Vedant Fashions Limited (MANYAVAR) AI Stock Analysis

• Market Cap: ₹117.90B
• Dividend Yield: 1.37%
• Average Volume (3M): 13.31K
• Price to Earnings (P/E): 30.6
• Beta (1Y): 0.64
• Revenue Growth: 5.77%
• EPS Growth: -4.37%
• Country: IN
• Employees: 754
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): N/A
• Shares Outstanding: 242,973,100
• 10 Day Avg. Volume: 11,929
• 30 Day Avg. Volume: 13,308
• PEG Ratio: -7.65
• Price to Book (P/B): 10.43
• Price to Sales (P/S): 13.44
• P/FCF Ratio: 48.34
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ₹514.00 ▼(-11.32% Downside)

Vedant Fashions Limited's strong financial performance is a key strength, supported by robust revenue growth and effective cost management. However, technical analysis indicates bearish momentum, which is a significant risk factor. The valuation suggests the stock may be overvalued, but the dividend yield offers some compensation. Overall, the stock score reflects a balance of strong financials and technical challenges.

Positive Factors

High margins & revenue scale

Sustained revenue expansion alongside gross margins above 70% indicates durable pricing power in occasion wear and strong unit economics. This margin profile supports reinvestment in stores, marketing and product development, enabling long-term competitive positioning and cash generation.

Healthy balance sheet

A conservative capital structure and stable equity ratio provide financial flexibility to fund store expansion, franchise support and inventory cycles. Lower leverage reduces refinancing risk during downturns and preserves capacity for strategic investments or opportunistic M&A over months to years.

Strong cash generation

Consistent free cash flow growth and high operating cash conversion underpin self-funded growth and working capital needs for seasonal inventory. Robust cash generation supports capex, franchise support, and potential shareholder returns without reliance on volatile external financing.

Negative Factors

EPS contraction

Negative EPS growth signals profitability pressure despite revenue gains. Over time this could reflect margin mix shifts, higher operating or expansion costs, or pricing limits; persistent EPS decline would constrain reinvestment ability and reduce headroom for dividends or buybacks.

Moderate revenue growth rate

A mid-single-digit revenue growth rate implies slower top-line expansion relative to earlier scaling phases. Persistently modest growth raises risks of market saturation in core segments and necessitates successful product, channel or geographic diversification to meet investor and reinvestment expectations.

Concentration in occasion wear

Heavy reliance on wedding and festival-driven demand makes revenues seasonal and discretionary. This structural concentration amplifies sensitivity to macro slowdowns, changing consumer preferences or competitive pressure; durable growth requires diversification across categories or geographies.

Vedant Fashions Limited Business Overview & Revenue Model

Company Description

Vedant Fashions Limited engages in manufacture and trading of wedding and celebration wear in India and internationally. The company's products include men's ethnic and celebration wear items, such as Indo-western, sherwanis, and kurtas; jackets and accessories; women's ethnic and celebration wear items consisting of lehengas, sarees, stitched suits, and kurtis; and lehengas, gowns, frocks, kurtas, suits and accessories for kids. It offers its products under the Manyavar, Twamev, Manthan, Mohey and Mebaz brands. It sells its products through a network of franchise-owned exclusive brand outlets, multi-brand outlets, and large format stores; and online platforms, including its website, www.manyavar.com and mobile application. The company was incorporated in 2002 and is headquartered in Kolkata, India.

How the Company Makes Money

Vedant Fashions Limited generates revenue primarily through the sale of its ethnic wear products in various retail formats, including standalone stores and online channels. The company has developed a robust revenue model that includes direct sales from its Manyavar brand outlets, franchisee-operated stores, and e-commerce sales through its own website and other online marketplaces. Key revenue streams include high-margin products such as wedding attire, which typically command premium pricing due to their intricate designs and craftsmanship. Additionally, the company benefits from strategic partnerships with fashion influencers and participation in cultural events, which enhance brand visibility and attract a broader customer base. Seasonal promotions and festive collections further contribute to sales spikes, particularly during peak wedding seasons in India, while their loyalty programs encourage repeat purchases, solidifying customer relationships and driving consistent revenue growth.

Vedant Fashions Limited Financial Statement Overview

Summary

Vedant Fashions Limited showcases impressive financial performance with strong growth in revenue and profit margins. The balance sheet reflects stability and effective leverage management, while cash flows indicate robust cash generation capabilities. The company is well-positioned in the apparel retail industry, benefiting from efficient operations and prudent financial strategies.

Income Statement

Vedant Fashions Limited exhibits strong revenue growth, increasing from 5,640.75 million in 2021 to 13,864.83 million in 2025. The company maintains high gross profit margins, averaging over 70%, indicating effective cost management. The net profit margin remains robust, although slightly decreasing from 2024, reflecting stable profitability. EBIT and EBITDA margins show consistent improvement, highlighting efficient operations.

Balance Sheet

The company demonstrates a healthy balance sheet with a decreasing debt-to-equity ratio, improving from 0.19 in 2021 to 0.27 in 2025, indicating prudent financial management. The return on equity has been strong, although slightly fluctuating, reflecting good shareholder returns. The equity ratio remains stable, suggesting a solid capital structure.

