VTL · Textiles · filed 6 Nov 2026
Vardhman Textiles Ltd. reported revenue of ₹2,866 cr for July to September 2026, +16.5% on the year and +6.0% on the quarter. That is faster than this quarter has grown in recent years (+1.4% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹10,572 cr, +7.7% on the four before.
Operating profit (EBITDA) was ₹561 cr, a margin of 19.6%, +680 bps on the year and +206 bps on the quarter. It is the widest margin of the last 8 quarters (range 11.3% to 19.6%). Operating costs grew +7.4% against revenue growth of +16.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹359 cr, +91.1% on the year and +14.1% on the quarter, with earnings per share of ₹12.54. Profit before other income, one-offs and tax grew faster, at +120.7%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,030 cr, +21.8% on the four before.
Of the 14 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Vardhman Textiles Ltd. ranks 6th on revenue growth; the sector median is +15.3%. Its margin moved +680 bps on the year against a sector median of +172 bps.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed.
On earnings per share of ₹35.56 over the last four quarters, the stock at ₹526.50 trades at 14.8 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,516 cr | ₹1,306 cr | ▲ 16.1% |
| Inventory | ₹3,380 cr | ₹3,643 cr | ▼ 7.2% |
| Cash | ₹49.3 cr | ₹43.3 cr | ▲ 13.8% |
| Bank balances | ₹125 cr | ₹40.1 cr | ▲ 213.1% |
| Long-term borrowings | ₹1,099 cr | ₹1,231 cr | ▼ 10.7% |
| Short-term borrowings | ₹697 cr | ₹624 cr | ▲ 11.7% |
| Trade payables | ₹518 cr | ₹497 cr | ▲ 4.4% |
| Net block | ₹5,207 cr | ₹5,065 cr | ▲ 2.8% |
| Capital work in progress | ₹637 cr | ₹586 cr | ▲ 8.7% |
| Equity | ₹11,130 cr | ₹10,588 cr | ▲ 5.1% |
| Total assets | ₹14,355 cr | ₹13,866 cr | ▲ 3.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹996 cr | ₹716 cr |
| Capital expenditure | −₹528 cr | −₹926 cr |
| Investing cash flow | −₹757 cr | −₹775 cr |
| Financing cash flow | −₹233 cr | ₹63.2 cr |
| Dividends paid | −₹145 cr | −₹145 cr |
Operating cash flow was 1.48× profit. Receivables at 50 days of sales (+1 days against the last year end). Inventory at 111 days of sales (−24 days).
Other matter 1: “We did not review the interim financial results of one subsidiary included in the consolidated unaudited financial results, whose interim financial results reflect the total assets of Rs 385.03 Crores as at September 30, 2026, total revenues of Rs 113.38… Read in full
We did not review the interim financial results of one subsidiary included in the consolidated unaudited financial results, whose interim financial results reflect the total assets of Rs 385.03 Crores as at September 30, 2026, total revenues of Rs 113.38 Crores and Rs 191.63 Crores for the quarter and half year ended September 30, 2026, total net profit after tax of Rs 5.92 Crores and Rs 22.14 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. Nil and Rs. Nil for the quarter and half year ended September 30, 2026, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax of Rs. 10.66 crores and Rs. 18.93 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. 0.02 Crores and Rs. 0.03 Crores for the quarter and half year ended September 30, 2026, as considered in the Statement, in respect of one associate, whose financial statements have not been reviewed by us. These interim financial results have been reviewed by other auditors whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiary and associate, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “The consolidated unaudited financial results includes the interim financial results of one subsidiary which have not been reviewed by their auditors, whose interim financial results reflect total revenue of Rs. 2.47 crores and Rs. 4.25 for the quarter and half… Read in full
The consolidated unaudited financial results includes the interim financial results of one subsidiary which have not been reviewed by their auditors, whose interim financial results reflect total revenue of Rs. 2.47 crores and Rs. 4.25 for the quarter and half year ended September 30, 2026, total profit after tax of Rs. 2.53 Crores and Rs. 3.92 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. Nil and Rs. Nil for the quarter and half year ended September 30, 2026, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax of Rs. 6.33 crores and Rs. 13.89 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. Nil Crores and Rs. Nil for the quarter and half year ended September 30, 2026, as considered in the Statement, in respect of two associates, based on their interim financial results which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, the above said interim financial results are not material to the Group.
