Vedant Fashions posts 48.68% operating margin as Mebaz broadens its remit
Other income of Rs 29.69 cr formed a meaningful part of standalone pre-tax profit, while management reported a 15.1 thousand sq ft domestic EBO rollout.
Filed 25 Jul 2026, 18:52 IST · after market close · Vedant Fashions Ltd (MANYAVAR)
Key takeaways
- Vedant Fashions reported a 48.68% standalone operating margin in Q1FY27, keeping operating conversion at the centre of the quarter.
- Other income of Rs 29.69 cr was a material part of Rs 105.53 cr standalone profit before tax, so reported profit quality deserves attention.
- Management said domestic exclusive-brand outlets added 15.1 thousand sq ft in Q1FY27, while Mebaz is being expanded beyond wedding wear.
Price around the results
High operating conversion in standalone Q1
Vedant Fashions converted Rs 301.37 cr of standalone revenue into Rs 146.71 cr of operating profit, resulting in a 48.68% operating margin. Net profit was Rs 80.61 cr, with EPS at Rs 3.32. There is no year-on-year or sequential comparison in the reported set, so the quarter's momentum cannot be assessed against prior periods.
Other income was material to reported profit
Other income of Rs 29.69 cr was material against standalone profit before tax of Rs 105.53 cr, meaning reported earnings were not generated solely by operations. The tax rate was 23.61%, leaving Rs 80.61 cr of net profit after tax.
Margin well above the reported consumer discretionary peer median
Vedant Fashions' 48.68% operating margin was 32.54 percentage points above the 16.14% median among 22 Consumer Discretionary peers that had reported. Management said domestic exclusive-brand outlets recorded a net area rollout of 15.1 thousand sq ft during the quarter. The company also said it is expanding Mebaz from wedding wear into celebrations and all-occasion wear.
Results were filed after market close
The standalone results were filed at 18:52 IST on 25 Jul 2026, after market close. There is therefore no post-results price reaction to assess in this note, and the stock's response cannot yet be compared with its past results-day moves.
Q1FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹301 cr |
| Other income | ₹30 cr |
| Expenses | ₹155 cr |
| Operating profit | ₹147 cr |
| Operating margin (%) | 48.68% |
| Interest | ₹13 cr |
| Depreciation | ₹42 cr |
| Profit before tax | ₹106 cr |
| Tax | ₹25 cr |
| Net profit | ₹81 cr |
| EPS (₹) | ₹3.32 |
Operating margin of 48.68% compares with a Consumer Discretionary sector median of 16.14% across 22 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- Domestic EBO area recorded a 15.1 thousand square foot net rollout in Q1 FY27.
- The company is expanding Mebaz from wedding wear into celebrations and all-occasion wear.
What to watch
- Whether standalone revenue builds on Rs 301.37 cr in the next reported quarter.
- Whether operating margin holds near 48.68% without a larger contribution from other income.
- Whether domestic EBO rollout continues beyond the 15.1 thousand sq ft added in Q1FY27.