Vaibhav Global Limited has informed the Exchange about Investor Presentation

VAIBHAV GLOBAL LIMITED

Ref: VGL/CS/2025/112

National Stock Exchange of India Limited (NSE) Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra, Mumbai – 400 051 Symbol: VAIBHAVGBL

Subject: Financial Results – Investor Presentation

Dear Sir / Madam,

Date: 30th October, 2025

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 532156

Pursuant to regulation 30(6) of the SEBI (LODR) Regulations, 2015 please find enclosed Financial Results Presentation of Q2 and H1 FY26.

Kindly take the same on record.

Yours Truly,

For Vaibhav Global Limited

Yashasvi Pareek Company Secretary & Compliance Officer M. No.: A39220

Encl: as above

E-69, EPIP, Sitapura Industrial Area, Jaipur-302022, Rajasthan, India • Phone: +91-141-2770648; +91-141-2771975

Regd. Office: E-69, EPIP, Sitapura Industrial Area, Jaipur-302022, Rajasthan, India • Phone: +91-141-2770648; +91-141 2771975

CIN: L36911RJ1989PLC004945 • Email: investor_relations@vaibhavglobal.com • Website: www.vaibhavglobal.com

Q 2 F Y 2 6 I n v e s t o r P r e s e n t a t i o n

Disclaimer

This presentation contains “forward looking statements” including, but without limitation, statements relating to the

implementation of strategic initiatives, and other statements relating to Vaibhav Global Limited (VGL) and its group

companies’ future business developments and economic performance. While these forward-looking statements indicate

our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and

other unknown factors could cause actual developments and results to differ materially from our expectations.

These factors include, but are not limited to, general market, macro‐economic, government and regulatory trends,

movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the

financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our

business and financial performance. Vaibhav Global Limited undertakes no obligation to periodically revise any forward-

looking statements to reflect future/likely events or circumstances.

Q2 FY26 Highlights

10.2% YoY ₹

Revenue Growth

71% YoY

Rs. 156 cr.

PAT Growth

Net Cash Positive

Quarterly sales: Rs. 877 crores 10.2% YoY

Strong Cashflows: OCF: Rs. 66 crores FCF: Rs. 55 crores

Highest ever unique customer base of ~714 k, ↑5% YoY

Declared 2nd interim dividend of Rs. 1.50/- share (53% payout)

• GPTW®: Globally Certified • • •

ICRA ESG ‘Strong:73’ Rating RJC Certified Served 106+ million meals

Table of

Contents

05

09

Company Overview

Business Overview

24

27

An Update on Germany, Ideal World & Mindful Souls

Operational & Financial Highlights

32

Financial Performance Trends

35

Annexures

Company

Overview

About Us

Vertically-integrated Digital Retailer of fashion jewellery & lifestyle products

• End-to-end B2C business model • Presence through proprietary TV channels and

digital platforms

Strong Management and Governance

• Professional management team • Experienced Independent Board

Solid Infrastructure Backbone

• Continued investment in building digital

capabilities

• Scalable model with limited capex

requirement

*FTE: Full Time Equivalent

Strong Customer Visibility

• TV Homes accessed (FTE*): ~ 127 mn households • Growing digital presence

Exceptional one for one mid-day meals program – ‘your purchase feeds…’

• Every piece sold results in one meal for

school-going child

• Served 106+ million meals till date • To serve 1 million meals/school day by FY40

Robust Customer Engagement

• Omni-channel B2C retail presence • Cross selling potential

An Evolving Journey

Started Gemstones business

Started Jewellery manufacturing for B2B

Listing on stock exchange

1980

1996

1997

Started 'Lifestyle Products' category, name changed to Vaibhav Global Ltd.

