1. At a Glance
Vaibhav Global (VGL) isn’t your neighbourhood jewellery store — it’s a TV and e-commerce carnival reaching 130 million households across the US, UK, and Germany. Imagine QVC meets Bollywood drama, except the jewellery actually ships. With a market cap of ₹3,677 crore, FY25 profit of ₹163 crore, and a dividend yield of 2.72%, VGL is that rare Indian export brand that sells “affordable luxury” to the West without guilt-tripping customers with gold purity certificates.
2. Introduction
In a world where Amazon eats everything, Vaibhav Global decided to carve out a niche: “affordable” fashion jewellery and lifestyle products delivered via omnichannel blitzkrieg — TV shopping networks (Shop LC in the US, Shop TJC & Ideal World in the UK, Shop LC Germany), plus a growing e-commerce presence.
Their unique model thrives on impulse buys. You’re flipping channels, see a smiling host dangling gemstones, and before you know it, your credit card bill has increased. And they’re good at it — clocking ₹3,437 crore in TTM sales across developed markets.
But not all that glitters is 24-karat. Over the last 5 years, sales growth crawled at just 11% CAGR, and profits actually fell (-4% CAGR). FY25’s rebound (+26% TTM PAT growth) is promising, but the past two years proved this business can lose its shine if TV viewership dips or if consumers tighten wallets.
3. Business Model (WTF Do They Even Do?)
Think jewellery shopping channel + e-commerce + influencer hype — all under one
corporate umbrella.
- TV Shopping: Direct access to 130M households.
- Websites: shoplc.com (US), tjc.co.uk & idealworld.tv (UK), shoplc.de (Germany).
- Lifestyle Products: Jewellery, accessories, home goods.
The core trick? Control the supply chain. VGL designs, sources, and sells products directly to consumers — skipping middlemen and squeezing margins from suppliers while keeping prices “affordable” for customers.
4. Financials Overview
Recalculated P/E:
- FY25 Net Profit = ₹163.3 crore
- Equity Capital = ₹33 crore → Shares outstanding = 16.5 crore (FV ₹2)
- EPS = ₹9.89
- CMP ₹221 → P/E = 22.35 (Screener’s 22.5 checks out)
Key Numbers (₹ crore):
- Revenue (FY25): 3,380 (YoY +11%)
- EBITDA: 290 (EBITDA Margin 9%)
- PAT: 153 FY25 → 163 TTM (Net Margin ~4.8%)
- ROE: 11.7% | ROCE: 14.0%
Commentary: Not a hyper-growth story, but steady dividend payouts and a resilient model in developed markets give it a “boring but bankable” aura — except when the stock falls 26% in a year.
5. Valuation
Method 1 – P/E Multiple
Industry