Filing p. consolidated limited review report p.1-2
Approved allotment of 1,32,200 equity shares of face value ₹2 each under Vardhman Textiles Employee Stock Option Scheme. (p. results filing note 4)
Tax: Consolidated tax expense of ₹118.41 crore (current tax ₹109.72 crore, deferred tax ₹8.69 crore) on Profit before tax of ₹477.17 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Textiles Segment Revenue Share | 96.1% | — | — |
| Textiles Segment Result Margin | 17.42% | 16.4% | 11.09% |
Worked out from filed numbers. Textiles Segment Revenue Share: Textiles segment revenue ₹2,792.59 crore / Total segment revenue (₹2,792.59 + ₹113.38) ₹2,905.97 crore * 100 = 96.10% · Textiles Segment Result Margin: Textiles segment result ₹486.34 crore / Textiles revenue ₹2,792.59 crore * 100 = 17.42%
Textiles segment margin expanded to 17.42% in Q2 FY27 (vs 11.09% in Q2 FY26) supported by stable cotton prices and healthy capacity utilization.
Operating profitability expanded by +633 bps YoY due to favorable raw material dynamics and operational efficiency.
Read using the Consumer discretionary and retail framework (from the listed sector). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Textiles | ₹2,793 cr | ▲ 15.5% | ₹486 cr | ▲ 81.5% |
| Acrylic Fibre | ₹113 cr | ▲ 26.8% | ₹5.5 cr | ▲ 486.0% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,330 cr | ₹2,459 cr | ₹2,309 cr | ₹2,502 cr | ₹2,465 cr | ₹2,509 cr | ₹2,386 cr | ₹2,460 cr | ₹2,505 cr | ₹2,498 cr | ₹2,703 cr | ₹2,866 cr |
| YoY | — | — | −0% | +4% | +6% | +2% | +3% | −2% | +2% | −0% | +13% | +16% |
| EBITDA margin | 10.5% | 12.5% | 15.1% | 12.6% | 12.7% | 11.4% | 13.7% | 12.8% | 11.3% | 11.8% | 17.5% | 19.6% |
| Other income, % of PBT | 41% | 31% | 25% | 32% | 29% | 45% | 30% | 23% | 35% | 31% | 7% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 23% | 23% | 32% | 22% | 19% | 25% | 25% | 21% | 13% | 25% | 25% |
| Net profit | ₹162 cr | ₹202 cr | ₹240 cr | ₹197 cr | ₹212 cr | ₹238 cr | ₹208 cr | ₹188 cr | ₹168 cr | ₹189 cr | ₹315 cr | ₹359 cr |
| YoY | — | — | +75% | +45% | +31% | +18% | −13% | −5% | −21% | −21% | +51% | +91% |
| Core profit YoY | — | — | +195% | +148% | +54% | −13% | −17% | −3% | −28% | −7% | +101% | +121% |
| EPS | ₹5.54 | ₹6.94 | ₹8.25 | ₹6.81 | ₹7.28 | ₹8.21 | ₹7.16 | ₹6.57 | ₹5.75 | ₹6.39 | ₹10.88 | ₹12.54 |
| Flags | 1 | 1 | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Vardhman Textiles Ltd. reported revenue of ₹2,866 cr (+16.5% on the year) and net profit of ₹359 cr (+91.1% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +120.7% on the year, against +91.1% for reported profit.
None of the 14 checks that could run raised a question.
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