MarketFriction

Vardhman Holdings Ltd

NSE VHL · BSE 500439 · Investment Company
₹3,435.30 +1.01%
NSE close2026-10-01
52 week range2,870.00 - 4,275.00
Market cap₹1,056 Cr.
P/E4.20
Price band 20% Delivery 80.7%

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
Sales30807772336011
Expenses103131100111
Operating Profit307-35551325-110
OPM %98%95%-3,786%81%66%79%55%91%87%91%-158%93%
Other Income394728695761696055505490
Interest000000000000
Depreciation000000000000
Profit before tax6954267462667063575553100
Tax %10%2%1%2%20%1%1%1%20%2%-0%2%
Net Profit625426734966706346545498
EPS in Rs194.05167.9580.15229.14154.72206.05218.49196.08144.51168.29168.01307.32
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1370289122033615231220
Expenses423362344622
Operating Profit96825671830211171017
OPM %72%97%89%68%53%89%91%26%71%73%84%87%
Other Income151242157196155116429223184256219249
Interest000000000000
Depreciation000000000000
Profit before tax160310181202161133459225194273229266
Tax %1%2%1%0%1%3%7%-2%5%5%6%
Net Profit159303179202160130429228185258216252
EPS in Rs496.88950.05559.83632.40500.42405.801,344.45715.74579.29808.40676.83788.13
Dividend Payout %1%1%1%1%0%1%0%1%1%1%1%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth0%-9%28%0%
Compounded Profit Growth3%11%-2%2%
Stock Price CAGR8%2%3%-13%
Return on Equity9%8%6%6%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital33333333333
Reserves1,2441,5451,8191,9942,1222,3032,7743,0963,2943,5373,762
Borrowings00000000000
Other Liabilities25354211114
Total Liabilities1,2491,5531,8252,0032,1302,3072,7783,1013,2983,5413,769
Fixed Assets11333333333
CWIP00000000000
Investments1,2401,5061,7761,9521,9792,1672,7383,0653,2703,5283,758
Other Assets9464648147137363225108
Total Assets1,2491,5531,8252,0032,1302,3072,7783,1013,2983,5413,769
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-3426-9582-51-3-6-6
Cash from Investing Activity360-399-10-692457
Cash from Financing Activity-1-2-2-2-0-2-2-2-2-2
Net Cash Flow101272-752-0-2-0
Free Cash Flow-3406-9582-51-3-6-6
CFO/OP7%38%98%-1,359%487%56%263%31%9%39%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days00000000000
Inventory Days
Days Payable
Cash Conversion Cycle00000000000
Working Capital Days8219441192,9083729856923692179
ROCE %22%11%11%8%6%18%8%6%8%6%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.90%74.90%74.90%74.90%74.90%74.90%74.90%74.90%74.90%74.90%74.90%74.90%
FIIs0.03%0.03%0.03%0.06%0.06%0.07%0.06%0.06%0.05%0.05%0.05%0.05%
DIIs0.96%0.97%0.56%0.53%0.13%0.06%0.06%0.06%0.06%0.07%0.07%0.07%
Public24.10%24.10%24.51%24.51%24.90%24.98%24.98%24.99%24.99%24.99%24.99%24.99%
No. of Shareholders9,2769,0979,1859,5989,83311,11911,33011,23911,19410,84610,68810,446

