Vedant Fashions Limited (MANYAVAR) AI Stock Analysis

• Market Cap: ₹89.23B
• Dividend Yield: 1.37%
• Average Volume (3M): 13.31K
• Price to Earnings (P/E): 26.2
• Beta (1Y): 0.78
• Revenue Growth: 5.77%
• EPS Growth: -4.37%
• Country: IN
• Employees: 754
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 5.60
• 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): 16.13
• Revenue Forecast (FY): ₹14.25B

• Rating: 61 Neutral
• Price Target: ₹387.00 ▼(-33.23% Downside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score reflects strong financial performance and cash generation, but is meaningfully weighed down by very weak technical momentum (price below all major moving averages and bearish MACD). Valuation is somewhat expensive on P/E, with the dividend providing only modest support.

Positive Factors

Revenue Growth

Sustained multi-year revenue expansion indicates durable product-market fit for occasion wear and effective channel execution. Growing top-line across 2021–2025 supports scale benefits in sourcing, merchandising and store economics, strengthening long-term growth optionality.

High Gross Margins

Persistently elevated gross margins reflect strong brand pricing power and a profitable product mix in ethnic occasion wear. High margins provide a durable buffer against commodity cost swings and support reinvestment in retail footprint and brand-building over multiple years.

Cash Generation & Financial Health

Consistent free cash flow growth and healthy operating cash conversion underpin financial flexibility for store rollout, inventory management and franchise support. Strong cash generation reduces refinancing risk and enables disciplined capital allocation over the medium term.

Negative Factors

Declining EPS

Negative EPS growth signals pressure on per-share earnings despite revenue gains, which could stem from higher operating costs, investments or one-offs. Persisting EPS declines can limit dividend capacity and weaken long-term shareholder returns if not reversed by margin or efficiency improvements.

Margin Compression Risk

A recent dip in net margin, even from high levels, suggests emerging pressure on profitability potentially from higher operating expenses, promotional activity or channel mix shifts. Continued compression would erode cash flow generation and constrain reinvestment over time.

Concentrated Occasion-Driven Demand

Heavy reliance on wedding and festival demand makes revenues structurally seasonal and sensitive to changes in consumer spending patterns. This concentration raises inventory and working-capital variability and exposes growth to longer-term shifts in celebration spending or competitive alternative formats.

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

Strong fundamentals: rapid revenue growth (2021–2025), consistently high gross margins (70%+), and solid profitability. Cash generation is healthy with positive free cash flow growth; balance sheet remains stable with manageable leverage trends.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Positive

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 428.30, above the 50-day MA of 489.25, and below the 200-day MA of 658.58, indicating a bearish trend. The MACD of -33.93 indicates Positive momentum. The RSI at 21.51 is Positive, neither overbought nor oversold. The STOCH value of 15.68 is Positive, 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	64 Neutral	₹10.74B	3.10	―	2.83%	8.10%	59.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MANYAVAR	61 Neutral	₹89.23B	26.22	―	1.37%	5.77%	-4.37%
KITEX	59 Neutral	₹33.84B	-96.49	―	0.27%	20.41%	-6.50%
ARVINDFASN	56 Neutral	₹57.20B	65.33	―	0.31%	10.72%	-115.52%
ABFRL	48 Neutral	₹75.94B	-15.34	―	―	-32.83%	31.19%
INDTERRAIN	48 Neutral	₹1.49B	17.32	―	―	-5.67%	71.26%

Vedant Fashions Limited Corporate Events

Vedant Fashions Schedules Virtual One-to-One Meeting With Investors and Analysts

Vedant Fashions Limited has notified stock exchanges that its officials will hold a virtual one-to-one meeting with institutional investors and analysts on March 10, 2026. The company indicated that discussions will rely solely on publicly available information, and it has already made its February 2026 investor presentation and recent financial results accessible on its and the exchanges’ websites, underscoring its emphasis on transparency and regulatory compliance in investor engagement.

By formally disclosing the engagement schedule under India’s listing regulations and clarifying that no unpublished price-sensitive information will be shared, Vedant Fashions reinforces its adherence to fair disclosure norms. This structured outreach is likely aimed at maintaining investor confidence and ensuring that market participants have equal access to the same set of financial and strategic information.

Vedant Fashions Sets Analyst Call to Discuss Q3 FY26 Results

Vedant Fashions Limited has scheduled a conference call with analysts and institutional investors on 13 February 2026 at 3:30 p.m. IST to discuss its financial results and performance outlook for the quarter and nine months ended 31 December 2025. The call, hosted by JM Financial Institutional Securities, will feature the company’s chief financial officer and is part of its ongoing investor-relations efforts to provide transparency on recent earnings and business performance.

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.