Shifted strategy towards 'value conscious offering'

2013

2008

06-07

Started own TV channels in UK, US & Germany

2016

20-21

2021

2023

Augmented sales network through Apps, Marketplaces, OTT, OTA and Social Media

UK: Started ‘TJC Beauty’ channel for beauty products

Re-entered Germany

Acquisition of ‘Ideal World’ and ‘Mindful Souls’

Strong & Experienced Management

Mr. Sunil Agrawal Managing Director, VGL Group

Mr. Nitin Panwad Group CFO, VGL Group

Mr. Vineet Ganeriwala President, Shop LC (US)

Mr. Deepak Mishra Managing Director, Shop TJC (UK)

Mr. Raghuveer Patnala Managing Director, Shop LC (Germany)

Mr. Mohammed Farooq Group Chief Technology Officer, VGL Group

Mr. Sabaresh Kumar Vice President, Human Resources, VGL Group

Mr. Aswini Agarwal Head of Supply Chain, Asia

Mr. Ankur Sogani Vice President, Commercial, Shop LC (US)

Mr. Ashish Dawra Vice President, Global IT

Business

Overview

A Global Retailer on Proprietary TV Channels

Proprietary ‘TV Channels’

Capitalizing Cord Shifting through OTA

Our target demographics prefer watching traditional Pay-TV

% of population having TV (age group wise)

65%

73%

46%

34%

80%

66%

86%

81%

Expanding presence through OTA

Total OTA HH in US

~23mn HH

Shop LC’s Presence

Low Power

~15*mn HH

Full Power

~12*mn HH

Primary Retail Markets

UNITED STATES

~63 million HH

UNITED KINGDOM

18-29

30-49

50-64

65+

~27 million HH

2015

2021

GERMANY & AUSTRIA

~37 million HH

Source: PEW Research and Industry Estimates

Revenue Mix

~31%

of TV revenue

* Total unique OTA HH’s coverage ~17mn HH

HH: Households

Reaching TV homes through Cable, Satellite and OTA broadcasts (Over The Air)

Presence across Major Television Networks

US

UK

Germany & Austria

Complimented by Digital Platforms

Digital Platforms

Our Presence

Proprietary Digital Platform

Mobile Applications

www.shoplc.com www.tjc.co.uk www.shoplc.de www.idealworld.tv www.mindfulsouls.com www.rachelgalley.com

Third Party Marketplaces

Social Retail

OTT Platforms

Expanding Digital Horizons: OTT as a Scalable Opportunity

In US, OTT’s are projected to be the fastest growing video distribution medium

US internet connected device installed base, 2016 to 2026

Live & Interactive Apps

Shop LC (US) OTT sales trend (USD mn)

$12.1

$10.5

$9.2

$7.5

$6.0

$2.2

FY21

FY22

FY23

FY24

FY25

H1 FY26

By 2026, there would be 1.1 bn connected devices in US, implying 3 devices per person- ‘A HUGE GROWTH OPPORTUNITY’

TAM of USD 20 bn: A Huge Growth Opportunity

UNITED STATES

Opportunity size

~$14-$15 bn

UNITED KINGDOM

~$2-$2.5 bn

GERMANY & AUSTRIA

~$3 bn

Target customers Baby Boomers (65+ years) & Gen X (45+ years)

Value-buying proposition of $30-$45

Widest product range comprising ~30,000 SKUs

Statista, Marketresearch.com and industry estimates TAM: Target Addressable Market

Vertically Integrated Supply Chain

Strong Global Sourcing Base

Sourcing Base

30+

Countries

In-House Manufacturing in Jaipur A Global Jewellery Hub

UK

USA

Jaipur

Germany

Global manufacturing hub of Fashion Jewellery & Gemstones Availability of skilled manpower

170,000 sq. ft. Fully-integrated Manufacturing Set-up in Jaipur Production Capacity: ~5 million pcs p.a.

Making in India for ‘Western Markets’

Resulting in Industry Leading Highest Gross Margins

Constantly Reimagining Growth Through New Designs & Products

Fashion Jewellery & Gemstones

Life-Style Products

• •

~14K-15K new jewellery designs launched annually In-house testing lab and manufacturing

• A rich product basket of ~5000 unique SKUs •

Facilitated by innovation & global sourcing base of 30+ countries

‘Innovation’ Focused

72,000+ Ideas Generated

7,100+ Ideas Approved

3,000+ Products sold

63,000+ Ideas Proposed to Buyers

5,000+ Orders Placed

Global Search Program A Global product innovation and search program

Crowdsourcing of Ideas From employees, customers and external stakeholders

Other Programs

Received ‘Design Patent’ for ‘Hanabi Cut Ring’

