Enclosed herewith Transcript of Analyst/ Investors Meet - Valueportal Event held on 22nd January, 2026
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VTM Ltd, a Tamil Nadu-based textile manufacturer (Thiagarajar Group, est. 1946), shared FY25 results and strategy at an investor meet. FY25 revenue grew 65.66% to ₹344.53 crore with PAT up 149% to ₹45.38 crore and EBITDA margin expanding to 19.4% from 12.5%. US tariffs of ~60% on home textiles hit Q2 FY26 hard, dragging EBITDA to just ₹6.16 crore and PAT to ₹2.32 crore. The company derives ~60% of revenue from home textiles, ~64% from exports, and faces high customer concentration — Quince alone is 40-45% of revenue and top-5 customers are ~50%. Management guided for 25% top-line CAGR but only 5-7% bottom-line growth over FY26-27 if tariffs persist, while a new factory and ₹50 crore Tamil Nadu MoU aim to nearly double capacity, targeting ₹800-900 crore revenue potential.
Near-term margins are clearly under pressure from US tariffs and customer discounts, explaining the modest bottom-line guidance despite strong revenue growth ambitions. However, capacity expansion, geographic diversification into UK/EU/Australia, and premiumization provide a medium-term growth path. Watch customer concentration risk with Quince and tariff developments as key swing factors for the stock.