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 behind Manyavar, Mohey, Twamev, and Diwas, 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 the Bhagavad Gita reminds 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 launching Manyavar Shaadi Show soon.”
(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.
