MarketFriction

Varroc Engineering Ltd

NSE VARROC · BSE 541578 · Auto Components & Equipments
₹830.60 -3.75%
NSE close2026-10-01
52 week range462.00 - 912.20
Market cap₹12,794 Cr.
P/E44.8
IPO 2018 · -14% since Price band 20% Delivery 41.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,8871,8851,9751,8992,0812,0752,0992,0282,2072,2882,3682,634
Expenses1,6931,7091,7541,7251,8731,8891,8781,8332,0042,0782,1462,412
Operating Profit194176221174208186221195203210222222
OPM %10%9%11%9%10%9%11%10%9%9%9%8%
Other Income15341267-88-51673-10077
Interest505045444342413632313531
Depreciation858982808281818183828684
Profit before tax74711055691-254714492-3109114
Tax %25%-443%44%39%36%82%51%25%31%245%35%32%
Net Profit56384583458-452310763-117078
EPS in Rs3.5525.053.722.123.64-3.101.356.883.99-0.674.545.06
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,9099,29910,27912,03611,1224,3745,8446,8917,5528,1548,8909,497
Expenses7,3418,7169,39810,97810,3064,0365,4846,3166,7967,3798,0698,640
Operating Profit5685828811,059816338360575756775821857
OPM %7%6%9%9%7%8%6%8%10%10%9%9%
Other Income7317210812294-556-996-82169-112-14-82
Interest-4390869713989118190194170134129
Depreciation292337386566732274305337337323332335
Profit before tax39232751651939-581-1,059-773294169341312
Tax %6%4%13%17%94%8%5%6%-81%59%33%
Net Profit3703134514293-629-1,107-81753270230200
EPS in Rs353.36254.2936.5731.540.01-41.36-72.64-53.6634.434.0114.7312.92
Dividend Payout %1%13%1%14%21,284%0%0%0%0%25%10%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth1%15%9%15%
Compounded Profit Growth-4%19%32%51%
Stock Price CAGR%23%20%42%
Return on Equity-2%-13%20%15%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital101011121313151515151515
Reserves1,0731,7372,1722,8153,0532,9913,0131,9739611,4821,5501,765
Borrowings1,6511,6171,5101,1942,4324,2553,6951,6251,8061,3901,118925
Other Liabilities1,6951,8692,1542,7803,1423,6444,3697,3751,8321,6431,9842,163
Total Liabilities4,4285,2335,8476,8028,64110,90411,09210,9894,6144,5304,6674,868
Fixed Assets2,0542,3902,3962,8043,5605,2835,2312,0462,0512,0272,0162,232
CWIP17831529334499979085614013580103151
Investments22122933603623303763884215306988
Other Assets2,1742,5152,8673,2943,7204,5004,6298,4162,0071,8932,4792,396
Total Assets4,4285,2335,8476,8028,64110,90411,09210,9894,6144,5304,6674,868
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1282906761,0754741,414474636686638737537
Cash from Investing Activity-286-575-577-545-1,769-1,259-613-762-448-166-245-118
Cash from Financing Activity7038694-5231,129733-152-335-216-664-490-405
Net Cash Flow-871011936-166888-292-46122-192114
Free Cash Flow-222-30952497-95127-254-20811642046587
CFO/OP33%58%125%136%57%189%146%197%135%92%94%69%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days5855455041361373232243030
Inventory Days5149464943561645855525160
Days Payable9092941149912439612799949897
Cash Conversion Cycle1912-3-15-15-32-95-36-12-19-16-8
Working Capital Days2221-17-16-49-96-217-18-77-33-35-23
ROCE %11%12%16%13%3%3%2%8%17%17%19%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%
FIIs5.00%4.57%4.22%4.24%3.80%3.89%3.92%3.99%4.30%4.36%4.45%4.29%
DIIs12.43%11.44%12.15%12.74%12.65%12.49%12.79%13.03%12.75%12.40%11.35%11.18%
Public7.58%8.99%8.64%8.04%8.54%8.62%8.30%7.99%7.97%8.23%9.20%9.53%
No. of Shareholders81,78988,08086,73889,54999,50098,41795,59491,28788,84185,29284,69283,288

