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Stock Analysis

Description

V-Guard Industries Ltd. is an Indian company established in 1977, specializing in manufacturing and marketing a wide range of products across Electronics, Electricals, and Consumer Durables categories.

Key Growth Triggers

Entering new segments like lighting and leveraging synergies from the Sunflame merger are key growth initiatives. The company also aims for demand recovery in consumer durables through product innovation and market penetration.

Order Book

Currently no data available for Order Book.

Key Red Flags

The company faced headwinds in Q1 FY26 impacting consumer durables, though Q2 showed recovery. Historically, a low return on equity was noted.

Key Dates To Watch

Board Meeting for Q3 FY26 results on January 28, 2026. Earnings Conference Call for Q3 FY26 on January 29, 2026.

Corporate Announcements

7th Apr 26

Impact Rating: 7

V-Guard Industries saw its credit rating upgraded by ICRA to [ICRA]AA+ for Rs. 820 crore working capital facilities, with its outlook revised to Positive from Stable.

7th Apr 26

Impact Rating: 8

V-Guard Industries received final GST audit report for FY20-24 flagging INR 17,75,91,197 short GST payment due to ITC issues. The company is evaluating and intends to challenge findings.

7th Apr 26

Impact Rating: 7

V-Guard Industries has received an order from Customs for misclassifying product parts, confirming INR 1,62,59,112 in differential duty and INR 50,00,000 in penalties. The company is assessing options for appeal.

6th Apr 26

Impact Rating: 2

V-Guard Industries submitted a crucial SEBI compliance certificate for the quarter ending March 31, 2026. This confirms adherence to regulations concerning the dematerialisation of securities, handled by their registrar MUFG Intime India Private Limited.

27th Mar 26

Impact Rating: 5

In compliance with SEBI regulations, V-Guard Industries Limited will close its trading window for insiders and their relatives from April 1, 2026. The window will reopen 48 hours after the company declares its audited financial results for the quarter and fiscal year ended March 31, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	LG Electronics	1456.40	48.13	98896.10	0.00	389.43	-27.30	6174.03	0.98	56.83	24366.64	12.78	2200.92	389.43	–	21.99	0.07
2.	Voltas	1507.60	91.05	49885.86	0.46	31.50	-74.41	2347.32	-10.38	17.64	14158.57	4.61	547.90	34.29	7.83	6.56	0.28
3.	Blue Star	1842.70	70.56	37886.56	0.49	98.78	2.93	2422.37	6.43	26.20	12230.94	7.10	536.92	99.01	12.18	7.88	0.33
4.	Amber Enterp.	6653.00	105.03	23416.37	0.00	-32.15	-271.15	1647.01	-2.24	14.49	10983.17	6.97	222.95	-32.86	6.41	3.37	0.77
5.	Crompton Gr. Con	263.45	34.85	16963.94	1.14	75.42	-31.79	1915.57	1.02	19.01	7743.80	10.36	486.80	85.19	4.99	9.09	0.05
6.	V-Guard Industri	328.50	57.71	14301.70	0.46	65.97	26.40	1272.32	3.52	17.23	5344.02	7.16	247.83	65.97	6.91	8.63	0.03
7.	Eureka Forbes	605.15	63.69	11727.24	0.00	61.59	38.40	773.45	14.95	5.04	2591.57	11.32	184.13	61.59	2.60	2.55	0.02
–	Median: 23 Co.	605.15	50.0	5483.83	0.27	19.0	2.93	702.61	3.52	15.04	2621.99	7.1	92.42	21.36	4.41	5.56	0.13

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	979	1,078	1,185	1,148	1,415	1,406	1,081	1,262	1,480	981	1,072	1,229	1,272
Expenses	918	993	1,102	1,059	1,287	1,313	994	1,162	1,359	910	992	1,138	1,187
Operating Profit	61	85	83	88	128	94	86	100	121	71	80	91	85
Other Income	6	2	5	11	7	5	2	25	3	3	14	4	19
Profit before tax	49	62	64	72	110	76	62	99	102	58	68	71	83
Tax %	26%	24%	25%	26%	26%	26%	25%	20%	24%	26%	24%	27%	20%
Net Profit	36	47	48	53	82	56	46	79	78	43	52	52	66
EPS in Rs	0.83	1.07	1.10	1.23	1.88	1.28	1.07	1.82	1.79	1.00	1.20	1.20	1.51