Cash Flow

Vedant Fashions shows positive free cash flow growth, maintaining a strong operating cash flow to net income ratio, indicating efficient cash management. The free cash flow to net income ratio remains healthy, reflecting the company's capacity to generate cash relative to profits.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.28B	13.86B	13.68B	13.55B	10.41B	5.65B
Gross Profit	10.44B	10.17B	9.88B	10.02B	7.73B	4.17B
EBITDA	5.75B	4.97B	5.33B	5.76B	4.11B	1.59B
Net Income	3.96B	3.88B	4.14B	4.29B	3.15B	1.33B
Balance Sheet
Total Assets	0.00	27.47B	25.09B	21.66B	17.70B	16.26B
Cash, Cash Equivalents and Short-Term Investments	7.26B	7.26B	6.26B	6.28B	4.16B	4.75B
Total Debt	0.00	4.83B	4.44B	2.93B	2.79B	2.10B
Total Liabilities	-17.86B	9.60B	9.07B	7.66B	6.87B	5.34B
Stockholders Equity	17.86B	17.86B	16.02B	14.00B	10.83B	10.91B
Cash Flow
Free Cash Flow	0.00	3.85B	4.79B	4.65B	3.49B	2.40B
Operating Cash Flow	0.00	3.89B	4.83B	4.70B	3.51B	2.53B
Investing Cash Flow	0.00	-158.83M	-1.10B	-2.32B	564.60M	-884.15M
Financing Cash Flow	0.00	-3.77B	-3.62B	-2.32B	-4.10B	-1.66B

Vedant Fashions Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 579.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANYAVAR, the sentiment is Negative. The current price of 579.6 is above the 20-day moving average (MA) of 518.30, above the 50-day MA of 564.37, and below the 200-day MA of 694.71, indicating a bearish trend. The MACD of -26.31 indicates Positive momentum. The RSI at 26.82 is Positive, neither overbought nor oversold. The STOCH value of 24.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MANYAVAR.

Vedant Fashions Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MONTECARLO	73 Outperform	₹11.80B	12.20	―	2.83%	8.10%	59.25%
MANYAVAR	62 Neutral	₹117.90B	30.59	―	1.37%	5.77%	-4.37%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
KITEX	59 Neutral	₹34.12B	36.55	―	0.27%	20.41%	-6.50%
ARVINDFASN	56 Neutral	₹63.06B	-355.64	―	0.31%	10.72%	-115.52%
ABFRL	48 Neutral	₹80.70B	-14.63	―	―	-32.83%	31.19%
INDTERRAIN	48 Neutral	₹1.70B	-12.61	―	―	-5.67%	71.26%

Vedant Fashions Limited Corporate Events

Vedant Fashions Receives GST Demand Order of ₹2.18 Lakh for FY 2021-22

Vedant Fashions Limited has disclosed that it received an Order-In-Original from the Office of the Assistant Commissioner, State Tax, Raipur-8, Chhattisgarh, relating to the 2021-22 financial year under the Central, State and Integrated Goods and Services Tax Acts. The order raises a total demand of ₹2,18,228, comprising a ₹1,19,144 tax demand for differences in GST return data, ₹79,084 as interest and ₹20,000 as penalty split between CGST and SGST components. The company stated that apart from this quantified amount there is no material impact on its financial or operational activities, and it intends to review and evaluate the order before determining further action within the prescribed timeline.

Vedant Fashions Schedules One-to-One Virtual Meet with Investors and Analysts on December 24

Vedant Fashions Limited has announced that its officials will hold a one-to-one virtual interaction with investors and analysts on December 24, 2025, as part of its ongoing investor relations efforts. The company stated that discussions will be restricted to publicly available information, including its previously released October 2025 investor presentation and recent financial results, underscoring its commitment to regulatory compliance and transparent engagement with market participants while signalling continued outreach to institutional stakeholders.

Vedant Fashions Schedules Investor and Analyst Meeting

Vedant Fashions Limited has announced a scheduled meeting with investors and analysts on December 19, 2025, in Kolkata. The meeting will be a one-to-one interaction, focusing on publicly available information, as the company has already submitted its ‘Investor Presentation – Oct 2025’ along with its financial results for the quarter and half-year ended September 30, 2025, to the stock exchanges.

Vedant Fashions Schedules Analyst and Investor Meetings

Vedant Fashions Limited has announced a schedule for meetings with analysts and investors, set to take place on December 9, 2025, in Kolkata. The company has already submitted its Investor Presentation for October 2025 along with its financial results for the quarter and half-year ended September 30, 2025, to the stock exchanges. These meetings will discuss publicly available information, ensuring no unpublished price-sensitive information is disclosed.

Vedant Fashions Receives CGST Order on ITC Recovery

Vedant Fashions Limited has received an Order-in-Original from the Office of the Deputy Commissioner of CGST, Mumbai West, concerning the recovery of ineligible Input Tax Credit and associated penalties for the fiscal years 2017-18 to 2019-20. The order includes a penalty and interest on the ITC amount, but the company states that there is no significant impact on its financial or operational activities beyond the specified amounts. Vedant Fashions plans to review and evaluate the order to determine the appropriate course of action.

Vedant Fashions Schedules Investor and Analyst Meetings

Vedant Fashions Limited has announced a schedule of meetings with investors and analysts, which will include both virtual and physical interactions. The company has clarified that these discussions will be based on publicly available information, and no unpublished price-sensitive information will be shared. The meetings aim to provide insights into the company’s recent financial performance and strategic direction, potentially impacting investor perceptions and market positioning.