Vardhman Polytex Ltd

₹ 6.89 1.62%

02 Apr - close price

oswalgroup.com BSE: 514175 NSE: VARDMNPOLY

About

Incorporated in 1981, Vardhman Polytex
Ltd manufactures yarn and garments^[1]

Key Points

Business Overview:^[1]^[2]
VPL is a flagship company of Oswal Group. It manufactures range of Cotton Yarns (Carded, Combed, Organic, BCI), Cotton Polyester Yarns and Value Added Yarns (Grey and Dyed) in variable counts. Company has entered into arrangement with few vendors, from whom company is purchases raw materials, processes it and sells the finished output back to them

Website BSE NSE - BE

Market Cap ₹ 333 Cr.
Current Price ₹ 6.89
High / Low ₹ 13.7 / 5.02
Stock P/E 42.7
Book Value ₹ -4.81
Dividend Yield 0.00 %
ROCE %
ROE %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Promoter holding has increased by 3.28% over last quarter.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -12.6% over past five years.
Promoter holding is low: 37.5%
Contingent liabilities of Rs.153 Cr.
Promoters have pledged 60.3% of their holding.
Earnings include an other income of Rs.16.2 Cr.
Company's cost of borrowing seems high
Promoter holding has decreased over last 3 years: -22.7%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Textiles Textiles & Apparels Other Textile Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	92.97	163.14	135.53	100.60	60.81	73.69	64.03	64.40	75.35	81.20	59.54	61.72	50.60
	111.14	178.39	138.70	120.85	78.33	74.65	73.05	68.21	48.66	83.17	57.88	50.96	50.49
Operating Profit	-18.17	-15.25	-3.17	-20.25	-17.52	-0.96	-9.02	-3.81	26.69	-1.97	1.66	10.76	0.11
OPM %	-19.54%	-9.35%	-2.34%	-20.13%	-28.81%	-1.30%	-14.09%	-5.92%	35.42%	-2.43%	2.79%	17.43%	0.22%
	51.59	22.95	19.79	1.79	2.87	4.52	5.04	9.36	3.16	8.53	3.74	1.72	2.24
Interest	13.93	12.69	12.83	12.96	-22.58	0.14	4.44	2.60	3.59	3.45	3.69	4.27	0.45
Depreciation	2.97	2.90	2.74	2.65	2.62	2.47	2.33	2.33	2.20	2.13	1.52	1.75	1.75
Profit before tax	16.52	-7.89	1.05	-34.07	5.31	0.95	-10.75	0.62	24.06	0.98	0.19	6.46	0.15
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	16.52	-7.89	1.05	-34.07	5.31	0.95	-10.75	0.63	24.06	0.99	0.19	6.46	0.15
EPS in Rs	0.57	-0.27	0.04	-1.07	0.15	0.03	-0.30	0.02	0.55	0.02	0.00	0.14	0.00
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	921	941	876	859	618	808	560	507	928	615	376	285	253
	829	878	814	792	659	807	560	493	868	651	418	273	242
Operating Profit	92	63	62	66	-41	1	-0	14	59	-36	-42	12	11
OPM %	10%	7%	7%	8%	-7%	0%	-0%	3%	6%	-6%	-11%	4%	4%
	20	-12	50	14	-295	3	177	3	3	103	29	26	16
Interest	75	76	74	60	68	60	60	59	64	53	3	14	12
Depreciation	33	32	28	21	21	18	16	15	14	12	10	9	7
Profit before tax	3	-58	9	-1	-424	-74	102	-57	-16	2	-27	15	8
Tax %	-44%	-50%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	5	-29	9	-1	-424	-74	102	-57	-16	1	-27	15	8
EPS in Rs	0.19	-0.99	0.31	-0.02	-14.57	-2.55	3.50	-1.95	-0.53	0.05	-0.75	0.33	0.16
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-11%
5 Years:	-13%
3 Years:	-33%
TTM:	-9%

