Vardhman Holdings Ltd
Incorporated in 1962, Vardhman Holdings Ltd is in the business of lending and investing activities[1]
- Market Cap ₹ 1,245 Cr.
- Current Price ₹ 3,902
- High / Low ₹ 5,760 / 2,850
- Stock P/E 5.03
- Book Value ₹ 11,093
- Dividend Yield 0.13 %
- ROCE 7.98 %
- ROE 7.55 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Stock is trading at 0.35 times its book value
- Market value of investments Rs.3,728 Cr. is more than the Market Cap Rs.1,245 Cr.
- Company's working capital requirements have reduced from 299 days to 91.6 days
Cons
- Tax rate seems low
- Company has a low return on equity of 7.03% over last 3 years.
- Earnings include an other income of Rs.248 Cr.
- Dividend payout has been low at 0.73% of profits over last 3 years
* 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
Financial Services Financial Services Finance Investment Company
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|
13 | 70 | 28 | 9 | 12 | 20 | 33 | 6 | 15 | 23 | 20 | |
4 | 2 | 3 | 3 | 6 | 2 | 3 | 4 | 4 | 6 | 5 | |
Operating Profit | 9 | 68 | 25 | 6 | 7 | 18 | 30 | 2 | 11 | 17 | 14 |
OPM % | 72% | 97% | 89% | 68% | 53% | 89% | 91% | 26% | 71% | 73% | 73% |
151 | 242 | 157 | 196 | 155 | 116 | 429 | 223 | 184 | 256 | 248 | |
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Profit before tax | 160 | 310 | 181 | 202 | 161 | 133 | 459 | 225 | 194 | 273 | 262 |
Tax % | 1% | 2% | 1% | 0% | 1% | 3% | 7% | -2% | 5% | 5% | |
159 | 303 | 179 | 202 | 160 | 130 | 429 | 228 | 185 | 258 | 247 | |
EPS in Rs | 496.88 | 950.05 | 559.83 | 632.40 | 500.42 | 405.80 | 1,344.45 | 715.74 | 579.29 | 808.40 | 775.34 |
Dividend Payout % | 1% | 1% | 1% | 1% | 0% | 1% | 0% | 1% | 1% | 1% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 13% |
3 Years: | -12% |
TTM: | -56% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 10% |
3 Years: | -16% |
TTM: | 2% |
Stock Price CAGR | |
---|---|
10 Years: | 14% |
5 Years: | 25% |
3 Years: | 8% |
1 Year: | -3% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 9% |
3 Years: | 7% |
Last Year: | 8% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Reserves | 1,244 | 1,545 | 1,819 | 1,994 | 2,122 | 2,303 | 2,774 | 3,096 | 3,294 | 3,537 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
2 | 5 | 3 | 5 | 4 | 2 | 1 | 1 | 1 | 1 | |
Total Liabilities | 1,249 | 1,553 | 1,825 | 2,003 | 2,130 | 2,307 | 2,778 | 3,101 | 3,298 | 3,541 |
1 | 1 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 1,240 | 1,506 | 1,776 | 1,952 | 1,979 | 2,167 | 2,738 | 3,065 | 3,270 | 3,528 |
9 | 46 | 46 | 48 | 147 | 137 | 36 | 32 | 25 | 10 | |
Total Assets | 1,249 | 1,553 | 1,825 | 2,003 | 2,130 | 2,307 | 2,778 | 3,101 | 3,298 | 3,541 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|
-34 | 2 | 6 | -95 | 82 | -5 | 1 | -3 | -6 | ||
36 | 0 | -3 | 99 | -10 | -69 | 2 | 4 | 5 | ||
-1 | -2 | -2 | -2 | -0 | -2 | -2 | -2 | -2 | ||
Net Cash Flow | 1 | 0 | 1 | 2 | 72 | -75 | 2 | -0 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory Days | ||||||||||
Days Payable | ||||||||||
Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Days | 82 | 194 | 41 | 19 | 2,908 | 372 | 98 | 569 | 236 | 92 |
ROCE % | 22% | 11% | 11% | 8% | 6% | 18% | 8% | 6% | 8% |
Documents
Announcements
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Demat Report For The Month Ended 30Th September, 2025.
2d - 38 equity shares dematerialised in September 2025 (08/09/2025 and 15/09/2025).
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
2d - RTA Alankit certifies physical share certificates dematerialised, cancelled for quarter ended 30 September 2025.
-
Announcement under Regulation 30 (LODR)-Change in Directorate
28 Sep - Mrs. Pooja Mehta (DIN 07808149) ceases as Independent Director after first term ending 28 September 2025.
-
Closure of Trading Window
27 Sep - Trading window closed from 1 October 2025 until 48 hours after unaudited results for 30 September 2025.
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Shareholder Meeting / Postal Ballot-Outcome of AGM
25 Sep - AGM on 24 Sep 2025: approved financials, declared Rs.5/share dividend, re‑appointed MD, appointed directors and secretarial auditors.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
from nse
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Financial Year 2012
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Business Overview:[1][2]
VHL is a Non Deposit Taking Systemically Important Non Banking Finance Corporation which is mainly into investment activities. It primarily earns its income from investments. Company’s strategy is to adopt a systematic approach of investment into different asset classes and to keep the portfolio dynamic as per the changing market conditions. Company’s current portfolio consists of investments into debt, equity and real estate