01 — At a Glance
The TV Home Shopping Unicorn Nobody Noticed
- 52-Week High / Low₹293 / ₹178
- Q3 FY26 Revenue₹1,066 Cr
- Q3 FY26 PAT₹90 Cr
- Q3 EPS₹5.38
- Annualised EPS (Q3×4)₹21.52
- Book Value₹86.6
- Price to Book2.34x
- Dividend Yield3.02%
- Debt / Equity0.16x
- 1-Year Return-2.9%
Auditor’s Opening Note: Vaibhav Global crushed Q3 FY26 with record revenue (₹1,066 cr, +9.1% YoY), EBITDA margin that jumped 170 bps to 13.2%, and PAT growth of 41% YoY. Meanwhile, the stock is flat for the year—because apparently, crushing execution at a profitable, disciplined company is no longer exciting. The market prefers companies that promise Mars bases and deliver negative growth. You’re welcome for the mispricing.
02 — Introduction
When Television Meets Triangular Arbitrage (And Somehow Works)
Vaibhav Global Limited. Say it three times fast and you sound like you’re ordering food at an upscale Indian restaurant. In reality, it’s a ₹3,398 crore company that manufactures cheap gemstone jewellery in Jaipur, India, then peddles it 24/7 on television in the US (Shop LC), UK (TJC, Ideal World), and Germany (Shop LC GmbH) to grandmas with disposable income, night-shift workers with insomnia, and impulse shoppers who confuse “budget pay” (EMI schemes) with financial planning.
For context: The company reaches 130 million households. It makes over 25,000 SKUs. It generates 28,500+ new product ideas annually (yes, really). And it somehow maintains a gross margin above 60%. This is not a tech company, not a healthcare moonshot, not a 22-year-old CEO building “the future.” It’s a manufactured jewellery retail powerhouse that happens to operate through one of the most retro channels imaginable—television shopping networks—in three of the richest economies on the planet.
Q3 FY26 just hit a new record. Revenue ₹1,066 crore. PAT up 41%. EBITDA margin expanding. And the stock has returned -2.9% over the past year. If you’re wondering why the market is broken, congratulations—you’ve discovered the answer.
Concall Intel (Feb 2026): Management said performance was “slightly ahead of our guidance” and reiterated FY27 revenue growth of 9–11% with EBITDA margin of 10.5–11%. That’s the first time management gave an EBITDA range. Either they’ve gotten more transparent, or they’ve figured out how to thread the needle. Let’s find out.
03 — Business Model: WTF Do They Even Do?
Manufacture Trinkets in India. Sell Them on TV to Americans & Brits. Repeat for ₹3,400 Crores.
Vaibhav sources gemstones, silver, and base metals. Manufacturing happens at 7 facilities across India and China—with the Jaipur plant (1,69,000 sq ft) doing ~90% of fashion jewellery manufacturing at a capacity of 5 million pieces per annum. The company then ships finished goods across 30+ countries and retails through four proprietary television shopping networks broadcasting 24/7 to 130 million households. They also operate e-commerce sites (shoplc.com, tjc.co.uk, idealworld.tv, shoplc.de) as a complement to TV. Think of it as: Made in India → Shipped to Developed Countries → Sold via TV Channels & Websites → Customers pay in EMI (Budget Pay scheme) → Repeat. Margin stays north of 60%. Genius, really.
The revenue split for Q3 FY26: 42% digital (vs 39% a year ago), 58% TV. Jewellery contributes 66% of revenue; lifestyle products (fashion accessories, home décor, textiles) make up 34%. Budget Pay (EMI sales) accounts for about 39% of all retail sales—meaning nearly 40% of customers are literally taking loans to buy ₹500 necklaces. Capitalism at its finest.
Unique Customers710kLast 12M
New Registrations410kAnnual Additions
Avg Pieces / Customer22Lifetime Orders
Retention Rate44%Annual Repeat
Vertically Integrated Play: Vaibhav owns manufacturing in India, sourcing offices in 4 countries, and distribution across developed markets. This integration allows them to keep margins north of 60% despite selling entry-level jewellery. Most pure-play retailers in India operate on 35-45% margins. Vaibhav’s moat: cheap manufacturing + brand trust + TV reach + 24/7 operating model = captive customer base willing to pay premium for convenience and brand assurance.
