Vega Jewellers Ltd| Consolidated Financial Results – Q4 & FY2026

⬤13th May 26

Summary : Vega Jewellers reported strong FY26 consolidated financial results with an unmodified audit opinion, expanded its LLP stake, and issued convertible warrants.

Quarterly Report Analysis & Insights

Financial Disclosures

Consolidated Cost of materials consumed/Traded Goods FY26: 1,20,982.43 lakhs.
Consolidated Employee benefits expense FY26: 2,558.61 lakhs.
Consolidated Finance costs FY26: 1,741.72 lakhs.
Standalone Cost of materials consumed/Traded Goods FY26: 81,358.85 lakhs.
Standalone Employee benefits expense FY26: 1,568.25 lakhs.
Standalone Finance costs FY26: 800.98 lakhs.
Consolidated Revenue from operations FY26: 98,188.85 lakhs.
Standalone Revenue from operations FY26: 59,699.41 lakhs.
Consolidated Net cash from operating activities FY26: (35,016.02) lakhs.
Consolidated Net cash from financing activities FY26: 36,828.21 lakhs.
Standalone Net cash from operating activities FY26: (12,847.52) lakhs.
Standalone Net cash from financing activities FY26: 16,006.34 lakhs.
Consolidated Total Assets as of March 2026: 67,953.58 lakhs.
Consolidated Total Equity as of March 2026: 20,655.84 lakhs.
Standalone Total Assets as of March 2026: 36,737.28 lakhs.
Standalone Total Equity as of March 2026: 8,582.36 lakhs.
Consolidated results include 6 subsidiaries and 4 LLPs.
First-time consolidation, no comparative figures for previous year.

Corporate Overview

Potential future implications of new labor codes.
Primarily dependent on the single line of jewellery business.
Engaged primarily in the jewellery business.
Formal and compliant, reporting financial results and board decisions.
No separate reportable segments as defined under Ind AS 108.
Invested 7.00 Lakhs in Vega Jewellers DSNR LLP, increasing stake to 64.99%.
Issued 500,000 convertible warrants to promoters on preferential basis.

Risk Factors

Negative cash flow from operations.
New labor codes' future impact.
Single line of business dependency.
First-time consolidation lacks comparatives.

Key Drivers

Increased stake in DSNR LLP.
Issued convertible warrants to promoters.
Unmodified audit opinion received.
Increased remuneration for directors.

Auditor’s Report

Unmodified opinion on consolidated financial results.
Unmodified opinion on standalone financial results.

Board Commentary

Increased remuneration for Mr. Naveen Kumar Vanama (MD) and Mr. Sudhakar Vanama (ED).
Government notified four new labor codes, effective immediately.
Issued 500,000 convertible warrants to promoters at Rs. 197.42 per warrant.
Warrants converted into shares and listed on BSE on January 26, 2026.

Corporate Governance

Auditors complied with Code of Ethics.
Audit Committee recommended financial results.