VGUARD

V-Guard Industries share price & financials

Price
₹300.15
Market cap
₹13.5k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 30 Jul 2026

V-Guard Industries Limited Q1 FY27

Revenue ₹1,810 cr +24%EBITDA ₹191 cr +55%EBITDA Margin 10.5% PAT ₹130 cr +76%

What went well

  • Consolidated revenue grew 23.5% YoY to INR 1,810 crores, benefiting from a favorable summer season.
  • EBITDA (ex-other income) grew 54.5% YoY to INR 191 crores, with margin expanding to 10.5% from 8.4% in Q1 FY26.
  • PAT increased 76% YoY to INR 130 crores, demonstrating strong profitability.

What to watch

  • Minimal volume growth in wires (approx. 9%) due to significant price increases (approx. 14%), leading to customer postponement.
  • Air coolers segment did not perform well, primarily due to price increases and poor summer in North India, a key market for the category.
Read the full call →

What V-Guard Industries Limited does

V-Guard Industries designs, manufactures and markets electrical and electronic consumer products - voltage stabilizers, digital UPS systems and batteries, house wiring cables, pumps, switchgear, modular switches, fans, water heaters, air coolers and kitchen appliances - under the V-Guard brand, plus cookware and kitchen appliances under the Sunflame and Superflame brands acquired through the Sunflame acquisition. It earns revenue by selling through a multi-tier distribution network of direct marketing agents, distributors and retailers, historically concentrated in South India and expanding into non-South geographies. Roughly two-thirds of its product range is manufactured in-house across a network of plants, with the remainder outsourced to contract manufacturers while V-Guard retains control over design and quality.

Segments

  • Electronics
  • Electricals
  • Consumer Durables
  • Sunflame
Market position - voltage stabilizers
Largest player, ~40-45% share of the organized market
Manufacturing facilities
11 in-house plants across Tamil Nadu (Coimbatore, Perundurai), Uttarakhand (Kashipur, Roorkee, Pantnagar, Haridwar), Himachal Pradesh (Kala Amb), Telangana (Hyderabad), Haryana (Faridabad), Sikkim and Gujarat (Vapi)
Channel partners
100,000+
Branch network
35 branches
In-house manufacturing share of product profile
More than 60% manufactured in-house; ~35% outsourced
Product category breadth
11 product categories spanning electronics, electricals, consumer durables and kitchen appliances
Founded 1977Headquarters Kochi, Kerala Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 2 delivered 4 missed 12 open
  • Sunflame Revenue Growth delivered said Q3 FY25 Promised: mid-teens to high teens Q1 FY27: Sunflame reported 18.3% YoY revenue growth, meeting the 'high teens' part of the original target for the first time after a series of misses.
  • FY26 Revenue Growth missed said Q4 FY25 Promised: 14% to 15% Q1 FY27: This is a historical promise for a completed fiscal year. No new updates are expected.
  • FY27 Revenue Growth revised up said Q4 FY26 Promised: 15% (10-12% volume + 1-2% price) Q1 FY27: After 23.5% YoY growth in Q1, management stated growth 'will be more than 15%' for FY27, revising the guidance upwards.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 23.5%, net profit up 92.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,229 1,185 1,480 1,406 1,272 +3%1,326 +12%1,687 +14%1,737 +24%
EBITDA91 83 121 94 85 −7%96 +16%143 +18%155 +65%
Net profit52 48 78 56 66 +27%42 −12%95 +22%108 +93%
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 −11.3% 1Y

₹300₹320₹340₹360₹380Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 29 Jan 2026Q4 FY26 — 12 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹365 on 10 Sept 2025 → ₹323.7. High ₹382.55 (29 Oct 2025), low ₹290.8 (24 Jul 2026).

How the price took the results

close before → close after

Q1 FY27
+4.9%
30 Jul
Q4 FY26
−3.3%
12 May
Q3 FY26
+5.4%
29 Jan
Q2 FY26
−3.5%
30 Oct

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 11.3% a year over 3 years, FY23 to FY26. Operating margin held at 7.3%.

