1. Opening Hook
When GST hiked wedding wear tax to 18%, it was as if the government RSVP’d to every Indian shaadi. Vedant Fashions, the house behindManyavar, Mohey, Twamev,andDiwas, had to reprint over a million barcodes — a true “fashion emergency.” Dispatches paused, but the company strutted back on the ramp like nothing happened.As theBhagavad Gitareminds us —“Yogaḥ karmasu kauśalam”— excellence in action is true yoga. Vedant’s management took that literally, barcoding their way to calm.Keep reading — the real catwalk begins when analysts ask about footfalls, margins, and Mohey’s identity crisis. 💃🕺
2. At a Glance
- Revenue ₹263 Cr (↑4.6%)– Slow growth, but hey, no wardrobe malfunction.
- PAT ₹56 Cr (↓6%)– Margin trims sharper than a tailor’s blade.
- H1 Revenue ₹544 Cr (↑7.2%)– Festive fuel, but GST stole the sparkle.
- Gross Margin 66.1% (↓270 bps)– “Fabric cost inflation” meets “mehndi inflation.”
- EBITDA Margin 43%– Still strutting strong.
- SSG 8.2% (H1)– Consumers returned, maybe for Diwali selfies.
- Retail Area 1.79 Mn sq.ft, 671 stores– Net add: 3,500 sq.ft. (one wedding tent).
3. Management’s Key Commentary
“We had to re-barcode a million products post-GST change.”(Translation: The nation’s printers ran out of labels — thank us later.)
“Dispatches paused for 15–20 days but normalized now.”(Translation: Wedding guests waited, but dulhas still looked sharp.)
“H1 gross margin 66.1%, EBITDA 43%.”(Translation: Still profitable enough to sponsor half of India’s baraats.)
“Opened 2 stores internationally – Australia and UAE.”(Translation: NRIs too deserve sequins.)
“Competition’s new stores have gone flat.”(Translation: We checked — they’re tired, we’re trending.)
“Mohey pivoted from bridal lehengas to occasion wear.”(Translation: Brides are moody, festivals are predictable.)
“We’re launchingManyavar Shaadi Showsoon.”(Translation: Reality TV meets retail therapy – finally!) 😏
“India’s middle class growth will decide our next boom.”(Translation: We’re waiting for salary hikes as much as you are.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | YoY Change | What It Means |
|---|---|---|---|---|
| Revenue from Ops | ₹263 Cr | ₹251 Cr | +4.6% | Slow runway walk, not a sprint. |
| PAT | ₹56 Cr | ₹59 Cr | -5% | GST ate some cake. |
| Gross Margin | 66.1% | 68.8% | -270 bps | Lower mix, less “wedding premium.” |
| EBITDA Margin | 43% | 45% | -200 bps | Stitching tighter. |
| SSG (H1) | 8.2% | 6.5% | +170 bps | Old stores finally buzzing again. |
| Retail Footprint | 1.79 Mn sq.ft | 1.78 Mn | +0.6% | 3,500 sq.ft = one small banquet hall. |
| COCO Capex | ₹11 Cr | – | New | Flagship experiments in Bangalore. |
| Receivable Days | 79 | 77 | +2 | Still better than most designers. |
(Short story: modest growth, controlled costs, but margins need a hemline lift.)
5. Analyst Questions
Q:What’s with the barcode chaos?A:GST rejig. We re-labeled 10 lakh pieces manually. (Translation: Calluses now part of KPI.)
Q:Gross margins shrinking?A:Seasonal mix, not markdowns. (Translation: blame non-wedding Q2.)
Q:Store closures again?A:Mostly small SIS exits. (Translation: quality over quantity, or rent hikes.)
Q:Competition rising?A:Their openings have gone flat; we’re steady. (Translation: they’re sweating more than we are.)
Q:Why Mohey’s pivot from bridal?A:Broader TAM. (Translation: less bridezilla risk, more festive aunties.)
6. Guidance & Outlook
Vedant Fashions won’t give formal guidance (they never do), but the tone