Fundamentals

Market Cap₹ 12,794 Cr.
Current Price₹ 837
Stock P/E44.8
Book Value₹ 117
ROCE19.0 %
ROE15.1 %
Dividend Yield0.18 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)15%
Compounded Profit Growth (TTM)51%
Consolidated figures.
Valuation
Market capRs 12,690 Cr
Enterprise valueRs 13,434 Cr
P/E (TTM)64.34x
Price to book7.13x
Price to sales1.34x
EV / EBITDA17.33x
EV / EBIT30.50x
EV / sales1.41x
Price to cash flow23.64x
Earnings yield1.55%
Dividend yield0.18%
P/E, 3-year average51.23x
P/B, 3-year average4.45x
P/E, 5-year average51.23x
P/B, 5-year average3.98x
Profitability
Operating margin (excl. other income)9.23%
Operating margin (incl. other income)9.08%
EBITDA margin8.16%
Pre-tax margin3.28%
Net profit margin2.08%
Net margin, latest quarter2.93%
ROE13.45%
ROCE17.66%
ROA4.72%
ROE, 3-year average20.00%
ROCE, 3-year average15.68%
ROA, 3-year average5.85%
ROE, 5-year average-7.91%
ROCE, 5-year average2.13%
ROA, 5-year average-0.60%
ROIC (approx.)11.75%
Tax rate32.69%
Other income / net worth-0.77%
Growth
Sales growth (latest year)9.03%
Profit growth (latest year)267.52%
Sales CAGR, 3 years8.86%
Sales CAGR, 5 years15.24%
Sales growth QoQ11.24%
Profit growth QoQ11.47%
Sales growth YoY (latest quarter)29.92%
Profit growth YoY (latest quarter)-26.45%
Per share
EPS (TTM)Rs 12.91
EPS (latest year)Rs 14.73
EPS (latest quarter)Rs 5.06
EPS, 3-year averageRs 17.72
EPS, 5-year averageRs -14.63
Book value per shareRs 116.52
Sales per shareRs 621.60
Cash flow per shareRs 35.13
Free cash flow per shareRs 5.69
Dividend per share (latest year)Rs 1.50
Dividend per share, 3-year averageRs 1.25
Dividend per share, 5-year averageRs 1.25
Dividends
Dividend payout10.19%
Dividend payout, 3-year average17.57%
Dividend payout, 5-year average17.57%
Efficiency
Asset turnover1.83x
Fixed asset turnover3.98x
Inventory turnover7.10x
Inventory days51 days
Debtor days30 days
Debtors turnover12.10x
Creditor days97 days
Cash conversion cycle-8 days
Working capital days-23 days
Leverage
Total debtRs 925 Cr
Cash and bankRs 181 Cr
Net debtRs 744 Cr
Debt to equity0.52x
Net debt / EBITDA0.96x
Interest coverage3.43x
Current ratio (filing 2026-03-31)0.88x
Quick ratio (filing 2026-03-31)0.53x
Trade payables (filing 2026-03-31)Rs 1,522 Cr
Owners' fund to total sources36.57%
Debt to assets18.99%
Cash flow
Cash from Operating Activity (latest year)Rs 537 Cr
Cash from Investing Activity (latest year)Rs -118 Cr
Cash from Financing Activity (latest year)Rs -405 Cr
Net Cash Flow (latest year)Rs 14 Cr
Free cash flow (latest year)Rs 87 Cr
FCFE (approx.: FCF + change in debt)Rs -107 Cr
Sales to cash flow16.56x
Statement figures
Net sales (TTM)Rs 9,497 Cr
Net sales (latest year)Rs 8,890 Cr
Sales (latest quarter)Rs 2,634 Cr
Operating profit excl. other income (latest year)Rs 821 Cr
Operating profit (latest quarter)Rs 222 Cr
Other income (TTM)Rs -82 Cr
EBITDA (TTM)Rs 775 Cr
PBDT (TTM)Rs 647 Cr
Profit before tax (TTM)Rs 312 Cr
Tax (latest year)Rs 112 Cr
Net profit (TTM)Rs 197 Cr
Net profit (latest year)Rs 225 Cr
Net profit (latest quarter)Rs 77 Cr
Depreciation (TTM)Rs 335 Cr
Depreciation (latest quarter)Rs 84 Cr
Interest (TTM)Rs 129 Cr
Cost of goods sold (latest year)Rs 6,623 Cr
Total expenditure (latest year)Rs 8,069 Cr
Total income (latest year)Rs 8,877 Cr
Share capitalRs 15 Cr
ReservesRs 1,765 Cr
Shareholders' fundsRs 1,780 Cr
Total assetsRs 4,868 Cr
Net blockRs 2,232 Cr
Capital work in progressRs 151 Cr
InvestmentsRs 88 Cr
ReceivablesRs 735 Cr
InventoryRs 933 Cr
Other liabilitiesRs 2,163 Cr
Shares outstanding (crore)15.28
Ownership
Promoter holding75.00% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 64.3 is at the 75th percentile of its own 4.3-year range (median 24.2, low 4.6, high 141.6).
P/B 7.13 is at the 88th percentile (median 2.98).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodVARROCNifty 50Difference
1 week-0.3%-2.8% +2.4 pts
1 month-5.3%-6.8% +1.5 pts
3 months+24.4%-7.6% +32.0 pts
6 months+77.7%+0.4% +77.3 pts
1 year+31.3%-9.9% +41.2 pts
2 years+46.6%-13.6% +60.2 pts
3 years+70.8%+14.2% +56.7 pts
5 years+177.2%+27.9% +149.3 pts
14 mutual fund schemes hold about ₹1,248 Cr. Over three months 7 bought more and 4 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Flexi Cap Fund0.88%1,002 +11%
Motilal Oswal Small Cap Fund1.84%150 -17%
HDFC Transportation and Logistics Fund2.23%47 -5%
ICICI Pru Transportation and Logistics Fund0.63%26 -43%
WOC Flexi Cap Fund0.10%9 -2%
Motilal Oswal Nifty Microcap 250 Index Fund0.34%9 +2%
ICICI Pru ELSS-Tax Saver Fund0.02%3 -85%
Samco Small Cap Fund1.01%2 +100%
Groww Nifty Total Market Index Fund0.02%0 +7%
Angel One Nifty Total Market Index Fund0.02%0 +7%
Mirae Asset Nifty Total Market Index Fund0.02%0 +7%
Bandhan Nifty Total Market Index Fund0.02%0 +7%
Motilal Oswal BSE 1000 Index Fund0.01%0 +10%
ICICI Pru Manufacturing Fund0.00%0 -100%

