-02

General Updates

2026-09-02 - Vedant Fashions Limited has informed the Exchange about reconstitution of the Committees of the Board.

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