Vedant Fashions Limited (MANYAVAR)

Consumer Services · Retailing · NSE · Updated 14 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹523 ↓ 29.67% (1Y)

🎯 Key Takeaways

Vedant Fashions is in a growth phase driven by consistent top-line expansion and margin resilience, supported by its asset-light franchise model and brand diversification. Management emphasizes operational efficiency and strategic expansion in women’s wear and international markets, positioning the company for sustained growth despite macroeconomic headwinds.
Revenue grew 11.7% QoQ to ₹268 in Q2FY25.
⚠️ Overreliance on the Manyavar brand for core profitability, with management explicitly stating no discounting — any demand slowdown could pressure marg

Market Cap

₹10,686

P/E Ratio

26.5

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Vedant Fashions is in a growth phase driven by consistent top-line expansion and margin resilience, supported by its asset-light franchise model and brand diversification. Management emphasizes operational efficiency and strategic expansion in women’s wear and international markets, positioning the company for sustained growth despite macroeconomic headwinds.

📰 What's Happening

In Q1 FY27, Vedant Fashions reported revenue of ₹3,014 crores, up 7.2% YoY, with PAT growing 14.7% to ₹806 crores and a stable 26.7% margin. The company highlighted strong domestic same-store sales growth of 3.8% and expansion in women’s wear through Mohey and international presence across 9 cities. Reappointments of Chairman Ravi Modi, Whole-time Director Shilpi Modi, and Independent Director Manish Choksi for five-year terms until 2031 were approved by the board, pending shareholder approval at the upcoming AGM. A virtual investor meeting was scheduled for August 7, 2026, to discuss Q1 FY26 results, with no forward guidance provided.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q3FY23	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25
Revenue	441	342	312	218	474	363	240	268
Operating Profit	234	181	163	108	258	199	134	141
OPM %	50.9%	49.1%	47.5%	42.5%	51.0%	48.2%	47.0%	45.5%
Net Profit	150	109	92	49	158	116	62	67
EPS	₹6.19	₹4.49	₹3.79	₹2.01	₹6.50	₹4.77	₹2.57	₹2.75

Revenue growth has shown volatility but remains on an upward trajectory, with Q1 FY27 revenue at ₹3,014 crores reflecting a 7.2% YoY increase, supported by robust domestic performance and brand expansion. Profitability has improved significantly, with PAT rising 14.7% YoY and OPM holding firm at 26.7%, indicating effective cost management. Despite a dip in Q2FY25 revenue to ₹268 crores, the company demonstrated resilience with a 45.5% OPM and ₹67 crores in operating profit, suggesting seasonality or operational adjustments rather than structural decline.

🔮 Management Outlook & What's Next

Management did not provide forward guidance in the Q1 FY27 investor presentation, focusing instead on celebrating operational momentum and brand strength. The emphasis was on sustaining growth through the asset-light model, expanding women’s wear, and leveraging international presence. Reappointments of key leadership figures signal continuity in governance and strategic direction, reinforcing confidence in long-term execution.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Retailing

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Avenue Supermarts Limited	2.84 L Cr	104.3	—	—	—
ETERNAL LIMITED	2.33 L Cr	317.3	—	—	—
Trent Limited	1.46 L Cr	75.4	—	—	—
Meesho Limited	87,460	—	—	—	—
Lenskart Solutions Limited	81,481	—	—	—	—
FSN E-Commerce Ventures Limited	77,999	1513.3	—	—	—
Swiggy Limited	70,498	—	—	—	—
Info Edge (India) Limited	60,180	83.6	—	—	—
Vishal Mega Mart Limited	55,607	66.3	—	—	—
Urban Company Limited	18,651	—	—	—	—

🔗 Peer Stock Analyses

DMART ETERNAL TRENT MEESHO LENSKART

⚠️ Risk Factors

1. Overreliance on the Manyavar brand for core profitability, with management explicitly stating no discounting — any demand slowdown could pressure margins. 2. Expansion into women’s wear via Mohey and international markets introduces execution risk in unfamiliar segments. 3. Macro-sensitive consumer discretionary spending could impact same-store sales growth, particularly in tier-2 and tier-3 markets. 4. Governance continuity depends on shareholder approval of director reappointments at the AGM, introducing a minor procedural risk.

📋 Recent Filings

🧠 Analyst's Read

Vedant Fashions is executing a steady growth strategy with improving profitability and brand diversification, but lacks forward guidance, leaving investors to interpret performance through past trends. The next catalyst will be the August 7 virtual investor meeting and potential updates on international or women’s wear performance. Watch for early signs of margin sustainability and whether expansion initiatives begin contributing meaningfully to earnings.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-14.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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