Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Valuation 
Analyst Note 
Qtr. Results 
Financials 
News 
About
Vedant Fashions Ltd (MANYAVAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543463 NSE: MANYAVAR Textile | Small Cap | Vedant Fashions Share Price
₹478.20 -9.15 (-1.88%)
As on 30-Oct'26 16:59
Vedant Fashions Ltd (MANYAVAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543463 NSE: MANYAVAR Textile | Small Cap | Vedant Fashions Share Price
₹478.20 -9.15 (-1.88%)
As on 30-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹11,619 Cr.
Current Price
₹478.2
52-Week Low / High
₹330 / 666
TTM EPS
₹15.9
TTM Sales
₹1,456 Cr.
Book Value per Share
₹83.9
P/E Ratio
30.11
Lower than its 5-year historical median
Industry PE
32
Price to Book (P/B)
5.70
Lower than its 5-year historical median
Price to Sales (P/S)
7.98
Lower than its 5-year historical median
EV/EBITDA
15.77
Lower than its 5-year historical median
Dividend Yield
1.62%
Profitability Efficiency
Return on Equity (ROE)
20.10%
Outperforms industry median
Return on Capital Employed (ROCE)
29.45%
Outperforms industry median
Return on Assets (ROA)
10.09%
Outperforms industry median
Operating Profit Margin
43.8%
Outperforms industry median
Net Profit Margin
26.16%
Outperforms industry median
Gross Profit Margin
46.4%
Outperforms industry median
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
3.53%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-2.22%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-3.33%
Asset Quality
Promoter Holding
74.94%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,014 Cr.
Equity
₹24.3 Cr.
Face Value
₹1
All Time Low / High
₹329.65 / 1511.20
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Vedant Fashions Ltd a good quality company?
Vedant Fashions Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Vedant Fashions Ltd performance compare with that of its Peers?
Revenue growth of Vedant Fashions Ltd vs industry peers?
Vedant Fashions Ltd revenue CAGR is 21.49%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Vedant Fashions Ltd?
Promoters hold 74.94% of the Vedant Fashions Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Vedant Fashions Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -28.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Vedant Fashions Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 57% | 44.4% | 35.3% | 35.4% | 18.7% | 40.4% | 48.2% | 39.6% | 33.9% | 29.5% | - |
| Value Creation Index ⓘ | 3.2 | 2.3 | 1.6 | 1.6 | 0.4 | 2.6 | 3.3 | 2.5 | 2.0 | 1.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 596 | 759 | 794 | 915 | 542 | 1,009 | 1,326 | 1,368 | 1,386 | 1,435 | 1,456 |
| Sales YoY Gr. | - | 27.2% | 4.7% | 15.2% | -40.7% | 86% | 31.5% | 3.1% | 1.4% | 3.5% | - |
| Adj EPS ⓘ | 22.1 | 5.8 | 7 | 9.5 | 5.1 | 12.4 | 17.2 | 16.5 | 15.6 | 14.9 | 15.9 |
| YoY Gr. | - | -73.7% | 21.2% | 35.5% | -46.2% | 140.9% | 38.9% | -3.7% | -5.9% | -4.1% | - |
| BVPS (₹) ⓘ | 69.4 | 30.6 | 35.5 | 43 | 44.2 | 44.5 | 57.2 | 65.6 | 73.2 | 80.6 | 83.9 |
| Adj Net Profit ⓘ | 105 | 145 | 176 | 239 | 127 | 300 | 417 | 401 | 378 | 363 | 386 |
| Cash Flow from Ops. ⓘ | 36.9 | 51.8 | 179 | 241 | 253 | 341 | 459 | 483 | 389 | 481 | - |
| Debt/CF from Ops. ⓘ | 0.2 | 0.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.3% | 21.5% | 2.7% | 3.5% | ||||
