VIP Industries Limited — Investor Meet, 20-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

VIP Industries posted 10-11% volume growth despite flat value growth due to pricing pressure and inventory reduction of over Rs. 200 crore. E-commerce surged 40%, while traditional channels were streamlined for profitability. Gross margins were pressured by discounting but expected to improve from Q1 FY26 with premiumization and made-in-India products. Store consolidation continues with 404 outlets. Management targets 12% category-plus growth and EBITDA margins of 12-15%, below pre-COVID levels. Positive demand supported by wedding season and travel trends. Cost cuts and modest ad spend hikes are underway. The outlook is cautiously optimistic on growth and margin recovery.