NSE: VARDHACRLC
VARDHAMAN ACRYLICS LTD
Produces and sells acrylic fibre as a single business segment. Raw materials, primarily acrylonitrile, make up 67.2% of revenue, with employees at 7.0% and other operating expenses at 20.1% completing the major cost lines. Its holding company, Vardhman Textiles Limited, owns 70.74% of the company and takes roughly 30% of acrylic fibre production as a customer. FY26 revenue from operations was Rs. 318.57 crore, up 13.1% from Rs. 281.57 crore in FY25, while net profit rose to Rs. 27.25 crore from Rs. 11.83 crore. Related-party transactions proposed for FY27 total Rs. 177 crore, mainly Rs. 173 crore of acrylic fibre sales to the holding company, up from Rs. 114.54 crore in FY26, the rise linked to higher acrylonitrile prices following the Israel-Iran conflict. Q1 FY27 revenue reached Rs. 78.25 crore with net profit of Rs. 16.22 crore, and the board has recommended a dividend of Rs. 1.50 per equity share. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Acrylic fibre. Single-product, single-segment commodity fibre manufacturer with capital-light cost base (capex 1.7% of revenue)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 303 | 427 | 297 | 282 | 319 |
| EBITDA (ex other income) | 9 | 36 | 13 | 4 | 17 |
| margin % | 2.9 | 8.5 | 4.5 | 1.3 | 5.2 |
| Owners' profit | 15 | 33 | 18 | 12 | 27 |
| EPS, as reported (₹) | 1.81 | 4.09 | 2.18 | 1.47 | 3.39 |
| ROE % · ROCE % | — · — | 13.4 · 17.1 | 7.2 · 8.6 | 5.0 · 6.6 | 10.7 · 11.0 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (9) | 39 | 8 | 26 | 7 |
| Capex | (3) | (8) | (3) | (5) | (5) |
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 | 71 | 82 | 72 | 69 | 89 | 76 | 84 | 78 |
| Profit before tax | 3 | 5 | 2 | 2 | 3 | 10 | 14 | 21 |
| Net profit | 2 | 4 | 2 | 2 | 3 | 7 | 16 | 16 |
| EPS (₹) | 0.19 | 0.49 | 0.24 | 0.22 | 0.31 | 0.92 | 1.94 | 2.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.8 | 16.8 | 33 of 179 | 82% |
| P/B | 1.3 | 1.1 | 95 of 185 | 48% |
| ROCE | 10.9 | 4.3 | 50 of 215 | 77% |
| ROE | 10.7 | 4.7 | 45 of 188 | 77% |
| Debt / Equity | 0.0 | 0.4 | 1 of 188 | 89% |
| EBITDA margin | 27.7 | 9.8 | 15 of 198 | 93% |
| Revenue growth | 12.8 | 6.9 | 70 of 192 | 64% |
| Profit growth | 826.9 | 20.0 | 14 of 203 | 94% |
| Market cap | 324 | 61 | 51 of 223 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Revenue and profit jump sharply in September 2026 quarter | results | high | — | — |
| 5 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Vardhman Acrylics submits Demat Report for September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Vardhman Acrylics 36th AGM results: all 7 resolutions passed, Rs 1.50 dividend approved | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Vardhman Acrylics AGM 2026: All 7 resolutions passed, Rs 1.50 dividend declared | compliance | minimal | — | — |
| 17 Sept 2026 · 36th AGM held; dividend of Rs 1.50 per share declared for FY26 | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · Demat Report for August 2026 - No shares dematerialized | compliance | minimal | — | — |
| 26 Aug 2026 · AGM notice dispatch to shareholders without registered email IDs | compliance | minimal | — | — |
| 26 Aug 2026 · Newspaper notice published for 36th AGM and e-voting details | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.