NSE: VTL · BSE: 502986
VARDHMAN TEXTILES LIMITED
Spins cotton yarn, weaves fabric, and sews garments on an integrated scale, selling to domestic mills, Chinese and Bangladesh yarn buyers, and US garment/home-textile brands. In FY26, the Textiles segment generated ₹9,652.33 crore at a 10.4% EBIT margin, while a small Acrylic Fibre business added ₹318.57 crore at a 5.8% EBIT margin. Raw materials, mainly cotton, are the dominant input at 54.5% of revenue, with employees at 9.4% and other operating costs at 22.8%. Capex ran at 17.6% of revenue in FY26 and announced total capex stands at ₹3,660 crore, covering biomass boilers, a 55-60 tons/day open-end project, synthetic fabric expansion, a 4th cotton fabric line, and a garmenting capacity build-out from 7,000 shirts/day to 4.5 million units. Direct exports contribute 44-45% of revenue, and the company has invested ₹24.46 crore for a 31.2% stake in a 19 MW wind-solar hybrid power project in Madhya Pradesh for captive use. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Textiles (97%), Acrylic Fibre (3%). Cyclical, asset-heavy integrated cotton textile manufacturer spanning spinning, weaving, processing, and garmenting.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,622 | 10,137 | 9,505 | 9,785 | 9,869 |
| EBITDA (ex other income) | 2,274 | 1,324 | 973 | 1,263 | 1,239 |
| margin % | 23.6 | 13.1 | 10.2 | 12.9 | 12.6 |
| Owners' profit | 1,547 | 795 | 632 | 883 | 745 |
| EPS, as reported (₹) | 54.58 | 27.96 | 22.20 | 31.05 | 26.18 |
| ROE % · ROCE % | 19.8 · 23.5 | 9.3 · 11.3 | 6.9 · 9.0 | 8.9 · 10.8 | 7.1 · 8.2 |
| Debt / equity (x) | 0.25 | 0.19 | 0.19 | 0.12 | 0.18 |
| Cash from operations | 1,445 | 1,853 | (1,055) | 1,644 | 1,108 |
| Capex | (519) | (622) | (284) | (1,033) | (1,738) |
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 | 2,502 | 2,465 | 2,509 | 2,386 | 2,480 | 2,505 | 2,498 | 2,703 |
| Profit before tax | 279 | 262 | 280 | 264 | 237 | 198 | 206 | 402 |
| Net profit | 197 | 212 | 238 | 208 | 188 | 169 | 189 | 315 |
| EPS (₹) | 6.92 | 7.40 | 8.35 | 7.28 | 6.57 | 5.85 | 6.49 | 10.88 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Textiles | 9,652 | 96.8 |
| Acrylic Fibre | 319 | 3.2 |
| Total, before eliminations | 9,971 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.0 | 16.8 | 92 of 179 | 49% |
| P/B | 1.4 | 1.1 | 104 of 185 | 44% |
| ROCE | 7.4 | 4.3 | 77 of 215 | 65% |
| ROE | 7.1 | 4.7 | 71 of 188 | 63% |
| Debt / Equity | 0.2 | 0.4 | 68 of 188 | 64% |
| EBITDA margin | 20.4 | 9.8 | 29 of 198 | 86% |
| Revenue growth | 13.3 | 6.9 | 66 of 192 | 66% |
| Profit growth | 51.5 | 20.0 | 80 of 203 | 61% |
| Market cap | 14669 | 61 | 3 of 223 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Special window for physical share transfer and dematerialisation | compliance | minimal | — | — |
| 6 Oct 2026 · RTA submits dematerialization certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Demat report: 7,800 shares converted to electronic form in September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · Vardhman Textiles to acquire 26% stake in Serentica Renewables India 32 | strategic transactions | high | — | — |
| 29 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Vardhman Textiles 53rd AGM: All 6 resolutions passed | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · 53rd AGM Scrutinizer Report: All 6 Resolutions Passed | compliance | minimal | — | — |
| 17 Sept 2026 · Vardhman Textiles 53rd AGM held on 17 Sep 2026 | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · Demat Report for August 2026: 8,195 shares converted to demat | compliance | minimal | — | — |
| 1 Sept 2026 · ESOP allotment of 1,01,000 equity shares under ESOP Plan 2024 | capital market events | low | — | — |
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.