VTL
Vardhman Textiles share price & financials
- Price
- ₹636.55
- Market cap
- ₹17.0k Cr
- Sector
- Textiles
- Calls analysed
- 8
Vardhman Textiles Limited Q1 FY27
What went well
- Spinning business showed improvement in numbers and yarn sizes, with full utilization, good margins, and strong demand.
- Partial trading gain in raw materials due to price increases, with international cotton prices stabilizing around USD 0.78-0.81 per pound.
- Indian cotton prices are now aligned with international prices at USD 0.87-0.88 per pound, eliminating a previous disadvantage.
What to watch
- Fabric business improvement was not as extensive as spinning due to US tariffs and missed sampling for a particular season, leading to underutilization of the new fabric line (15-20%).
- Uncertainty regarding the quality and size of the Indian cotton crop due to varied rain behavior and El Nino effects.
What Vardhman Textiles Limited does
Vardhman Textiles, founded in 1965 and headquartered in Ludhiana, is India's largest vertically integrated textile manufacturer and the country's largest yarn producer. It spins cotton and blended yarn and weaves and processes grey fabric, which it sells domestically and exports to buyers across dozens of countries, supplying yarn and fabric to global apparel brands. Alongside its core yarn and fabric business, the group runs complementary units making garments (shirts), sewing thread, synthetic fibre and specialty/alloy steel.
Segments
- Yarn
- Fabric
- Garments
- Threads
- Fibres
- Steel
- Market position
- Largest yarn producer in India; India's largest vertically integrated textile manufacturer
- Installed spinning capacity
- 1.25 million+ spindles
- Grey fabric weaving capacity
- 1,500+ looms
- Processed fabric capacity
- 222 million metres per annum
- Garment manufacturing capacity
- 7,500 shirts per day
- Manufacturing plants
- 15
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 1 missed 13 open- Fabric Capacity Expansion delivered said Q1 FY25 Promised: 200 million meters by FY26 Q1 FY27: Promise was achieved in Q3 FY26. No new updates.
- Annual Sales Guidance went quiet said Q1 FY25 Promised: ₹10,000 crores for FY25 Q1 FY27: FY25 has concluded. This target was not met and has not been mentioned for several quarters.
- Total Capex Plan on track said Q3 FY25 Promised: ₹3,400 crores by end of calendar year 2025 (FY26) Q1 FY27: Management confirmed that most modernization is complete and power projects will be completed in the next 3 months. An open-end project has started construction. This aligns with the ongoing capex plan.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.3%, net profit up 51.4% 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 | 2,502 | 2,465 | 2,509 | 2,386 | 2,480 −1% | 2,505 +2% | 2,498 −0% | 2,703 +13% |
| EBITDA | 315 | 313 | 287 | 326 | 334 +6% | 284 −9% | 294 +2% | 474 +45% |
| Net profit | 197 | 212 | 238 | 208 | 188 −5% | 168 −21% | 189 −21% | 315 +51% |
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 +27.8% 1Y
1Y: ₹442.95 on 10 Sept 2025 → ₹566.2. High ₹666.25 (3 Jul 2026), low ₹394.65 (14 Oct 2025).
How the price took the results
close before → close after
- Q1 FY27
- −2.7%
- 31 Jul
- Q4 FY26
- −2.6%
- 8 May
- Q3 FY26
- +0.0%
- 21 Jan
- Q2 FY26
- +7.1%
- 23 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 fell 0.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹10.1k Cr | ₹9.5k Cr | ₹9.8k Cr | ₹9.9k Cr |
| Operating profit | ₹1.3k Cr | ₹972 Cr | ₹1.3k Cr | ₹1.2k Cr |
| Operating margin | 13.1% | 10.2% | 12.9% | 12.5% |
| Interest | ₹102 Cr | ₹102 Cr | ₹78 Cr | ₹93 Cr |
| Depreciation | ₹395 Cr | ₹405 Cr | ₹401 Cr | ₹464 Cr |
| Net profit | ₹805 Cr | ₹637 Cr | ₹887 Cr | ₹753 Cr |
| Net margin | 7.9% | 6.7% | 9.1% | 7.6% |
| Cash from operations | ₹1.9k Cr | ₹-1.1k Cr | ₹1.6k Cr | ₹1.1k Cr |
| Free cash flow | ₹1.2k Cr | ₹-1.3k Cr | ₹675 Cr | ₹-579 Cr |
| ROCE | 11.0% | 9.0% | 11.0% | 9.0% |
