Vaibhav Global Limited has released the transcript of its Q2 and H1 FY27 Earnings Conference Call held on October 29, 2026. The call featured management discussions on operational projects like the Shopify migration and U.K. consolidation, financial performance, and the company’s outlook. Key topics included revenue growth, EBITDA, the impact of currency fluctuations, and strategic priorities for the upcoming festive season and FY28.
Vaibhav Global Limited Q2 FY27 Earnings Conference Call Transcript Released
Vaibhav Global Limited has submitted the transcript of its Q2 and H1 FY27 Earnings Conference Call, which took place on October 29, 2026. The document provides a detailed account of the discussions between the company’s management and investors regarding the financial and operational performance for the second quarter and the first half of the fiscal year.
Key Financial and Operational Highlights
During the call, Mr. Sunil Agrawal, Managing Director, highlighted that Q2 was a quarter of transition, marked by the completion of major operational projects including the migration of all retail websites to Shopify Enterprise and the consolidation of U.K. operations. While these transitions incurred near-term costs, they are expected to result in a simpler and more scalable business. Revenue for the quarter grew 7% to INR938.4 crores, with gross margin expanding by approximately 197 basis points to 65.5%. EBITDA stood at INR76.2 crores, a decrease of 13.5%, reflecting an 8.1% margin compared to 10% in Q2 last year. For the first half, revenue grew 9.7% to INR1,855.4 crores.
Strategic Priorities and Outlook
The management discussed the strategic shift towards a digital-first approach, leveraging the new Shopify platform to accelerate digital growth and enhance customer engagement. The company expects FY27 EBITDA margin to be broadly in line with FY26. For the full year FY27, the company has revised its revenue growth guidance to 7% to 9%, down from the previous 9% to 11%, factoring in the migration impact, U.K. consolidation, a weaker U.K. consumer, and the U.S. midterm election.
The call also touched upon the company’s commitment to sustainability, with its ICRA combined ESG rating improving. Mr. Agrawal emphasized that the focus for the second half of the year will be on seamless customer experience, customer acquisition, and efficiency improvements. The company also declared a second interim dividend of INR1.5 per equity share.
Geographic Performance and Market Insights
Performance in different geographies was also discussed. The U.S. saw revenue growth of 4.3% in rupee terms but declined 4.1% in constant currency, with a shift towards lower price points. The U.K. faced challenges due to platform migration and economic headwinds, with revenues declining 7% in constant currency. Europe, excluding the U.K., showed strong underlying growth, with revenue up 18.3%. The B2B business performed well, with revenue up 32.4%. Discussions also covered the growing contribution of lab-grown diamonds, which now represent about 12-13% of revenue.
Investor Questions and Management Responses
During the Q&A session, shareholders inquired about festive season priorities, the impact of AI, shareholder value creation through buybacks versus dividends, revenue lost due to Shopify migration (approximately $2.8 million), capex for U.K. warehouse migration (INR36 crores), and inventory buildup. Management reiterated their focus on digital growth, leveraging the new platform, and adapting to consumer sentiment. They also provided insights into the U.S. market strategy, customer retention drivers, and the potential for expansion into new geographies, including India.
Source: BSE