Received ‘Design Patent’ for ‘Triangular Bead Spinner’

Revenue contribution of ‘new items introduced’ (TTM basis): ~70%

Received ‘Design Patent’ for ‘Arthritis Ring’

Numbers are cumulative since inception

Strengthening Own Brand Portfolio

Leveraging manufacturing & digital capabilities

➢ 16 brands across categories and markets

➢ ~41% of gross B2C sales from in-house brands

➢ Target: ~50% of gross B2C sales by FY27

➢ Strategic brand matrix focused on price laddering and

customer offering

➢ Enhancing repeat purchases and retention through

Brand Archetype Frameworks

Resulting In

Top Decile Shareholders’ Returns & Strong Cashflows

Parameters (Rs. in crores)

CAGR (28 years)

Return (x times)

Revenue EBITDA

Profit After Tax

18% 16%

14%

103 71

42

~21% CAGR in market cap. since listing (~227 times), excluding dividends

With Strong Cash Generation

Robust Payouts

272

268

237

190

176

230

105

90

127

153

127

85

55

FY 20

FY 21

FY22

FY23

FY24

FY25

H1 FY26

(214)

Net Profit (Rs. in cr.)

Impact of one-time planned higher capex

Free Cash Flow (Rs. in cr.)

Since FY20

Rs. in crores

Profits After Tax

Dividends Paid

Payout

1,169

636

54%

4 R’s of Customer Engagement

Reach (HH)

127mn

TV Linear | OTA

Digital Websites | Mobile Apps | Market-places | OTT| Social Media

Registrations & Acquisitions ^

3.8 lakh (TTM)

Products

Deep value proposition

Engrossing Content

Retention

41% (TTM)

Enduring relationships

Convenience

Digitalization/AI

Repeat Purchases

22*(TTM)

Expanding wallet share

Cross-selling

Note: TTM: Trailing Twelve Months | *pieces per customer (SLC, TJC & Germany) | HH: Households

^ Refer to customers who have never purchased previously

Steady Growth in Unique Customers

714K Unique Customer Base (all-time high)

5% YoY growth

$862 Spend per customer

Unique Customer Base (in 000')

710

714

585

497

461

FY22

FY23

FY24

FY25

H1 FY26

Broad Based E-tailer

B2C Revenues by Format

33%

67%

FY20

41%

59%

FY25

42%

58%

H1 FY26

TV revenues

Digital revenues

B2C Revenues by Geography

31%

69%

12%

29%

59%

11%

30%

59%

FY20

FY25

H1 FY26

US

UK

Europe

B2C Revenues by Product

22%

78%

FY20

33%

67%

FY25

36%

64%

H1 FY26

Fashion Jewellery

Lifestyle Products

Jewellery : Fashion Jewellery, Gemstones and Accessories

Lifestyle : Home Décor, Beauty & Hair Care, Apparels & Accessories

Budget Pay (% to B2C Revenues)

39%

61%

FY20

39%

61%

38%

62%

FY25

H1 FY26

Non-Budget Pay revenues

Budget Pay revenues

Revenue breakup based on figures in USD million

Budget Pay revenues refer to products sold on EMI basis

An update on

GERMANY, IDEAL WORLD & MINDFUL SOULS

Germany

Increased TAM (immediate target addressable market) by ~20%

Presence in 37 mn HH (95% penetration)

Q2 FY26 revenue Euro 6.4 mn

Digital sales mix

22%

Gross Margins +410 bps YoY

Repeat purchase 25 pieces

Profitability To be EBITDA positive in FY26

Lifestyle Products’ sales mix

~27%

➢ Better product mix and pricing discipline expanded gross margins by ~410 bps in H1

➢ TV: Continued its growth momentum, up 6% in H1 FY26

➢ Digital: Revenue declined 9% owing to lower website traffic & conversion

Germany: Sales Trend by Source (Euro mn) 18.1

15.2

6.0

10.0

4.3

3.0

1.0

7.6

8.6

9.1

3.4

3.1

FY22

FY23

FY24

FY25

H1 FY25 H1 FY26

TV

Digital

Ideal World & Mindful Souls

Ideal World

Q2 FY26 revenue

£ 6.1 mn

Presence in

27 mn households

(100% penetration)

