Vedant Fashions Reports FY26 Audited Results; Board Recommends ₹7.75 Final Dividend
Vedant Fashions Limited reported FY26 audited revenue from operations of INR 14,354.79 million and net profit of INR 3,755.43 million, with Q4 FY26 net profit rising to INR 1,143.03 million versus INR 1,011.05 million in Q4 FY25. The Board recommended a final dividend of ₹7.75 per equity share of ₹1 each, subject to shareholder approval, and the results were published in The Economic Times and Sangabad Pratidin on May 9, 2026 per SEBI Regulation 47.
*this image is generated using AI for illustrative purposes only.
Vedant Fashions Limited, the company behind the Manyavar brand, announced its audited financial results for the quarter and financial year ended March 31, 2026, following a Board of Directors meeting held on May 08, 2026. The statutory auditors, M/s B S R & Co. LLP, Chartered Accountants (FRN: 101248W/W-100022), issued an unmodified opinion on the financial results, which were reviewed by the Audit Committee and approved by the Board at their respective meetings on the same date. In compliance with Regulation 47 read with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published newspaper advertisements of its audited financial results on May 9, 2026 in the following publications:
| Publication: | Details |
|---|---|
| The Economic Times: | English Newspaper (All India editions) |
| Sangabad Pratidin: | Bengali Newspaper (Kolkata edition) |
Annual Financial Performance
For the financial year ended March 31, 2026, Vedant Fashions reported revenue from operations of INR 14,354.79 million, compared to INR 13,864.83 million in the previous financial year. Total income, including other income of INR 935.18 million, stood at INR 15,289.97 million for FY26, against INR 14,716.40 million in FY25. The following table summarises the key income statement metrics for the full year:
| Metric: | FY26 (Audited) | FY25 (Audited) |
|---|---|---|
| Revenue from Operations: | INR 14,354.79 million | INR 13,864.83 million |
| Other Income: | INR 935.18 million | INR 851.57 million |
| Total Income: | INR 15,289.97 million | INR 14,716.40 million |
| Total Expenses: | INR 10,330.68 million | INR 9,521.44 million |
| Profit Before Tax: | INR 4,959.29 million | INR 5,194.96 million |
| Total Tax Expense: | INR 1,203.86 million | INR 1,310.24 million |
| Net Profit: | INR 3,755.43 million | INR 3,884.72 million |
| Total Comprehensive Income: | INR 3,705.05 million | INR 3,880.74 million |
Earnings per equity share (face value of INR 1 each) on a basic basis stood at INR 15.46 for FY26, compared to INR 15.99 in FY25. Diluted EPS was INR 15.45 for FY26 versus INR 15.98 in FY25.
Quarterly Performance — Q4 FY26
For the three months ended March 31, 2026, revenue from operations was INR 3,994.27 million, compared to INR 3,674.36 million in the corresponding quarter of the previous year and INR 4,917.09 million in the quarter ended December 31, 2025. Net profit for Q4 FY26 stood at INR 1,143.03 million, against INR 1,011.05 million in Q4 FY25. The table below presents the key quarterly metrics:
| Metric: | Q4 FY26 | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue from Operations: | INR 3,994.27 million | INR 4,917.09 million | INR 3,674.36 million |
| Total Income: | INR 4,257.63 million | INR 5,131.48 million | INR 3,894.93 million |
| Profit Before Tax: | INR 1,480.82 million | INR 1,812.97 million | INR 1,347.03 million |
| Net Profit: | INR 1,143.03 million | INR 1,349.02 million | INR 1,011.05 million |
| Basic EPS (INR per share): | 4.71 | 5.55 | 4.16 |
| Diluted EPS (INR per share): | 4.70 | 5.55 | 4.16 |
Note: EPS figures are not annualised for the quarterly periods.
Balance Sheet Highlights
As at March 31, 2026, total assets stood at INR 28,527.17 million, compared to INR 27,465.75 million as at March 31, 2025. Total equity increased to INR 19,643.36 million from INR 17,863.10 million in the prior year. Key balance sheet figures are presented below:
| Particulars: | March 31, 2026 (Audited) | March 31, 2025 (Audited) |
|---|---|---|
| Total Non-Current Assets: | INR 14,630.42 million | INR 11,402.33 million |
| Total Current Assets: | INR 13,896.75 million | INR 16,063.42 million |
| Total Assets: | INR 28,527.17 million | INR 27,465.75 million |
| Total Equity: | INR 19,643.36 million | INR 17,863.10 million |
| Total Non-Current Liabilities: | INR 5,101.35 million | INR 5,599.17 million |
| Total Current Liabilities: | INR 3,782.46 million | INR 4,003.48 million |
| Total Liabilities: | INR 8,883.81 million | INR 9,602.65 million |
Cash Flow Summary
For the year ended March 31, 2026, net cash generated from operating activities was INR 4,814.44 million, compared to INR 3,886.01 million in the previous year. Net cash used in investing activities was INR 1,020.05 million, while net cash used in financing activities amounted to INR 3,855.87 million. Cash and cash equivalents at the end of the year stood at INR 110.63 million, against INR 172.11 million at the beginning of the year. The following table summarises the cash flow position:
| Particulars: | FY26 (Audited) | FY25 (Audited) |
|---|---|---|
| Net Cash from Operating Activities: | INR 4,814.44 million | INR 3,886.01 million |
| Net Cash Used in Investing Activities: | INR (1,020.05) million | INR (158.83) million |
| Net Cash Used in Financing Activities: | INR (3,855.87) million | INR (3,772.04) million |
| Cash & Cash Equivalents (End of Year): | INR 110.63 million | INR 172.11 million |
Dividend Recommendation and Other Key Disclosures
The Board of Directors recommended a final dividend of ₹7.75 per fully paid-up equity share of ₹1 each for the financial year ended March 31, 2026, subject to shareholder approval at the ensuing Annual General Meeting. During the year ended March 31, 2026, 29,094 equity shares were issued to employees against stock options exercised by them. The company operates in a single reportable segment — Branded Fashion apparel and accessories — and does not have any investments in subsidiary, associate, or joint venture entities for the year ended March 31, 2026, making consolidated financial results not applicable. Additionally, the company recognised an incremental impact of Rs. 16.17 millions under employee benefits expense for the three months ended December 31, 2025, pertaining to the four Labour Codes notified by the Government of India on November 21, 2025.
Historical Stock Returns for Vedant Fashions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.37% | +9.76% | +17.74% | -26.72% | -35.19% | -49.80% |
How might Vedant Fashions' planned expansion into new geographies or product categories impact its revenue growth trajectory beyond FY26, given the modest 3.5% top-line growth this year?
With total expenses growing at a faster pace (~8.5%) than revenue (~3.5%) in FY26, what cost optimization strategies could management deploy to reverse the margin compression trend in FY27?
Given the significant shift from current to non-current assets on the balance sheet, what major capital expenditure or long-term investment initiatives is Vedant Fashions likely pursuing that could reshape its asset base?
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