Manyavar owner Vedant Fashions Q1 profit rises 15 per cent, extends top leadership tenures

Mumbai: Vedant Fashions appears to have stitched together another strong quarter. The company behind ethnic wear brands Manyavar, Mohey and Twamev reported higher revenue and double-digit profit growth for the first quarter of FY27, while also extending the tenures of its top leadership team for another five years.

Kolkata-headquartered Vedant Fashions Limited reported revenue from operations of Rs 301.37 crore for the quarter ended June 30, 2026, up 7.17 per cent from Rs 281.19 crore in the corresponding quarter last year.

Including other income of Rs 29.69 crore, up from Rs 25.83 crore a year earlier, total income increased to Rs 331.06 crore compared with Rs 307.02 crore in the year-ago period.

The company continued to benefit from steady demand for its portfolio of celebration wear brands, including Manyavar, Mohey and Twamev, despite the typically softer seasonal quarter ahead of the festive and wedding period.

Total expenditure rose modestly to Rs 225.53 crore from Rs 214.51 crore in the corresponding quarter last year.

Raw material, accessories and packaging costs stood at Rs 30.66 crore, including Rs 26.77 crore towards raw materials and Rs 3.90 crore for accessories and packing materials. Purchases of stock-in-trade amounted to Rs 50.56 crore, while employee benefit expenses stood at Rs 15.16 crore.

Finance costs were contained at Rs 12.95 crore, depreciation and amortisation charges totalled Rs 42.20 crore, and other operating expenses came in at Rs 66.63 crore.

Profit before tax rose 14.08 per cent year-on-year to Rs 105.53 crore from Rs 92.51 crore.

After providing Rs 24.92 crore in taxes, including current tax of Rs 23.33 crore and deferred tax of Rs 1.59 crore, net profit increased 14.74 per cent to Rs 80.61 crore from Rs 70.26 crore in the corresponding quarter last year.

Basic and diluted earnings per share both improved to Rs 3.32 from Rs 2.89 a year ago.

While revenue and profit declined sequentially from the March quarter, the comparison reflects the seasonality of India’s ethnic wear market, where demand typically peaks during festive and wedding seasons. The company had reported total income of Rs 425.76 crore in the quarter ended March 31, 2026.

For the full financial year ended March 2026, Vedant Fashions reported revenue from operations of Rs 1,435.48 crore, total income of Rs 1,529.00 crore and net profit of Rs 375.54 crore, with basic earnings per share of Rs 15.46.

Alongside the quarterly results, the board approved the reappointment of three senior leaders following recommendations from the Nomination and Remuneration Committee.

Vedant Fashions Limited chairman and managing director Ravi Modi has been reappointed for a fresh five-year term from August 28, 2026 to August 27, 2031, subject to shareholder approval at the forthcoming annual general meeting.

The founder-promoter, who has more than 25 years of experience in the ethnic wear industry, will continue leading the company’s long-term growth strategy, retail expansion and digital initiatives.

The board also reappointed Vedant Fashions Limited whole-time director Shilpi Modi for another five-year term beginning August 28, 2026. She has played a key role in product development and fashion merchandising across the group’s brands.

Meanwhile, independent director Manish Mahendra Choksi was reappointed for a second consecutive five-year term from September 6, 2026 to September 5, 2031. Choksi, who also serves as a non-executive director at Asian Paints, brings experience in corporate governance, technology and business strategy.

The company said all three directors remain eligible for their respective appointments under the Companies Act, 2013 and are not debarred by the Securities and Exchange Board of India or any other regulatory authority.

Vedant Fashions’ statutory auditor, BSR & Co. LLP, issued an unmodified limited review report for the quarter.

The company’s paid-up equity share capital increased marginally to Rs 24.30 crore following the allotment of 5,142 equity shares under its employee stock option scheme. Vedant Fashions continues to operate as a single reportable business segment focused on branded fashion apparel and accessories and does not have subsidiaries, joint ventures or associate companies requiring consolidated financial statements.

With leadership continuity secured, healthy margins intact and demand for occasion wear expected to strengthen during the festive and wedding season, Vedant Fashions appears well positioned to keep its growth story in style.