VARROC
Varroc Engineering share price & financials
- Price
- ₹648.2
- Market cap
- ₹12.9k Cr
- Calls analysed
- 6
Varroc Engineering Limited Q1 FY27
What went well
- Consolidated revenue grew 29.9% YoY to INR 2,630 crores.
- Overseas revenue grew 45.6% YoY, indicating strong momentum.
- EV 2-wheeler volume grew 91% YoY, now comprising 15.8% of total revenue.
What to watch
- EBITDA margin for the quarter was 8.5%, down from 9.5% last year, primarily due to war-related costs and higher tooling sales.
- War-related costs and higher commodity prices impacted EBITDA by 0.75%.
What Varroc Engineering Limited does
Varroc Engineering is a Tier-1 automotive components supplier that designs, develops and manufactures body/polymer parts, ICE powertrain components, lighting systems, electric-vehicle powertrain modules (motors, chargers, BMS) and HMI/connectivity electronics (instrument clusters, telematics, ADAS) for two-wheeler, three-wheeler, four-wheeler and commercial-vehicle OEMs. It earns by designing and supplying these parts and systems to vehicle manufacturers in India and overseas, with Bajaj Auto as its largest single customer alongside other domestic and international OEMs. Manufacturing and R&D is spread across India and low-cost overseas hubs in China, Poland, Romania, Vietnam, Thailand and Italy, allowing it to serve customers both domestically and internationally.
Segments
- Body Parts (Polymer/Body Systems)
- ICE Powertrain Solutions
- Lighting Solutions
- After Market
- E-Mobility
- HMI Connectivity
- Manufacturing facilities (India)
- 37
- R&D centres
- 7
- Countries with manufacturing/R&D presence
- 8
- R&D employees
- 800+
- Manufacturing/R&D footprint
- India, China, Poland, Romania, Vietnam, Thailand, Italy
- Body/Polymer business plants
- 14 plants plus 1 integrated plant, 2 R&D centres
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 1 delivered 2 missed 13 open- Renewable Energy Share delivered said Q4 FY25 Promised: Improve to over 50% in the coming year. Q1 FY27: Promise achieved in Q1 FY26. No new updates.
- Revenue Growth Premium went quiet said Q4 FY25 Promised: Grow 6% to 8% more than the market. Q1 FY27: The relative growth vs market metric was not mentioned again. Management provided absolute growth guidance for FY27.
- Net Debt at risk said Q4 FY25 Promised: Reduce net debt by INR 400-500 crores in FY26. Q1 FY27: Net debt increased to INR 527 cr from INR 495 cr due to capex and working capital. The FY28 zero-debt target is at risk.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 29.9%, net profit down 27.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,081 | 2,075 | 2,099 | 2,028 | 2,207 +6% | 2,288 +10% | 2,368 +13% | 2,634 +30% |
| EBITDA | 208 | 186 | 221 | 195 | 203 −2% | 210 +13% | 222 +0% | 222 +14% |
| Net profit | 58 | -45 | 23 | 107 | 63 +9% | -11 +76% | 70 +204% | 78 −27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +43.1% 1Y
1Y: ₹609.35 on 10 Sept 2025 → ₹872. High ₹884.4 (10 Sept 2026), low ₹467.4 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.8%
- 6 Aug
- Q4 FY26
- +2.2%
- 27 May
- Q3 FY26
- −5.2%
- 5 Feb
- Q2 FY26
- +0.5%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 8.9% a year over 3 years, FY23 to FY26. Operating margin widened to 9.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.9k Cr | ₹7.6k Cr | ₹8.2k Cr | ₹8.9k Cr |
| Operating profit | ₹564 Cr | ₹774 Cr | ₹789 Cr | ₹830 Cr |
| Operating margin | 8.2% | 10.2% | 9.7% | 9.3% |
| Interest | ₹191 Cr | ₹194 Cr | ₹170 Cr | ₹134 Cr |
| Depreciation | ₹336 Cr | ₹336 Cr | ₹324 Cr | ₹332 Cr |
| Net profit | ₹-817 Cr | ₹532 Cr | ₹70 Cr | ₹229 Cr |
| Net margin | -11.9% | 7.0% | 0.9% | 2.6% |
| Cash from operations | ₹686 Cr | ₹638 Cr | ₹737 Cr | ₹537 Cr |
| Free cash flow | ₹116 Cr | ₹420 Cr | ₹465 Cr | ₹87 Cr |
| ROCE | 8.0% | 17.0% | 17.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹3.0k Cr | ₹2.0k Cr | ₹961 Cr | ₹1.5k Cr | ₹1.7k Cr | ₹1.8k Cr |
| Borrowings | ₹3.7k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹1.4k Cr | ₹915 Cr | ₹925 Cr |
| Other liabilities | ₹4.4k Cr | ₹7.4k Cr | ₹1.8k Cr | ₹1.6k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Total liabilities | ₹11.1k Cr | ₹11.0k Cr | ₹4.6k Cr | ₹4.5k Cr | ₹4.8k Cr | ₹4.9k Cr |
| Fixed assets | ₹5.2k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹2.0k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Capital work in progress | ₹856 Cr | ₹140 Cr | ₹135 Cr | ₹80 Cr | ₹115 Cr | ₹151 Cr |
| Investments | ₹376 Cr | ₹388 Cr | ₹421 Cr | ₹530 Cr | ₹79 Cr | ₹88 Cr |
| Other assets | ₹4.6k Cr | ₹8.4k Cr | ₹2.0k Cr | ₹1.9k Cr | ₹2.4k Cr | ₹2.4k Cr |
| Total assets | ₹11.1k Cr | ₹11.0k Cr | ₹4.6k Cr | ₹4.5k Cr | ₹4.8k Cr | ₹4.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −1.85 pp while the public added +1.54 pp. The shareholder count shrank 9% to 83,288.