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,506	1,731	1,845	2,086	2,312	2,566	2,482	2,699	3,477	4,051	4,559	5,309	5,344
Expenses	1,383	1,598	1,667	1,876	2,124	2,347	2,228	2,392	3,142	3,750	4,205	4,886	4,961
Operating Profit	123	133	178	210	188	220	254	307	335	301	354	422	383
Other Income	5	4	7	12	10	18	23	21	10	15	51	19	32
Interest	21	21	9	2	2	1	4	6	8	16	37	20	10
Depreciation	12	15	15	16	19	22	28	37	48	58	67	74	81
Profit before tax	94	101	161	204	177	215	245	285	290	241	301	348	324
Net Profit	70	71	112	145	133	166	185	199	227	179	231	260	248
EPS in Rs	1.68	1.68	2.65	3.41	3.13	3.88	4.32	4.63	5.26	4.15	5.32	5.97	5.68
Dividend Payout %	19%	19%	19%	21%	22%	21%	21%	26%	25%	31%	26%	25%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	30	30	30	42	43	43	43	43	43	43	43	44	44
Reserves	289	348	441	592	709	857	951	1,165	1,359	1,545	1,725	1,955	2,030
Borrowings	108	68	10	6	2	10	10	66	66	501	356	77	70
Other Liabilities	252	279	235	294	401	447	437	586	613	626	762	964	858
Total Liabilities	679	725	717	934	1,155	1,356	1,440	1,860	2,082	2,715	2,886	3,039	3,001
Fixed Assets	166	162	161	169	201	214	268	354	400	447	435	465	465
Gross Block	228.04	240.67	252.62	185.09	236.19	264.51	344.36	466.32	566.91	666.54	710.79	803.18	–
Accumulated Depreciation	61.83	78.30	91.60	16.45	35.32	50.72	76.60	112.26	166.64	219.86	275.50	337.92	–
CWIP	3	1	0	10	7	8	67	20	16	16	36	49	76
Investments	0	0	19	89	84	92	45	42	102	851	919	899	934
Other Assets	509	561	536	666	862	1,043	1,061	1,444	1,564	1,401	1,496	1,626	1,526
Total Assets	679	725	717	934	1,155	1,356	1,440	1,860	2,082	2,715	2,886	3,039	3,001

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	111	89	131	130	54	153	139	222	-33	416	350	444
Cash from Investing Activity	-28	-17	-32	-106	-27	-50	-110	41	-133	-774	-107	-77
Cash from Financing Activity	-93	-72	-94	-16	-37	-24	-90	-6	-61	328	-232	-372
Net Cash Flow	-10	-1	5	8	-10	80	-61	257	-227	-30	11	-5

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	51	51	55	55	70	65	47	52	50	47	44	35
Inventory Days	82	74	57	68	70	75	105	124	129	87	82	88
Days Payable	57	55	42	54	74	72	66	93	68	55	56	65
Cash Conversion Cycle	76	70	70	68	66	68	86	83	111	79	71	59
Working Capital Days	46	51	58	58	69	67	74	71	88	50	37	37
ROCE %	27%	28%	37%	37%	26%	26%	26%	26%	22%	14%	16%	17%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	55.85%	55.80%	55.63%	55.63%	54.56%	54.48%	54.42%	54.40%	54.36%	54.30%	54.28%	53.33%
FIIs	12.91%	12.84%	12.83%	13.16%	13.01%	13.34%	13.90%	13.85%	13.72%	13.43%	12.55%	12.45%
DIIs	18.94%	19.10%	19.38%	19.37%	20.45%	20.18%	20.16%	19.88%	20.25%	20.63%	21.61%	22.86%
Public	12.31%	12.27%	12.18%	11.84%	11.96%	11.99%	11.51%	11.88%	11.69%	11.64%	11.55%	11.35%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

V-Guard Industries' Credit Rating Upgraded by ICRA; Outlook Revised to Positive

8th April 2026, 12:39 am

V-Guard Industries receives final GST audit report, flagging potential short payment of INR 17,75,91,197.

7th April 2026, 6:04 pm

V-Guard Industries Receives Customs Order Confirming Differential Duty and Penalties

7th April 2026, 5:57 pm

V-Guard Industries submits SEBI compliance certificate for Q4FY26 dematerialisation

7th April 2026, 12:06 am

V-Guard Industries Announces Trading Window Closure for Q4 FY26 Results

27th March 2026, 8:53 pm

Published by Other Websites

External media mentions & references

Geojit Upgrades V-Guard to Buy, Eyes 18% Upside on Seasonal Demand Surge

19th March 2026, 9:17 am

Geojit Upgrades VGuard Industries to Buy, Sets Rs 392 Target

18th March 2026, 1:22 pm

V-Guard Appoints Reenaa Chittilappilly Director to Spearhead CSR

13th March 2026, 6:51 pm

PG Electroplast Hit by Gas Shortage; Sector Faces Inflation Woes

9th March 2026, 1:18 pm

Three Stocks Surge in Pre-Open Trade as Sensex Plunges

9th March 2026, 9:32 am

News Articles

Editorial & research coverage

V-Guard Bets on Innovation Hub for Future Growth

11th February 2026, 7:25 pm

India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes

1st February 2026, 2:22 pm

V-Guard Profit Hit By One-Time Costs Amid Sector Headwinds

28th January 2026, 3:16 pm

Promoter Sell-Off Alert: Are India's Top Companies Cashing Out as Market Becomes Expensive?

12th December 2025, 7:55 am

V-Guard's Daring Leap: Entering India's Fiercely Crowded Lighting Market – What Investors Need to Know!

23rd November 2025, 7:04 am

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

2d - Certificate under Reg 74(5) for quarter and nine months ended Dec 31, 2025 (dated Jan 01, 2026).

Closure of Trading Window

26 Dec - Trading window closed from Jan 1, 2026 until 48 hours after unaudited results for quarter/nine months ended Dec 31, 2025.

Intimation Under Regulation 30

24 Dec - GST demand dated 23-Dec-2025 for ₹77,20,327 (Tax ₹23.44L, Interest ₹30.30L, Penalty ₹23.44L) for FY2018-19.

Announcement under Regulation 30 (LODR)-Credit Rating

29 Nov 2025 - CRISIL re-affirmed A1+ rating on ₹150 crore commercial paper on Nov 28, 2025.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

11 Nov 2025 - V-Guard to attend Anand Rathi G200 Summit on Nov 14, 2025, 10:00–11:00 AM; management group meeting scheduled at summit for analysts/institutions.