NSE: VGUARD · BSE: 532953
V-GUARD IND LTD.
Manufactures and sells household electrical and consumer durable products through four segments. Electricals is the largest at 41.2% of FY26 revenue (INR 2,461.08 cr), covering wires, switchgears and similar items sold primarily through dealer and distributor networks in India. Electronics contributes 27.5% (INR 1,639.58 cr) and includes inverters, batteries and fans, with BLDC ceiling fans now accounting for ~40% of ceiling fan sales and a rapidly growing solar inverter line. Consumer Durables contributes 27.1% (INR 1,615.88 cr), covering kitchen and other home appliances. Sunflame, the kitchen appliances brand acquired earlier, adds 4.2% (INR 250.23 cr) and is now integrated into the wider distribution network. The business runs from 9 manufacturing plants across 78 locations, employs 4,548 staff plus 2,876 workers, and exports to 5 countries (a small share of sales). The biggest cost is raw materials at 32.8% of revenue, and management is currently working to pass through 8-13% input cost inflation via price hikes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electricals (41%), Electronics (28%), Consumer Durables (27%), Sunflame (4%). Asset-light, branded consumer durables and electricals business with a multi-segment dealer-driven model.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,498 | 4,126 | 4,857 | 5,578 | 5,966 |
| EBITDA (ex other income) | 338 | 320 | 427 | 513 | 505 |
| margin % | 9.7 | 7.8 | 8.8 | 9.2 | 8.5 |
| Owners' profit | 228 | 189 | 258 | 314 | 308 |
| EPS, as reported (₹) | 5.29 | 4.38 | 5.89 | 7.17 | 7.03 |
| ROE % · ROCE % | 16.2 · 20.4 | 11.8 · 13.0 | 14.2 · 17.6 | 15.0 · 18.9 | 13.0 · 16.0 |
| Debt / equity (x) | 0.01 | 0.26 | 0.16 | 0.01 | 0.00 |
| Cash from operations | (39) | 424 | 393 | 477 | 459 |
| Capex | (125) | (103) | (128) | (121) | (180) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,294 | 1,269 | 1,538 | 1,466 | 1,341 | 1,404 | 1,755 | 1,811 |
| Profit before tax | 85 | 79 | 118 | 98 | 85 | 77 | 147 | 172 |
| Net profit | 63 | 60 | 91 | 74 | 65 | 57 | 112 | 130 |
| EPS (₹) | 1.45 | 1.38 | 2.08 | 1.69 | 1.49 | 1.30 | 2.56 | 2.97 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Electronics | 1,640 | 27.5 |
| Electricals | 2,461 | 41.2 |
| Cosumer Durables | 426 | 7.1 |
| Sunflame | 250 | 4.2 |
| Consumer Durables | 1,190 | 19.9 |
| Total, before eliminations | 5,967 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,14,787 | 62.9 | 14.97 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD | 33,490 | 74.6 | 5.23 | 39.3 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 32,855 | 64.5 | 9.57 | 34.7 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 21,873 | 227.3 | 3.77 | 23.6 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,161 | — | 3.83 | 95.3 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. ◆ | 11,534 | 31.7 | 4.86 | 21.8 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,555 | 42.1 | 2.54 | 15.3 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,280 | 37.7 | 3.69 | 23.1 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.7 | 42.1 | 6 of 19 | 72% |
| P/B | 4.9 | 4.4 | 14 of 23 | 41% |
| ROCE | 15.5 | 9.4 | 7 of 24 | 74% |
| ROE | 13.0 | 7.1 | 6 of 23 | 77% |
| Debt / Equity | 0.0 | 0.0 | 8 of 23 | 68% |
| EBITDA margin | 11.2 | 7.6 | 7 of 23 | 73% |
| Revenue growth | 23.5 | 15.4 | 6 of 22 | 76% |
| Profit growth | 76.4 | 38.1 | 5 of 21 | 80% |
| Market cap | 11534 | 3722 | 6 of 24 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · V-Guard grants 16,747 employee stock options at Rs 1 | capital market events | low | — | — |
| 16 Oct 2026 · V-Guard ESG Rating improves to 73 from 70 for FY26 | business updates | medium | — | — |
| 13 Oct 2026 · V-Guard earnings call for Q2 and H1FY27 on October 30, 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · V-Guard board to consider Q2 results on October 29, 2026 | results | low | — | — |
| 8 Oct 2026 · Routine compliance filing - demat certificate for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Chairperson retires; Managing Director to additionally take charge as Board Chair | management changes | high | — | — |
| 24 Sept 2026 · Trading window closure for Q2 FY26 results period | compliance | minimal | — | — |
| 1 Sept 2026 · V-Guard to attend Axis Capital Consumer & Tech Conference | board shareholder meetings | low | — | — |
| 19 Aug 2026 · ICICI Prudential MF cuts V-Guard stake from 7.04% to 4.93% | ownership changes | high | — | — |
| 19 Aug 2026 · ICICI Prudential MF cuts V-Guard stake from 7.04 percent to 4.93 percent | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.