VHL
Vardhman Holdings share price & financials
- Price
- ₹3,674.3
- Market cap
- ₹1.1k Cr
- Sector
- Financial Services
What Vardhman Holdings Limited does
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
Quarterly results
Q1 FY27: revenue up 217.6%, net profit up 213.2% 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 | 41 | 7 | 2 | 3 | 44 +9% | 6 −12% | 0 −85% | 11 +218% |
| EBITDA | 38 | 5 | 1 | 3 | 44 +15% | 5 +2% | -1 −143% | 10 +226% |
| Net profit | 26 | 5 | 1 | 3 | 33 +28% | 5 −10% | 0 −94% | 8 +213% |
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 −14.3% 1Y
1Y: ₹4,021.8 on 10 Sept 2025 → ₹3,447.9. High ₹4,234.1 (24 Oct 2025), low ₹0 (31 Oct 2025).
Financials, as filed
Revenue grew 108.0% a year over 3 years, FY23 to FY26. Operating margin widened to 96.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6 Cr | ₹44 Cr | ₹56 Cr | ₹54 Cr |
| Operating profit | ₹1 Cr | ₹40 Cr | ₹50 Cr | ₹52 Cr |
| Operating margin | 16.7% | 90.2% | 89.0% | 96.2% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹229 Cr | ₹33 Cr | ₹37 Cr | ₹41 Cr |
| Net margin | 3816.7% | 74.5% | 65.6% | 75.1% |
| Cash from operations | ₹1 Cr | ₹26 Cr | ₹28 Cr | ₹36 Cr |
| Free cash flow | ₹1 Cr | ₹26 Cr | ₹28 Cr | ₹36 Cr |
| ROCE | 0.0% | 5.0% | 6.0% | 6.0% |
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 | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Reserves | ₹666 Cr | ₹791 Cr | ₹874 Cr | ₹918 Cr | ₹3.7k Cr | ₹983 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹15 Cr | ₹4 Cr |
| Total liabilities | ₹671 Cr | ₹795 Cr | ₹878 Cr | ₹922 Cr | ₹3.8k Cr | ₹989 Cr |
| Fixed assets | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹530 Cr | ₹755 Cr | ₹842 Cr | ₹893 Cr | ₹3.7k Cr | ₹978 Cr |
| Other assets | ₹137 Cr | ₹36 Cr | ₹32 Cr | ₹25 Cr | ₹3 Cr | ₹8 Cr |
| Total assets | ₹671 Cr | ₹795 Cr | ₹878 Cr | ₹922 Cr | ₹3.8k Cr | ₹989 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
The ownership split has held steady since Jun 2025. The shareholder count shrank 7% to 10,446.
- Promoters
- 74.9%
- FIIs
- 0.1%
- DIIs
- 0.1%
- Public
- 25.0%
Since Jun 2025
- FIIs −0.01 pp
- DIIs +0.01 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.9%, FIIs 0.0%, DIIs 1.0%, Public 24.1%.Dec '23: Promoters 74.9%, FIIs 0.0%, DIIs 1.0%, Public 24.1%.Mar '24: Promoters 74.9%, FIIs 0.0%, DIIs 0.6%, Public 24.5%.Jun '24: Promoters 74.9%, FIIs 0.1%, DIIs 0.5%, Public 24.5%.Sep '24: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 24.9%.Dec '24: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 25.0%.Mar '25: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 25.0%.Jun '25: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 25.0%.Sep '25: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 25.0%.Dec '25: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 25.0%.Mar '26: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 25.0%.Jun '26: Promoters 74.9%, FIIs 0.1%, DIIs 0.1%, Public 25.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vardhman Holdings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Devakar Investment And Trading Company Private Limited | 34.29% | unchanged |
| Adishwar Enterprises Llp | 32.86% | unchanged |
| Anil Kumar Goel | 4.79% | unchanged |
| Seema Goel | 1.97% | unchanged |
| Cd Equifinance Private Limited | 1.97% | unchanged |
| Shri Paul Oswal | 1.78% | unchanged |
| Flamingo Finance And Investment Company Limited | 1.59% | unchanged |
| Shelly Desai | 1.05% | unchanged |
| Ramaniya Finance And Investment Company Limited | 0.92% | unchanged |
| Suchita Jain | 0.89% | unchanged |
| Shakun Oswal | 0.60% | unchanged |
| Northern Trading Company | 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.
Learn to analyse Vardhman Holdings Limited
Guides on how to read this kind of business and the numbers that matter.