Please find enclosed herewith Financial Results for the period ended 31.03.2026.
VHL · price
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Vardhman Holdings, an investing company holding stakes in Vardhman Textiles and Vardhman Spinning, reported FY2026 standalone profit of Rs 55.48 Crores versus Rs 70.48 Crores in FY2025. Standalone revenue from operations declined slightly from Rs 56.11 Crores to Rs 53.87 Crores. However, consolidated profit after tax stood at Rs 253.83 Crores (vs Rs 258.00 Crores), primarily driven by share of profit from associates of Rs 217.24 Crores. The company reported negative operating cash flows of Rs 45.97 Crores on standalone basis. The Board recommended dividend of Rs 5 per share. Auditors issued an unmodified (clean) opinion on both standalone and consolidated results.
The standalone PAT decline of 21% and negative operating cash flow are concerning for pure holding company investors. However, the consolidated EPS of Rs 616.83 shows the underlying associate companies remain profitable. Shareholders should note the heavy reliance on associate dividends and fair value changes for returns.