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹2,634 Cr +29.9% vs Jun 2025. Net profit ₹78 Cr -27.1%.
Against our estimate for Jun 2026: sales +16.4%, profit +18.7% in line. Our estimate for Sep 2026: sales Rs 2,678 Cr, profit Rs 78 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-07Dividend - Rs 1.50 Per Share
2025-08-08Dividend - Re 1 Per Share
2020-02-25 Interim Dividend - Rs 3 Per Share
2019-08-08 Dividend Rs 4 Per Share
2018-08-28 Annual General Meeting (Date Revised)
DateTypeWhat it says
2026-10-02Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-10-02General UpdatesCertificate for the Quarter ended September 30, 2026, pursuant to Chapter XVII of the Master Circular Listing of Commercial Paper ( CP )
2026-10-02General UpdatesGeneral Updates
2026-09-30Disclosure of material issueVarroc Engineering Limited has informed regarding closure of manufacturing operations of Varroc Italy S.p.A. (in Italy)
2026-09-28General UpdatesAbou tIntimation of Listing and Record Date Commercial Papers
2026-09-24General UpdatesChange in name of Promoter Trusts
2026-09-24AllotmentIssuance, allotment of Commercial Paper amounting to Rs. 50 crores
2026-09-09Credit Rating- NewCredit Rating-ESG Rating
2026-09-08Credit Rating- NewCredit Rating- ESG Rating by CRISIL ESG Ratings & Analytics Limited
2026-08-28Regulatory actionAction(s) initiated or orders passed
2026-08-25Concall / analyst meetCacellation of Meet
2026-08-24Concall / analyst meetSchedule of meet
2026-08-21General UpdatesAGM Transcript
2026-08-21Disclosure of material issueVarroc Engineering Limited has informed regarding Disclosure of material issue-Redemption of Commercial Papers
2026-08-21General UpdatesAGM Recording
2026-08-20Shareholder meetingProceedings of Annual General Meeting held on August 20, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with...
2026-08-20Press ReleaseA press release dated August 20, 2026, titled " VIT Pune Team Wins Varroc Engineering s Eureka Challenge 3.0 with AI-Powered CAD Innovation ".
2026-08-19Concall / analyst meetSchedule of meet
2026-08-14CorrigendumCorrigendum Corrigendum to the Covering Letter dated July 28, 2026
2026-08-12Concall / analyst meetTranscript
2026-08-07Concall / analyst meetSchedule of meet
2026-08-07Press ReleaseA press release dated August 06, 2026, titled "Varroc Engineering Revenue shows strong growth of 30% YoY and Highest ever PBT before exceptional item...
2026-08-06Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-08-06Investor PresentationInvestor Presentation
2026-08-06Concall / analyst meetLink of Recording
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Varroc Engineering Ltd?

Varroc Engineering Ltd (VARROC) has a market capitalisation of Rs 12,794 Cr. at the 2026-10-01 close.

What is the P/E ratio of Varroc Engineering Ltd?

Varroc Engineering Ltd trades at a P/E of 44.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were Varroc Engineering Ltd's latest quarterly results?

In the Jun 2026 quarter, Varroc Engineering Ltd sales was Rs 2,634 Cr (+29.9% vs Jun 2025) and net profit was Rs 78 Cr.

What is the 52-week high and low of Varroc Engineering Ltd?

The 52-week high is Rs 912.20 and the 52-week low is Rs 462.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03