Loading…
Indian ethnic-wear retailer (Manyavar/Mohey brands) selling wedding and festive clothing for men and women.
Indian ethnic-wear retailer (Manyavar/Mohey brands) selling wedding and festive clothing for men and women.
Sells through exclusive brand stores, many run by franchise partners, so it expands without owning every shop. Ethnic wear is bought mainly for weddings and festivals, so sales peak in those seasons. The founder Ravi Modi's family controls the company.
In one line: India's occasion-wear specialty retailer, akin to a formal-wear David's Bridal for men and.
Moat: narrow (brand, distribution). Strong national brand recall in wedding wear with a large franchise/exclusive-store network.
Headquarters: Kolkata, India · Founded: 1999 · Employees: 1,193
Size Vedant Fashions (MANYAVAR.NS) is an India Consumer Discretionary company (Internet Retail) with a market value of $1.22B, the 543rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹472.80 on 6 Nov 2026.
Performance Over six months the shares gained 6.0%, against +3.8% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +3.6%); the operating margin is 32.2% (peer median 2.2%).
Valuation It trades at 29.6× forward earnings against a peer median of 23.9× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points above its cost of capital (12.4% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹14.6B | ₹14.3B | ₹13.8B | ₹13.7B | ₹13.5B |
| Revenue growth | — | +4% | +1% | +1% | — |
| Gross profit | ₹7.87B | ₹7.05B | ₹7.17B | ₹7.25B | ₹7.51B |
| EBITDA | ₹6.40B | ₹6.38B | ₹6.52B | ₹6.65B | ₹6.75B |
| Net income | ₹3.86B | ₹3.76B | ₹3.88B | ₹4.14B | ₹4.29B |
| Free cash flow | n/a | ₹5.01B | ₹4.11B | ₹4.83B | ₹4.77B |
| Capital expenditure | n/a | ₹123M | ₹31.1M | ₹40.2M | ₹44.8M |
| Total debt | n/a | ₹4.58B | ₹4.83B | ₹4.44B | ₹2.93B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vedant Fashions MANYAVAR.NS | $1.22B | +6% | +2% | 32% | 29.6× | 21.4% |
| Raymond RAYMOND.NS | $761M | +111% | -6% | 6% | 79.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MANYAVAR.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | +0.4% | 6th lowest of 21 |
| 6-month return | +6.0% | +3.8% | 10th highest of 21 |
| Distance from 52-week high | -29.1% | -25.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +1.9% | +3.6% | 10th lowest of 21 |
| Operating margin | 32.2% | 2.2% | 2nd highest of 21 |
| Forward P/E | 29.6× | 23.9× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 21.4% | 6.4% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +21.5% | +3.9% | 4th highest of 14 |
| Hurdle (Req g minus delivered) | -0.1 pp | +2.7 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +5.4 pp | -3.2 pp | 6th highest of 16 |
| EV / EBITDA | 18.0× | 10.7× | 3rd most expensive of 10 |
| Net debt / EBITDA | -0.1× | -0.2× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vedant Fashions MANYAVAR.NS | India | $1.22B | +6% | +2% | 32% | 29.6× | 21.4% | +21.5% |
| Akso Health Group Sponsored ADR AHG | United States | $1.14B | -34% | -6% | -29% | n/a | n/a | n/a |
| Guangzhou Ruoyuchen Technology 003010.SZ | China | $1.31B | -8% | +75% | 10% | 23.0× | 1.7% | +24.7% |
| Revolve RVLV | United States | $1.32B | -11% | +15% | 6% | 20.4× | n/a | n/a |
| Liquidity Services LQDT | United States | $1.37B | +21% | +5% | 9% | 24.8× | 16.2% | +18.3% |
| LuxExperience B.V. Sponsored ADR LUXE | United States | $1.40B | +20% | +111% | -6% | 194.0× | n/a | n/a |
| NanJi E-Commerce 002127.SZ | China | $1.05B | -1% | -28% | -12% | 29.9× | 6.4% | -9.0% |
| IndiaMART InterMESH INDIAMART.NS | India | $985M | -26% | +12% | 34% | 17.0× | 8.2% | +18.6% |
| Huakai Yibai Technology 300592.SZ | China | $966M | +27% | -11% | 7% | 15.7× | 3.4% | +132.3% |
| RealReal REAL | United States | $1.61B | +25% | +18% | 0% | 47.8× | n/a | n/a |
| THG THG.L | United Kingdom | $877M | +30% | +10% | -1% | n/a | n/a | n/a |
| Petco Health & Wellness WOOF | United States | $848M | +5% | -1% | 3% | 12.5× | 6.6% | +3.9% |
| Global Industrial GIC | United States | $1.77B | +59% | +10% | 8% | 22.4× | 1.3% | +6.0% |
| Hangzhou Onechance Tech Crop 300792.SZ | China | $839M | -32% | -19% | 9% | 46.2× | 19.9% | -3.7% |
| Aucnet 3964.T | Japan | $824M | +12% | +12% | 15% | 15.5× | 0.1% | +21.6% |
| Global Top E-Commerce 002640.SZ | China | $757M | -12% | -6% | 1% | n/a | 33.4% | -19.8% |
| AO World AO..L | United Kingdom | $687M | +6% | +11% | 4% | 13.3× | 3.0% | -5.3% |
| ASKUL 2678.T | Japan | $682M | +2% | -20% | -5% | 29.2× | n/a | n/a |
| Yiwu Huading Nylon 601113.SS | China | $670M | -28% | -5% | 1% | 41.2× | n/a | n/a |
| ASOS ASC.L | United Kingdom | $670M | +88% | -15% | -1% | n/a | 1.2% | -5.5% |
| Groupon GRPN | United States | $630M | -13% | +2% | 2% | 33.7× | 27.5% | -18.9% |