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VTM Q2 FY27 results: net profit up 26.7% to ₹2.94 crore, revenue up 9.2%
VTM Ltd reported standalone Q2 FY27 revenue of ₹98.17 crore, up 9.2% from Q2 FY26, while EBITDA rose to ₹6.94 crore and the EBITDA margin improved to 7.1%. Net profit increased to ₹2.94 crore and basic EPS was ₹0.29, compared with ₹2.32 crore and ₹0.23 in the year-ago quarter. The company has no subsidiaries, so no consolidated results were provided.
Key points
- Revenue was ₹98.17 crore in Q2 FY27, up 9.2% from ₹89.88 crore in Q2 FY26.
- EBITDA was ₹6.94 crore, up 38.8% from ₹5 crore, while the margin rose 1.5 percentage points to 7.1%.
- Net profit was ₹2.94 crore, up 26.7% from ₹2.32 crore, and basic EPS increased to ₹0.29 from ₹0.23.
- For H1 FY27, revenue was ₹196.57 crore, up 21.4%, while net profit was ₹4.87 crore, down 29.7%.
- Total assets were ₹462.96 crore on 30 September 2026, against ₹448.09 crore on 31 March 2026.
How did VTM perform in Q2 FY27?
VTM reported standalone revenue of ₹98.17 crore for Q2 FY27, up 9.2% from ₹89.88 crore in Q2 FY26. EBITDA increased to ₹6.94 crore from ₹5 crore, and the EBITDA margin rose 1.5 percentage points to 7.1% from 5.6%. The company reported no exceptional item for either Q2 FY27 or Q2 FY26.
Profit before tax was ₹3.63 crore, up 24.7% from ₹2.91 crore, while tax expense was ₹0.69 crore against ₹0.59 crore. Net profit increased to ₹2.94 crore from ₹2.32 crore, and basic EPS rose to ₹0.29 from ₹0.23. VTM’s filing states that it has no subsidiary and presents standalone results.
The company’s earnings presentation reported net sales of ₹9,817 lakh, up 9.2% year on year but flat quarter on quarter at −0.2% from Q1 FY27. It reported PAT of ₹294 lakh, up 26.6% year on year and 52.1% quarter on quarter, while basic EPS was ₹0.29 compared with ₹0.19 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | YoY |
|---|---|---|---|
| Revenue from operations | 98.17 | 89.88 | +9.2% |
| Other income | 1.14 | 1.16 | −1.7% |
| Total expenses | 95.68 | 88.13 | +8.6% |
| EBITDA | 6.94 | 5 | +38.8% |
| EBITDA margin | 7.1% | 5.6% | +1.5 pp |
| Profit before tax | 3.63 | 2.91 | +24.7% |
| Tax | 0.69 | 0.59 | +16.9% |
| Net profit | 2.94 | 2.32 | +26.7% |
| EPS (₹) | 0.29 | 0.23 | +26.1% |
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 VTM's costs and profit?
Total expenses increased to ₹95.68 crore in Q2 FY27, up ₹7.55 crore or 8.6% from ₹88.13 crore in Q2 FY26. Cost of materials was ₹74.40 crore, up ₹7.52 crore or 11.2%; employee cost was ₹8.34 crore, up ₹1.73 crore or 26.2%; finance cost was ₹0.86 crore, up ₹0.46 crore or 115.0%; and depreciation was ₹3.59 crore, up ₹0.74 crore or 26.0%.
Other expenses rose to ₹24.19 crore from ₹19.89 crore, an increase of ₹4.30 crore or 21.6%. Management said the increase represented additional selling and distribution expenditure incurred towards retaining the existing customer base and exploring new markets. Other income was ₹1.14 crore, down ₹0.02 crore or 1.7% from ₹1.16 crore.