| Adj EPS ⓘ | -4.3% | 23.8% | -4.6% | -4.1% | ||||
| BVPSⓘ | 1.7% | 12.8% | 12.1% | 10% | ||||
| Share Price | - | - | -28.2% | -26.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 37.3 | 28.1 | 22.1 | 24.3 | 11.7 | 27.5 | 33.6 | 26.8 | 22.3 | 19.3 | 19.3 |
| Op. Profit Mgn % ⓘ | 29.1 | 30.8 | 34.5 | 43.5 | 43.3 | 47.6 | 49.6 | 48.1 | 46.4 | 43.8 | 43.9 |
| Net Profit Mgn % ⓘ | 17.6 | 19.2 | 22.2 | 26.1 | 23.4 | 29.8 | 31.4 | 29.4 | 27.3 | 25.3 | 26.5 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 179 | 196 | 243 | 249 | 571 | 411 | 377 | 423 | 472 | 483 | 196 |
| Cash Conv. Cycle ⓘ | 107 | 135 | 147 | 150 | 277 | 145 | 124 | 136 | 159 | 169 | 142 |
Valuation of Vedant Fashions - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 596 | 759 | 794 | 915 | 542 | 1,009 | 1,326 | 1,368 | 1,386 | 1,435 |
| Operating Expenses ⓘ + | 423 | 525 | 521 | 517 | 307 | 528 | 668 | 709 | 744 | 807 |
| Operating Profit ⓘ | 174 | 234 | 274 | 398 | 235 | 480 | 658 | 658 | 643 | 628 |
| Operating Profit Margin (%) | 29.1% | 30.8% | 34.5% | 43.5% | 43.3% | 47.6% | 49.6% | 48.1% | 46.3% | 43.8% |
| Other Income ⓘ + | 3 | 10 | 19 | 32 | 58 | 49 | 37 | 70 | 85 | 94 |
| Interest ⓘ | 5 | 6 | 4 | 25 | 25 | 27 | 30 | 45 | 55 | 56 |
| Depreciation ⓘ | 8 | 10 | 8 | 82 | 89 | 88 | 97 | 135 | 153 | 170 |
| Profit Before Tax ⓘ | 164 | 229 | 280 | 323 | 178 | 414 | 567 | 548 | 519 | 496 |
| Tax ⓘ | 58 | 79 | 98 | 78 | 48 | 105 | 144 | 134 | 131 | 120 |
| Profit After Tax | 106 | 149 | 182 | 245 | 131 | 308 | 423 | 414 | 388 | 376 |
| PAT Margin (%) | 17.8% | 19.7% | 23.0% | 26.8% | 24.1% | 30.6% | 31.9% | 30.3% | 28.0% | 26.2% |
| Adjusted EPS (₹) | 22.4 | 6.5 | 7.3 | 9.8 | 5.3 | 12.7 | 17.4 | 17.1 | 16.0 | 15.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 39.40% | 51.70% | 49.80% | 50% | 50.10% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 329 | 707 | 890 | 1,076 | 1,096 | 1,080 | 1,387 | 1,594 | 1,779 | 1,957 | |
| Debt + | 9 | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 34 | 43 | 60 | 49 | 48 | 68 | 85 | 89 | 102 | 62 | |
| Others Liabilities ⓘ | 111 | 178 | 197 | 466 | 893 | 1,117 | 1,349 | 1,631 | 1,795 | 1,747 | |
| Total Liabilities ⓘ | 482 | 940 | 1,147 | 1,591 | 2,037 | 2,265 | 2,820 | 3,313 | 3,676 | 3,767 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 141 | 316 | 252 | 482 | 446 | 495 | 518 | 663 | 688 | 659 | |
| CWIP ⓘ | 5 | 1 | 2 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | |
| Investments ⓘ | 0 | 138 | 195 | 371 | 553 | 524 | 793 | 959 | 1,051 | 1,214 | |
| Inventories | 97 | 88 | 90 | 115 | 100 | 141 | 173 | 139 | 202 | 145 | |
| Trade Receivables | 189 | 322 | 337 | 391 | 366 | 395 | 473 | 565 | 619 | 651 | |
| Cash Equivalents | 1 | 5 | 119 | 69 | 7 | 3 | 8 | 22 | 17 | 11 | |
| Others Assets ⓘ | 49 | 71 | 152 | 161 | 565 | 706 | 854 | 966 | 1,099 | 1,086 | |
| Total Assets ⓘ | 482 | 940 | 1,147 | 1,591 | 2,037 | 2,265 | 2,820 | 3,313 | 3,676 | 3,767 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 37 | 52 | 179 | 241 | 253 | 341 | 459 | 483 | 389 | 481 |
| Cash Flow From Investing Activity ⓘ + | -22 | -279 | -165 | -96 | -90 | 62 | -228 | -110 | -16 | -102 |
| Cash Flow From Financing Activity ⓘ + | -16 | 224 | -13 | -138 | -165 | -406 | -226 | -362 | -377 | -386 |
