Vardhman Holdings share price & results
- Jun 2026
- Sept 2026
Ludhiana-based RBI-registered NBFC of the Vardhman Group that invests across debt, equity and real estate and holds strategic equity stakes in group associate companies.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 10.8 | +217.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 93.1 | +2.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 8.3 | +213.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 6.90 | −1.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -50.00 | −23.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 5.26 | −101.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −19.7% 1Y
1Y: ₹4,234.1 on 24 Oct 2025 → ₹3,399.5. High ₹4,234.1 (24 Oct 2025), low ₹0 (31 Oct 2025).
- Previous close
- ₹3,338.4
- Market cap
- ₹1.1k Cr
- 52-week range
- ₹0 – ₹4,207.7
- One year
- −19.21%
- Price to earnings (TTM to Jun 2026)
- 4.23×
- Return on equity (TTM to Jun 2026)
- 6.90%
Overview
- Symbol
- NSE:VHL
- Sector
- Financial Services
- Exchange
- NSE
- Currency
- INR
What Vardhman Holdings Limited does
Based on the company's own presentations, annual report and earnings calls.
Vardhman Holdings Limited is a Non-Banking Financial Company registered with the Reserve Bank of India, mainly engaged in investment activities. It follows a strategy of investing across debt, equity and real estate asset classes and keeps its portfolio dynamic in response to changing market conditions. It also holds equity stakes in two associate companies: Vardhman Textiles Limited (VTXL), a textile manufacturer, and Vardhman Spinning and General Mills Limited (VSGM), a company trading in cotton and fibre. The company does not accept public deposits and has no subsidiaries or joint ventures.
Segments
- Investment activities (NBFC)
- Strategic associate holdings
- Stake in Vardhman Textiles Ltd (VTXL)
- 28.85%
- Stake in Vardhman Spinning & General Mills Ltd (VSGM)
- 50%
- Associate companies
- 2 (VTXL, VSGM)
- Investment portfolio asset classes
- Debt, equity and real estate
- Regulatory status
- NBFC registered with RBI
- Subsidiaries / joint ventures
- None
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +213% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 41 | 7 | 2 | 3 | 44 | 6 | 0 | 11 |
| Expenses | 3 | 1 | 1 | 0 | 0 | 1 | 1 | 1 |
| Operating profit | 38 | 5 | 1 | 3 | 44 | 5 | -1 | 10 |
| Operating margin | 93.8% | 78.7% | 55.5% | 90.6% | 99.2% | 91.3% | −157.6% | 93.1% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 39 | 6 | 2 | 4 | 45 | 6 | -0 | 11 |
| Tax rate | 32.8% | 10.1% | 24.7% | 24.9% | 25.5% | 20.3% | −188.9% | 21.3% |
| Net profit | 26 | 5 | 1 | 3 | 33 | 5 | 0 | 8 |
| EPS (₹ per share) | 81.44 | 15.82 | 4.01 | 8.33 | 104.06 | 14.29 | 0.25 | 26.10 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 6 | 44 | 56 | 54 |
| Expenses | 5 | 4 | 6 | 2 |
| Operating profit | 1 | 40 | 50 | 52 |
| Other income | 224 | 2 | 2 | 2 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 |
| Profit before tax | 225 | 42 | 52 | 54 |
| Net profit | 229 | 33 | 37 | 41 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 2,774 | 3,096 | 3,294 | 3,537 | 3,732 | 3,762 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | 1 | 1 | 1 | 1 | 15 | 4 |
| Total liabilities | 2,778 | 3,101 | 3,298 | 3,541 | 3,751 | 3,769 |
| Fixed assets | 3 | 3 | 3 | 3 | 3 | 3 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2,738 | 3,065 | 3,270 | 3,528 | 3,745 | 3,758 |
| Other assets | 36 | 32 | 25 | 10 | 3 | 8 |
| Total assets | 2,778 | 3,101 | 3,298 | 3,541 | 3,751 | 3,769 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 82 | 77 | 1 | 26 | 28 | 36 |
| Cash from investing | -10 | -150 | 2 | -25 | -29 | -34 |
| Cash from financing | 0 | -2 | -2 | -2 | -2 | -2 |
| Net cash flow | 72 | -75 | 2 | 0 | -2 | 0 |
| Free cash flow | 82 | 77 | 1 | 26 | 28 | 36 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 0 | 0 | 0 | 0 | 0 | 0 |
| Working capital days | 372 | 28 | 569 | 80 | 37 | 41 |
| Return on capital employed | 3.0% | 16.0% | 0.0% | 5.0% | 6.0% | 6.0% |
| Dividend payout | 11.0% | 2.0% | 23.0% | 5.0% | 4.0% | 4.0% |
Ownership
Who owns it
Promoters hold 74.90% as of Sept 2026; institutions cut 0.01 pts since Jun 2026.
- Promoters 74.90%
- Foreign institutions 0.05%
- Domestic institutions 0.06%
- Government 0.00%
- Public 24.99%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- +0.08 pp 2.05% 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 Sep 2026 filing
Every holder of Vardhman Holdings Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 34.29% | unchanged | |
| 32.86% | unchanged | |
| 4.79% | unchanged | |
| 2.05% | +0.08 pp | |
| 1.97% | unchanged | |
| 1.78% | unchanged | |
| 1.59% | unchanged | |
| 1.05% | unchanged | |
| 0.92% | unchanged | |
| 0.89% | unchanged | |
| 0.60% | unchanged | |
| 0.43% | 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.
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