Gross margin

60%+

Transponding on

HD networks

Unique customer

143 K*

Maintained EBITDA profitability in Q2

Mindful Souls

Q2 FY26 Performance

AOV

$ 44

Unique customer

Revenue

104 k

$ 3.4 mn

Quarterly Updates

Revenue and New Customers

➢ Brief revenue dip driven by product mix changes and

25.0

20.0

15.0

10.0

5.0

-

6.6

FY24

20.7

9.3

 23%

11.4

FY25

H1 FY25

H1 FY26

FY24

FY25

H1 FY25

H1 FY26

* Including 16k common customers of TJC

reduced marketing spend

➢ Improvement in gross margins (73%+) with sustained

profitability

➢ Launched 6 new products during Q2 FY26

Q2 FY26 OPERATIONAL &

FINANCIAL HIGHLIGHTS

Financial Highlights – Q2 FY26 Revenue breakup

Revenue (Rs. Cr)

Total Revenue

796

 10.2% 877

Q2 FY25

Q2 FY26

Revenue split (Rs. Cr)

TV Revenue

Digital Revenue

456

 6.7% 487

294

 14.3% 336

B2B Revenue

 17.3% 54

46

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

Note: B2B has been non-core and opportunistic business segment

Financials – Q2 FY26 Performance

Sales Volume ('000s)

Average Selling Price US$

Sales Volume ('000s)

Average Selling Price US$

TV Sales

Digital Sales

1,400

1,518

38.9

36.6

1,117

1,104

31.5

34.7

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

Gross Profit (Rs. Cr) and Margin (%)

EBITDA (Rs. Cr) and Margin( %)

PAT (Rs. Cr) and PAT Margin (%)

63.5%

63.5%

506

 10.2%

557

8.7%

69

10.0%

 27.7%

88

3.5%

28

5.5%

 71.2%

48

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

EBITDA Margin Walk

Particulars

% to Revenue

Remarks

EBITDA Q2 FY25

8.7%

Shipping cost

 0.3% Operational efficiencies

Employee cost

 1.6% Productivity improvement and operating leverage

Airtime cost

 0.4% Operating leverage

Digital Marketing

 1.1% Sustained investments in scaling the digital business

Other Income

 0.1%

EBITDA Q2 FY26

10.0%

Outlook

➢ Short term disruptions give way to long term growth

• Consistent product expansion across Fashion Jewellery and

Lifestyle Products

• New Airtime agreements to boost reach

➢ Deepening market penetration and customer engagement

• Digital businesses to expand reach & convenience

•

Leveraging emerging technologies, including AI, to enhance

Mr. Sunil Agrawal, Managing Director, Vaibhav Global Limited

customer engagement

➢ Scaling Ideal World and Germany

➢ Well-positioned to capture emerging opportunities with agility

➢ Value creation for all stakeholders

FINANCIAL

PERFORMANCE Trends

Financial Performance Trends

Revenue Breakdown – (Rs. crore)

5 years CAGR: 11%

2,540

2,752

2,691

1,986

3,041

3,380

1,552

1,691

FY20

FY21

FY22

FY23

FY24

FY25

H1 FY25

H1 FY26

Fashion Jewelry, Accessories & Lifestyle Products (Rs. Crore)

5 years CAGR: 8%

5 years CAGR: 16%

5 years CAGR: 19%

TV Revenue

1,606 1,699 1,633 1,769 1,900

1,285

Digital Revenue

897

929

633

909

986

977

1314

1145

B2B Revenue

166

127

583

667

69

81

67

95

72

25

FY20

FY21

FY22

FY23

FY24

FY25

H1 FY25

H1 FY26

FY20 FY21 FY22 FY23 FY24 FY25

H1 FY25

H1 FY26

FY20 FY21 FY22 FY23 FY24 FY25

H1 FY25

H1 FY26

Strong Cash Generation and Returns Profile

Free Cash Flow (Rs. Cr)

