Vedant Fashions Limited (MANYAVAR) AI Stock Analysis

• Market Cap: ₹166.71B
• Dividend Yield: 1.16%
• Average Volume (3M): 13.31K
• Price to Earnings (P/E): 42.4
• Beta (1Y): 0.53
• Revenue Growth: 10.20%
• EPS Growth: 2.96%
• Country: IN
• Employees: 754
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 2.90
• Shares Outstanding: 242,957,100
• 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: ₹832.00
• Price Target Upside: 21.12% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 66 Neutral
• Price Target: ₹779.00 ▲(13.40% Upside)

Vedant Fashions Limited's strong financial performance is the most significant factor, driven by robust revenue growth and effective cost management. However, the stock's technical indicators suggest bearish momentum, and the high P/E ratio indicates potential overvaluation, which tempers the overall score.

Vedant Fashions Limited Business Overview & Revenue Model

Company Description

Vedant Fashions Limited engages in manufacture and trading of wedding and celebration wear in India and internationally. The company's products include men's ethnic and celebration wear items, such as Indo-western, sherwanis, and kurtas; jackets and accessories; women's ethnic and celebration wear items consisting of lehengas, sarees, stitched suits, and kurtis; and lehengas, gowns, frocks, kurtas, suits and accessories for kids. It offers its products under the Manyavar, Twamev, Manthan, Mohey and Mebaz brands. It sells its products through a network of franchise-owned exclusive brand outlets, multi-brand outlets, and large format stores; and online platforms, including its website, www.manyavar.com and mobile application. The company was incorporated in 2002 and is headquartered in Kolkata, India.

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 trajectories 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: 686.95
• 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 686.95 is below the 20-day moving average (MA) of 689.17, below the 50-day MA of 718.55, and below the 200-day MA of 806.37, indicating a bearish trend. The MACD of -8.83 indicates Negative momentum. The RSI at 43.34 is Neutral, neither overbought nor oversold. The STOCH value of 60.04 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	―	₹14.51B	18.55	―	2.87%	6.08%	31.44%
MANYAVAR	―	₹166.71B	42.37	―	1.16%	10.20%	2.96%
Sector *	―	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
KITEX	―	₹37.46B	28.32	―	0.24%	49.50%	74.50%
ARVINDFASN	―	₹69.29B	―	―	0.31%	7.62%	-124.65%
ABFRL	―	₹99.65B	―	―	―	-19.17%	37.41%
INDTERRAIN	―	₹1.89B	―	―	―	-21.08%	-21.17%

Vedant Fashions Limited Corporate Events

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.

Vedant Fashions Appoints New Secretarial Auditors

Vedant Fashions Limited has announced a change in its secretarial auditors, appointing M/s. M&A Associates for a five-year term starting from the financial year 2025-26. This decision, approved by the shareholders, is expected to enhance the company’s compliance and strategic capabilities, given M&A Associates’ expertise in regulatory and operational challenges.

Vedant Fashions Resolves Regulatory Issue with Compliance Fee

Vedant Fashions Limited has addressed a regulatory issue concerning a violation under the Legal Metrology Act, 2009, related to the non-disclosure of product specifications at one of its retail outlets. The company has complied by paying a compounding fee of ₹50,000 and has ensured that this incident does not impact its financial or operational activities.

Vedant Fashions Announces Q1 2025 Financial Results

Vedant Fashions Limited’s Board of Directors approved the unaudited financial results for the quarter ending June 30, 2025. This approval, in compliance with regulatory requirements, reflects the company’s ongoing commitment to transparency and could impact its market positioning by providing stakeholders with updated financial performance insights.