VTMLTD
VTM financials
- Market cap
- ₹487 Cr
- Sector
- Textiles
- Calls analysed
- 2
VTMLTD Q2 FY26
What went well
- FY25 turnover reached ₹344.53 crores, marking a 65.66% growth compared to ₹207.97 crores in FY24, primarily driven by the home textiles division.
- FY25 Profit After Tax (PAT) increased by 149% to ₹45.38 crores from ₹18.29 crores in FY24.
- FY25 EBITDA margin expanded to 19.4%, up from 12.5% in the previous year, reflecting operational leverage from modernization and premium products.
What to watch
- Q2 FY26 EBITDA was ₹6.16 crores and PAT was ₹2.32 crores, indicating a significant impact from US tariffs on textile exports.
- US tariffs of approximately 60% on home textile goods are an 'exogenous shock' and not sustainable long-term, necessitating strategic shifts.
What VTM Ltd does
VTM Limited is a single-segment textile manufacturer that weaves fabric (including leno and dobby designs) at its Sulakarai (Virudhunagar, Tamil Nadu) factory and converts it into home-textile products such as top-of-bed, bath and window textiles, including GOTS-certified organic-cotton fabrics. Sales are export-led, with the company shipping directly to overseas customers via its own third-party-logistics-style warehousing and fulfilment operation rather than through intermediaries. It has been expanding home-textile manufacturing capacity and investing in weaving, finishing and renewable-power equipment at the same site.
Segments
- Home Textiles
- Manufacturing facility
- Single factory at Sulakarai, Virudhunagar, Tamil Nadu (ISO Quality Management System, 5S and GOTS certified)
- Home-textile facility expansion
- New 1 lakh sq ft AI-equipped home-textile facility, doubling home-textile capacity
- Solar power capacity
- 908 kW (DC) rooftop solar + 1.76 MW ground-mounted solar plant at Ottapidaram village
- New weaving looms added (FY25)
- 4 x 190cm ITEMA rapier looms with Leno attachment, imported from Italy
- Fabric inspection/finishing equipment added (FY25)
- 1 narrow-width roll packing machine + 2 wide-width double-side fabric inspection machines
- Export market reach
- Primary market US, with diversification into UK, Australia, Europe, South America and the Middle East
Guidance record · Q2 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Top line growth open said Q2 FY26 Promised: 25%-ish CAGR for the next 2 to 3 financial year Q2 FY26: Guidance issued despite current tariff headwinds.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 36.7%, net profit down 58.0% 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 | 73 | 104 | 109 | 72 | 90 +23% | 100 −3% | 110 +1% | 98 +37% |
| EBITDA | 13 | 27 | 18 | 8 | 5 −63% | 7 −74% | 7 −61% | 6 −31% |
| Net profit | 10 | 18 | 12 | 5 | 2 −76% | 3 −81% | 1 −93% | 2 −58% |
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 +3.2% YTD
YTD: ₹46.94 on 17 Aug 2026 → ₹48.42. High ₹59.43 (1 Sept 2026), low ₹46.13 (21 Aug 2026).
Financials, as filed
Revenue grew 33.7% a year over 2 years, FY24 to FY26. Operating margin narrowed to 7.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹208 Cr | ₹345 Cr | ₹372 Cr |
| Operating profit | ₹26 Cr | ₹67 Cr | ₹28 Cr |
| Operating margin | 12.5% | 19.4% | 7.5% |
| Interest | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Depreciation | ₹9 Cr | ₹9 Cr | ₹11 Cr |
| Net profit | ₹18 Cr | ₹45 Cr | ₹11 Cr |
| Net margin | 8.8% | 13.2% | 3.0% |
| Cash from operations | ₹-12 Cr | ₹-38 Cr | ₹1 Cr |
| Free cash flow | ₹-25 Cr | ₹-59 Cr | ₹-24 Cr |
| ROCE | 7.0% | 19.0% | 5.0% |
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 | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹215 Cr | ₹230 Cr | ₹241 Cr | ₹259 Cr | ₹298 Cr | ₹305 Cr |
| Borrowings | ₹10 Cr | ₹7 Cr | ₹4 Cr | ₹4 Cr | ₹36 Cr | ₹75 Cr |
| Other liabilities | ₹20 Cr | ₹23 Cr | ₹20 Cr | ₹31 Cr | ₹50 Cr | ₹58 Cr |
| Total liabilities | ₹249 Cr | ₹264 Cr | ₹269 Cr | ₹298 Cr | ₹394 Cr | ₹448 Cr |
| Fixed assets | ₹99 Cr | ₹97 Cr | ₹95 Cr | ₹98 Cr | ₹105 Cr | ₹123 Cr |
| Capital work in progress | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹8 Cr | ₹2 Cr |
| Investments | ₹85 Cr | ₹90 Cr | ₹106 Cr | ₹88 Cr | ₹70 Cr | ₹72 Cr |
| Other assets | ₹62 Cr | ₹78 Cr | ₹69 Cr | ₹112 Cr | ₹211 Cr | ₹251 Cr |
| Total assets | ₹249 Cr | ₹264 Cr | ₹269 Cr | ₹298 Cr | ₹394 Cr | ₹448 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 Sep 2026
Since Sep 2025, DIIs added +0.40 pp while the public trimmed −0.38 pp. The shareholder count grew 3% to 7,262.
- Promoters
- 75.0%
- DIIs
- 1.7%
- Public
- 23.3%
Since Sep 2025
- DIIs +0.40 pp
- Public −0.38 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window DIIs went from 0.0% to 1.7% — +1.7 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 75.0%, Public 25.0%.Mar '24: Promoters 75.0%, Public 25.0%.Jun '24: Promoters 75.0%, Public 25.0%.Sep '24: Promoters 75.0%, Public 25.0%.Dec '24: Promoters 75.0%, Public 25.0%.Mar '25: Promoters 75.0%, DIIs 0.5%, Public 24.6%.Jun '25: Promoters 75.0%, DIIs 1.3%, Public 23.7%.Sep '25: Promoters 75.0%, DIIs 1.3%, Public 23.7%.Dec '25: Promoters 75.0%, DIIs 1.3%, Public 23.7%.Mar '26: Promoters 75.0%, DIIs 1.8%, Public 23.3%.Jun '26: Promoters 75.0%, DIIs 1.7%, Public 23.3%.Sep '26: Promoters 75.0%, DIIs 1.7%, Public 23.3%.
Who is on the register
Named in the Sep 2026 filing
Every holder of VTM Ltd above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| T.Kannan,Partner,Guruvayoorappan Investments | 18.69% | unchanged |
| T.Kannan,Partner,Avittam Investments | 18.64% | unchanged |
| T.Kannan,Partner, Karumuttu Investments | 15.39% | unchanged |
| Thiagarajar Mills Private Limited | 6.66% | unchanged |
| T.Kannan,Partner,Thirumagal Inestments | 4.54% | unchanged |
| Sree Thiagaraja Finance Private Limited | 3.74% | unchanged |
| Sree Devikarumari Finance Private Limited | 3.32% | unchanged |
| Radha Kannan | 2.17% | unchanged |
| Iepf | 2.15% | unchanged |
| K.Thiagarajan | 1.84% | unchanged |
| Vtm Limited Unclaimed Securities | 1.84% | unchanged |
| Shirali Nikhil Merchant | 1.19% | 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 VTM Ltd
Guides on how to read this kind of business and the numbers that matter.