Transcript of earnings call pertaining to the Financial Results for the quarter and year ended March 31, 2026.
VGUARD · price
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V-Guard delivered a strong Q4 FY26 with consolidated revenue of INR 1,755 crores, up 14.1% Y-o-Y, and PAT of INR 112 crores, up 23% Y-o-Y. For the full year, revenue grew 7% with PAT of INR 308 crores (down 1.7% Y-o-Y due to INR 22 crores exceptional charge). Electronics segment led growth at 22.3%, followed by Electrical at 15.9%. Consumer Durables grew 4.1%. Management highlighted West Asia war causing 8-13% commodity cost increases, with 75% passed on so far and balance expected by June. Gross margin maintained at 35.3%. Net cash position improved to INR 231 crores vs INR 64 crores. Management targets 10-12% volume growth plus 1-2% price growth for 15% overall growth and aims for double-digit EBITDA margins once inflation normalizes. Sunflame integration is largely complete with benefits expected over next three quarters. Solar inverter business growing rapidly but not yet INR 500 crores.
V-Guard's strong Q4 performance and net cash position are positives for shareholders. Management's margin guidance of targeting double-digit EBITDA is encouraging, but cost inflation from West Asia remains a near-term headwind. Price hike execution and summer demand will be key monitors for FY27.