| Net Cash Flow ⓘ | -0 | -4 | 1 | 7 | -2 | -3 | 5 | 12 | -4 | -6 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 37.72 | 28.85 | 22.83 | 24.93 | 12.04 | 28.34 | 34.28 | 27.79 | 23.04 | 20.1 |
| ROCE (%) | 56.99 | 44.38 | 35.32 | 35.36 | 18.71 | 40.38 | 48.19 | 39.57 | 33.92 | 29.45 |
| Asset Turnover Ratio | 1.42 | 1.07 | 0.76 | 0.67 | 0.3 | 0.47 | 0.52 | 0.45 | 0.4 | 0.39 |
| PAT to CFO Conversion(x) | 0.35 | 0.35 | 0.98 | 0.98 | 1.93 | 1.11 | 1.09 | 1.17 | 1 | 1.28 |
| Working Capital Days | ||||||||||
| Receivable Days | 89.90 | 122.60 | 151.50 | 145.30 | 255 | 137.70 | 119.40 | 138.40 | 155.70 | 161.40 |
| Inventory Days | 55.70 | 44.50 | 40.80 | 40.70 | 72.10 | 43.60 | 43.30 | 41.60 | 44.80 | 44.10 |
| Payable Days | 89.70 | 60.40 | 89.10 | 81.70 | 133.40 | 85.40 | 84.20 | 87.10 | 99.40 | 74.40 |
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Annual reports
No annual reports available.
Concalls
No concalls available.
Vedant Fashions Ltd FAQs
The current trading price of Vedant Fashions on 30-Oct-2026 16:59 is ₹478.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Oct-2026 the market cap of Vedant Fashions stood at ₹11,619.2 Cr
The latest P/E ratio of Vedant Fashions as of 29-Oct-2026 is 30.11.
The latest P/B ratio of Vedant Fashions as of 29-Oct-2026 is 5.70.
The 52-week high of Vedant Fashions is ₹666.0 and the 52-week low is ₹329.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Vedant Fashions is ₹1,456 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Vedant Fashions Ltd is a good quality company.
The key valuation ratios of Vedant Fashions Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Vedant Fashions Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Vedant Fashions Ltd
Vedant Fashions, established in 2002 in Kolkata, aims to blend tradition and fashion, specializing in Indian wedding and celebration wear. Manyavar, its flagship brand, dominates the men's Indian and Celebration wear. The company has expanded its presence with brands like Mohey, Twamev, Mebaz, and Manthan, reaching various parts of India and the world, including the USA, Canada, the UK, and the UAE. The company’s global presence reflects its commitment to merging traditional Indian elements with modern trends. It takes pride in showcasing the richness of Indian ethnic garments, emphasizing craftsmanship and artistic finesse. As it grows, the company strives to strengthen cultural connections, offering a perfect blend of tradition and fashion in wedding and celebration wear. Vedant Fashions is dedicated to enhancing cultural ties, driving a shift towards Indian celebration wear, and fostering long-term business growth. Its brands embrace the essence of Indian traditions uniting families to create a unique experience that resonates with roots and a sense of belonging.
Business area of the company
The company is primarily engaged in manufacturing, trading and sale of readymade ethnic wear for men, women and kids primarily in India under the brand names Manyavar, Mohey, Mebaz, Twamev and Diwas.
Brands
- Manyavar
- Mohey
- Twamev
- Mebaz
Awards, accreditations or recognitions
- 2004-2008: Recognised as “Best Men's Ethnic Wear Brand” by Central Icons.2008-2010: Recognised as “Iconic Men’s Ethnic Brand” by Central Icons.
