VGL
VARVEE GLOBAL financials
- Market cap
- ₹297 Cr
- Sector
- Textiles
- Calls analysed
- 1
VGL Q2 FY26
What went well
- Q2 FY26 Revenue of ₹28 crore.
- EBITDA margin of almost 50% in Q2 FY26 due to job work model.
- Company is debt-free, having repaid all bank loans post-acquisition.
What to watch
- EBITDA margin expected to normalize to 40-45% with scale, down from current 50%.
What VARVEE GLOBAL LIMITED does
Varvee Global Limited (formerly Aarvee Denims and Exports Limited) runs an end-to-end vertically integrated textile manufacturing operation at its Narol facility in Ahmedabad, Gujarat, covering yarn warping, sizing, dyeing, weaving and finishing of both denim and non-denim fabrics. The company is repositioning its product mix away from core denim toward higher-value non-denim shirting and suiting fabrics. It currently operates largely on a job-work model, processing yarn supplied by customers into finished fabric for a conversion fee.
Segments
- Denim fabric
- Non-denim fabric (shirting & suiting)
- Manufacturing facility
- 1 (sole hub) — Narol, Ahmedabad, Gujarat
- Facility area
- 52,000 sq. yards
- Denim fabric capacity
- 35 lakh metres/month
- Non-denim fabric capacity
- 18 lakh metres/month (up from 12 lakh, Jan 2026)
- Non-denim line utilization
- ~90%
- Workforce (post-restructuring)
- 200+ executive staff; 2,000+ contract labour
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Non-denim production capacity open said Q2 FY26 Promised: 30 lakh meters per month from January onwards Q2 FY26: Target set for January 2026 ramp-up.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY20: revenue down 34.7%, net profit up 1870.0% against the same quarter last year.
| Line item | Q1 FY19 | Q2 FY19 | Q3 FY19 | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 | Q4 FY20 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 217 | 178 | 177 | 181 | 168 −23% | 168 −5% | 111 −37% | 118 −35% |
| EBITDA | 19 | 19 | 21 | 23 | -4 −119% | 6 −68% | 14 −34% | 18 −24% |
| Net profit | 1 | -0 | 0 | 0 | -25 −4481% | -17 −8220% | -8 −2659% | 8 +1870% |
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 −21.2% 1Y
1Y: ₹84.78 on 10 Sept 2025 → ₹66.82. High ₹128.09 (27 Feb 2026), low ₹47 (30 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- −4.3%
- 18 Dec
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 fell 24.9% a year over 1 year, FY19 to FY20. Operating margin narrowed to 6.0%.
| Year ending | FY19 | FY20 |
|---|---|---|
| Revenue | ₹752 Cr | ₹565 Cr |
| Operating profit | ₹82 Cr | ₹34 Cr |
| Operating margin | 10.9% | 6.0% |
| Interest | ₹49 Cr | ₹53 Cr |
| Depreciation | ₹34 Cr | ₹38 Cr |
| Net profit | ₹1 Cr | ₹-42 Cr |
| Net margin | 0.1% | -7.4% |
| Cash from operations | ₹51 Cr | ₹65 Cr |
| Free cash flow | ₹-10 Cr | ₹63 Cr |
| ROCE | 8.0% | 0.0% |
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 | FY18 | FY19 | FY20 |
|---|---|---|---|
| Equity capital | ₹23 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹248 Cr | ₹250 Cr | ₹208 Cr |
| Borrowings | ₹379 Cr | ₹434 Cr | ₹419 Cr |
| Other liabilities | ₹268 Cr | ₹241 Cr | ₹193 Cr |
| Total liabilities | ₹919 Cr | ₹949 Cr | ₹843 Cr |
| Fixed assets | ₹363 Cr | ₹389 Cr | ₹350 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹556 Cr | ₹560 Cr | ₹492 Cr |
| Total assets | ₹919 Cr | ₹949 Cr | ₹843 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, the public trimmed −35.65 pp while promoters added +35.08 pp. The shareholder count shrank 11% to 9,113.
- Promoters
- 65.6%
- FIIs
- 0.6%
- DIIs
- 1.3%
- Public
- 32.5%
Since Jun 2025
- Public −35.65 pp
- Promoters +35.08 pp
- FIIs +0.57 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 65.8%, DIIs 2.1%, Public 32.1%.Dec '23: Promoters 65.8%, DIIs 2.1%, Public 32.1%.Mar '24: Promoters 65.8%, DIIs 2.1%, Public 32.1%.Jun '24: Promoters 65.8%, DIIs 2.1%, Public 32.1%.Sep '24: Promoters 60.8%, FIIs 0.4%, Public 38.8%.Dec '24: Promoters 60.8%, FIIs 0.3%, Public 38.9%.Mar '25: Promoters 38.8%, DIIs 0.1%, Public 61.2%.Jun '25: Promoters 30.6%, FIIs 0.0%, DIIs 1.3%, Public 68.1%.Sep '25: Promoters 65.6%, DIIs 1.3%, Public 33.1%.Dec '25: Promoters 65.6%, DIIs 1.3%, Public 33.1%.Mar '26: Promoters 65.6%, FIIs 0.0%, DIIs 1.3%, Public 33.1%.Jun '26: Promoters 65.6%, FIIs 0.6%, DIIs 1.3%, Public 32.5%.
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.
- Sanjay Karanraj Sakaria newly disclosed 1.05% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of VARVEE GLOBAL LIMITED above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jaimin Kailash Gupta | 52.01% | unchanged |
| Qmin Industries Limited | 9.07% | unchanged |
| Tarachandbhai Agrawal | 4.55% | unchanged |
| Yashwant Amratlal Thakkar | 2.02% | unchanged |
| Iepf | 1.50% | unchanged |
| Sanjay Karanraj Sakaria | 1.05% | newly disclosed |
| Shipa Fabrics Pvt. Ltd. | 0.00% | unchanged |
| Ennbee Textiles Pvt. Ltd. | 0.00% | unchanged |
| Rentex Weavers Ltd. | 0.00% | unchanged |
| Ashish Shah | 0.00% | unchanged |
| Kalpesh Shah | 0.00% | unchanged |
| Parmanand Arora | 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.
Learn to analyse VARVEE GLOBAL LIMITED
Guides on how to read this kind of business and the numbers that matter.