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 | ₹57 Cr | ₹57 Cr | ₹57 Cr | ₹57 Cr | ₹57 Cr | ₹57 Cr |
| Reserves | ₹6.4k Cr | ₹7.6k Cr | ₹8.5k Cr | ₹9.0k Cr | ₹10.1k Cr | ₹10.5k Cr |
| Borrowings | ₹2.1k Cr | ₹2.0k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹1.5k Cr | ₹1.9k Cr |
| Other liabilities | ₹1.0k Cr | ₹1.3k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Total liabilities | ₹9.6k Cr | ₹11.0k Cr | ₹11.3k Cr | ₹12.0k Cr | ₹13.2k Cr | ₹13.9k Cr |
| Fixed assets | ₹3.5k Cr | ₹3.5k Cr | ₹3.9k Cr | ₹3.8k Cr | ₹4.2k Cr | ₹5.1k Cr |
| Capital work in progress | ₹78 Cr | ₹241 Cr | ₹51 Cr | ₹61 Cr | ₹873 Cr | ₹586 Cr |
| Investments | ₹1.1k Cr | ₹1.7k Cr | ₹2.5k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹1.8k Cr |
| Other assets | ₹4.9k Cr | ₹5.6k Cr | ₹4.8k Cr | ₹6.5k Cr | ₹6.3k Cr | ₹6.4k Cr |
| Total assets | ₹9.6k Cr | ₹11.0k Cr | ₹11.3k Cr | ₹12.0k Cr | ₹13.2k Cr | ₹13.9k 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 trimmed −1.89 pp while the public added +0.97 pp. The shareholder count grew 10% to 84,595.
- Promoters
- 65.1%
- FIIs
- 6.1%
- DIIs
- 14.7%
- Public
- 14.2%
Since Jun 2025
- DIIs −1.89 pp
- Public +0.97 pp
- Promoters +0.87 pp
How it drifted, 12 quarters
Over this window DIIs fell from 16.7% to 14.7% — −2.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 64.1%, FIIs 7.0%, DIIs 16.7%, Public 12.3%.Dec '23: Promoters 64.1%, FIIs 6.4%, DIIs 16.8%, Public 12.7%.Mar '24: Promoters 64.1%, FIIs 6.3%, DIIs 16.5%, Public 13.0%.Jun '24: Promoters 64.2%, FIIs 6.1%, DIIs 16.6%, Public 13.0%.Sep '24: Promoters 64.2%, FIIs 6.0%, DIIs 16.6%, Public 13.2%.Dec '24: Promoters 64.2%, FIIs 6.0%, DIIs 16.7%, Public 13.1%.Mar '25: Promoters 64.2%, FIIs 5.8%, DIIs 16.7%, Public 13.3%.Jun '25: Promoters 64.2%, FIIs 6.0%, DIIs 16.6%, Public 13.2%.Sep '25: Promoters 64.2%, FIIs 5.8%, DIIs 16.4%, Public 13.6%.Dec '25: Promoters 64.4%, FIIs 5.7%, DIIs 16.3%, Public 13.5%.Mar '26: Promoters 65.1%, FIIs 5.7%, DIIs 16.0%, Public 13.2%.Jun '26: Promoters 65.1%, FIIs 6.1%, DIIs 14.7%, Public 14.2%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vardhman Textiles Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Vardhman Holdings Limited | 28.97% | unchanged |
| Adishwar Enterprises Llp | 17.82% | unchanged |
| Devakar Investment And Trading Company Private Limited | 11.73% | unchanged |
| HDFC Small Cap Fund Mutual fund | 6.12% | −1.03 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 2.98% | unchanged |
| Vtl Investments Limited | 1.61% | unchanged |
| DSP Small Cap Fund Mutual fund | 1.47% | −1.55 pp |
| Shri Paul Oswal | 1.03% | unchanged |
| Flamingo Finance And Investment Company Limited | 0.92% | unchanged |
| Santon Finance And Investment Company Limited | 0.79% | unchanged |
| Ramaniya Finance And Investment Company Limited | 0.73% | unchanged |
| Suchita Jain | 0.42% | 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 VTL
Filings to Aug 2026
0 new, 4 added, 3 trimmed, 0 sold out — net −1.05 L shares (−0.5%).
- Held by funds
- ₹1.2k Cr
- 9 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹547 Cr · 1.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹547 Cr | −0.50 L | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹484 Cr | held | Jul '20 |
| HDFC Hybrid Equity Fund HDFC Mutual Fund | ₹74 Cr | −0.57 L | Dec '22 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹36 Cr | held | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹9 Cr | +0.02 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
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
4 added, 3 trimmed — net −1.05 L shares (−0.5%)
- Funds are sitting on
- +95%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 9 schemes · ≈ 7.5% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹547 Cr · 1.3% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 6y 2m · since Jul '20
Shares held by these funds −32%
Aug '23 1.99 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Vardhman Textiles Limited
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