Vedanta Fashions Ltd, operating under the well-known brand “Mohey by Manyavar”, is India’s leading ethnic wear company specializing in men’s and women’s festive and wedding apparel. Listed as MANYAVAR on stock exchanges, the company has built strong brand recognition through strategic celebrity endorsements, digital marketing, and an omnichannel retail presence. With a near-zero debt balance sheet, high return ratios, and a dominant promoter holding, it attracts long-term investors—but recent profit contraction and slowing sales growth warrant caution. This article provides a balanced, fact-based outlook on Vedanta Fashions’ fundamentals and offers a realistic share price target for each year from 2026 to 2030.
Business: Designs, manufactures, and retails ethnic wear for weddings, festivals, and celebrations across India
Retail Presence: Over 850+ stores in 300+ cities; strong e-commerce via Myntra, Ajio, and own platform
Ownership: Promoted by Ravi Modi (Founder & Managing Director); promoter holding at 74.94%
Listed: Yes – on BSE (540569) and NSE (MANYAVAR)
Clarifications:
Is MANYAVAR debt-free? Yes – ₹0 Cr debt as per latest balance sheet.
Is it a good stock to invest in? Suitable for long-term, quality-focused investors who believe in India’s wedding & festive consumption story—but not ideal for short-term traders due to recent earnings pressure.
52-week share price range: High: ₹618 | Low: ₹435 (as of Jan 2026).
Note: “Vedanta” (the mining giant) is unrelated—this is Vedanta Fashions Ltd, branded as Manyavar.
Vedanta Fashions: Key Financial Snapshot (as of Jan 2026)
Metric
Value
Market Capitalization
₹11,906.90 Cr
Current Share Price
₹490
52-Week High / Low
₹618 / ₹435
P/E (TTM)
30.89
P/B (TTM)
6.92
Book Value (TTM)
₹70.83
EPS (TTM)
₹15.86
ROE
23.04%
ROCE
33.92%
Dividend Yield
1.66%
Debt
₹0 Cr (debt-free)
Cash Reserves
₹17.23 Cr
Sales Growth (YoY)
1.39%
Profit Growth (YoY)
–6.21% (decline)
Shareholding Pattern
Category
Holding (%)
Promoters
74.94%
Domestic Institutions (DII)
12.01%
Foreign Institutions (FII)
9.29%
Public (Retail)
3.76%
Others
0%
Note: Extremely high promoter holding signals strong control but limits free float liquidity.
Despite declining profits and sluggish sales growth, the company’s brand strength, debt-free status, and high ROCE support a modest recovery path. Targets assume:
EPS recovery by FY27 after inventory correction
P/E normalization to 28–30x (from current 30.9x)
Stable dividend policy (~50% payout)
Year
Target Price Range (₹)
2026
₹510 – ₹570
2027
₹540 – ₹620
2028
₹570 – ₹670
2029
₹600 – ₹720
2030
₹630 – ₹770
Year-wise Breakdown
Vedanta Fashions Share Price Target 2026
Year
Target 1
Target 2
2026
₹510
₹570
Rationale: Near-term headwinds from post-wedding season inventory buildup and weak discretionary spending have impacted profits. However, the debt-free balance sheet and strong brand loyalty limit downside risk.
Vedanta Fashions Share Price Target 2027
Year
Target 1
Target 2
2027
₹540
₹620
Rationale: Expected recovery in wedding demand and store expansion (especially Tier-2/3 cities) could revive volume growth. Digital sales may improve margins.
Vedanta Fashions Share Price Target 2028
Year
Target 1
Target 2
2028
₹570
₹670
Rationale: By 2028, operational efficiencies and product diversification (e.g., premium bridal, accessories) may boost profitability. ROCE of 33.9% remains a key strength.
Vedanta Fashions Share Price Target 2029
Year
Target 1
Target 2
2029
₹600
₹720
Rationale: Long-term play on India’s $100+ billion ethnic wear market. If sales growth rebounds to 8–10%, re-rating is possible.
Vedanta Fashions Share Price Target 2030
Year
Target 1
Target 2
2030
₹630
₹770
Rationale: The upper end assumes successful international expansion (NRI markets) and sustained ROE >22%. However, high P/B (6.9x) caps aggressive upside.
Strengths vs Risks
✅ Strengths
Zero debt and consistent cash generation
High ROCE (33.9%) – among the best in the consumer sector
Dominant brand in wedding ethnic wear
Strong promoter vision with long-term focus
⚠️ Risks
Profit declined by 6.21% despite stable sales
Very low sales growth (1.39%) – indicates market saturation or competition
High valuation (P/B 6.9x, P/E 30.9x) leaves little margin for error
Low public float (3.76%) can cause price volatility
Investment Suitability
Factor
Assessment
Risk Profile
Moderate-to-High (mid-cap, cyclical)
Time Horizon
Long-term (5+ years)
Volatility
Moderate
Dividend/Income
Yes (1.66% yield + ~50% payout)
Ideal Investor
Patient investor who trusts brand moat and festive consumption trends
FAQs
Final Verdict
Vedanta Fashions (MANYAVAR) is a premium consumer brand with exceptional capital efficiency and zero debt. However, recent profit decline and minimal sales growth signal a need for a strategic reset. Our 2026–2030 price targets (₹510–₹770) reflect cautious optimism—assuming brand resilience and eventual demand recovery. Investors should wait for a clearer earnings turnaround before building large positions.
📌 Disclaimer: Price targets are estimates based on current fundamentals and sector trends. They are not investment advice. Please consult a SEBI-registered advisor.