Compounded Profit Growth
10 Years:	-37%
5 Years:	15%
3 Years:	26%
TTM:	-48%

Stock Price CAGR
10 Years:	7%
5 Years:	35%
3 Years:	39%
1 Year:	-27%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	20	22	22	22	22	22	22	22	22	22	27	46	46
Reserves	109	106	85	85	-339	-414	-313	-370	-386	-385	-388	-273	-266
	465	451	405	396	448	446	490	523	529	447	76	50	49
	121	118	115	122	264	269	113	130	161	206	560	454	458
Total Liabilities	715	697	627	626	395	324	313	306	326	291	276	276	286
	283	258	239	244	229	211	195	182	170	159	130	114	99
CWIP	8	4	7	5	3	0	0	0	0	0	0	3	2
Investments	137	92	92	92	0	0	0	0	0	0	0	0	0
	287	344	290	285	163	112	117	123	156	133	146	160	185
Total Assets	715	697	627	626	395	324	313	306	326	291	276	276	286

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	62	76	108	76	49	63	13	24	61	40	-14	-98
	-11	1	-7	-20	-5	-1	0	-1	-1	-1	26	31
	-64	-79	-104	-55	-50	-64	-14	-23	-61	-39	-12	67
Net Cash Flow	-13	-2	-4	1	-5	-1	-0	-0	0	0	1	-1
Free Cash Flow	49	65	98	51	43	62	13	22	61	39	12	-75
CFO/OP	67%	122%	175%	114%	-122%	7,369%	-3,834%	167%	104%	-111%	33%	-824%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	26	20	31	33	16	4	4	6	4	0	0	5
Inventory Days	55	77	44	47	32	12	18	19	23	11	19	77
Days Payable	39	38	39	42	31	26	53	74	54	99	209	171
Cash Conversion Cycle	42	59	36	38	18	-10	-31	-49	-26	-88	-190	-88
Working Capital Days	-39	-35	-54	-68	-284	-295	-358	-430	-233	-346	-167	-88
ROCE %	13%	9%	15%	12%	-18%	-16%	-10%	1%	28%	-34%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Number of Permanent Employees
Count

x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	xxx
xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx
xx.xx	xx.xx	xx.xx	x.xx	x.xx	x.xx	xx.xx	x.xx	x.xx
								x	x	x
									x.xx	xx.xx
	x.xx								x.xx
									xx
									x

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Revenue from Grey Yarn
INR Lakh

Debtors Turnover
Times

Number of Operational Manufacturing Units
Count

Debtors Turnover
Days

Installed Capacity (Spindles)
Lakh Spindles

Dyeing Installed Capacity
Tons per day

Garment Manufacturing Capacity
Lakh pieces per annum

Shareholding Pattern

Numbers in percentages

6 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	60.16%	55.21%	49.14%	49.14%	49.14%	49.14%	30.75%	34.22%	34.22%	34.22%	34.22%	37.50%
	1.52%	1.40%	0.65%	0.38%	0.24%	0.32%	0.64%	0.54%	0.21%	0.33%	0.46%	5.63%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	38.31%	43.40%	50.20%	50.47%	50.62%	50.53%	68.60%	65.24%	65.58%	65.45%	65.33%	56.86%
No. of Shareholders	14,752	13,825	13,529	13,371	19,674	23,189	26,802	26,725	30,510	32,771	33,681	34,048

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	60.13%	60.13%	60.18%	60.18%	60.18%	60.16%	60.16%	49.14%	34.22%	37.50%
	1.15%	1.15%	1.15%	1.15%	1.15%	1.49%	2.82%	0.38%	0.54%	5.63%
	0.01%	0.20%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%
	38.70%	38.52%	38.66%	38.66%	38.66%	38.34%	37.02%	50.47%	65.24%	56.86%
No. of Shareholders	16,035	17,995	16,874	16,317	16,673	16,344	16,085	13,371	26,725	34,048

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Vardhman Polytex Ltd

Vardhman Polytex Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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