Net Debt* (Rs. Cr)

268

176

230

127

56

90

(214)

FY20

FY21

FY22

FY23

FY24

FY25 H1 FY26

FY20

FY21

FY22

FY23

FY24

FY25 H1 FY26

(103)

(178)

(167)

(170)

(156)

(194)

(387)

ROE (TTM)

ROCE (TTM)

32%

26%

23%

9%

10%

12%

13%

61%

46%

31%

19%

19%

20%

14%

FY20

FY21

FY22

FY23

FY24

FY25 H1 FY26

FY20

FY21

FY22

FY23

FY24

FY25 H1 FY26

34

ANNEXURES

Sustainability Initiatives

BIODIVERSITY ~28,000

Saplings planted for developing 2 Miyawaki Forests

~9,000

Additional saplings planted till date in office premises, RIICO Garden and Government Schools

ENERGY Solar 3.68 mw

Solar power capacity Generated 22.6 Mn kWh units since inception EV 184 two-wheelers & 3 four-wheelers for employees’ commute. Replaced 12 buses till date BMS Installed Building Management System to enhance productivity at manufacturing locations

WASTE 100%

Conversion of bio-degradable waste into manure

3,600 Kg

E-waste recycled till date

1,950 Kg

Plastic waste recycled till date

WATER 1,100 KL

3 Rainwater Storage Tanks

10,000 KL

Annual Rainwater Harvesting Capacity

To Become Carbon Neutral in Scope 1 and 2 GHG emissions by 2031

Growth With Responsibility

▪ Till date served 106+ million meals to underprivileged

children through flagship mid-day meals programme- ‘your

purchase feeds…’

▪ Local charity partners

✓ Akshaya Patra in India

✓ No Kid Hungry and Backpack Friends in US

✓ Magic Breakfast & Felix Project in UK

▪ Serving ~55k meals every school day

▪ To serve 1 million meals per day by FY40

Robust Corporate Governance

H1 FY26

~Rs. 50 crores

Dividend Payout: 59% (H1 FY26)

Dividend Payout Policy

ICSI NATIONAL AWARD for Excellence in Corporate Governance

LEED’S PLATINUM & GOLD CERTIFICATION

▪ 20-30% of consolidated free cash flows ▪ Balance between resource conservation and shareholder reward

IGJA: HIGHEST EXPORTER OF CUT & POLISHED COLOURED GEMSTONES (FY24)

EXCELLENCE IN SUSTAINABILITY by Indo-American Chamber of Commerce (IACC)

Statutory Auditors B S R & Co. LLP

Internal Auditors PWC

Credit Rating Long-term ICRA A+ (Stable Outlook)

Credit Rating Short-term ICRA A1+

CARE A+ (Stable)

CARE A1

Combined ESG Rating

73 (Strong)

ICRA

India, US, UK, Germany & China ‘GPTW®’ Certified

‘NET ZERO ENERGY BUILDING’ CERTIFIED

Shareholding Pattern as on 30th September 2025

Key Shareholders

Holding (in %)

Shareholding Pattern

Nalanda India Fund Limited

Malabar India Fund Limited

Vijay Kedia

Vanguard

Envision

Government Pension Fund Global

Tunga

Ishares (Blackrock)

7.6%

6.4%

2.0%

1.3%

1.2%

0.2%

0.3%

0.2%

20.88%

2.02%

1.24%

18.68%

Promoter & Promoter Group

Foreign Institutions (FPI, FII) & NRI

Domestic Instititions (MF and AIF)

57.18%

Individuals ->1%

Others

VAIBHAV GLOBAL LIMITED

Company Vaibhav Global Limited Nitin Panwad, Group CFO Nitin.panwad@vglgroup.com

Prashant Saraswat Head-Investor Relations Prashant.saraswat@vglgroup.com www.vaibhavglobal.com

Investor Relations Advisors Adfactors PR Pvt. Ltd. Amit Sharma Amit.Sharma@adfactorspr.com

Nishita and Shrusti shrusti.jain@adfactorspr.com, nishita.bhatt@adfactorspr.com www.adfactorspr.com