💬 Honest question: Have you ever bought anything from a TV shopping network? Did you regret it? Did it spark joy like Marie Kondo promised? Drop your story in the comments!
04 — Financials Overview
Q3 FY26: The Numbers That Actually Surprised People
Result type: Quarterly Results | Q3 FY26 EPS: ₹5.38 | Annualised EPS (Q3×4): ₹21.52 | FY25 Full-Year EPS: ₹9.22
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 1,066 | 977 | 877 | +9.1% | +21.5% |
| Operating Profit | 136 | 110 | 78 | +23.6% | +74.4% |
| OPM % | 13.0% | 11.3% | 8.9% | +170 bps | +410 bps |
| PAT | 90 | 64 | 48 | +40.6% | +87.5% |
| EPS (₹) | 5.38 | 3.84 | 2.85 | +40.1% | +88.8% |
Earnings Power Play: Q3 FY26 annualised EPS (₹5.38 × 4 = ₹21.52) is 2.3x the full FY25 EPS of ₹9.22. The raw run-rate looks extraordinary, but don’t get drunk on it—Q3 is seasonally the strongest quarter (Diwali season, holiday gifting, Black Friday impulse buys). However, the direction is unmistakable: gross margin improved 170 bps, employee costs fell 120 bps, airtime costs dropped 60 bps, and the company is firing on all cylinders operationally. P/E at 16.2x is sub-par compared to its historical multiples and the sector average of 19.8x. The stock has given up all gains for the year while earnings have exploded. Make of that what you will.
05 — Valuation: Fair Value Range
What’s A TV Jewellery Peddler Actually Worth?
Method 1: P/E Based
FY25 full-year EPS = ₹9.22. Q3 run-rate EPS annualised = ₹21.52 (too high, seasonally adjusted). Conservative approach: Use FY26 implied EPS of ~₹14–16 (blending current run-rate with historical growth). Jewellery retail sector median P/E = 19.8x. Vaibhav’s justified premium for margin profile + international diversification: 1.2x–1.4x sector. Fair P/E band: 22x–28x.
Range: ₹308 – ₹448 (basis ₹14–16 normalized EPS)
Method 2: EV/EBITDA Based
Q3 EBITDA = ₹141 Cr (@ 13.2% margin). Annualized = ₹564 Cr. FY25 EBITDA = ₹337 Cr (@ 9.3% margin). Current EV = ₹3,489 Cr. EV/EBITDA on FY25 basis = 10.4x. Premium jewellery retailers globally trade at 12–16x EV/EBITDA. Fair band: 12x–15x on normalized EBITDA base of ₹400–420 Cr.
EV range (12x–15x): ₹4,800 Cr – ₹6,300 Cr → Less net debt (₹-213 Cr) → Per share:
Range: ₹282 – ₹368
Method 3: DCF Based
Base FCF: ₹160 Cr (Q3 OCF, annualized ~₹640 Cr). Growth: 9–11% for 5 years (management guidance). Terminal growth: 3%. WACC: 10% (low leverage, stable margins).
→ PV of 5-year FCFs at 10%: ~₹2,800 Cr
→ Terminal Value (3% growth / 7% cap rate): ~₹10,200 Cr
→ Total EV: ~₹13,000 Cr (incl. net cash)
Range: ₹319 – ₹396
Fair Min: ₹280
CMP: ₹203 | Consensus: ₹320
Fair Max: ₹450
CMP ₹203
Fair Value
⚠️ EduInvesting Fair Value Range: ₹280 – ₹450. CMP ₹203 sits significantly below the range, implying 38–122% upside on different valuation methods. Downside is limited (valuation floor at 12x EV/EBITDA ~₹282). This fair value range is for educational purposes only and is not investment advice. Please consult a SEBI-registered investment advisor before making any financial decision.
06 — What’s Cooking: News, Triggers & Drama
The Quiet Revolution Happening in Plain Sight
