KIRA
KIRA Research · Consumer / Retail · Ethnic Wear Retail (Manyavar/Mohey)

Vedant Fashions Limited

NSE: MANYAVAR · BSE: 543463 · ISIN INE825V01034 · Data as of 2026-09-26
Research: READYConfidence: HIGHKIRA Score: Not yet scoredSmallFigures: INR crore; basis shown per row

KIRA view

High-quality franchise economics but clear margin/RoCE compression FY23-FY26; premium valuation vs deceleration is the core tension. Major strength: asset-light cash generation (OCF/PAT 98%). Major risk: margin trend + valuation. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • EBO expansion (franchise) ANALYSIS
  • Wedding-season demand ANALYSIS
  • Brand premiumisation ANALYSIS

Competitive position — peers

  • Raymond (ethnic) ANALYSIS
  • Trent (adjacent) ANALYSIS
  • Aditya Birla Fashion (partial) ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
RevenueFY26₹1,435.5 crConsol.SOURCEDS10
EBITDAFY26₹635.7 crConsol.SOURCEDS10
Net profit (PAT)FY26₹375.5 crConsol.SOURCEDS10
RevenueFY25₹1,386.5 crConsol.SOURCEDS10
Net profit (PAT)FY25₹388.5 crConsol.SOURCEDS10

Notes

  • PAT margin fell from 31.7% (FY23: 4,291/13,549 INR mn) to 26.2% (FY26); pre-tax RoCE fell from 95.32% (FY23) to 63.09% (FY26) (S10). Kimi's 30.3% FY23 margin did not reconcile and was replaced. SOURCED S10

Growth drivers

  • EBO expansion ANALYSIS
  • Mohey women's wear ANALYSIS
  • Premiumisation ANALYSIS

Recent developments

  • 8 May 2026 — FY26 results and investor presentation filed with NSE/BSE (S10). SOURCED S10

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

MetricPeriodValueBasisProvenanceSource
EBITDA marginFY2644.3%Consol.SOURCEDS10
PAT marginFY2626.2%Consol.SOURCEDS10

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

Notes

  • note: Net cash profile historically; detail pending ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

MetricPeriodValueBasisProvenanceSource
OCF PAT ex finance incomeFY2698%Consol.SOURCEDS10
Cash from operationsFY26₹481.4 crConsol.SOURCEDS10

Notes

  • FY26 operating cash flow INR 4,814 mn vs 3,886 mn in FY25; company-reported conversion 98% ex finance income (S10). SOURCED S10

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

Notes

  • note: Premium-valuation hypothesis; dated multiples pending ANALYSIS

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • Margin-compression trend ANALYSIS
  • Wedding-demand cyclicality ANALYSIS
  • Premium valuation vs slowing growth ANALYSIS

Key questions to monitor

None recorded yet.

Sources

IDDocumentPublisherTypeDateAuthority
S10Intimation of Investor Presentation Q4/FY26 — letter to NSE (MANYAVAR) / BSE (543463)Vedant Fashions Limitedinvestor presentation (exchange filing)2026-05-08PRIMARY
S11NSE circular — listing of further issues (includes this company's symbol and ISIN)National Stock Exchange of Indiaexchange circular2025-12-10PRIMARY

Research status

Status
READY
Confidence
HIGH
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
6 item(s) not yet verified are not shown.