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10 Yrs X-Ray 
Valuation 
Analyst Note 
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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
₹584.40 7.85 (1.36%)
As on 11-Sep'26 16:01
Vedant Fashions Ltd (MANYAVAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543463 NSE: MANYAVAR Textile | Small Cap | Vedant Fashions Share Price
₹584.40 7.85 (1.36%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹14,009 Cr.
Current Price
₹584.4
52-Week Low / High
₹330 / 778
TTM EPS
₹15.9
TTM Sales
₹1,456 Cr.
Book Value per Share
₹83.9
P/E Ratio
36.30
Lower than its 5-year historical median
Industry PE
36.1
Price to Book (P/B)
6.87
Lower than its 5-year historical median
Price to Sales (P/S)
9.62
Lower than its 5-year historical median
EV/EBITDA
19.02
Lower than its 5-year historical median
Dividend Yield
1.33%
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%
Operating Profit Margin
43.8%
Net Profit Margin
26.16%
Gross Profit Margin
46.4%
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
Strong
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 0.00%, 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 -23.39% 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 | - | - | -23.3% | -19.6% | ||||
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 |
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Vedant Fashions Ltd FAQs
The current trading price of Vedant Fashions on 11-Sep-2026 16:01 is ₹584.4.
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 10-Sep-2026 the market cap of Vedant Fashions stood at ₹14,008.9 Cr
The latest P/E ratio of Vedant Fashions as of 10-Sep-2026 is 36.30.
The latest P/B ratio of Vedant Fashions as of 10-Sep-2026 is 6.87.
The 52-week high of Vedant Fashions is ₹777.8 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 Strong which suggest that the price of Vedant Fashions Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Vedant Fashions Ltd
Vedant Fashions is the largest company in India in the men’s Indian wedding and celebration wear segment. The company’s ‘Manyavar’ brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence, as of Financial Year 2020. It has established a multi-channel network and introduced brands by identifying gaps in the under-served and high-growth Indian wedding and celebration wear category. It focus on spreading India’s vibrant culture, traditions and heritage through its aspirational yet value for money brands at a diverse range of price points. It offers a one-stop destination with a wide-spectrum of product offerings for every celebratory occasion and aim to deliver an aristocratic yet seamless purchase experience to its customers through its aesthetic franchisee-owned exclusive brand stores.
The company’s portfolio of products includes a diverse range of attires and accessories, each conceptualized by its designers who have experience in serving the distinct regional preferences of the Indian customer. Its products are manufactured by artisans having an abundance of expertise in the Indian wedding and celebration wear market, supplemented by its own ingrained knowledge of the demands of Indian festivals and weddings. Its wedding portfolio also includes different ranges of creations for different members of the wedding entourage, besides unique personalization for the bride and the groom. Over the years, it has built longstanding relationships with vendors and artisans, which have been critical towards it being able to command a dominant position in a market that was conventionally an unorganized market.
Business area of the company
Vedant Fashions caters to the Indian celebration wear market with a diverse portfolio of brands. The company’s products include men’s ethnic and celebration wear items such as Indo-western, sherwanis, kurtas, jackets and accessories such as jutti, safa, mala, and women’s ethnic and celebration wear items such as lehengas, sarees, stitched suits, gowns and kurtis.
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.
Major events and key milestones
- 2010: Inauguration of 100th EBO, in Santa Cruz, Mumbai, Maharashtra.
- 2011: Launch of first international store, in Dubai, United Arab Emirates.
- 2012: Surpassed the 200 EBO mark.
- 2012: Crossed Rs 1,000 million in EBO revenue.
- 2013: Inauguration of 300th EBO, in Quest Mall, Kolkata, West Bengal.
- 2013: Presence of EBOs in 100 cities.
- 2013: Collaboration with Kolkata Knight Riders, Delhi Daredevils, and Sunrisers Hyderabad as their ‘Official Indian Wear Partner’ at the Indian Premier League.
2014: Inauguration of our 333rd EBO, in Lower Parel, Mumbai, Maharashtra. - 2014: Collaboration with Hero Indian Super League as Associate Sponsor.
- 2014: Inauguration of our 400th EBO, in Hazrathanj, Lucknow, Uttar Pradesh.
- 2014: Launch of women’s celebration wear label ‘Mohey’.
- 2016: Launch of first store in USA, in New Jersey.
- 2016: Crossed Rs 5,000 million in EBO revenue.
- 2017: Strategic acquisition of brand ‘Mebaz’ from New Meena Bazaar International Private Limited.
- 2017: Investment from Kedaara Capital AIF -and Rhine Holdings Limited.
- 2018: Collaboration with Rajasthan Royals and Kings XI Punjab as their official sponsors at the Indian Premier League.
- 2018: Refreshed launch of value celebration wear label ‘Manthan’.
- 2019: Inauguration of 600th store, in Mysore, Karnataka.
- 2019: Launch of premium men’s wear brand ‘Twamev’.
- 2019: Crossed Rs 10,000 million in EBO revenue.
- 2019: Crossed 1 million sq. ft. of EBO presence.
- 2020: Launch of the “Manyavar” mobile application.
- 2021: Partnership with Femina Miss India 2021 as Celebration Wear Partner.
- 2021: Collaboration with ICC Men’s T20 World Cup 2021 as the ‘ICC Official Partner’.
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