Fundamentals

Market Cap₹ 1,056 Cr.
Current Price₹ 3,305
Stock P/E4.20
Book Value₹ 11,799
ROCE6.28 %
ROE5.91 %
Dividend Yield0.15 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)0%
Compounded Profit Growth (TTM)2%
Consolidated figures.
Valuation
Market capRs 1,097 Cr
Enterprise valueRs 1,095 Cr
P/E (TTM)4.36x
Price to book0.29x
Price to sales55.75x
EV / EBITDA4.11x
EV / EBIT4.11x
EV / sales55.68x
Earnings yield22.94%
Dividend yield0.15%
P/E, 3-year average4.46x
P/B, 3-year average0.28x
P/E, 5-year average3.93x
P/B, 5-year average0.30x
Profitability
Operating margin (excl. other income)83.82%
Operating margin (incl. other income)1873.77%
EBITDA margin1353.58%
Pre-tax margin1353.08%
Net profit margin1278.75%
Net margin, latest quarter905.63%
ROE5.91%
ROCE6.28%
ROA5.91%
ROE, 3-year average6.41%
ROCE, 3-year average6.78%
ROA, 3-year average6.41%
ROE, 5-year average8.78%
ROCE, 5-year average9.21%
ROA, 5-year average8.78%
ROIC (approx.)6.66%
Tax rate5.78%
Other income / net worth5.82%
Growth
Sales growth (latest year)-46.27%
Profit growth (latest year)-16.28%
Sales CAGR, 3 years27.68%
Sales CAGR, 5 years-9.16%
Profit CAGR, 3 years-1.85%
Profit CAGR, 5 years10.77%
Sales growth QoQ3181.82%
Profit growth QoQ82.92%
Sales growth YoY (latest quarter)217.60%
Profit growth YoY (latest quarter)56.73%
Per share
EPS (TTM)Rs 787.89
EPS (latest year)Rs 676.63
EPS (latest quarter)Rs 307.23
EPS, 3-year averageRs 687.97
EPS, 5-year averageRs 824.78
Book value per shareRs 11,795.63
Sales per shareRs 61.61
Cash flow per shareRs -18.01
Free cash flow per shareRs -18.79
Dividend per share (latest year)Rs 5.01
Dividend per share, 3-year averageRs 5.01
Dividend per share, 5-year averageRs 5.01
Dividends
Dividend payout0.74%
Dividend payout, 3-year average0.74%
Dividend payout, 5-year average0.66%
Efficiency
Asset turnover0.00x
Fixed asset turnover3.85x
Cash conversion cycle0 days
Working capital days179 days
Leverage
Cash and bankRs 2 Cr
Net debtRs -2 Cr
Net debt / EBITDA-0.01x
Interest coverage2958.22x
Owners' fund to total sources99.91%
Cash flow
Cash from Operating Activity (latest year)Rs -6 Cr
Cash from Investing Activity (latest year)Rs 7 Cr
Cash from Financing Activity (latest year)Rs -2 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -6 Cr
Cash from ops / profit, 5 years-0.01x
Statement figures
Net sales (TTM)Rs 20 Cr
Net sales (latest year)Rs 12 Cr
Sales (latest quarter)Rs 11 Cr
Operating profit excl. other income (latest year)Rs 10 Cr
Operating profit (latest quarter)Rs 10 Cr
Other income (TTM)Rs 249 Cr
EBITDA (TTM)Rs 266 Cr
PBDT (TTM)Rs 266 Cr
Profit before tax (TTM)Rs 266 Cr
Tax (latest year)Rs 13 Cr
Net profit (TTM)Rs 252 Cr
Net profit (latest year)Rs 216 Cr
Net profit (latest quarter)Rs 98 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 0 Cr
Total expenditure (latest year)Rs 2 Cr
Total income (latest year)Rs 231 Cr
Share capitalRs 3 Cr
ReservesRs 3,762 Cr
Shareholders' fundsRs 3,766 Cr
Total assetsRs 3,769 Cr
Net blockRs 3 Cr
InvestmentsRs 3,758 Cr
Other liabilitiesRs 4 Cr
Shares outstanding (crore)0.32
Ownership
Promoter holding74.90% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 4.4 is at the 58th percentile of its own 9.4-year range (median 4.1, low 1.5, high 9.6).
P/B 0.29 is at the 20th percentile (median 0.33).
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.
PeriodVHLNifty 50Difference
1 week+2.0%-2.8% +4.8 pts
1 month-3.7%-6.8% +3.1 pts
3 months-4.1%-7.6% +3.5 pts
6 months+15.4%+0.4% +15.0 pts
1 year-12.5%-9.9% -2.6 pts
2 years-14.5%-13.6% -0.9 pts
3 years+12.2%+14.2% -2.0 pts
5 years+13.6%+27.9% -14.3 pts

