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- Q2 FY26 results
Vardhman Holdings Q2 FY26 results: net profit down 6.6% to ₹46.12 crore, revenue down 62.8%
Vardhman Holdings Limited reported consolidated Q2 FY26 revenue of ₹2.75 crore and net profit of ₹46.12 crore, compared with ₹7.40 crore and ₹49.38 crore in Q2 FY25. Revenue fell 19.4% from Q1 FY26, while profit before tax declined 19.2%; the results were approved by the board on 10 November 2025.
Key points
- Consolidated Q2 FY26 revenue was ₹2.75 crore, down 62.8% from ₹7.40 crore in Q2 FY25 and 19.4% from ₹3.41 crore in Q1 FY26.
- Net profit was ₹46.12 crore, down 6.6% year on year and 26.3% sequentially; basic EPS was ₹144.5.
- Profit before tax was ₹2.86 crore, down 46.6% from ₹5.36 crore in Q2 FY25 and 19.2% from ₹3.54 crore in Q1 FY26.
- There was no exceptional item; total expenses were ₹0.36 crore and other income was ₹0.47 crore in Q2 FY26.
- For H1 FY26, revenue was ₹6.16 crore, down 56.0% from H1 FY25, while net profit was ₹108.7 crore, down 11.3%.
How did Vardhman Holdings perform in Q2 FY26?
Vardhman Holdings reported consolidated Q2 FY26 revenue of ₹2.75 crore, down 62.8% from ₹7.40 crore in Q2 FY25 and 19.4% from ₹3.41 crore in Q1 FY26. Net profit was ₹46.12 crore, down 6.6% year on year and 26.3% from ₹62.58 crore in the previous quarter. Basic EPS was ₹144.5, compared with ₹154.73 in Q2 FY25 and ₹196.08 in Q1 FY26.
Profit before tax was ₹2.86 crore, down 46.6% from ₹5.36 crore in the year-ago quarter and 19.2% from ₹3.54 crore in Q1 FY26. Total income was ₹3.22 crore, down 59.1% from ₹7.88 crore in Q2 FY25 and 16.6% from ₹3.86 crore in Q1 FY26. EBITDA and EBITDA margin were not given for the consolidated quarter. On the standalone basis, revenue was ₹44.47 crore and net profit was ₹33.21 crore.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2.75 | 3.41 | 7.40 | −62.8% | −19.4% |
| Other income | 0.47 | 0.45 | 0.48 | −2.1% | +4.4% |
| Total expenses | 0.36 | 0.32 | 2.52 | −85.7% | +12.5% |
| Profit before tax | 2.86 | 3.54 | 5.36 | −46.6% | −19.2% |
| Tax | 11.37 | 0.88 | 12.71 | −10.5% | +1192.0% |
| Net profit | 46.12 | 62.58 | 49.38 | −6.6% | −26.3% |
| EPS (₹) | 144.50 | 196.08 | 154.73 | −6.6% | −26.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Vardhman Holdings' costs and profit?
The consolidated cost lines were lower than in Q2 FY25. Total expenses fell 85.7%, or ₹2.16 crore, to ₹0.36 crore, while other expenses declined 91.9%, or ₹2.16 crore, to ₹0.19 crore. Employee cost was unchanged at ₹0.17 crore, while finance costs and depreciation were unchanged.
Other income was ₹0.47 crore, down ₹0.01 crore, or 2.1%, from ₹0.48 crore in Q2 FY25. Tax was ₹11.37 crore, down ₹1.34 crore, or 10.5%, from ₹12.71 crore. There was no exceptional item. The filing states that Vardhman Holdings is essentially an investing company focused on dividend, interest and gains on investments held, but does not state a reason for the quarter’s consolidated revenue movement.
Against Q1 FY26, total expenses rose 12.5%, or ₹0.04 crore, to ₹0.36 crore. Employee cost increased 6.3%, or ₹0.01 crore, to ₹0.17 crore, and other expenses increased 18.8%, or ₹0.03 crore, to ₹0.19 crore. Other income rose 4.4%, or ₹0.02 crore, to ₹0.47 crore, while tax increased ₹10.49 crore, or 1192.0%, to ₹11.37 crore.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Employee cost | 0.17 | 0.17 | 0 | +0.0% |
| Finance costs | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | |
| Other expenses | 0.19 | 2.35 | −2.16 | −91.9% |
| Total expenses | 0.36 | 2.52 | −2.16 | −85.7% |
| Other income | 0.47 | 0.48 | −0.01 | −2.1% |
| Tax | 11.37 | 12.71 | −1.34 | −10.5% |
Source: Company's results filing (XBRL).
How did the first half of FY26 go?
