VDEAL
Vdeal System financials
- Market cap
- ₹65 Cr
- Sector
- Capital Goods
What Vdeal System Ltd does
Vdeal System Limited designs, manufactures and tests electrical panels — Medium Voltage switchgear (VCB, RMU, APFC) and Low Voltage panels (PCC, MCC, PMCC, VFD, soft-starter) — along with PLC/SCADA/HMI/DCS automation panels and air-insulated/sandwich busduct for industrial and utility power distribution. It also operates XLASH.IO, an Industrial IoT platform offering modules such as energy management, transformer and bus-bar health monitoring, and predictive maintenance. The company acts as a system integrator, supplying panels to large industrial customers such as Tata Power, Vedanta, NALCO and L&T.
Segments
- Medium Voltage (MV) Panels
- Low Voltage (LV) Panels
- Automation Panels
- Busduct
- IIoT Solutions (XLASH.IO)
- Manufacturing factory area
- 27,000 sq. ft. (23,000 sq. ft. covered office & works)
- Employees
- 77
- Operational locations
- 4 (HQ Bhubaneswar + expansion in Mumbai, West Bengal, Jharkhand)
- Automation panels deployed
- 1,400+ I/O-equipped panels
- MV panel rating range
- 3.3kV-36kV, 630A-1250A
- LV panel rating range
- up to 1000V AC, 6300A
Quarterly results
Q4 FY26: revenue up 54.1%, net profit up 39.1% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 8 | 18 | 9 | 24 | 17 +114% | 28 +54% |
| EBITDA | 2 | 4 | 3 | 4 | 2 +25% | 5 +45% |
| Net profit | 1 | 2 | 1 | 3 | 1 +23% | 3 +39% |
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 −33.4% 1Y
1Y: ₹198.1 on 10 Sept 2025 → ₹131.9. High ₹253.1 (27 Nov 2025), low ₹131.9 (11 Sept 2026).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹5 Cr | ₹5 Cr |
| Reserves | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr | ₹22 Cr | ₹25 Cr |
| Borrowings | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹9 Cr | ₹10 Cr | ₹20 Cr |
| Other liabilities | ₹3 Cr | ₹3 Cr | ₹6 Cr | ₹12 Cr | ₹12 Cr | ₹14 Cr |
| Total liabilities | ₹12 Cr | ₹11 Cr | ₹15 Cr | ₹27 Cr | ₹49 Cr | ₹64 Cr |
| Fixed assets | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹5 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹9 Cr | ₹9 Cr | ₹13 Cr | ₹25 Cr | ₹46 Cr | ₹60 Cr |
| Total assets | ₹12 Cr | ₹11 Cr | ₹15 Cr | ₹27 Cr | ₹49 Cr | ₹64 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 Mar 2026
Since Mar 2025, the public trimmed −2.16 pp while DIIs added +2.13 pp. The shareholder count shrank 13% to 585.
- Promoters
- 67.0%
- DIIs
- 2.5%
- Public
- 30.6%
Since Mar 2025
- Public −2.16 pp
- DIIs +2.13 pp
- Promoters +0.03 pp
How it drifted, 4 quarters
Over this window the public fell from 31.6% to 30.6% — −1.1 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 67.0%, DIIs 1.4%, Public 31.6%.Mar '25: Promoters 67.0%, DIIs 0.3%, Public 32.7%.Sep '25: Promoters 67.0%, DIIs 1.9%, Public 31.2%.Mar '26: Promoters 67.0%, DIIs 2.5%, Public 30.6%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- 129 Wealth Fund AIF +0.63 pp 2.45% held
- Roopesh Talwar +0.08 pp 1.75% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Vdeal System Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Dhiraj Kochar | 57.30% | unchanged |
| Tapaswini Panda | 9.61% | unchanged |
| Mansi Nileshkumar Mehta | 2.72% | unchanged |
| 129 Wealth Fund AIF | 2.45% | +0.63 pp |
| Roopesh Talwar | 1.75% | +0.08 pp |
| Tanvi Jignesh Mehta - 2 | 1.67% | unchanged |
| Prasenjit Kumar Paul | 1.12% | −0.13 pp |
| Niharika Panda | 0.02% | unchanged |
| Mandakini Panda | 0.02% | unchanged |
| Brahmananda Patra | 0.02% | unchanged |
| Amaresh Panda | 0.02% | unchanged |
| Kochar Wire Products | 0.00% | unchanged |
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.
What the price assumes
- Growth the price implies
- -4.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Vdeal System Ltd
Guides on how to read this kind of business and the numbers that matter.