Vedant Fashions Limited (MANYAVAR) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Vedant Fashions, the company behind Manyavar, Mohey and Twamev celebration wear, reports into a quarter where the GST rate change of September 2025 is still in the year-ago comparison and Navratri shifted into October, moving festive demand toward Q3. The print will speak to whether same-store sales growth can build toward management's high single-digit guide for the balance nine months of FY27, and whether gross margin stays on the path to the 65-65.5% stabilization range from Q3 FY27.

Vedant Fashions Limited Q2 Results Date and Time

The Board of Directors will meet on Thursday, November 5, 2026, to approve the unaudited, limited-review financial results for the quarter and half-year ended September 30, 2026, under Regulation 29 of the SEBI Listing Regulations.

An earnings call to discuss Q2 FY27 business strategy and outlook is scheduled for November 6, 2026, at 3:30 PM IST, organized by IIFL Capital. The listed speakers are Vedant Modi (Chief Revenue Officer) and Rahul Murarka (CFO), subject to the November 5 results approval.

What to expect from Vedant Fashions Limited's Q2 FY27 results

The Q2 FY27 print lands against a soft year-ago base — Q2 FY26 revenue fell 1.8% with SSSG of (2.0)%, gross margin 65.2% and EBITDA margin 42.9% — so the YoY comparison should be manageable, but the question is whether the trajectory supports management's endorsed high single-digit domestic SSSG for the balance nine months of FY27.

Q1 FY27 domestic SSSG recovered to +3.8% from (2.0)% in Q2 FY26 and (4.5)% in Q3 FY26, and management committed to a net positive financial year on stores, with openings slotted for end of Q2/early Q3 after closures were front-loaded in Q1. The September 2025 GST increase from 12% to 18% on 90% of products still sits in the YoY comp, with management guiding gross margin stabilization around 65-65.5% from Q3 FY27 as GST annualizes; the October 8, 2026 GST Council kept rates unchanged, keeping the policy bridge intact.

The wedding calendar is framed as slightly weaker October but a stronger November-March versus last year due to Navratri timing (Adhik Maas), and MBO/SIS season bookings for Q2 were already completed, with e-commerce contracts live on Myntra, Amazon, Blinkit and Zepto for Diwas. The RBI urban consumer confidence index at 87.9 in September suggests sentiment was still soft entering the festive period, and the ~60% cotton-yarn rise to ~Rs. 400/kg is a vendor pass-through check on gross margin rather than a quantified squeeze for this bought-in-garment model.

Key Things To Watch

SSSG and store additions vs guidance: The core test of the FY27 framework is whether Q2 momentum holds toward the guided ranges.

• Q2 SSSG print vs the high single-digit target for the balance 9M of FY27 — Q1 FY27 actual was +3.8% against a Q2 FY26 base of (2.0)%
• Net store additions vs the 'net positive financial year' commitment; H2 openings planned for end of Q2/early Q3 after Q1 closures were accelerated
• Store expansion normalization vs the 'next 2-3 quarters' timeline given in February 2026, with new stores generating 85% higher revenue per sq ft than closed stores

Gross margin bridge and cost pass-through: The GST drag is in its final quarters of the YoY comparison, but a new input-cost signal needs addressing.

• Q2 FY27 gross margin vs 65.2% in Q2 FY26 and the guided 65-65.5% stabilization range from Q3 FY27
• Whether any vendor/job-charge pass-through from the ~60% cotton-yarn rise to ~Rs. 400/kg shows up, given only 34 inventory days of buffer
• Operating leverage direction under management's framework that SSG of 4-5% means flat leverage given 15% three-yearly rental escalations

MBO/SIS, Diwas and international recovery: The smaller verticals carry outsized growth targets and the international book has named headwinds.

• MBO/SIS season execution — Q2 is the key season for this vertical, bookings were completed, and the combined MBO/SIS/e-commerce channel is ~5% of revenues with 'quite aggressive' targets
• Diwas ramp-up via dealer-meet response and e-commerce channel readiness, with no immediate plans for physical Diwas stores
• UAE and North America recovery, where management cited war and tariffs respectively as challenges

CFO transition and successor update: A leadership overhang that could see an update on the call itself.

• Rahul Murarka ceases office as CFO on November 14, 2026, with no successor announced as of the September 15, 2026 disclosure; he remains a listed speaker for the November 6 call

ASP growth and premiumization mix: The mix-shift lever management has tied to mid-to-long-term SSG targets.

• Mohey mix — bridal lehengas now ~30% of Mohey's business, down from 50-55%, as the brand shifts to non-bridal categories