Vedant Fashions Limited (MANYAVAR) AI Stock Analysis

• Market Cap: ₹145.07B
• Dividend Yield: 1.34%
• Average Volume (3M): 13.31K
• Price to Earnings (P/E): 37.6
• Beta (1Y): 0.55
• Revenue Growth: 5.77%
• EPS Growth: -4.37%
• Country: IN
• Employees: 754
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 2.31
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ₹667.00 ▲(11.72% Upside)

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

Revenue Growth

The company's robust revenue growth indicates successful market expansion and product demand, supporting long-term business sustainability.

Cash Generation

Strong cash generation supports operational flexibility and investment capacity, enhancing the company's ability to fund growth initiatives.

Margin Sustainability

Sustained high margins reflect efficient operations and pricing power, contributing to long-term profitability and competitive advantage.

Negative Factors

Debt Levels

While the debt-to-equity ratio indicates prudent management, the increase suggests rising leverage, which could impact financial flexibility.

Profit Margin Decline

A slight decline in net profit margins may signal rising costs or competitive pressures, potentially affecting future profitability.

Market Conditions

Bearish technical indicators may reflect broader market challenges or investor sentiment, potentially impacting stock performance and capital access.

Vedant Fashions Limited Business Overview & Revenue Model

Company Description

Vedant Fashions Limited, widely recognized by its flagship brand Manyavar, is a leading Indian ethnic wear company specializing in traditional menswear. Established in 1999, the company primarily operates in the fashion retail sector, offering a diverse range of products including sherwanis, kurtas, and accessories designed for weddings, festivals, and other celebratory occasions. With a strong focus on quality, craftsmanship, and customer experience, Vedant Fashions has expanded its presence through both brick-and-mortar stores and e-commerce platforms, catering to a growing demand for ethnic attire in India and among the Indian diaspora worldwide.

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: 597.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• 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 597.05 is below the 20-day moving average (MA) of 600.92, below the 50-day MA of 634.59, and below the 200-day MA of 730.10, indicating a bearish trend. The MACD of -11.83 indicates Negative momentum. The RSI at 44.83 is Neutral, neither overbought nor oversold. The STOCH value of 30.20 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	₹14.68B	16.98	―	2.83%	8.10%	59.25%
MANYAVAR	62 Neutral	₹145.07B	37.63	―	1.34%	5.77%	-4.37%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
KITEX	61 Neutral	₹37.64B	40.31	―	0.27%	20.41%	-6.50%
ARVINDFASN	56 Neutral	₹68.53B	-413.60	―	0.32%	10.72%	-115.52%
ABFRL	48 Neutral	₹93.25B	-16.91	―	―	-32.83%	31.19%
INDTERRAIN	48 Neutral	₹1.79B	-13.29	―	―	-5.67%	71.26%

Vedant Fashions Limited Corporate Events

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.

Vedant Fashions Receives Favorable Tax Order, No Financial Impact

Vedant Fashions Limited announced that it has received a favorable Order-in-Original from the Office of the Additional Commissioner (Appeal), Kolkata, which dropped the proceedings against the company related to alleged excess availment of Input Tax Credit for the tax period 2017-18. This order results in a NIL demand, indicating no financial or operational impact on the company, thereby maintaining its stable position in the market.

Vedant Fashions Resolves Legal Metrology Act Violation

Vedant Fashions Limited has complied with a directive from the Department of Legal Metrology in Uttar Pradesh regarding a violation under the Legal Metrology Act, 2009. The company was required to pay a compounding fee of ₹50,000 due to non-disclosure of size and insufficient space for quantity declaration on product labels. This incident does not have any significant impact on the company’s financial or operational activities.

Vedant Fashions Resolves Packaging Compliance Issue

Vedant Fashions Limited has addressed a compliance issue under the Legal Metrology Act, 2009, regarding packaging discrepancies at one of their retail outlets. The company received a show cause notice for not adhering to packaging regulations, specifically for not including the required blank space and manufacturing date on a product’s packaging. In response, Vedant Fashions requested to compound the offense and paid a fee of ₹50,000 to resolve the issue. This incident is not expected to have any significant financial or operational impact on the company.