Year endingFY23FY24FY25FY26
Revenue₹4.1k Cr₹4.6k Cr₹5.3k Cr₹5.7k Cr
Operating profit₹319 Cr₹353 Cr₹423 Cr₹418 Cr
Operating margin7.7%7.7%8.0%7.3%
Interest₹16 Cr₹38 Cr₹21 Cr₹7 Cr
Depreciation₹65 Cr₹67 Cr₹74 Cr₹82 Cr
Net profit₹189 Cr₹231 Cr₹260 Cr₹259 Cr
Net margin4.6%5.1%4.9%4.6%
Cash from operations₹416 Cr₹350 Cr₹444 Cr₹388 Cr
Free cash flow₹365 Cr₹267 Cr₹342 Cr₹264 Cr
ROCE14.0%16.0%17.0%17.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹43 Cr₹43 Cr₹43 Cr₹43 Cr₹44 Cr₹44 Cr
Reserves₹1.2k Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹2.1k Cr₹2.2k Cr
Borrowings₹66 Cr₹66 Cr₹501 Cr₹356 Cr₹151 Cr₹64 Cr
Other liabilities₹586 Cr₹613 Cr₹626 Cr₹762 Cr₹997 Cr₹1.0k Cr
Total liabilities₹1.9k Cr₹2.1k Cr₹2.7k Cr₹2.9k Cr₹3.3k Cr₹3.3k Cr
Fixed assets₹354 Cr₹400 Cr₹447 Cr₹435 Cr₹1.4k Cr₹571 Cr
Capital work in progress₹20 Cr₹16 Cr₹16 Cr₹36 Cr₹79 Cr₹9 Cr
Investments₹42 Cr₹102 Cr₹851 Cr₹919 Cr₹116 Cr₹1.1k Cr
Other assets₹1.4k Cr₹1.6k Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹1.6k Cr
Total assets₹1.9k Cr₹2.1k Cr₹2.7k Cr₹2.9k Cr₹3.3k Cr₹3.3k 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 added +1.63 pp while promoters trimmed −1.06 pp.

Promoters
53.2%
FIIs
12.0%
DIIs
23.2%
Public
11.5%

Since Jun 2025

  • DIIs +1.63 pp
  • Promoters −1.06 pp
  • FIIs −0.54 pp

How it drifted, 12 quarters

Over this window DIIs went from 19.4% to 23.2% — +3.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.6%, FIIs 13.2%, DIIs 19.4%, Public 11.8%.Dec '23: Promoters 54.6%, FIIs 13.0%, DIIs 20.4%, Public 12.0%.Mar '24: Promoters 54.5%, FIIs 13.3%, DIIs 20.2%, Public 12.0%.Jun '24: Promoters 54.4%, FIIs 13.9%, DIIs 20.2%, Public 11.5%.Sep '24: Promoters 54.4%, FIIs 13.8%, DIIs 19.9%, Public 11.9%.Dec '24: Promoters 54.4%, FIIs 13.7%, DIIs 20.3%, Public 11.7%.Mar '25: Promoters 54.3%, FIIs 13.4%, DIIs 20.6%, Public 11.6%.Jun '25: Promoters 54.3%, FIIs 12.6%, DIIs 21.6%, Public 11.6%.Sep '25: Promoters 53.3%, FIIs 12.4%, DIIs 22.9%, Public 11.3%.Dec '25: Promoters 53.3%, FIIs 12.1%, DIIs 23.3%, Public 11.3%.Mar '26: Promoters 53.2%, FIIs 12.1%, DIIs 23.4%, Public 11.3%.Jun '26: Promoters 53.2%, FIIs 12.0%, DIIs 23.2%, Public 11.5%.

Who was buying across the market this quarter →

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.

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 Jun 2026 filing

Every holder of V-Guard Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Mithun Kochouseph Chittilappilly 19.78%unchanged
Arun K Chittilappilly 8.65%unchanged
Chittilappily Thomas Kochouseph 8.41%unchanged
ICICI Prudential Multicap Fund Mutual fund7.64%+0.06 pp
SBI Small Cap Fund Mutual fund7.31%unchanged
Anekha Chittilappilly Trust(Mithun Kochouseph Chittilappilly, Joshna Johnson Thomas-Trustees) 4.88%unchanged
K Chittilappilly Trust (Kochouseph Thomas Chittilappilly,Sheela Grace Kochouseph,Mithun Kochouseph Chittilappilly,Arun K Chittilappilly,Jayaraj B , Vinod SM, Jayasree K-Trustees) 4.76%unchanged
Arav Chittilappilly Trust (Kochouseph Chittilappilly, Sheela Grace Kochouseph,Arun K Chittilappilly,Priya Sarah Cheeran Joseph-Trustees) 4.24%unchanged
Nalanda India Equity Fund Limited FPI fund3.60%unchanged
Kotak Small Cap Fund Mutual fund3.20%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Mutual fund3.13%+0.20 pp
Sheela Grace Kochouseph 2.50%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.

Mutual funds in VGUARD

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹985 Cr
4 schemes
Biggest holder
SBI Smallcap Fund
₹589 Cr · 1.4% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹589 Crheld
SBI MultiCap Fund SBI Mutual Fund₹275 Crheld
SBI Contra Fund SBI Mutual Fund₹94 Crheld
SBI Consumption Opportunities Fund SBI Mutual Fund₹28 Crheld

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 Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+27%
vs est. average cost
Held by funds
₹985 Cr
4 schemes · ≈ 6.3% of the company
Biggest holder
SBI Smallcap Fund
₹589 Cr · 1.4% of that fund

Shares held by these funds −29%

Aug '23 2.85 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹324, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹112 — downside of 66%.

Growth the price implies
29.3% a year
for 7 years, fading to 4%
It has actually compounded at
9.0% a year
net profit, FY23–FY26 · EPS 8.7%
The gap
0.2 pp
-66% downside if it only repeats history
Price today ₹323.7 Value at the reference growth ₹111.61

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse V-Guard Industries Limited

Guides on how to read this kind of business and the numbers that matter.