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -2% of net profit over the last 3 years
lookProfit leans on other income Other income was 96% of pre-tax profit in 2026
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 ₹11 Cr +266.7% vs Jun 2025. Net profit ₹98 Cr +55.6%.
Against our estimate for Jun 2026: sales +511.1%, profit +255.1% big beat. Our estimate for Sep 2026: sales Rs 5 Cr, profit Rs 43 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-28Dividend - Rs 5 Per Share
2025-09-12Dividend - Rs 5 Per Share
2024-09-06Annual General Meeting/Dividend - Rs 5 Per Share
2023-09-15Annual General Meeting/Dividend - Rs 5 Per Share
2022-09-16Annual General Meeting/Dividend - Rs 5 Per Share
2021-09-16 Annual General Meeting/Dividend - Rs 5 Per Share
2020-09-16 Annual General Meeting
2019-09-18 Annual General Meeting/Dividend - Rs 5 Per Share
2018-09-12 Annual General Meeting/Dividend Rs 5 Per Share
2017-09-07 Dividend - Rs 5 Per Share
2016-08-11 Annual General Meeting/ Dividend * Rs 3/- Per Share
2015-08-05 Annual General Meeting/Dividend Rs 3/- Per Share
2014-08-25Annual Book Closure / Annual General Meeting / Dividend - Rs 3/- Per Share
2013-08-14Annual General Meeting / Dividend Rs 3 Per Share
2012-08-16Annual General Meeting / Dividend Rs 2.50 Per Share
2011-07-08Annual General Meeting And Dividend Rs. 2.50 Per Share
2010-06-29Dividend-Rs.2/- Per Share
2009-07-09Agm/Dividend - 20%
2008-08-11Agm/Dividend - 20%
2007-08-14Annual Book Closure
2007-03-22Interim Dividend-20% Purpose Revised
2006-07-28Agm/Dividend-20%
DateTypeWhat it says
2026-09-18Shareholder meetingVoting results of Annual General Meeting held on September 17, 2026.
2026-09-18Shareholder meetingVardhman Holdings Limited has submitted the Exchange a copy of Scrutinizers report of Annual General Meeting held on September 17, 2026.
2026-09-17Shareholder meetingProceedings of Annual General Meeting held on September 17, 2026.
2026-09-16Reply to Clarification- FinaThe Exchange had sought clarification from Vardhman Holdings Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (List...
2026-09-09Clarification - Financial ReThe Exchange has sought clarification from Vardhman Holdings Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (List...
2026-09-09UpdatesDemat Report for the month ended 31st August, 2026..
2026-08-26General UpdatesDispatch of letter to the Members of the Company.
2026-08-25UpdatesBRSR for the FY 2025-26..
2026-08-25Shareholder meetingNotice of Annual General Meeting to be held on September 17, 2026.
2026-08-20Record DateRecord date for the purpose of Dividend is 28-Aug-2026.
2026-08-06Board meeting outcomeVardhman Holdings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05UpdatesDemat Report for the month ended 31st July, 2026..
2026-07-07UpdatesDemat report for the month ended 30th June, 2026..
2026-06-06UpdatesDemat Report for the Month ended 31st May, 2026 .
2026-05-23DividendBoard of Directors at its meeting held on May 23, 2026, recommended Final Dividend of Rs. 5 per equity share.
2026-05-23Board meeting outcomeVardhman Holdings Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-19Disclosure under SEBI TakeovS.P. Oswal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquis...
2026-05-04UpdatesDemat Report for the month ended April, 2026.
2026-04-08UpdatesDemat Report for the month ended 31st March, 2026.
2026-03-09UpdatesDemat Report for the month ended 28th February, 2026.
2026-02-10Board meeting outcomeOutcome of Board Meeting held on February 10, 2026- Appointment of Company Secretary and Compliance Officer of the Company.
2026-02-10Board meeting outcomeVardhman Holdings Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-02-05UpdatesDemat Report for the month ended 31.01.2026.
2026-01-06UpdatesDemat Report for the month ended 31st December, 2025.
2025-12-06UpdatesDemat Report for the month ended November, 2025.
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.
Less than 100 unique PAN traded in previous 30 days

Quick answers

What is the market cap of Vardhman Holdings Ltd?

Vardhman Holdings Ltd (VHL) has a market capitalisation of Rs 1,056 Cr. at the 2026-10-01 close.

What is the P/E ratio of Vardhman Holdings Ltd?

Vardhman Holdings Ltd trades at a P/E of 4.20 on trailing twelve-month profit, at the 2026-10-01 close.

What were Vardhman Holdings Ltd's latest quarterly results?

In the Jun 2026 quarter, Vardhman Holdings Ltd sales was Rs 11 Cr (+266.7% vs Jun 2025) and net profit was Rs 98 Cr.

What is the 52-week high and low of Vardhman Holdings Ltd?

The 52-week high is Rs 4,275.00 and the 52-week low is Rs 2,870.00.

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