For H1 FY26, consolidated revenue was ₹6.16 crore, down 56.0%, or ₹7.84 crore, from ₹14.0 crore in H1 FY25. Total income was ₹7.08 crore, down 52.5%, or ₹7.84 crore, from ₹14.92 crore, while profit before tax was ₹6.4 crore, down 42.4%, or ₹4.72 crore, from ₹11.12 crore.
Net profit for H1 FY26 was ₹108.7 crore, down 11.3%, or ₹13.81 crore, from ₹122.51 crore in H1 FY25. Basic EPS was ₹340.58, compared with ₹383.87 a year earlier. The filing identifies the company as an investing company and states that its business activity falls within a single investment segment.
| ₹ crore | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from operations | 6.16 | 14 | −56.0% |
| Profit before tax | 6.40 | 11.12 | −42.4% |
| Net profit | 108.70 | 122.51 | −11.3% |
| EPS (₹) | 340.58 | 383.87 | −11.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹3,751.07 crore on 30 September 2025, against ₹3,540.99 crore on 31 March 2025. Total equity was ₹3,735.6 crore, compared with ₹3,540.46 crore at the previous balance-sheet date. Cash was ₹0.5 crore, against ₹0.49 crore, and borrowings were not given.
For H1 FY26, net cash used in operating activities was ₹0.95 crore, compared with ₹2.74 crore in H1 FY25. Investing activities generated ₹2.53 crore, against ₹1.87 crore a year earlier, while financing activities used ₹1.57 crore, the same as in H1 FY25. Closing cash for H1 FY25 was ₹0.41 crore.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 3,751 | 3,541 |
| Total equity | 3,736 | 3,540 |
| Cash and equivalents | 0.50 | 0.49 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | −0.95 | −2.74 |
| Cash from investing | 2.53 | 1.87 |
| Cash from financing | −1.57 | −1.57 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Vardhman Holdings done over the last 8 quarters?
Revenue peaked at ₹7.73 crore in Q3 FY24 and fell to a low of ₹0.07 crore in Q4 FY24. It then moved to ₹7.4 crore in Q2 FY25 and ₹6.6 crore in Q1 FY26, before declining to ₹2.75 crore in Q2 FY26. Net profit reached its high of ₹73.13 crore in Q1 FY25 and its low of ₹25.58 crore in Q4 FY24; it was ₹46.12 crore in Q2 FY26. EBITDA margin was not given for the quarters.
How did Vardhman Holdings shares react?
The stock fell 2.9% within five minutes of the filing appearing, and was down 3.0% after 15 and 30 minutes. It closed 0.4% higher on the reaction day. By the next day's close, it was down 1.0% from its pre-results close, and by the fifth session it was down 1.7%. On the reaction day, the Investment Company sector median was down 0.3%, while Vardhman Holdings' excess sector move was 0.7 percentage points.
| After the filing | Stock | Investment Company median |
|---|---|---|
| 5 minutes | −2.9% | |
| 15 minutes | −3.0% | |
| 30 minutes | −3.0% | |
| Reaction day | +0.4% | −0.3% |
| Next day | −1.0% | −0.4% |
| 5 days | −1.7% | −0.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2025 | +0.1% |
| 23 May 2025 | +0.0% |
| 27 January 2025 | −3.9% |
| 13 November 2024 | −7.4% |
| 14 August 2024 | −2.1% |
| 28 May 2024 | −1.0% |
Source: MarketPing price-reaction measurement.
How did other Investment Company companies do?
Among the other Investment Company companies that filed for the quarter, 55 peers were compared and the median revenue growth was 7.9%. Four peers grew slower than Vardhman Holdings and 51 grew faster than the company. Of 66 peers for which profit was compared, 30 reported higher profit.
| Vardhman Holdings revenue growth (YoY) | −62.8% |
|---|---|
| Median of 55 other Investment Company companies | +7.9% |
| Companies with slower revenue growth than Vardhman Holdings | 4 of 55 |
| Companies with faster revenue growth than Vardhman Holdings | 51 of 55 |
| Companies whose net profit rose | 30 of 66 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Vardhman Holdings' revenue in Q2 FY26?
Revenue from operations was ₹2.75 crore, down 62.8% from ₹7.40 crore in Q2 FY25 (consolidated).
Did Vardhman Holdings make a profit in Q2 FY26?
Yes. Net profit was ₹46.12 crore, against a net profit of ₹49.38 crore in Q2 FY25.
What was Vardhman Holdings' EPS in Q2 FY26?
Basic earnings per share were ₹144.50, against ₹154.73 in Q2 FY25.
How did Vardhman Holdings shares react to the Q2 FY26 results?
On the reaction day the stock moved +0.4% from the previous close; the median Investment Company stock moved −0.3%.
When did Vardhman Holdings announce its Q2 FY26 results?
On 10 November 2025, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 10 November 2025) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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