- 2014: ET Bengal Corporate Award for the “Fastest Growing Company-Maximum Turnover of Rs 300 crore” granted by Association of Corporate Advisers & Executives, Kolkata and the Economic Times.
- 2014: Award for Retail Excellence for being the “Pioneer in Ethnic Retail Business” granted by ABP News.
- 2015: Images Award for “Excellence in Supply Chain Management & Fulfillment” granted by Images Retail Tech Awards.
- 2015: Recognized as the “National Retailer of the Year” at the 4th Annual Indian Retail & Indian eRetail Awards.
- 2017: Images Award for “Most Admired Fashion Brand of the year: Men’s Indian Wear” granted by Images Fashion Awards.
- 2018: Images Award for “Most Admired Retailer of the Year Marketing & Promotions Campaign” granted by Images Retail Awards.
- 2019: Indian Retail Award for “Ethnic Fashion Retailer of the Year” granted by Shop X.
- 2019: Dare to Dream Award for “Company of the Year-Retail” granted by Zee Business.
- 2019: Times Business Award for the “Best Men's Ethnic Wear Brand (East)” granted by the Times Group.
- 2019: Images Award for “Most Admired Fashion Brand of the year: Men’s Indianwear” granted by Images Fashion Awards.
- 2020: Images Excellence Award for “Men’s Indianwear” granted by Images Fashion Awards.
- 2020: Recognized as India’s Retail Champion (Winner) in Specialty Retail by Bhartiya City Centre.2020: Global Award for Retail Excellence for “Retail Marketing Campaign of the Year #TaiyaarHokarAaiye” granted by ET Now.
- 2020: ET Bengal Corporate Award for “Excellence in Business Performance-Turnover between INR 300 crore and 1,000 crore” granted by Association of Corporate Advisers & Executives, Kolkata and the Economic Times.
- 2021: Retail Award for the “Most Admired Retailer of the year-Marketing and Advertising campaign” granted by Mapic India.
- 2021: Employer Branding Award for “Best Employer Branding Award” hosted by World HRD Congress and Stars Group.
- 2022: Dream Employer of the Year by World HRD Congress.
- 2022: The Best of Bharat Awards by E4M Pride of India.
- 2022: Most Admired Fashion Brand of the year: Men’s Indian wear by Images Fashion Award.
- 2023: EY Entrepreneur of the year – Consumer Products and Retail.
- 2023: India Retail Champions Awards 2023.
- 2024: India Retail Champions Award for RAI Category by Apparel & Lifestyle category.
- 2024: Most Admired Fashion Brand of the year: Men’s Indian wear by Images Fashion Award.
- 2025: Merit recognition conferred for its Mohey – Jayanagar (Bengaluru) in the category of Ethnic Fashion & Accessories Specialty Store at the VM&RD Retail Design Awards.
- 2025: Recognised in the categories of Best Use of Influencers on Instagram and Best Use of Influencers at the afaqs! Marketers’ Excellence Awards.
- 2026: Recognition as ‘Masters of Risk Award - Retail’ at India Risk Management Awards (IRMA) by CNBC-TV18 and ICICI Lombard.
Major events and key milestones
- 1999: Brand Manyavar started operations via predecessor entity
- 2002: Incorporated Vedant Fashions Pvt. Ltd.
- 2008: 1st EBO in Bhubaneshwar
- 2011: 1st International store in Dubai (UAE)
- 2012: Surpassed over Rs 1000 million EBO revenue
- 2013: Official Indian Wear Partner of 3 IPL teams
- 2015: Launched Mohey (Women’s Celebration wear label)
- 2016: Crossed Rs 5000 million EBO revenue and open its 1st store in USA
- 2017: Strategic acquisition of Mebaz
- 2018: Launch of Manthan (value celebration wear label)
- 2019: Launched Twamev (Men’s oremium wear brand)
- 2021: Celebration wear partner in Femina Miss India 2021
- 2022: Listing on stock exchanges
- 2023: Launch of Exclusive Twamev EBO’s
- 2024: Launched the exclusive Mohey flagship EBO
- 2024: Launch of celebration wear brand Diwas.
- 2026: Surpassed Rs 20,000 million in retail sales (i.e., sales of its customers)
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