Vedant Fashions Limited is an India-based company primarily engaged in manufacturing, trading and sale of readymade ethnic wear for men, women and kids primarily in India under the brand names Manyavar, Mohey, Mebaz, Twamev and Manthan. Manyavar is the largest company in India in men's Indian wedding & celebration wear. Vedant Fashions Limited caters to the Indian celebration wear market with a diverse portfolio of brands, offering its customers a one-stop destination for every celebratory occasion and the largest men's Indian wedding and celebration wear by revenue.
The company has established itself as a dominant player in the conventionally unorganized ethnic wear market segment in India. The Company operates primarily in the manufacturing and trading of readymade garments being Indian wedding and celebration wear for men, women and kids. The Company's products include men's ethnic and celebration wear items, such as Indo-western, sherwanis, kurtas, and jackets, and accessories, such as jutti, safa and mala, and women's ethnic and celebration wear items, such as lehengas, sarees, stitched suits, gowns and kurtis.
Vedant Fashions Limited was originally incorporated as Vedant Fashions Private Limited at Kolkata on 24 May 2002. Pursuant to a takeover agreement dated 01 June 2002, the business of a proprietorship firm by the name of "M/s Vedant Creation", which was being carried out by one of the individual Promoters the company namely Ravi Modi, was transferred to the Company as a going concern. Subsequently, the Company was converted into a public limited company, pursuant to the approval accorded by the Shareholders at their extra-ordinary general meeting held on 16 July 2021.
During February 2022, the company came out with an Rs 3149.19-crore public issue which was entirely an offer for sale(OFS) by promoters and investors. The IPO shares were allotted at the price of Rs 866 per share including a premium of Rs 865 per share. The allotted shares were listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 16 February 2022.
As of July 2025, Vedant Fashions has a market cap of ₹19,370 crore, making it one of the significant players in the Indian retail space. The company has demonstrated strong financial fundamentals with revenue of ₹1,345 crore and profit of ₹403 crore on a consolidated basis.
Vedant Fashions Ltd's revenue jumped 23.04% since last year same period to ₹287.19 crore in the Q2 2024-2025. On a quarterly growth basis, Vedant Fashions Ltd has generated 9.92% jump in its revenue since last 3-months. The company's profitability has shown strong momentum with net profit jumping 37.32% since last year same period to ₹66.90 crore in the Q2 2024-2025, generating 7.06% jump in its net profits since last 3-months.
Vedant Fashions Ltd's net profit margin jumped 11.6% since last year same period to 23.29% in the Q2 2024-2025. This indicates the company's ability to maintain healthy profitability margins even while scaling operations.
- Return on Equity (ROE): 23.0%
- Return on Capital Employed (ROCE): 26.7%
- Stock P/E Ratio: 50.2
- Book Value: ₹73.5
- Dividend Yield: 1.06%
The main business of Vedant Fashions is to produce ethnic and celebration wear items, including Indo-western, sherwanis, kurtas, jackets, lehengas, sarees, and other wedding accessories. It operates over 600 stores both domestically and internationally under the brands Manyavar, Mohey, and Mebaz.
The company has built a strong retail presence across India and has also expanded internationally. Its brand portfolio caters to different segments of the ethnic wear market, with Manyavar being the flagship brand for men's wedding and celebration wear.
Promoter holding in Vedant Fashions Ltd has gone down to 74.95 per cent as of Mar 2025 from 74.97 per cent as of Jun 2024. The main promoters of Vedant Fashions are Ravi Modi Family Trust (acting through its trustee, Modi Fiduciary Services Private Limited), Ravi Modi HUF, Shilpi Modi, Ravi Modi, and Usha Devi Modi.
The company has shown strong financial performance with robust growth in revenue and profitability. JM Financial has initiated coverage on Vedant Fashions with a Buy rating and a target price of Rs 930, indicating a potential upside of 27%. The company's dominant position in the ethnic wear market and its successful brand portfolio make it an attractive investment proposition.
However, investors should note that the company has delivered a poor sales growth of 8.66% over past five years and has high debtors of 163 days, which are areas that require attention.
In the quarter ending March 2024, Vedant Fashions Ltd has declared dividend of ₹8.50 - translating a dividend yield of 1.08%. The company maintains a consistent dividend policy, providing regular returns to shareholders while reinvesting in business growth.
Vedant Fashions represents a compelling investment opportunity in India's growing ethnic wear market, backed by strong brand recognition, extensive retail network, and robust financial performance. The company's leadership position in men's wedding and celebration wear, combined with its diversified brand portfolio, positions it well for future growth in the Indian fashion retail sector.
