Vaibhav Global Ltd Q3 FY26 – ₹1,066 Cr Revenue, 13.2% EBITDA Margin, ₹90 Cr PAT, and a Jewellery TV Channel That Prints Cash While Your OTT Subscription Burns Money

1. At a Glance – Blink and You’ll Miss the Punch 💍📺

Vaibhav Global Limited is that rare Indian company which sells jewellery on TV in the US and UK, pays dividends like a PSU uncle, and still manages to confuse growth investors.

Market cap stands at ₹3,951 Cr, stock chilling around ₹236, down ~15.5% in 3 months, while Q3 FY26 casually dropped ₹1,066 Cr revenue and ₹90 Cr PAT, up 41% YoY. EBITDA margin jumped to 13.2%, reminding everyone that margins still exist outside SaaS.

ROCE sits at 14%, ROE at 11.7%, dividend yield a juicy 2.57%, and debt-to-equity a polite 0.16—basically, the balance sheet equivalent of touching your feet before entering a room.

The irony?
Despite solid cash flows, global reach, and net cash of ₹213 Cr, the stock has delivered negative returns over 1, 3, and 5 years.

So what’s happening here? Is this a misunderstood cash cow… or a jewellery channel stuck in a 2010 valuation time loop? Let’s open the vault.

2. Introduction – Jewellery, But Make It Netflix 📦

Vaibhav Global is not Titan.
It’s not Kalyan.
And thankfully, it’s definitely not PC Jeweller’s therapy case study.

VGL sells fashion jewellery and lifestyle products to American and British households via TV shopping channels like Shop LC (US), Shop TJC & Ideal World (UK), and now Germany. If you think TV commerce is dead, Vaibhav’s quarterly numbers politely disagree.

This is a company that built a vertically integrated supply chain, sources from 30+ countries, manufactures in India and China, and beams shiny rings directly into US living rooms at 3 a.m.

It doesn’t rely on footfalls.
It doesn’t cry about mall rentals.
It doesn’t need Instagram influencers dancing with bangles.

And yet, growth has slowed from COVID highs, customer retention sits at