Vaibhav Global Q2 FY27 Results: Consolidated Net Profit ₹41.71 Crore on Total Income of ₹947 Crore
Earnings
Video commerce and jewellery
Blacklitt Research3 min read
Vaibhav Global (NSE: VAIBHAVGBL) reported consolidated total income of ₹946.57 crore and net profit of ₹41.71 crore for the quarter ended 30 Sep 2026, it said in a filing on 29 Oct 2026. Standalone total income was ₹237.26 crore and standalone net profit ₹13.28 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹946.57 crore, up 6.6% YoY and 2.6% QoQ
Net profit: ₹41.71 crore, down 12.3% YoY and 26.0% QoQ
EPS: ₹2.49 basic, against ₹2.85 a year earlier and ₹3.37 in the prior quarter
Finance costs: ₹4.90 crore, up 43.6% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹237.26 crore, up 17.1% YoY and 46.0% QoQ
Net profit: ₹13.28 crore, down 80.1% YoY and 82.1% QoQ
EPS: ₹0.79 basic, against ₹4.02 a year earlier and ₹4.44 in the prior quarter
Other income: ₹59.84 crore, 25.2% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
946.57
887.84
+6.6%
922.39
+2.6%
Revenue from operations
938.37
877.32
+7.0%
917.07
+2.3%
Other income
8.20
10.53
-22.1%
5.31
+54.3%
41.71
47.55
-12.3%
56.38
-26.0%
Profit before tax
44.42
60.25
-26.3%
70.87
-37.3%
Finance costs
4.90
3.41
+43.6%
4.54
+7.8%
Depreciation
26.92
24.45
+10.1%
26.63
+1.1%
Tax expense
2.71
12.69
-78.6%
14.49
-81.3%
Net profit margin
4.41%
5.36%
-0.95 pp
6.11%
-1.71 pp
EPS, basic (₹)
2.49
2.85
-12.6%
3.37
-26.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit fell more than revenue rose in the consolidated figures. Total income grew 6.6% year on year and revenue from operations 7.0%, while net profit fell 12.3% and profit before tax 26.3%.
Finance costs rose 43.6% year on year to ₹4.90 crore, and depreciation rose 10.1% to ₹26.92 crore. Against the year-earlier quarter, the cost lines grew faster than income in these two items. The consolidated results report no exceptional items in the quarter; the only exceptional item in the consolidated statement is ₹17.53 lakh in the year to date ended 30 Sep 2025.
The consolidated results show content and broadcasting expenses of ₹204.60 crore in the quarter, an item the notes flag as above 10% of total expenses. The statutory auditor BSR and Co LLP issued a limited review report with an unmodified conclusion, and the report states that four subsidiaries were reviewed by other auditors.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
237.26
202.56
+17.1%
162.48
+46.0%
Revenue from operations
177.42
139.94
+26.8%
157.52
+12.6%
Other income
59.84
62.62
-4.4%
4.96
n/a
13.28
66.86
-80.1%
74.32
-82.1%
Profit before tax
17.96
68.71
-73.9%
69.97
-74.3%
Finance costs
2.10
2.40
-12.6%
1.69
+24.6%
Depreciation
2.08
n/a
n/a
2.01
+3.8%
Tax expense
4.68
1.85
+153.1%
-4.35
n/a
Net profit margin
5.60%
33.01%
-27.41 pp
45.74%
-40.14 pp
EPS, basic (₹)
0.79
4.02
-80.3%
4.44
-82.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 17.1% year on year, but net profit fell 80.1%. Revenue from operations rose 26.8% to ₹177.42 crore, while profit before tax fell 73.9% to ₹17.96 crore and tax expense rose to ₹4.68 crore from ₹1.85 crore.
Against the prior quarter, standalone other income rose from ₹4.96 crore to ₹59.84 crore and profit before tax fell from ₹69.97 crore. The standalone statement of other income is ₹59.84 crore for the quarter, and the standalone cash flow statement shows dividend income of ₹49.37 crore for the year to date. The standalone results carry no exceptional items in the quarter; the statement shows an exceptional item of ₹58.43 crore for the year ended 31 Mar 2026.
The board declared a second interim dividend of ₹1.50 per share, face value ₹2, for FY27, with a record date of 04 Nov 2026 and payment within 30 days of declaration. The notes also say a further interim dividend of ₹1.50 per share was declared and paid in the current period, making ₹3.00 per share declared in the current period.
The board also approved a grant of 8,018 restricted stock units under the VGL RSU Plan 2019, vesting 20% after one year, 30% after two years and 50% after three years. In the quarter the company allotted 3,23,358 equity shares under employee stock option schemes.
Inference
The filing says the board approved the results on 28 Oct 2026, the statutory auditor issued unmodified limited review conclusions on both sets of results, and the company declared the second interim dividend of ₹1.50 per share with a record date of 04 Nov 2026.
The filing does not state the reason for the fall in consolidated profit against the prior quarter and the year-earlier quarter, the reason standalone other income rose so sharply, or the reason for the tax credit in the prior standalone quarter. A reader would also want to know how the RSU grant is to be funded, and the filing does not say.
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