Vaibhav Global Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Vaibhav Global Ltd trades at ₹266, in a confirmed uptrend and 3 weeks into that stage. That is +13.2% against its own 200-day average. It sits at 97% of a 52-week range of ₹185 to ₹269. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a confirmed uptrend — week 3 of stage 2, confirmed. At ₹266 it trades +13.2% versus its 200-day average and sits at 97% of its 52-week range (₹185–₹269).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +267% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Vaibhav Global Ltd trades at 16.6× P/E, near the bottom of its own range — cheaper only 14% of the time. Its long-run median P/E is 25.8×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 16.6× is near the bottom of its own range — cheaper only 14% of the time, against a long-run median of 25.8× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +72.8% against a +18.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −20.3%/yr price move, ~−2.1%/yr came from earnings growth and ~−18.2 pp from the multiple (compressing); over 10y, of the +15.8%/yr price move, ~+19.6%/yr came from earnings growth and ~−3.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Vaibhav Global Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.5% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

4-Factor Sector Score

57.7/100 — rank 9 of 26 in Diamond, Gems & Jewellery · 90% evidence confidence

Vaibhav Global Ltd scores 57.7 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 9. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.2 + 13.2 + 16.6 + 9.7 = 57.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Vaibhav Global Ltd reported ₹935 Cr of revenue in the Mar 26 quarter, +10.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.2% a year. The last full year, FY26, came in at ₹3,692 Cr. The last four reported quarters add to ₹3,692 Cr.

FY26 revenue came in at ₹3,692 Cr (+9.2% on the year), capping 10 years at 11.2% compound. The latest quarter (Mar 26) printed ₹935 Cr, +10.0% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +9.3% growth against the decade's 11.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.3% over the last 4 quarters against +10.2%/yr over the last 8 — stabilising; TTM profit +74.5% vs +45.0%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Vaibhav Global Ltd's operating margin is 9.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.6% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 9.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.6%–15.0%.

Why the margin moved: operating margin went +1.6 pp year on year while gross margin went +1.8 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Vaibhav Global Ltd earned ₹91.0 Cr of net profit in the Mar 26 quarter, +167.6% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹266 Cr. The 10-year compound rate is 20.9%. That is 9.7% of the quarter's revenue. The same quarter a year earlier earned ₹34.0 Cr.

Mar 26 profit was ₹91.0 Cr, +167.6% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹266 Cr (+73.9%), and the 10-year compound rate is 20.9%.

Why profit moved: revenue contributed +10.0% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +80.1% vs revenue +9.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 138% of Vaibhav Global Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹310 Cr of operating cash against ₹266 Cr of profit. After ₹251 Cr of capital spending, ₹59.0 Cr was left as free cash.

FY26: operating cash of ₹310 Cr against reported profit of ₹266 Cr, leaving free cash of ₹59.0 Cr after ₹251 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 138% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 138%: the cash cycle stretched 50 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 1.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Vaibhav Global Ltd's cash conversion cycle runs 189 days in FY26, up from 139 days in FY21. Capital spending ran ₹511 Cr over the last 3 years. At FY26 sales of ₹3,692 Cr each day of that cycle holds about ₹10.1 Cr, so roughly ₹1,912 Cr sits inside the business at any moment.

FY26: debtors at 34 days, inventory at 232 days — roughly 7.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 189 days, looser than FY21's 139.

The full loop: cash goes out to suppliers and production on day 0; stock waits 232 days to sell; customers pay about 34 days after that; and suppliers themselves are paid at 77 days — netting out to the 189-day cycle.

In money terms: at FY26 sales of ₹3,692 Cr, each day of the cycle holds about ₹10.1 Cr — so the 189-day loop keeps roughly ₹1,912 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹511 Cr over the last 3 fiscal years against ₹298 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹26.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Vaibhav Global Ltd earns a ROCE of 16% in FY26. That is up from a trough of 11% in FY16. Return on invested capital clears the cost of that capital by +3.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.2% net margin on 1.45× asset turns.

FY26 ROCE is 16%, recovered from a FY16 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.2% net margin × 1.45× asset turns × 1.54× balance-sheet leverage ≈ 16.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 15.8% − 12.0% = a +3.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Vaibhav Global Ltd carries total debt of ₹416 Cr against shareholder equity of ₹1,648 Cr as of Mar 26, a debt-to-equity of 0.25 — effectively unlevered. On the annual view that ratio went from 0.15 in FY22 to 0.25 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹416 Cr against shareholder equity of ₹1,648 Cr — a debt-to-equity of 0.25. On the annual view, debt-to-equity went from 0.15 (FY22) to 0.25 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 4.8 points of Vaibhav Global Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 16.7% of the company. Domestic institutions moved +0.3 points over the same window, to 2.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −4.8 points over 8 quarters to 16.7%; Domestic institutions: +0.3 points over 8 quarters to 2.2%; Promoters: +0.1 points over 8 quarters to 57.3%.

🚨 Why the register moved: foreign institutions drove it (−4.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Vaibhav Global Ltd: the Z-score reads 5.38. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 5.38 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 5.38.

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