The company reported no exceptional item in Q2 FY27 and Q2 FY26. Tax expense increased by ₹0.10 crore to ₹0.69 crore from ₹0.59 crore. Management said lower material intensity and a favourable product mix expanded gross and EBITDA margins, while higher selling, employee, depreciation and finance costs remained earnings drags.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 74.40 | 66.88 | +7.52 | +11.2% |
| Employee cost | 8.34 | 6.61 | +1.73 | +26.2% |
| Finance costs | 0.86 | 0.40 | +0.46 | +115.0% |
| Depreciation | 3.59 | 2.85 | +0.74 | +26.0% |
| Other expenses | 24.19 | 19.89 | +4.30 | +21.6% |
| Total expenses | 95.68 | 88.13 | +7.55 | +8.6% |
| Other income | 1.14 | 1.16 | −0.02 | −1.7% |
| Tax | 0.69 | 0.59 | +0.10 | +16.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, VTM reported revenue of ₹196.57 crore, up 21.4% from ₹161.86 crore in H1 FY26, while total income rose 21.0% to ₹198.35 crore from ₹163.89 crore. Profit before tax fell 31.0% to ₹6.22 crore from ₹9.02 crore.
Net profit for the first half declined 29.7% to ₹4.87 crore from ₹6.93 crore, and basic EPS fell to ₹0.48 from ₹0.69. The H1 FY27 presentation reported no exceptional items in Q2 FY27 or Q1 FY27, while total comprehensive income rose 4.6% year on year because OCI fell to ₹77 lakh from ₹123 lakh.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 196.57 | 161.86 | +21.4% |
| Profit before tax | 6.22 | 9.02 | −31.0% |
| Net profit | 4.87 | 6.93 | −29.7% |
| EPS (₹) | 0.48 | 0.69 | −30.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹462.96 crore on 30 September 2026 from ₹448.09 crore on 31 March 2026, while total equity rose to ₹321.39 crore from ₹314.99 crore. Inventories were ₹157.81 crore against ₹152.01 crore, trade receivables ₹53.31 crore against ₹51.15 crore, and trade payables ₹39.03 crore against ₹36.6 crore.
Borrowings declined to ₹71.33 crore from ₹74.93 crore, while cash fell to ₹1.32 crore from ₹3 crore. In H1 FY27, operating cash flow was ₹22.44 crore, compared with ₹18.37 crore in H1 FY26; investing cash flow was negative ₹18.73 crore against negative ₹6.98 crore, and financing cash flow was negative ₹5.39 crore against negative ₹13.27 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 462.96 | 448.09 |
| Total equity | 321.39 | 314.99 |
| Borrowings | 71.33 | 74.93 |
| Cash and equivalents | 1.32 | 3 |
| Inventories | 157.81 | 152.01 |
| Trade receivables | 53.31 | 51.15 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 22.44 | 18.37 |
| Cash from investing | −18.73 | −6.98 |
| Cash from financing | −5.39 | −13.27 |
| Capital expenditure | 0 | 8.64 |
Source: Company's results filing (XBRL).
How has VTM done over the last 8 quarters?
VTM’s revenue rose year on year in each of the last two quarters. In the quarterly series, revenue peaked at ₹110.17 crore in Q4 FY26 and was ₹98.17 crore in Q2 FY27, while PAT peaked at ₹18.2 crore in Q3 FY25 and fell to ₹2.94 crore in Q2 FY27.
The EBITDA margin peaked at 25.9% in Q3 FY25 and bottomed at 5.6% in Q2 FY26 before recovering to 7.1% in Q2 FY27. Revenue declined from ₹110.17 crore in Q4 FY26 to ₹98.17 crore in Q2 FY27, while PAT rose from ₹0.9 crore to ₹2.94 crore.
What else did the company announce?
VTM filed the unaudited standalone financial results for the quarter and six months ended 30 September 2026 on 5 November 2026. The board approved the results after the audit committee reviewed and recommended them, and the statutory auditors issued an unmodified limited review report.