- Promoters
- 75.0%
- FIIs
- 4.3%
- DIIs
- 11.2%
- Public
- 9.5%
Since Jun 2025
- DIIs −1.85 pp
- Public +1.54 pp
- FIIs +0.30 pp
How it drifted, 12 quarters
Over this window the public went from 7.6% to 9.5% — +1.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 5.0%, DIIs 12.4%, Public 7.6%.Dec '23: Promoters 75.0%, FIIs 4.6%, DIIs 11.4%, Public 9.0%.Mar '24: Promoters 75.0%, FIIs 4.2%, DIIs 12.2%, Public 8.6%.Jun '24: Promoters 75.0%, FIIs 4.2%, DIIs 12.7%, Public 8.0%.Sep '24: Promoters 75.0%, FIIs 3.8%, DIIs 12.7%, Public 8.5%.Dec '24: Promoters 75.0%, FIIs 3.9%, DIIs 12.5%, Public 8.6%.Mar '25: Promoters 75.0%, FIIs 3.9%, DIIs 12.8%, Public 8.3%.Jun '25: Promoters 75.0%, FIIs 4.0%, DIIs 13.0%, Public 8.0%.Sep '25: Promoters 75.0%, FIIs 4.3%, DIIs 12.8%, Public 8.0%.Dec '25: Promoters 75.0%, FIIs 4.4%, DIIs 12.4%, Public 8.2%.Mar '26: Promoters 75.0%, FIIs 4.5%, DIIs 11.3%, Public 9.2%.Jun '26: Promoters 75.0%, FIIs 4.3%, DIIs 11.2%, Public 9.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- TJ Holdings Trust (Mr. Tarang Jain Held in his capacity as the family trustee of TJ Holdings Trust) newly disclosed 22.16% held
- Naresh Chandra Holdings Trust (Mr. Naresh Chandra Held in his capacity as the family trustee of Naresh Chandra Holdings Trust) newly disclosed 6.55% held
- Suman Jain Holdings Trust (Mrs. Suman Jain Held in her capacity as the family trustee of Suman Jain Holdings Trust) newly disclosed 6.55% held
- Rochana Jain newly disclosed 0.00% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Varroc Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tarang Jain | 39.74% | unchanged |
| TJ Holdings Trust (Mr. Tarang Jain Held in his capacity as the family trustee of TJ Holdings Trust) | 22.16% | newly disclosed |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 7.37% | unchanged |
| Naresh Chandra Holdings Trust (Mr. Naresh Chandra Held in his capacity as the family trustee of Naresh Chandra Holdings Trust) | 6.55% | newly disclosed |
| Suman Jain Holdings Trust (Mrs. Suman Jain Held in her capacity as the family trustee of Suman Jain Holdings Trust) | 6.55% | newly disclosed |
| Government Pension Fund Global Sovereign | 2.15% | unchanged |
| Motilal Oswal Small Cap Fund Mutual fund | 1.39% | unchanged |
| Rochana Jain | 0.00% | newly disclosed |
| Dhruv Jain | 0.00% | unchanged |
| Arjun Tarang Jain | 0.00% | unchanged |
| Naresh Chandra | — | off the list |
| Suman Jain | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in VARROC
Filings to Jul 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +9.68 L shares (+8.6%).
- Held by funds
- ₹831 Cr
- 2 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹794 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹794 Cr | +9.68 L | Dec '22 |
| HDFC Transportation and Logistics Fund HDFC Mutual Fund | ₹36 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
1 added, 0 trimmed — net +9.68 L shares (+8.6%)
- Funds are sitting on
- +31%
- vs est. average cost
- Held by funds
- ₹831 Cr
- 2 schemes · ≈ 6.2% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹794 Cr · 0.7% of that fund
Shares held by these funds −6%
Aug '23 1.22 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Varroc Engineering Limited
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