Please refer to important disclosures at the end of this report

1

company offers a one-stop destination with a wide-

for every celebratory occasion to its customers. The compan

Manyavar, Mohey, Mebaz, Manthan, and

largest in India in the men's Indian wedding and celebration wear segme

and online platforms, including its website (www.manyavar.com) and m

application.

1.2 Mn sq. ft covering 535 EBOs (including 58 shop-in-

cities and towns in India, and 11 EBOs overseas across the Unit

Canada, and the UAE.

Positives: (1) VFL is market leader in Indian celebration wear (2) D

presence in international markets (5) Fully integrated technology-based s

Chain network (6) Experienced & professional leadership team.

Investment concerns: Slowdown in economy and increase in competition

impact the profitability of the company.

Outlook & Valuation: In terms of valuations, the post-

84.4x (at the upper end of the issue price band), which is high considering VFL

commanded by the company. Thus, we have a NEUTRAL rating on the issue.

Key Financials

Y/E March (` cr) FY20

1HFY22

Net Sales

EPS (`)

-

Issue Open: Feb 04, 2022

Issue Close: Feb 08, 2022

As of September 30, 2021, the company had a retail footprint of 1.2 Mn sq. ft

PAT before P/L Asso.Co.

Basic EPS (` cr)

Total Liabilities

40

Net Current Assets

Cash Flow from Financing

Closing Cash balances

Returns (%)

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