The company stated that it has no subsidiary and has submitted standalone results since the quarter ended 30 June 2017. It also said that XBRL filings for Regulation 33 and Regulation 52 financial results would be made within 24 hours of submission in PDF mode through CAFS. No dividend, fund raise or appointment was reported in the same-day filings provided.
What did VTM's management say?
Management said net sales were up 9.2% year on year but essentially flat quarter on quarter at −0.2%. It attributed the wider gross and EBITDA margins to lower material intensity and a favourable product mix, with material intensity at 59.8% of sales compared with 65.0% a year ago.
Management said other expenses rose 21.6% year on year and 39.2% quarter on quarter because of additional selling and distribution expenditure towards retaining existing customers and exploring new markets. It attributed the employee-cost increase to additions to human resources and the impact of changes in labour-code compliance, while finance cost rose 116.2% year on year.
Management noted that the Q2 FY27 EBITDA margin of 7.1% remained below the FY26 level of 7.5%, despite recovering from Q1 FY27 and Q2 FY26. It also said total comprehensive income grew 4.6% year on year as OCI declined to ₹77 lakh from ₹123 lakh. The presentation identified raw-material price movements, demand conditions, foreign-exchange fluctuations, regulatory changes and general economic conditions as risks.
How did VTM shares react?
Following the filing, VTM’s price was down 0.4% after five minutes and unchanged after 15 minutes. On the reaction day, the stock closed 1.9% above its pre-results close of ₹41.50, at a base price of ₹42.45.
The Other Textile Products industry’s median reaction-day move was 0.7%, so VTM outperformed the sector by 1.1 percentage points. Earlier results-day moves were 0.9% on 12 August 2026 and negative 10.7% on 22 May 2026. No one-day or five-day reaction figures were available.
| After the filing | Stock | Other Textile Products median |
|---|---|---|
| 5 minutes | −0.4% | |
| 15 minutes | +0.0% | |
| Reaction day | +1.9% | +0.7% |
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 |
|---|---|
| 12 August 2026 | +0.9% |
| 22 May 2026 | −10.7% |
Source: MarketPing price-reaction measurement.
How did other Other Textile Products companies do?
Among 77 Other Textile Products companies compared for Q2 FY27, the median revenue growth was 24.5%. VTM’s revenue growth was lower than the peer median; 21 peers grew more slowly than VTM and 56 grew faster than VTM.
Of the 79 peers for which profit was compared, 57 reported higher profit. The peer figures were available as of 5 November 2026.
| VTM revenue growth (YoY) | +9.2% |
|---|---|
| Median of 77 other Other Textile Products companies | +24.5% |
| Companies with slower revenue growth than VTM | 21 of 77 |
| Companies with faster revenue growth than VTM | 56 of 77 |
| Companies whose net profit rose | 57 of 79 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was VTM's revenue in Q2 FY27?
Revenue from operations was ₹98.17 crore, up 9.2% from ₹89.88 crore in Q2 FY26 (standalone).
Did VTM make a profit in Q2 FY27?
Yes. Net profit was ₹2.94 crore, against a net profit of ₹2.32 crore in Q2 FY26.
What was VTM's EPS in Q2 FY27?
Basic earnings per share were ₹0.29, against ₹0.23 in Q2 FY26.
How did VTM shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.9% from the previous close; the median Other Textile Products stock moved +0.7%.
When did VTM announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Quarterly Board Meeting For The Quarter And Half Year Ended 30Th September 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome-Un-Audited Financial Results For The Quarter Ended 30.09.2026-Reg. (BSE, 5 November 2026) · PDF
- Revised Outcome For The Meeting Held On Nov 5Th 2026 To Take On Record The Unaudited Financials Results For The Quarter Ended 30Th September 2026. The Digital Signature Affixed In The Previously Uploaded Document Is Not Visible After The Publication. So We Are Filing The Same With The Physical Signature. (BSE, 5 November 2026) · PDF
- Unaudited Financial Results For The Ended 30Th September 2026 (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
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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