Vaibhav Global Ltd.Q2 revenue +7%, EBITDA -13.5%; FY27 growth guide cut

Vaibhav Global's Q2 FY27 call, held on 29 October 2026, reported revenue growth of 7% to ₹938.4 crore, helped by a weaker rupee, with gross margin up about 197 basis points to 65.5% but EBITDA down 13.5% to ₹76.2 crore, an 8.1% margin against 10%.

Management called the quarter one of transition: the move of all retail websites to Shopify cost about $2.8 million of revenue, or 2.8 points of growth, and the consolidation of four UK warehouses and two studios hurt UK sales, which fell 7% in constant currency. US revenue fell 4.1% in constant currency as shoppers traded down, while Europe excluding the UK grew 18.3%. The company cut FY27 revenue growth guidance to 7% to 9% from 9% to 11%, now expects FY27 EBITDA margin flat on FY26 instead of 50 to 100 basis points higher, and expects 9% to 11% growth in FY28.

Net cash fell to ₹186 crore, a second interim dividend of ₹1.5 a share was declared, and the board will consider a buyback after building cash.