NSE: VGL · BSE: 514274
VARVEE GLOBAL LIMITED
Manufactures and trades shirting and suiting fabrics, having pivoted from denim to non-denim textiles. Textiles accounted for 98.8% of segment revenue in the 9-month period ended December 2025, with a small others stream making up the remaining 1.2%. The company operates through job work and trading of textile goods, with no production of finished goods during FY26. The largest cost line is other operating expenses at 49.6% of revenue, followed by materials at 20.5%, depreciation at 8.5%, and employee costs at 6.9%. Borrowings were cut by approximately 97% to 287.67 lakh and the company became debt-free in June 2025. A wholly-owned subsidiary, Varvee Energy Private Limited, was incorporated in July 2026 for the renewable energy sector, and the company has reported receiving new orders and contracts. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textiles (99%), Others (1%). Cyclical textile trader and job-worker with new renewable energy and defence extensions
Exhibit 1: Financial summary, FY19–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 |
|---|---|---|
| Revenue | 748 | 565 |
| EBITDA (ex other income) | 79 | 34 |
| margin % | 10.5 | 6.0 |
| Owners' profit | 1 | (42) |
| EPS, as reported (₹) | 0.46 | (17.88) |
| ROE % · ROCE % | 0.4 · 11.2 | (18.2) · (0.6) |
| Debt / equity (x) | 1.57 | 1.78 |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 | Q4 FY20 |
|---|---|---|---|---|---|
| Revenue | 180 | 167 | 167 | 110 | 118 |
| Profit before tax | 0 | (25) | (16) | (8) | (6) |
| Net profit | 0 | (25) | (17) | (8) | 8 |
| EPS (₹) | 0.16 | (10.65) | (7.10) | (3.49) | 3.36 |
Exhibit 3: Segment revenue, FY20
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| TEXTILES | 436 | 77.1 |
| POWER GENERATION - WIND FARM | 3 | 0.6 |
| POWER GENERATION WIND FARM | 4 | 0.8 |
| TEXTILS | 107 | 18.9 |
| POWER GENERATION - WIND FARM AND POWER PLANT | 15 | 2.6 |
| Total, before eliminations | 565 | 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/B | 1.2 | 1.1 | 94 of 185 | 50% |
| ROCE | (14.0) | 4.3 | 202 of 215 | 6% |
| ROE | (18.1) | 4.7 | 181 of 188 | 4% |
| Debt / Equity | 1.8 | 0.4 | 163 of 188 | 13% |
| EBITDA margin | 15.2 | 9.8 | 56 of 198 | 72% |
| Revenue growth | (34.5) | 6.9 | 170 of 192 | 12% |
| Profit growth | 1893.6 | 20.0 | 6 of 203 | 98% |
| Market cap | 283 | 61 | 56 of 223 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Varvee Global submits advertisement for September 2026 financial results | compliance | minimal | — | — |
| 22 Oct 2026 · Q2 profit jumps to Rs 6.78 crore, but half-year earnings fall sharply | compliance | low | — | — |
| 22 Oct 2026 · September 2026 results: lower quarterly sales and profit, negative cash flow | results | high | — | — |
| 16 Oct 2026 · Board meeting on 22 Oct 2026 to approve Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · RTA compliance certificate for Q2 FY27 dematerialisation filed with exchanges | compliance | minimal | — | — |
| 2 Oct 2026 · Varvee Global 37th AGM: All 8 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Varvee Global 37th AGM held; 8 resolutions including related party deals | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Newspaper publication of Postal Ballot Notice | compliance | minimal | — | — |
| 28 Sept 2026 · Postal ballot for stock split from face value Rs 5 to Rs 2 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · VARVEE GLOBAL Trading Window Closure Ahead of Q2 FY27 Results | 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.